Who will pay for your impact?

Impact Day sfeerfoto
Associations and organizers reflect more and more on the positive long-term effects of their conferences. At the same time, they struggle with the question of profitability. Can conferences remain profitable while also focussing on a positive impact?

Impact Finance: who will pay for your impact?

How to unlock financial support when organizing a conference with impact

The conference and events sector is at a crossroads. To envision a brighter future, we need to make a shift from more to better. A new and resilient business model is critical to stay relevant in today’s evolving landscape.

Social impact plays a pivotal role in this transformation. Associations and organizers reflect more and more on the positive long-term effects their conferences can bring to the host location and its residents.

These are noble intentions. But at the same time, associations and organizers struggle with the question of profitability. Conferences are crucial revenue streams — can they remain profitable while also focussing on a positive impact?

This existential question was discussed at Impact Day on Monday, 14 October 2024. VISITFLANDERS Convention Bureau convened 120 experts from Australia, North America, and Europe to explore the lasting, positive effects conferences can have on society. This gathering led to several fascinating insights about Impact Finance.

Impact Day sfeerfoto

Unlocking funding through "impact ecosystems"

Sustainable entrepreneur Piet Colruyt, founder of the Impact House, strongly advocates the creation of innovative “impact ecosystems". These systems bridge the "social first" of non-profit organizations with the "finance first" of commercial companies. One standout example is the "Entrepreneurs Without Borders" initiative, which built a "green wall" in Burkina Faso to combat desertification. That's a compelling, engaging story, which is crucial, according to Piet Colruyt. The expert emphasized the power of good storytelling to enable impact funding.

Forging impactful partnerships

Another effective strategy for financing impactful conferences is through forming impactful partnerships. The award-winning “Love Your Liver” campaign by EASL-The Home of Hepatology demonstrates this approach. During each EASL conference, residents of the host city are invited to undergo liver screenings, while experts visit schools to educate children about liver health. This initiative is made possible through a partnership with Echosens, a company specializing in liver screening. This collaboration benefits both EASL and Echosens by increasing awareness of liver disease, promoting more screenings, and fostering prevention.

Leveraging subventions

Convention Bureaus see the value of financial support of subventions for important projects but struggle to include them in their policies. Subventions aim to improve social and environmental issues, while local governments often focus on economic benefits. Long-term projects are tricky because future priorities, social conditions, or politics might change. To get the most out of subventions, flexible plans are needed to adapt to changes and still achieve long-term goals.

Impact Day Piet Colruyt

Want to learn more about Impact Finance and ways to fund your conference with impact?

Association Expert Tuya Beyers is at your service.
 

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Fancy a taste of the atmosphere at Impact Day? This video gives you a privileged look.
 

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