Business Opportunities
The Business Opportunities Group is tasked with looking at how businesses can make the most of the opportunities offered by the Olympics, not just during the Games but also before and after. The 2012 Olympics have the potential to significantly impact our local economy and the Business Opportunities Group wants to ensure that businesses in Bedfordshire and Luton get their slice of the cake.
The East of England Development Agency (EEDA) has committed to ensuring that businesses in our region win 5-10% of the estimated total of £3.6bn from procurement and business opportunities both during and after the Games. Add to this the attendant inward investment and the necessary skills development and it’s clear that the Olympics represent a significant opportunity for businesses in Bedfordshire and Luton as well as a catalyst to make our economy more competitive.
The agenda of the Business Opportunities Group is taken forward by two groups, comprising business leaders from Bedfordshire and Luton – the Luton and South Bedfordshire Committee and the Bedford Area Group. Facilitated by the Chamber, which represents businesses in Bedfordshire and Luton, these groups are making the Olympics central to their activities.
The two committees are working with the Business Opportunities Group to help businesses capitalise on the opportunities by:
• Getting businesses sufficiently fit to win procurement contracts
• Registering with e-alert to identify supply chain bidding opportunities
• Energising businesses to be creative in identifying existing activities
• Establishing new trade links with countries participating in Olympics
• Encouraging business investment and sponsorship in sporting activities
• Recognising corporate social responsibility, esp. volunteering among staff.
Currently most of the business opportunities publicised by LOCOG are more suited to large corporates than SMEs but that’s not to say there will not be opportunities for smaller businesses in the future. What form these opportunities take remains to be seen. It may be that SMEs will need to look at forming consortia to bid for contracts or offer their services to bigger companies who have secured contracts. Equally, SMEs may need to be creative, thinking more broadly about how they might be able to capitalise on the Games.
Whatever form the opportunities take, the Business Opportunities Group recognises that the Olympics are a chance for businesses in Bedfordshire and Luton to raise their game, increasing their effectiveness and making themselves more competitive in a more general sense.
Richard Lacy, Chair.
