Inside Vendelux’s Contrarian Bet: Why Building for In-Person Events During COVID Paid Off

Inside Vendelux’s Contrarian Bet: Why Building for In-Person Events During COVID Paid Off

February 2020 should have been the launch moment for Vendelux. Instead, as Alex Reynolds shared in a recent episode of Category Visionaries, it became “one of the lowest moments in my life.” With ten customers lined up and plans to go full-time, the pandemic hit, and overnight, the entire events industry ground to a halt.

While most founders would have pivoted away from events entirely, Vendelux made an unusual choice: they doubled down on their conviction that in-person events would return stronger than ever. Here’s how they navigated that decision and what it teaches us about contrarian bets in uncertain markets.

Understanding the Foundation of Conviction

Vendelux’s conviction wasn’t based on optimism – it came from deep industry experience. At Shutterstock, Alex and his co-founder had built a business unit “from zero to 30 million in ARR” primarily through event-driven growth. This experience gave them unique insight into both the value and the problems of in-person events.

“When it worked well, it was the best thing that we could do. When it didn’t work well, it was a huge waste of time and money,” Alex explains. This understanding of events’ fundamental value proposition became crucial during COVID.

Swimming Against the Current

While virtual event platforms like Hopin soared to “around 8 billion” valuations, Vendelux remained skeptical. “We felt like the magic around events is getting people together in person,” Alex notes. This conviction came from understanding what made events valuable in the first place – not just the content, but the relationships formed through in-person interactions.

The team’s decision to stay focused on in-person events wasn’t without doubt. “Those are some dark days, right? You look at yourself and say, is this really going to come back?” Alex recalls. But instead of pivoting, they used the downtime strategically.

Turning Market Disruption into Advantage

Rather than rushing to market with an incomplete product, Vendelux built their platform “on nights and weekends.” This measured approach meant they were ready when events returned – and return they did. Alex shares that “in 2023, events were back to roughly the same size… In 2024, events are now bigger, on average, than they’ve ever been before.”

This vindication came with an additional insight: the pandemic had actually strengthened their value proposition. “People are not working in offices anymore. And so it’s harder now more than ever to get face time with people,” Alex explains. The shift to remote work made in-person events more valuable, not less.

The Lessons for Founders

Vendelux’s story offers several key insights for founders facing similar market uncertainty:

1. Deep market understanding enables contrarian bets. Vendelux’s confidence came from firsthand experience with the fundamental value of events, not market trends.
2. Market freezes create building opportunities. While competitors rushed to market with virtual solutions, Vendelux used the downtime to build a more robust platform.
3. Look beyond immediate market reactions. While others saw virtual events as the future, Vendelux recognized that remote work would actually increase the value of in-person connections.

Today, as Alex notes, they’re seeing that what were once “major headwinds for us are now major tailwinds.” The company has expanded beyond its initial focus, working to “empower humanity to build meaningful professional relationships” across various contexts.

The key lesson isn’t about being contrarian for its own sake – it’s about having the conviction to stay focused on fundamental value when market signals suggest otherwise. As more founders face market uncertainty, Vendelux’s story offers a blueprint for turning market disruption into long-term advantage.