LAS VEGAS, NEVADA—Industry professionals have traveled from around the country and world this week to attend the International Association of Exhibitions and Events’ annual meeting, Expo! Expo! Yet, before networking events and an opening cocktail reception Tuesday night, some of the live event industry’s most notable leaders weighed in and shared ideas in an educational session entitled “Managing Change Rapidly in Tumultuous Times.”

Moderator Jeffery Rayport, who consults and speaks on a variety of topics that include strategies to deepen consumer engagement and competing in a service economy, started off the session by asking speakers to reflect on the challenges and opportunities they have experienced over the past year.

“The challenge we face is not competing against each other but in a world market place,” Dennis Slater, president of the Association of Equipment Manufacturers, told the audience. “The good thing about recessions is that smart companies look at the next opportunities out there. If the world is shifting overseas ask what you’re doing just here? Ask ‘What can I do in India or in China?’ In the end, the reality is a recession forces you to go after those opportunities.”

Much of the panel discussion, that not only included Slater but Carter Keithley, president of the Toy Industry Association, which produces Toy Fair; Gary Shapiro, president and CEO of the Consumer Electronics Association and International CES and Jeff Price, CEO of Experient, Inc.; focused on opportunities that should not be overlooked.

“Our biggest challenge in the past year relates to innovation, it’s something we all need to address,” Price told the audience. “In a company that not too many years ago was struggling, we made the decision to invest time and dollars to develop 7 new products. We all need to do this and it can be small or revolutionary innovations.”

Price added that the CEO of a company has to direct a vision and mission to the personnel within the organization to help foster innovation. He says that at Experient he places a heavy emphasis on caring—by encouraging employees to care about themselves, their families and work within the business, a “culture of caring will help take care of customers. Taking care of each other is important in a business because you must have a team working together for a common goal and by caring about each other, you will do that.”

To help manage influences from economic and global uncertainties, Shapiro suggested empowering employees to help bring about the best ideas that continue to drive business.

“The focus is on long term goals and the ability to keep laying them out and make sure everyone in the company is on board, but also doing it in an honest atmosphere,” he said. “Talking about our weaknesses and having our staff do that as well empowers them. Communicate and reveal weaknesses and don’t fail to consolidate.”

Keithley suggested that to help employees create a culture of innovation that CEOs should encourage individuals to try new things—which would also keep jobs interesting.

“It’s fun to try and learn many things and take things in a different direction,” he said. “We need to stay on the ball and in the gloomiest of gloomy days, try new things.”

Keithley added that even when things don’t work, re-examine a situation and look for new or different opportunities. In 2007, close to 1 million toys were recalled due to lead paint fears, and while this could have been damaging to Keithley’s association and event, the CEO looked at it as a way to open a new door.

“We repositioned ourselves within the industry to act as the first defender of children’s safety and not the ones that are trying to profit,” he said. “I’m proud of the way the industry reacted, to take responsibility—we couldn’t PR our way out of that mess.”

While tricky situations like a government issued recall can arise and create potential problems for a live event, Shapiro was confident that the event industry remains solid.

“You need your 5 senses to understand a person, even me whose career is based on technology, I’m comfortable with the idea of technology replacing certain things, but you use your 5 senses to evaluate a business deal and that comes through face-to-face opportunity,” he said.

Shapiro reflected on something a colleague told him during the 1991 recession that is also applicable in today’s uncertain economy.

“Any idiot can run an organization in good times but it takes a real leader to run it in bad times,” he said. “It’s ugly and painful but it forces us to make it better. That year we downsized significantly but we also challenged every employee and everyone became part of the sales team. We defined our show as much broader and we got record numbers of new exhibitors, reenergized our staff and it got us closer together. The CEO’s job is to set the tone for the company.”