With one gold, two silver and four bronze medals, India produced its richest-ever medal haul and the most exemplary performance of all time at the 2020 Tokyo Olympics. Our position went up nearly 20 places since Rio 2016. Our athletes also soared high with their best-ever performance at the Tokyo Paralympic. They won five gold, eight silver and six bronze medals to script history. Is the rich medal haul a turning point in India’s sporting culture? By extension, will it also foster the development of sports entrepreneurship in the country?
What is sports entrepreneurship?
Innovation is at the heart of the sports entrepreneurial process as it focuses on creating new ventures or maintaining an organisation. Sport entrepreneurship involves the procedures, practices and decision-making activities that lead to the development of products, services or markets. Sport entrepreneurship involves creating commercial success from related activities that not only benefit sportspersons but mainstreams sports as a discipline in everyday life. Given its incredible value and growth, sports can sustain an ecosystem of industries. These include manufacturing opportunities for producing sporting equipment & nutrition and providing infrastructure services that are indispensable to the sporting environment. Opportunities also include providing support services such as training institutes for nurturing talent, marketing agencies to support athletes, building apps for fans engagement, scientific coaching infrastructure, etc. Innovation is at the heart of the sports entrepreneurial process - with new opportunities come new challenges that give rise to new solutions. Simply put, the world of sports offers a plethora of entrepreneurial opportunities.
Scope of sports entrepreneurship in India
Sports entrepreneurship is not all play – it is serious business. The size of the Indian sports industry in 2020 is estimated at Rs 5,894 crores, according to GroupM ESP Sporting Nation Report 2021. Given the widespread recognition and increased acceptance of sports as a career option following India's recent performance in the global sporting arena, the growth potential is set to accelerate further. Over the last decade, India has demonstrated its potential as a host to some prestigious global sporting events. The prominent ones include the 2010 Commonwealth Games to hosting international and multinational competitions like and the Hockey World Cup in 2018, Kabaddi World for men and women 2016, Under-17 FIFA World Cup 2017, 2 Thomas and Uber Cup Badminton in 2013, ICC Champions Trophy 2013 and the ICC World Cup 2011 as co-hosts). However, these events are only the tip of India’s potential as a world-class sports host. To create an ecosystem to optimise the entrepreneurial opportunities offered by the sports sector, the sporting curriculum needs to be a part of our education system.
Challenges and opportunities
Talented sportspersons emerge and flourish only in the playground. However, the sheer geographic expanse of our country makes last-mile connectivity and talent recognition a colossal challenge. And therefore, no single institution can nurture the potential of our sportspersons and cater to their varied demands. The Public-private partnership model is the best way forward to address this problem. On the one hand, the government can create a sports-friendly environment by developing a pro-sports framework. On the other hand, private sector entrepreneurs can revitalise these programmes to address the different requirements of varied sports with greater precision. For instance, sports infrastructure is an attractive opportunity in the entire sporting business. While governments construct the stadiums, the maintenance of these properties can be outsourced to private sector companies. The latter brings the expertise, human capital and latest technologies for the job. Such an approach can incentivise multiple stakeholders to come together, catalyse change and drive a revolution in India’s sporting sector.
Conclusion
In the words of Hon’ble Prime Minister Narendra Modi, “The tradition of sports is not new for India. We will have to establish ourselves in this world of sports with a modern ecosystem, with modern rules and with the latest resources in the global context once again.” His vision to turn India into a global leader in sports provides a window of opportunity for developing the sporting industry. A proper focus accompanied by the right approach and enabling initiatives will help us accomplish this goal and position our country as a world leader in the sports domain.
