June 12, 2012
The Olympic Games bring massive business and revenues to the home city staging the games. The 2012 Summer Olympic Games in London will be huge, with the backdrop in one of the most vibrant, recognized cities of the world.
A deep history and monarchy illuminates the scenes for Britain’s turn at one of the most famous sporting events.
Although piles of money are spent on infrastructure and the rights to the games, the country, corporations and surrounding businesses make significant revenue from the waves of global visitors. These games create economic legacies, acting as a catalyst for future revenue streams for years to come. Interesting facts on the business and procurement opportunities so far, according to London2012.com:
- Over 10,200 opportunities to business
- 42,000 suppliers from London registered for procurement system
- 38% of contracts ($540 Million US) awarded to London-based businesses
Every Olympic Games provide procurement opportunities for products and services for the event. With only a few weeks left, these opportunities are still popping up and be found on the London Games business site, London 2012 business. If you are an existing business who can meet the pre-determined criteria for procurement opportunities, you may be well positioned to take advantage of these last-minute procurement opportunities.
Whistler – Vancouver Olympic Business Statistics
Just to demonstrate the magnitude of business generated by hosting an Olympic games, here are the statistics on the Whistler – Vancouver 2010 Winter Olympic Games statistics (noting that there may be many differential factors between games):
- $2.5 Billion – Gross Domestic Product as the result of hosting the Games
- $1.22 Billion – added to the economy through Venue construction
- 45,000 jobs created
- $463 Million additional revenue generated in the tourism industry
- $1 Billion – Security costs, internal agencies and external firms
Although some of the procurement criteria may be looking for low-cost providers, the volume and exposure your company would experience may far outweigh the slim margins made on the opportunities.
Ensure you read through the procurement details to be eligible in any procurement system or process. Websites list the standard application procedures and the basic criteria to meet. Your team would have to jump on development of a package quickly to meet deadlines. If you are in the global procurement game, your team may already been prepared for this. In any case, adequate due diligence must be taken on the supplier side and the Games business contracting unit.
Relevant blogs and articles:
London Olympics – Statistics and Business Opportunities [infographic]
Contract Proposal Can Lead to More Clients, More Revenue [infographic]
Tourism Industry – 2012 US Travel Outlook Favorable
More information and links on procurement:
- Government Procurement in the US
- US Federal Business Opportunities
- UK Federal Business Procurement
- Canadian Government Procurement Opportunities
Business information, resources and tips for the entrepreneur
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