Innovation and The Vancouver Olympics

Next Up: Vancouver. For many Canadians, watching our athletes perform in China is only half the attraction of the Beijing Games. Sure, it's great to see Canadian athletes pick up medals but with the 2010 Winter Olympics scheduled for Whistler, there's more than just an interest in sports.

Expected to give a big boost to business and spotlight some of the rapidly growing, B.C. based companies, the Winter Olympics and how to capitalize on them is of top concern to many executives in the area. A number of executives from a variety of companies traveled to Beijing this year to assess the opportunities.

While it's the sport and spectacle of the Olympics that will be in the public spotlight for the next 17 days, a cadre of B.C. business leaders is headed to Beijing with more than secondary interest in the behind-the-scenes activities.

Game organizers and those responsible for ensuring the events go smoothly, as well as local tourism departments, will be watching to see how well the games are orchestrated. Number crunchers will attempt to quantify the costs and benefits of bringing the games to British Columbia. Business, large and small are looking at Beijing as a jumping off point for the high profile coverage they can expect to obtain when the Olympics make their way to Canada.

Many 2010 sponsors are also in Beijing, or on their way, to honour their obligations as supporters of the Canadian Olympic team, and to learn about ways they can roll out their own hospitality programs a year-and-a-half hence.

"We're hoping our presence there will help our profile as a company," said Doug Horswill, senior vice-president for environmental and corporate affairs at B.C. mining firm Teck Cominco Ltd.

The bad news for local businesses is that the Beijing Olympics disappointed. The anticipated surge of activity failed to materialize. One Chinese business owner put it succinctly:

"Everybody thought the Olympics would be great for business," he said. "It turned out differently."

A combination of tight security, high prices and the big unknown of China combined to keep tourists away. Will this also be true in 2010? Canada, an established, industrialized, capitalistic country isn't quite as exotic as China and most probably won't elicit the same level of concern from tourists, but the two big unknowns, the world economy and the security situation, i.e. any new terrorism or conflicts could impact how much benefit the Olympics will bring to British Columbia.

Investing in Olympic licenses and developing Olympic related promotions is expensive and risky. Huge sums of money are spent every 4 years to create tie-ins for the few weeks of Olympic season in the hope of lasting benefit.

What can innovators do to maximize the exposure and reduce the risk? Our take is simple. Integrate Olympic based activities into the business plan. Think both inside and outside the box. Create solid, programs that mesh closely with your company's mission statement and overall business strategy. Team up with closely related athletes or activities - think long term relationship.

The 2010 Olympics my only run 17 days but the benefits could last quite a bit longer.