Photo Credit: Ирина Тюжина for Adobe Stock
The Endocrine Society and Matchbox Virtual Media recently formed a joint venture they hope will continue to drive innovation and foster virtual engagement for associations. Through the venture the Endocrine Society is making a significant investment in Matchbox.
Like many providers of virtual solutions, Matchbox flourished during the pandemic. But even prior to that, the company had roots in producing association engagement solutions. The deal now brings to society members discounted access to Matchbox's proprietary platform, tech and expertise in designing engaging online experiences.
But as much as the funding supports development and growth for Matchbox, and serves as a perk for members, the partnership also represents an important investment in the Endocrine Society's future. "The agreement is framed to provide the society with a new stream of non-dues revenue, something that many nonprofit organizations are seeking in the face of economic headwinds," reads a blog post from Christopher Urena, MBA, CAE, the society's chief learning officer of education, programs and meetings. "This arrangement also places us at the vanguard of providing a crucial service that will benefit our peers in the medical and scientific association communities."
Matchbox CEO and cofounder Arianna Rehak is equally enthusiastic about the collaboration. "It was so important to me that we find a financial partner that aligns with our community-driven vision and ethos, so being funded by an association is an absolute dream come true because of their deep commitment to the broader profession. And let me tell you, although we're just getting started, we've already learned so much from getting the opportunity to work alongside such an amazing group of people who care deeply about the members they serve."
Having worked with hundreds of organizations to define best practices for virtual and hybrid event design, Matchbox has developed templates for a defined set of challenges and corresponding online experiences, and they're looking forward to going deeper with clients in the scientific, medical and health-care fields. “We are excited that this joint venture will create digital products and services specifically designed to engage more members in conversations and drive innovation in this sector,” said Rehak.
Among those digital products are AI-driven enhancements that promise to tailor solutions even more efficiently for client needs.
During the pandemic, Urena noted, it became clear to associations that not all virtual solutions were created equal. "A wave of virtual meeting vendors stepped up with a wide range of platforms options, which resulted in a wide range of outcomes and satisfaction levels," he wrote. "After much research, consultation and due diligence, we are confident that this company is best positioned to address the unique needs of the association world, especially those of medical, health-care and scientific nonprofits."
The joint venture's first item of business: a research study that benchmarks the value of virtual events for associations, particularly those in the medical and health-care fields. Results will be forthcoming soon.
A fruitful collaboration has potentially far-reaching benefits, Rehak pointed out. "I'm hoping our success could set a precedent for future association/industry partner investment relationships," she said.