Convene: Getting Ready for Growth
(12 pages of text)
In 2009, two young entrepreneurs created Convene, a New York based company with an innovative business model that catered to an underserved segment of the local meetings industry. They were in the unique position of having no real direct competitors and a tight grip on a niche market within a US$15 billion industry. However, to achieve their growth ambitions for the company, the duo had to deftly navigate the changing competitive landscape, identifying which players could become real competitors and which could be co-opted into becoming partners and clients. They also needed to adapt their business model to capture these opportunities. Over time, their expensive expansion standards and operating costs began to present a nagging concern: With only so much capital available each year, just how quickly could Convene really grow? Would the capital intensiveness of their current model stymie the rapid growth that they so desperately wanted (and needed) to achieve in order to establish a nationally recognized brand?
The case is appropriate for both advanced undergraduate and graduate courses covering entrepreneurial management or innovation, entrepreneurship in the hospitality sector, hospitality services innovation, or real estate entrepreneurship. After completing the case, students should be able to:
- Map out the business model of a start-up company and analyze its merits.
- Engage in market analysis and assessment, including considering market size and scope, to identify current and potential customers and competitors.
- Demonstrate the importance of constantly assessing the competitive landscape to identify competitive threats, and to develop ways to mitigate those threats.
- Emphasize the importance of seeking strategic partnerships and collaboration opportunities to provide competitive advantages.
- Appreciate the importance of adapting a business model to facilitate greater growth and success.
Real Estate and Rental and Leasing
United States, Small, 2013
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