How Sports Can Spice Up Entrepreneurial Opportunities
Growing markets and investors are pushing businesses to venture abroad and go global. Companies place efforts to expand into foreign markets to increase opportunities for diversification, growth and access investment opportunities and their decisions need to be highly efficient with a direct impact on customers and overall growth. But for startups, it can be surely abstract to best navigate challenges and breakthrough barriers of international expansion in the midst of economic uncertainty.
Investigating the spectrum of opportunities that are available to small firms is key and the business stages of development can be accelerated thanks to different initiatives that are not specifically related to its niche, but that can hook up purposes and strengthen the company’s image and sales objectives, which is the case of linking enterprises to sports sponsorship activities.
Due to the growing global interest in sports, governing bodies have been looking to transcend their traditional structure of sports by relying on their internationalisation strategy as an important growth driver. Likewise for companies, finding new revenue streams and framing a winning international brand recognition is the goal.
Startups can also enter the game, strategizing about how to capitalize their brand whether on football championship games or cricket games. According to The Future for Sport Entrepreneurship study, especially in the football industry, there is a wide range of income, such as broadcasts of matches, individual sponsorship or team sponsorship agreements. In consequence, there are many companies that want to take part in this industry.
Clubs are often rewarded according to their sporting achievements, can make sponsorship deals and have financial resources such as broadcast revenues. For instance, the English Premier League is followed with interest all over the world. The league creates the highest level of live broadcast revenue in Europe with its 2.5 billion euros live broadcast revenue per season.
For instance, the start-up Techfynder, a unified HR Tech platform that assists companies and agencies to establish a direct connection with professional talent and to carry out every recruiting process over a single portal has been carving a unique Growth Strategy to scale the business repute in international markets. The company believes that Irish cricket continues to make great strides in its development on the international stage, and on the domestic front interest and participation have never been greater. Essential to this continued growth is a First-class competition, Techfynder is proud to support this through sponsorship.
The study, The Current State of Sports Technology, declares that technology has been transforming the world of sports for years with some estimates predicting the sector to reach $30 billion by 2024.
Therefore, companies are successfully able to extend their brand into disparate markets and product categories more so than firms in traditional industries are. This unique feature is possible by the bodies that are operating under the sports brands, which lend success to entrepreneurship. Additionally, there is no doubt that the Digital Highway enhances this game and the digital platform seems to be a perfect match to push entrepreneurs brands over the counter across traditional market boundaries at a rapid pace. Digital platforms involve the offering of authentic content and integration of B2B and B2C opportunities, not competing or distracting sports fans or spectators but the other way around, being a complement for those who watch the game.
Author: Bárbara Dominguez, Digital Communications Manager at Techfynder
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