Smart Strategies Key To Tackling Inevitable Surprises: Press Release

Press Release
Smart Strategies Key to Tackling Inevitable Surprises

Convention 2020 Launches Pathfinder Report at IMEX 2010 and Lays out Six Critical
Strategic Imperatives
Clear positioning, future focused boards, strategic innovation, leveraging data,

business model experimentation and top talent now critical to shaping the industry’s
future.
At IMEX 10 in Frankfurt today, Fast Future Research launched a „Pathfinder Report‟ on the
key strategic challenges and choices facing the industry over the next decade. The
Pathfinder Report provides a glimpse of the content of the full phase 1 report to be released
in July 2010 as part of the groundbreaking Convention 2020 study on the future of meetings,
venues and destinations.
The founding sponsors for the study are ICCA – The International Congress and Convention
Association, IMEX the leading industry trade show and Fast Future Research. The platinum
sponsors for the study are The Queen Elizabeth II (QEIICC) Conference Centre London,
Visit London, Melbourne Convention and Exhibition Centre, Qatar National Convention
Centre, Seoul Tourism Organisation, Athens Convention Bureau, Congrex and BestCities
Global Alliance (Cape Town, Copenhagen, Dubai, Edinburgh, Melbourne, San Juan,
Singapore and Vancouver). Kenes are the first gold sponsor. The Technology partners are
Meetings:Review and TrendWiki.
The report draws on a wide range of expert interviews and workshops, desk research, an
online survey and a project wiki to identify drivers of change and emerging strategic
challenges. The research identifies case studies highlighting both the incremental and
transformational changes already being undertaken by different players across the industry,
and highlights the need for greater clarity and consistency of strategic thought and action. A
number of strategic imperatives are identified including the need to:
 Choose a clear strategic position whether it be strategic innovator, fast follower or low
cost no frills provider and then ensure every action and decision is consistent with that
strategy e.g. being brave enough to say „no‟ to business that doesn‟t fit your capabilities
 Develop the board into an outward looking and future focused entity that is helping to
shape and challenge longer term strategy
 Acknowledge that to compete effectively with the expensively marketed alternatives on

offer to our customers ranging from video conferencing to advertising, we have to
outthink the competition rather than trying to outspend them
 Develop a clear set of strategies to manage our technology, exploit the data generated
through our events and create „reusable knowledge‟ that is of lasting value long after the
event
 Demonstrate a willingness to experiment with business models and create new revenue
streams to anticipate and address future client demands for greater financial innovation
and risk sharing from their event partners
 Develop and recruit top level talent that can truly understand how client‟s business
strategies are evolving and develop equally strategic and innovative responses.
Carina Bauer CEO of IMEX said “The report lays out a clear roadmap of critical decisions
and choices that will help „future proof‟ businesses across the sector. The strategic issues
highlighted identify key factors industry players must address to ensure they can compete
effectively in the decade ahead. We need to become as good at strategic thinking as we are
at operational delivery. .”
Martin Sirk CEO of ICCA said “Laid out like this, the research makes very clear the sheer
scale of the challenges and opportunities that confront us. The message is simple, we can
continue to tackle all these issues individually or make life easier for ourselves by learning
how to think and act strategically. We have to develop the capacity to anticipate the
„inevitable surprises‟ coming our way.”
Rohit Talwar the project director and CEO of Fast Future said “Many in the industry have
tended to focus more on operational delivery, short term results and responding to issues as
they arise rather than thinking about the shape of future challenges. This makes it very
susceptible to external events. The learning from other sectors and businesses that
performed better in the downturn and recovered faster is that they devote time and effort to
understanding the drivers of change and develop strategies which anticipate those
changes.”
The full report is to be published in July 2010. It will examine critical factors that have shaped
the industry over the last decade, examine current issues on the agenda, describe key
global drivers of change shaping the external world and customer behaviours, and highlight
emerging industry and external trends that could impact the sector. It concludes with a
roadmap of key strategic challenges and choices facing business leaders and decision
makers in the sector.
The Pathfinder Report will be available for download from 10.00 (GMT) on Tuesday May 25th
2010 from www.convention-2020.com where delegates can also sign up to receive regular
project newsletters & updates.
Ends
Report Details
The Full report to be published in July 2010 will address the following key themes:
 Looking Back - A review of key trends, issues and developments that have
shaped the industry landscape over the last decade
 Taking Stock - A summary of current leadership priorities
 The Big Picture - An overview of critical global drivers of change that are
shaping the world we operate in
 The Near Horizon - External trends and „weak signals‟ likely to grow in
importance in the next three years
 The Next Big Thing – Emerging industry levels trends and developments whose
prominence could increase rapidly
 Lurking in the Labs - A timeline of key science and technology developments
that might impact the sector by 2020
 Place your Bets - Key strategic challenges and choices facing business leaders
and decision makers in the sector.
Notes for Editors
Convention 2020 is a strategic foresight study. The research programme is designed

to take a wide ranging and forward looking perspective on the future of live events,
venues and meeting destinations. The objectives are to
• Help the industry value chain prepare for the future
• Provide key insights on how live meetings could evolve by 2020
• Help meeting owners, managers and designers think about the future
customer experience
• Help venues and destinations think about the implications for their strategy
• Suggest emerging strategies, approaches and business models for events,
venues and destinations
• Use a highly participative „open‟ research process to educate and inspire
participants
Fast Future Research is a global research and consulting firm that specialises in
studying the future of meetings, travel and the leisure industries.
ICCA is one of the world‟s leading trade associations for the meetings industry, with
900 member companies and organisations in over 80 countries worldwide and
covering all supplier sectors.
IMEX is the leading global trade show for the meetings and events industry which
takes place each May in Frankfurt, and organiser of the new IMEX Americas event
which will be launched in Las Vegas in October 2011.
For further details please contact

Rohit Talwar
CEO
Fast Future Research
Phone +44 20 8830 0766
Mobile +44 7973 405145
Fax +44 20 8830 4777
Email: rohit@fastfuture.com

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Press Release

Smart Strategies Key to Tackling Inevitable Surprises

Clear positioning, future focused boards, strategic innovation, leveraging data,

 Acknowledge that to compete effectively with the expensively marketed alternatives on

Convention 2020 is a strategic foresight study. The research programme is designed

For further details please contact

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