The events industry built every form of capital except the one founders needed.

observation — attributed to Marco Giberti

Private equity bought mature shows once they were already throwing off healthy EBITDA. Operating revenue funded organic growth at the established players. What was missing for thirty years was strategic venture money for zero-to-one founders. The gap was invisible because the industry was profitable everywhere else, and structural because nobody whose career depended on filling it was the one positioned to build it.

The diagnostic that explains why Events Venture Group had to be invented from outside the existing capital stack rather than evolved from inside it.

capital-stack, venture-money, industry-gap, zero-to-one, structural-blindspot