Before the coronavirus pandemic, it was easy to find one or more startup events in Munich every weekday evening. Typically, startup topics were discussed on a small stage, with networking opportunities during breaks, and innovative snacks and local beer served. Young companies had the opportunity to pitch their business to the audience. You often encountered familiar faces and, time and again, surprising new business ideas.
Since March 2020, none of that has been the case: no networking events with local beer, no pitches on small stages, no meetings with familiar faces. Instead, a variety of digital formats were tested last year that attempted to more or less accurately replicate traditional events – including digital breakout rooms and virtual networking opportunities. After a plethora of digital recreations of traditional events in the first months of the coronavirus pandemic, such formats have become noticeably rarer since then. They have been replaced by online events that focus very specifically on a single topic: industry workshops, virtual pitch events, and tutorials.
This development is only natural: Before the coronavirus pandemic, events were an important medium for exchange between founders, investors, and established companies. After the startup ecosystem was suddenly forced to switch from face-to-face to digital exchange, the limits and possibilities of the new medium were still largely unknown. The obvious approach was to digitally recreate familiar analog formats. Since then, everyone involved has learned and is making the most of the benefits of digital gatherings. For example, the dissolution of geographical boundaries: The well-known and highly regarded pitch event Cashwalk was held for many years at Munich's Ludwig Maximilian University. For participants from outside Munich, participation required, among other things, travel to the state capital. digital version of the Cashwalk has shed its physical limitations and includes startups from across Europe.
A new way of getting to know people has also gradually become established in my own work life: Instead of relying on chance encounters in networking sessions, new startups approach me on LinkedIn, by email, or by phone. Investors have also reportedly become more active in approaching promising founders.
The startup scene flourishes even without events
But has the transition from analog to digital learning mode harmed the startup scene? Not at all. A look at all available indicators shows that things are on a steep upward trend for startups. In both quarters of this year, Munich startups set new records in raising fresh financial resourcesThe Bitkom-Ifo Digital Index, which reflects the business situation of the digital economy and its expectations for the next six months, reached an all-time high in June and exceeds the pre-coronavirus level in all individual indicators.
So everything's fine even without personal contact? The rapid adaptation to the new conditions is a good sign for the intellectual and operational agility of the startup scene. But as soon as not only the legal restrictions but also the habitual discomfort with in-person events subsides, offline events will return. There certainly won't be as many as before, and participants will more strongly question their time commitment for travel to and from the event. However, there are event formats that are simply missing and cannot be replaced by a digital version. For example, major events like Bits & Pretzels. Slush, the Bits & Pretzels counterpart in Helsinki, is returning to its old format this December.
Digital competition will remain with traditional events even after the coronavirus pandemic. Organizers will have to justify the purpose of traveling to attendees: 'Couldn't we have done this digitally?' In the best case scenario, this will lead to a tough selection process, and only the most focused, best, and most productive offline events will prevail over the digital competition. This will save everyone a lot of time and at the same time enable moments of personal interaction that cannot be replaced digitally. The coronavirus pandemic has given the startup scene the opportunity to question cherished habits and complement them with digital alternatives.
The answer to the question 'Do we still need offline events, or can we do without them?' is therefore both. Meeting people face-to-face at events will continue to be irreplaceable in the future. However, digital events are often simply more practical, time-saving, and efficient.
