Advisory Call with Ex-founders / Industry Experts In Event and Hopitality Industry | AthenaVC Challenge

As part of the AthenaVC Cohorts, I've embraced the challenge to build in public by engaging with industry veterans who have navigated the complex world of event planning and hospitality. This challenge required me to consult with five ex-founders and industry experts, and the experience has been both enlightening and transformative.

Google Drive Link: [Link To Interviews]

To gain comprehensive insights, I selected from the following key questions:

1. What's the most time-consuming aspect of event planning in your experience?
2. How do you manage last-minute changes or emergencies during an event?
3. Have you used any digital tools or software for event planning? If so, which ones?
4. How do you typically approach venue selection for different types of events?
5. What's your process for coordinating multiple vendors for a single event?
6. How do you measure the success of an event after it's over?
7. If you could automate one aspect of event planning, what would it be and why?

The insights gained from these conversations not only reflect the challenges of the industry but also offer valuable lessons for anyone looking to innovate in this space. Here’s a summary of the wisdom shared by these experts:

1. Managing Client Expectations and Budget Constraints

One of the most significant challenges in event planning is balancing client expectations with budget realities. Miss Bolanle, Founder of Biva Events, shared her approach to managing this delicate balance. She emphasized the importance of educating clients about the realistic outcomes of their budget constraints, urging them to remain flexible when necessary.

Similarly, Mrs. Ehis Pearl Uzoho, Founder of DeAubry, pointed out that many clients still operate with outdated pricing expectations. To address this, she advocates for upfront communication and detailed budget tracking, ensuring that both parties are clear about costs from the outset.

2. The Art of Vendor Coordination

Vendor coordination is another area where experience shines. Miss Bolanle discussed her method of delegating tasks to project managers and coordinators. By assigning specific roles for each aspect of an event—such as food, drinks, and media—she ensures that no detail is overlooked and that every vendor is aligned with the overall vision.

Mrs. Nneka Emmanuella, Founder of Kasim C Events, highlighted the importance of building strong relationships with trusted vendors. She stressed that having a reliable network of vendors who understand the event planner’s expectations can make all the difference in delivering a successful event.

3. Leveraging Technology for Efficiency

In today’s fast-paced environment, technology is a game-changer for event planners. Miss Bolanle relies on tools like Google Sheets for budgeting and Canva for designing floor plans. However, she expressed a need for more advanced solutions that could automate routine tasks like updating vendor checklists and tracking payments, freeing her to focus on creative planning and client interactions.

Mrs. Uzoho also shared her use of inventory management apps to streamline her souvenir and ushering services. Yet, she too sees room for further automation to reduce manual workload and enhance operational efficiency.

4. Preparedness for the Unexpected

No event is immune to unforeseen challenges. Mrs. Nneka Emmanuella emphasized the importance of flexibility and having contingency plans for critical event components. This approach allows her to adapt to last-minute changes without disrupting the event's overall flow.

Mrs. Marcela of Facella Enterprise shared her belief in the power of a well-prepared team. She maintains that a team capable of thinking on its feet is the best safeguard against potential crises, ensuring that events proceed smoothly despite any hurdles.

Passionate about this Industry? Jump on a call with me!

These conversations with industry experts underscore the need for continuous innovation in the event and hospitality industry. As I build in public with AthenaVC, I invite fellow entrepreneurs, planners, and innovators to join this journey. The challenges and opportunities in this field are immense, and by collaborating, we can develop solutions that address the real-world pain points identified by these seasoned professionals.

For those interested in further details, I will be sharing links to the transcriptions and recordings of these insightful discussions. Together, let’s push the boundaries of what’s possible in the event planning industry.

CC: Rob Liu ??, Jeff Deutsch ??, Rishi Kabra, Muskan Bhargava, Kiarra Gwyneth D., Kyleen Alyssa Mocorro, Siren Li ??, Althea Tan

Google Drive Link: [Link To Interviews]

#AthenaVC #BuildInPublic #EventPlanning #Innovation #LearningFromTheBest #HospitalityIndustry