Ask HN: Is event sponsorship effective for Startups and Tech companies?

I've recently taken on a role in business development for a sports related industry body. We oversee a number of European tours for a reasonably fast growing sport. Last event saw a live crowd of around 7,000.

This is a change in direction for me, now following more of a personal passion, as my career history has all been online startups or television technology.

One aspect of this role is to partner with new companies, building their brand and exposure at our sport events and deliver their products to our members/audience whenever possible.

My question is whether this is a known or viable route for growing brand recognition for technology based companies, especially startups. I have contacts in this area, and feel I could communicate with them better than, for example, a large clothing retailer. However, I also don't want to waste my time if experience has shown that tech companies just aren't interested, or just aren't seeing any return from this type of marketing spend.