June 19, 2024

Thrive Insider

Exclusive stories of successful entrepreneurs

The Innovate Summit: Archetype of the Future of Events

Whether you consider yourself to be an introvert or extrovert personality wise, chances are you have been to a number of events as a part of your job. If you are running a business or helping facilitate investments and dealflow, there is much to benefit from the events scene – and even lifelong valuable connections. But with all of the world’s uncertainties such as regional wars, mass layoffs, shake ups in the banking industry, and the global pandemic, the events industry must evolve and adapt. That said, what will the future of the event industry look like? Let’s dive in and break it down below.

How Events Changed During the Pandemic

When you consider the fact that the event industry includes every industry under the sun, it is no surprise that the trillion dollar industry suffered greatly as the global pandemic began to shudder venue after venue. The results were devastating. Large events just haven’t been the same.

Many of the world’s largest events needed to shut their doors – in some cases for 2 years in a row. Some world renowned events such as E3 – the world’s largest video game event just announced that it is closing its doors for good. Clearly, it looks like people are ready for different experiences – and bigger isn’t necessarily better. We as society tried to endure a series of virtual events, but perhaps it’s time for a change?

The Rise and Fall of Virtual Events

While much of the workforce became fully remote nearly overnight by necessity during the pandemic and many workers are still remote or at least hybrid, virtual events were never really able to hit stride. The advent of virtual events out of necessity lead to very large valuations in companies such as Zoom and Hopin. Some companies have been able to attract a significant amount of attention and people going to these events and have even worked on such advents as a persistent digital campus even after the event was over. Other helpful integrations are hybrid events – in person with a digital option as well – to a certain level of success. Still, many are craving the in-person experience once again. Virtual worlds and AI are helping and continue to be an event industry trend, though.

Why Regional and Focused Events Matter

Since the pandemic, many businesses took a pause in travel. Simply put, many individuals are not as comfortable with wading through the large crowds once experienced in large expo halls. Yet, as the old adage says, opportunity fills the void. While many would-be event goers are skipping some of the larger conferences, smaller, more focused events that revolve around specific subject matter and also highlight different regions that may have been otherwise overlooked are beginning to rise to power. A great example of this is an innovation summit known as The Innovate Summit. Nestled in Western Kentucky in a metropolitan area of only about 100,000, the City of Owensboro is showing signs of rising on a national scale. They have put together  a $200+ million waterfront revitalization and are showcasing it at an iconic event May 21-23, 2024.

Bringing it All Together

At the end of the day, people are social creatures in nature and have a strong desire to build and foster relationships with other people in person. Replicating this in the digital world, while innovations have been major in recent years, are still a far cry from replicating his experience online. What do you think the future of the events industry will look like? Let us know more about your thoughts and opinions in the comments.