How Cvent Survived the Tech Bust

Cvent CEO Reggie Aggarwal talks about his company surviving the tech bubble crash.

Apr 3, 2014 at 2:00PM

If you started a tech company in 1999 and grew to over 100 employees by 2000, how would you have survived the ensuing tech bust? Reggie Aggarwal, CEO of event management software company Cvent (NYSE:CVT), was in just that position. Mr. Aggarwal visited Motley Fool headquarters in March as part of the Fool's CEO interview series. Mr. Aggarwal spoke with Motley Fool CTO Mark Brooks and charted Cvent's journey: a path that lead it to the leading position it enjoys today in the event management software industry.

A six-person company at the end of 1999, Cvent grew to 125 employees over the next year while burning through millions of dollars in venture capital. Their story took a perilous turn in 2001 as the market crashed.

"We had to cut 80% of our employees," Aggarwal said. "[We were] kind of like the 'Walking Dead' from 2001 to 2004."

Aggarwal noted that the company learned three main lessons during that period. In order to survive and succeed, Cvent had to:

1) Hire great people

2) Build the best products

3) Focus on your customer

Aggarwal's strategy eventually succeeded. Today, Cvent employs over 1,450 jobs worldwide. Cvent software helped manage 8.7 million event registrations and 205,000 meetings in 2013. For his part, Aggarwal was recently named the "CEO of the Year" by the Washington Business Journal.

"Tumultuous times is really what I think got us to where we are. And then we just naturally, organically grew for the next decade."

Check out the video below to hear Aggarwal's Cvent story.

The biggest thing to come out of Silicon Valley in years
If you thought the iPod, the iPhone, and the iPad were amazing, just wait until you see this. One hundred of Apple's top engineers are busy building one in a secret lab. And an ABI Research report predicts 485 million of them could be sold over the next decade. But you can invest in it right now... for just a fraction of the price of AAPL stock. Click here to get the full story in this eye-opening new report.

Matt Trogdon has no position in any stocks mentioned. The Motley Fool recommends Cvent. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

4 in 5 Americans Are Ignoring Buffett's Warning

Don't be one of them.

Jun 12, 2015 at 5:01PM

Admitting fear is difficult.

So you can imagine how shocked I was to find out Warren Buffett recently told a select number of investors about the cutting-edge technology that's keeping him awake at night.

This past May, The Motley Fool sent 8 of its best stock analysts to Omaha, Nebraska to attend the Berkshire Hathaway annual shareholder meeting. CEO Warren Buffett and Vice Chairman Charlie Munger fielded questions for nearly 6 hours.
The catch was: Attendees weren't allowed to record any of it. No audio. No video. 

Our team of analysts wrote down every single word Buffett and Munger uttered. Over 16,000 words. But only two words stood out to me as I read the detailed transcript of the event: "Real threat."

That's how Buffett responded when asked about this emerging market that is already expected to be worth more than $2 trillion in the U.S. alone. Google has already put some of its best engineers behind the technology powering this trend. 

The amazing thing is, while Buffett may be nervous, the rest of us can invest in this new industry BEFORE the old money realizes what hit them.

KPMG advises we're "on the cusp of revolutionary change" coming much "sooner than you think."

Even one legendary MIT professor had to recant his position that the technology was "beyond the capability of computer science." (He recently confessed to The Wall Street Journal that he's now a believer and amazed "how quickly this technology caught on.")

Yet according to one J.D. Power and Associates survey, only 1 in 5 Americans are even interested in this technology, much less ready to invest in it. Needless to say, you haven't missed your window of opportunity. 

Think about how many amazing technologies you've watched soar to new heights while you kick yourself thinking, "I knew about that technology before everyone was talking about it, but I just sat on my hands." 

Don't let that happen again. This time, it should be your family telling you, "I can't believe you knew about and invested in that technology so early on."

That's why I hope you take just a few minutes to access the exclusive research our team of analysts has put together on this industry and the one stock positioned to capitalize on this major shift.

Click here to learn about this incredible technology before Buffett stops being scared and starts buying!

David Hanson owns shares of Berkshire Hathaway and American Express. The Motley Fool recommends and owns shares of Berkshire Hathaway, Google, and Coca-Cola.We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

©1995-2014 The Motley Fool. All rights reserved. | Privacy/Legal Information