LatAm List – InEvent recently announced the launch of a new tool that allows event organizers to move their live events on to a digital and interactive format in response to the COVID-19 pandemic. The solution will help the events industry get through the volatility of this moment.
Pedro Góes, CEO and founder of InEvent, shares the startup’s journey, including lessons learned at YCombinator, and provides insight on how technology can transform the events industry in the following Q&A.
Q: What is InEvent?
A: InEvent is an event analytics platform to transform attendees into customers. Our intelligent software deploys integrations with CRMs, payment gateways, website and registration systems to build improved conversion rates, sales, and attendance for companies, associations, and agencies either attending industry trade shows or hosting their own events.
Q: How did InEvent become the company it is now?
A: InEvent became the company it is today after going through YCombinator in the Summer of 2019. Before YC, Mauricio Giordano, Vinicius Neris, and I were running an event technology company in Brazil serving local companies when we got a call from a potential (huge) customer who shared their interest in one of our integrations. We have always kept the English version of the website available for SEO. One of the challenges with event / marketing platforms was that it was very hard to integrate, and at InEvent we had built really easy to use, plug and play solutions, with the most popular CRMs. This particular customer did not close the deal but was a clear indication of the potential our company could have worldwide. Since then, InEvent incorporated the LatAm operation, raised money from 10+ investors, and is now serving customers in more than 35 countries.
Q: How is technology transforming the way we do events today?
A: Events have been around for centuries because it’s a great channel to meet with new and current customers. The challenge is its lack of intelligence analytics and software automation when processing and reporting data. Our technology pulls data from different sources to transform the event into a pipeline, where you can take immediate action to improve the results according to your goals.
We have seen from our customer data that many events are directly linked to sales and finance teams, which demand clear ROI on investments. This close relationship allows technology to be a quick feedback tool when expanding on new strategies for overall growth quarter by quarter.
Q: What is the most important lesson you have learned so far through your experience at YCombinator?
A: Build something great. The important lesson, I believe, is to do one thing really well and not ten things halfway. Once you find one thing that you do really well, you will have time and capital to expand further along the way. But finding the first product that works really well for a niche is the first step. One of the key things when understanding if you have found product-market fit is that suddenly, during your weekly sprints and A/B testing, the need for your product will increase drastically, usually 20-30%, sometimes up to 50%, without any particular explainable source. Growth and focus should apply to quickly address demand and create a great product plus customer experience.
Q: What advice would you give to entrepreneurs looking to start their own company in Latin America?
A: Just like any other project, create a SWOT matrix and run the analysis. There are great things about Latin America that you cannot find anywhere else, the same applies to the risks you may face. LatAm is a formidable place to hire talented individuals and also has a virtual lack of competition to quickly expand into new markets. There are also many challenges, including current fluctuations, local laws, and languages.
Q: What are the next steps for InEvent?
A: Right now our priority is to offer accessible virtual solutions for COVID-19. InEvent is launching its new Virtual Lobby solution to allow conferences, events, and gatherings. Using the Virtual Lobby solution customers can build an agenda with different sessions, meetings, and presentations so each assigned group can watch, meet, and interact at their appropriate virtual room.