8 Reasons Why Rio Olympics had a lot To Do With Innovation And Entrepreneurship

In a bid to be the frontrunner in the Olympic Games, a myriad of points need to be borne in mind and acted upon. The same applies to the innovation process, developing an idea into a full-on startup that transcends peers and competitors.

The similarities between the two can be summed in a number of facets that prove vital, if not paramount, to the core of the Olympics as the biggest modern-day games competition, and innovation as the seed to a fast-growing startup.

Preparation and Use of Research:

Psychological and physical preparation is essential in the Olympics, which would last for years ahead. The comprehensive use of research when it comes to the science behind a death-defying jump in gymnastics or a leap in diving helped and boosted the performance of gold medalists. Simone Biles, the American winner of gold medals in vault and floor routines, used physics to employ torque, gravity and kinetic energy in her favor, earning her a landing after her name.

As for innovators and entrepreneurs, during and after developing the startup idea, research involving market data, previous deals and procedures are essential to the continuation of the project. A few overlooked gaps can easily undermine the startup following a booming success, all the more reason the research should result in an all-inclusive case study.

Resorting to New and Creative Routines:

In order to surpass competitors and hard working peers, coming up with creative and original routines guarantees, up to a point, the success of an idea to be developed into a winning project.

Innovation and tech startups rely solely on a new idea that is essential to fill a gap. An idea can hardly find a platform to flourish through if it is being executed similarly or in a different context, which is where innovation comes in to satisfy a need and serve a valid purpose.

Keeping An Eye on Competitors:

Getting ahead in the Olympics can only be reached through setting the highest benchmark there is, which can be assessed through checking competitors and studying their otherwise different techniques.

Not only do startups battle for transcending competitors, they also aspire to rank as a frontrunner worldwide to reach the market and establish a higher status, which hugely impacts a startup’s innovation scope and future.

Mentorship and Previous Experiences:

Each Olympic Games tournament has its success stories and downfalls, through which players can conclude a number of lessons to be resorted to during the following tournament. Mentors and leading experts provide the needed support, especially whilst directing champions towards different routines.

Mentors and coaches in Egypt serve as a major handbook for entrepreneurs, instructing them on how to proceed differently in each stage.

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Funding and Investment:

Whether it is the state or bootstrapping, training for the Olympics requires resources and a huge channel to funds, which can also be acquired through sponsorships.

Innovators and startup entrepreneurs depend on their endeavor on funding they can get through non-profit organizations and crowdfunding platforms, or investments that can be acquired through venture capital firms and angel investors.

The Female Gender Presence:

The 2016 Olympics saw the inimitable rise of the female gender presence across different games and various countries. It also witnessed the rise in female winners, lending a boost to female leadership in a man-dominated world.

Though the rise in the female presence in the entrepreneurial world is yet to match the Olympics or equate the male presence, an increase in leading female entrepreneurs has been vastly seen across the world.

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Obstacles and perseverance:

As it showed throughout the Olympic Games, obstacles along the way saw a number of workarounds and solutions that echoed the perseverance and cooperation spirit. Seen through the two who fell behind due to a bump on the running track, and the Egyptian bronze medalist, Sara Ahmed after inadvertently failing exams, perseverance and cooperation proved to be the winning elements all around.

Hindrances facing startups, either visibility or bureaucracy-wise, instigated the rise of multiple solutions that go beyond the upholding of a startup to mark its success.

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Hustling:

Not exactly what you would expect from hardcore and class A athletes, but hustling is an ideal way to gain knowledge, rehearse and win while keeping a moral and ethical arena and abiding by the rules.

Networking and reaching out to stakeholders in the entrepreneurial world takes skills and hustling are certainly a trait to be commended and rather an innovation in its own.

Many a times lessons have been drawn from similarly competitive platforms, yet the Olympic Games stand as the example to highly-spirited and intense way to spot the winner. Innovation like the Olympics can only prevail and work in one’s favor, provided that apt planning, investment, and perseverance rule along the process.

Photo Credit: nbcolympics.com