So, meetings have always been critical to the business process, yes? And grand exhibitions of trades, goods and services? Absolutely--and the business of convening has evolved into an industry that packs a mighty economic punch.

According to the Convention Industry Council's last published data, there were some 1.25 million meetings held annually in the U.S., with a total expenditure of $107.2 billion and a total economic impact of around $250 billion. That's roughly 1% of the approximately $11 trillion US GDP--and 2007 estimates have statistics for corporate (as opposed to association and non-profit) gatherings up in all categories.

Naturally this is an industry (not yet officially a sector) ripe with entrepreneurial opportunities. Meet Jody Wallace, president and CEO of Annapolis, MD--based EMCVenues. After three decades with major hospitality players such as Hilton and Marriott, she entrepreneurialized her senior-level expertise by founding EMCVenues.

Her business model sprung from understanding the fragmented relationships among the industry's myriad sourcing companies, venue managers and meeting managers. "The challenge was to simultaneously support both the suppliers--the venues--and the buyers--with an education and communications platform that brought precision to the sales, marketing and purchasing process," says Ms. Wallace, who has driven double-digit revenue growth since founding the company in 2001.

For hotel and venue managers, the traditional sales method has been the equivalent of dialing for dollars--sales teams wasting time with scattershot phone calls and e-mails. EMCVenues--honored with 17th place on Entrepreneur Magazine's latest "Top 50 Fastest Growing Women-led Companies in North America"--takes the laser-targeted approach.

"No buyer wants to be sold, right?" says Wallace. "Our technology and service solutions directly connect suppliers with customers who want to deal with each other--which is precisely what they told us they wanted for the industry in the first place."

Jeff Heilman

6/9/08