The Journey with Morgan DeBaun: Inside AfroTech’s Success: Building Conferences that Last

Release Date: October 1, 2024

Introduction

In this highly anticipated episode of The Journey Podcast, host Morgan DeBaun delves deep into the intricacies of building a successful and profitable conference business. Drawing from her firsthand experiences with launching AfroTech and Empower Her, Morgan shares invaluable insights, strategies, and lessons learned from navigating the challenging landscape of event entrepreneurship.

1. From Empower Her to AfroTech: Morgan’s Early Conference Ventures

Morgan begins by recounting the inception of her journey into conference business with Empower Her—a women's experience conference held in New York City.

• First Success: Empower Her generated Blavity’s first six figures in revenue. Morgan highlights the challenges of hosting in an expensive market like New York but emphasizes the diverse and influential lineup of speakers, including Levy and Vogue editor Elaine Welter.

  “We had an incredible diverse set of women. Talk about how to grow your brand again.” [04:30]

• Sponsorships and Partnerships: Initial sponsors included Southwest Airlines, the Knight Foundation, and beauty brands like Cover FX. These partnerships were crucial in offsetting costs and adding value to the event.

2. Building AfroTech: The Birth of a Tech Conference

Transitioning from Empower Her, Morgan explains how AfroTech was conceptualized to cater specifically to the Black tech community.

• Rapid Development: In less than five months, Morgan and her team launched the first AfroTech event in San Francisco’s Westfield Mall, quickly selling out initial tickets and expanding to accommodate 500 attendees.

  “We scrambled to get another venue. And it was so sold out that people were trying to sneak into the conference.” [12:15]

• Key Sponsors: Early sponsorships from tech giants like Google, PayPal, and Oculus validated the conference’s value proposition and provided significant support.

• Community Building: AfroTech focused on creating meaningful connections within a niche community, ensuring that attendees were influential and hard to reach through traditional digital advertising channels.

  “Events was one of those things... they want to get ahead of the game.” [18:45]

3. Strategies for Building a Profitable Conference Business

Morgan outlines several critical strategies for launching and sustaining a profitable conference.

a. Curation and Speaker Selection

• Unique Conversations: Success hinges on curating speakers and topics that aren't readily available elsewhere. High-quality, exclusive content attracts both attendees and sponsors.

  “You need to be really good at curation... like Issa Rae is an innovator and a technologist.” [25:30]

• Trendsetting: Featuring trendsetters and unsung voices helps differentiate the conference and adds unique value.

b. Budgeting and Ticket Pricing

• Revenue-Based Budgeting: Morgan advises that event budgets should align with expected ticket sales to mitigate financial risk.

  “Your ticket sales should be the base price of your budget... most event businesses are not profitable.” [30:20]

• Ticket Pricing Strategy: Balancing high ticket prices with fewer attendees versus lower prices with higher attendance is crucial. Additionally, considering whether attendees are paying personally or through corporate sponsors impacts pricing and offering structures.

c. Target Audience: Corporate vs. Consumer

• Corporate Attendees: When targeting corporate clients, focus on curriculum and content that align with corporate training needs and professional development.

  “If you're going after the corporate attendee... you need to think about the curriculum and the information.” [40:10]

• Consumer Attendees: For events aimed at everyday consumers using personal funds, ensure the experience is high-value to justify their investment.

d. Strategic Partnerships and Sponsorships

• Collaborative Growth: Building strong partnerships with sponsors and stakeholders is essential. Morgan emphasizes viewing sponsors as partners in growing the conference.

  “My job is to serve them and help them grow.” [45:50]

• Aligning with Trends: Aligning conference themes with current industry trends ensures relevance and attracts both sponsors and attendees.

e. Adapting to Trends and Community Needs

• Evolving Content: Continuously adapting conference topics to reflect emerging trends, such as AI and cybersecurity, keeps the event relevant and valuable.

  “We created an entire track of programming this year called cybersecurity and risk.” [55:00]

4. Future Trends and Vision for Conferences

Morgan discusses the future trends shaping the conference landscape and how AfroTech is positioning itself to stay ahead.

a. Shift Towards Entrepreneurship and Self-Employment

• Emerging Aspirations: Younger generations increasingly aspire to be content creators and entrepreneurs rather than traditional corporate roles.

  “People are saying, I want to be an entrepreneur, I want to be self-employed.” [1:05:10]

• Founder Summit: In response, AfroTech introduced the Founder Summit to equip aspiring entrepreneurs with essential skills and resources.

b. Health Equity and Inclusivity

• Addressing Disparities: Emphasizing health equity, Morgan highlights the importance of diverse voices in tech to address systemic health disparities.

  “We have to influence and work in partnership with these health tech companies to ensure that they are being equitable.” [1:12:30]

• Inclusive Product Development: Advocating for diverse teams in tech companies ensures products are accessible and relevant to a broader audience.

  “When you're building algorithms... there are a diverse set of people working on those products.” [1:15:45]

5. Case Studies and Examples

Morgan provides real-world examples of successful conferences and the strategies that made them thrive.

a. Culture Con

• Filling a Void: Culture Con successfully created a space for professional Black creators to network and collaborate, addressing a significant gap in the industry.

b. Afro Future

• International Reach: Founded by Abdullah, Afro Future brought thousands of Black professionals from the US to Ghana, exemplifying ambition and scalability despite logistical challenges.

c. Crate Cultivate

• Women’s Entrepreneurship: Crate Cultivate offered a collaborative space for women entrepreneurs to meet, learn, and grow, leading to its successful acquisition.

d. Like to Know It

• Network Effects: By integrating creators into their platform, Like to Know It harnessed network effects, enhancing both the platform’s and the creators’ growth.

e. Blog Her

• Adapting to Change: Morgan reflects on Blog Her’s decline due to its inability to adapt to the diminishing relevance of blogs, underscoring the importance of staying current with industry trends.

  “Blog her was the place that all of the top bloggers went... but they didn't keep up with the trend.” [1:25:30]

6. Key Takeaways and Final Advice

Morgan concludes the episode with actionable advice for aspiring conference organizers:

• Know Your Audience: Clearly define whether you’re targeting corporate clients or consumers and tailor your content and pricing accordingly.

• Manage Finances Prudently: Base your budget on expected ticket sales to avoid financial pitfalls.

• Curate with Purpose: Select speakers and topics that offer unique value and resonate deeply with your target audience.

• Build Strategic Partnerships: View sponsors as partners and align your conference themes with their needs and industry trends.

• Stay Adaptive: Continuously evolve your conference content to stay relevant and ahead of industry changes.

Notable Quotes

1. On the Importance of Curation:

   “You need to be really good at curation... like Issa Rae is an innovator and a technologist.” [25:30]

2. On Budgeting:

   “Your ticket sales should be the base price of your budget... most event businesses are not profitable.” [30:20]

3. On Targeting Corporate Attendees:

   “If you're going after the corporate attendee... you need to think about the curriculum and the information.” [40:10]

4. On Inclusive Product Development:

   “When you're building algorithms... there are a diverse set of people working on those products.” [1:15:45]

5. On Conference Strategy:

   “Think about your audience. Are you going corporate? Are you going consumer? Think about your ticket price.” [1:28:50]

Conclusion

Morgan DeBaun’s episode on building enduring and profitable conferences offers a comprehensive roadmap for entrepreneurs in the events industry. By sharing her journey with Empower Her and AfroTech, along with practical strategies and inspiring case studies, Morgan empowers listeners to create impactful, sustainable, and culturally relevant conferences. Whether you’re a seasoned event planner or just starting out, this episode provides the tools and insights needed to navigate and succeed in the competitive world of conference business.

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