Chapter 03:
Opportunities and challenges of virtual events
3.1
Big events, big attendance
Dubai FDI was just three weeks away from hosting a massive event in New York when lockdown was announced. The event was optimistically postponed, but within days, all events were cancelled for a month, then two, then three.
Dubai FDI opted to move its Global Mission Series to seminars online, running them as webinars in partnership with Dubai Investment Partners and inviting guests from more than 25 countries. “We focused on investment opportunities in technology, particularly health tech, food tech and logistics,” explained Al Gergawi. “It brought tremendous success. The virtual connection develops the project and gives a sense of intent. This ensured that Dubai was one of the top investment destinations for investors during their decision-making process.”
There’s certainly a healthy appetite to attend virtual events. Raising awareness of opportunities with decision makers is arguably somewhat easier when international travel, hotel bookings and getting away from the office is not required. But virtual events and meetings have limitations on later stages in the investment process. Invest Hong Kong moved its annual start-up event online in 2020 and attracted 181,000 attendees from all over the world. Meanwhile, 1.1m people attended the FinTech week, showing the huge interest in the sector. The reach of virtual events is beyond imagination, says Phillips. “What you don’t know is how many of those are real potential prospects,” he adds.
We focused on investment opportunities in technology, particularly health tech, food tech and logistics. It brought tremendous success. The virtual connection develops the project and gives a sense of intent. This ensured that Dubai was one of the top investment destinations for investors during their decision-making process.
Fahad Al Gergawi
CEO
Dubai FDI
Investment promotion agencies are continuously looking for ways to customise virtual events to target specific investors and industries. Take Invest in Estonia, which has created a virtual visit programme to court potential business partners in HR, logistics and industry. The average virtual visit spans over two days of meetings and tours that are focused on one client’s needs and business match, with recent events focused on Estonia’s flourishing tech sector. “We delivered a demo day to promote around 1,000 tech start-ups that were challenged by Covid-19,” explains Raido Lember, Business Development Manager with the Estonian Investment Agency. “We introduced the investment opportunities in the tech sector to corporate and venture capital investors, and after just a few hours, we had attracted 35,000 viewers. This succeeded in closing four deals worth $40 million, with a follow-up investment of $180 million.”
We introduced the investment opportunities in the tech sector to corporate and venture capital investors, and after just a few hours, we had attracted 35,000 viewers. This succeeded in closing four deals worth $40 million, with a follow-up investment of $180 million.
Raido Lember | Business Development Manager, Enterprise Estonia
3.2
Webinars and virtual meetings
Many of the executives we spoke to told us that virtual meetings and webinars are now a core part of their working process. Invest Costa Rica uses Slack, a workplace communication platform, to host digital working groups for up to 300 managers in client organisations. Meanwhile, Invest Hong Kong turned to Zoom and Teams to replace in-person meetings and on-site visits with potential investors and partners.
The key to success when holding a virtual meeting is careful planning and targeting. While the barriers to attending a virtual meeting might be low, the reasons to not find time during a busy week for another web-based event are also compelling. Catalonia Trade and Investment has attended and organised virtual conferences, keynotes and webinars. “It’s essential for hosts to consider what value is being added by the event,” says Bofarull Masip. “You have to understand what investors want to know, what connections they want, and what value you’re adding.”
CINDE, the IPA for Costa Rica, used virtual events as a tool to understand the new ways of working and new industry trends at the start of the pandemic, says Pilar Madrigal, CINDE’s Director of Investment Advisory. For Madrigal’s team, attending the right virtual events means attending those that feel more personal. “The virtual scenario has proven to be positive for engaging with potential clients. These meetings seem more intimate in the wake of the pandemic due to the simple fact that the only thing between you and a client is a virtual distance, not a physical one. Additionally, it has been easier to take a more personal approach, as we are all full of stories about our ‘new normal’. Connecting with clients this way has made relationships among us more real.”
Events should also be targeted, so that you aren’t swamped by huge numbers of attendees that make it impossible to identify appropriate leads. In Mauritius the EDB organised webinars for attendees in priority countries but has focused the content on specific industries such as financial services. Meanwhile, in Manchester the MIDAS team hosted events on topics such as cybersecurity with a panel of core stakeholders along with the city mayor and senior executives from key businesses that have already invested in the city. “From a pure engagement perspective our events have been more frequent and much more greatly attended than when we did physical activity,” says Tim Newns, Chief Executive of MIDAS.
The virtual scenario has proven to be positive for engaging with potential clients. These meetings seem more intimate in the wake of the pandemic due to the simple fact that the only thing between you and a client is a virtual distance, not a physical one. Additionally, it has been easier to take a more personal approach, as we are all full of stories about our ‘new normal’. Connecting with clients this way has made relationships among us more real.
Pilar Madrigal
Director, Investment Advisory
CINDE