Virtual events for startups are nothing new. However, in the age of the COVID-19 pandemic, corporate innovators need to be more creative than ever when it comes to pitching and networking. Could virtual summits hold the key to long-term success and investment opportunities?
What is a Virtual Summit?
Just as a video conference is a small collaboration between several people, a virtual summit takes things one step further. Traditional summits are large-scale meetings that take place between multiple company representatives and potential investors.
Therefore, it is safe to assume that a virtual summit is generally larger than your average Zoom chat. A conference of this nature is likely to bring around 15-20 people together to discuss funding. However, it is socially distant and makes use of collaborative software and presentation software.
Even beyond the pandemic, it is likely that startups will continue to pursue virtual summits. But why?
How Startups and Investors Benefit
Large conferences, in general, allow for lots of people to pitch in, discuss ideas, and showcase. The sheer flexibility of a virtual summit, therefore, stands to open up this even further. Rather than get lost in a physical melee, company innovators can take center stage one at a time to speak to investors face to face.
Modern innovators can connect via virtual summits with ease. Summit organization can be nothing short of a logistical nightmare for many parties involved. Not only is it likely to be a large time and financial expense for organizers, but it is also expected to impact company reps in similar ways.
Virtual summits are flexible for all. Potential investors can get much-needed face time with innovators, from the comfort of their home offices and handheld devices. Just as virtual meetings are helping to streamline day to day activities, virtual summits can help to firm up funding decisions and pitches quicker than before.
Crucially, these summits could allow companies to grow quicker and hit the next stages of funding earlier than they expect. As is the nature of the startup, fast growth is everything.
Will These Summits Last Beyond the Pandemic?
Zoom's incredible take-up over the past three months suggests that businesses and entrepreneurs are converting to virtual business in a big way. Skeptics who may have previously avoided socially distant meetings are now seeing the light.
Lockdown measures have forced extreme readjustment upon us all. However, coming out of lockdown will also require readjustment. With the benefits of virtual summits so clear for companies and investors, it's unlikely it will disappear as a viable option.
Summits/conferences are an effective way for small companies and entrepreneurs to connect with potential funders. In 2020, things are – as much as everything else – moving online. Already, investors can look for promising startup companies through services such as Fundz.
However, things are set to become ever-more digital. Therefore, it will not be surprising to see more startups and funding enthusiasts firmly implement socially distant tech for the years to come.
SOURCES
https://thestartupchat.com/ep279/
