Had an interesting report in from a UK vendor marketing honcho saying he had received three approaches in as many days from organisations trying to resurrect a version of the Legal Technology Awards and/or the LOTIES. Apart from the obvious jumping on the bandwagon to take advantage of a perceived hole in the market, what is not always made clear is that if run properly (note the word properly) – awards are potentially huge money-spinners for their organisers. In fact it is an industry in itself.
All of which is great for the organisers – but possibly not so good for the attendees who frequently get hit with tripple dipping… They have to pay to enter for the awards. They have to pay to attend the awards. And they will frequently get hit with sponsoring something – something really useful and meaningful like balloons or an ice sculpture – at the awards. So great fun when times are good (if your idea of fun is sitting in a monkey suit for 4 hours surrounded BOFs*) but not so good in a recession.
* Personal note: I once got trapped by a woman who insisted in showing me her photos of the Auschwitz concentration camp she'd taken on her mobile phone. Needless to say that immediately got me in the party mood.