Brian Lewis, president of the T&T Olympic Committee believes the country is not cashing in on a substantial among of money available to it in the sports industry.
His comment came in his address at the 3rd Annual T&TOC Sport Industry T&T Conference held at the Hyatt Regency Hotel on Wrightson Road, Port-of-Spain. The event focused on four key topics including- ‘Creating an Entrepreneurial Eco-System in T&T, the political and Legal environment that fosters entrepreneurship, how do potential lenders and investors evaluate the business plan, and creating human connections that build brands and drive growth.
A wide cross section of experts and entrepreneurs in business, finance, sport, law, media and entertainment participated in the discussions.
Lewis, who has been championing the cause for National Governing Bodies (NGBs) to be more creative in the midst of the current economic situation said, "It’s time for entrepreneurship in sport to become a serious part of the policy discourse." He also questioned why T&T had failed to leverage the potential opportunities created by the outstanding achievements of athletes and teams on the global stage.
“Why are we continuing to leave billions of dollars on the table? Unlike other countries that seek to diversify their economy, why is sport as an industry not taken seriously here in the twin-island republic? As we talk about net foreign exchange, as we talk about employment generation, why are we not embracing the opportunity?”
The &TT Olympic boss said the difficult economic times could become the catalyst for the development of local entrepreneurship in sport as the days of ‘begging for handouts’ are over.
“We need to move sport, and the discussion surrounding sport in T&T from the baby bird approach where we sit in the nests with our mouths open, waiting for momma bird to drop food. We must embrace the reality of the concept and have the confidence to be apex predators.”
Minister of Trade and Industry Paula Gopee-Scoon said outside of the social and health spheres, there are entrepreneurial opportunities to be exploited in the very wide sporting arena.
"Globally, the sport industry is a multi-billion dollar business, and countries worldwide are seeking to capitalize on this powerful tool for economic prosperity and wealth creation. According to the 2017 Price Waterhouse Coopers (PWC) Sports Report, the value of the sport industry in North America alone is worth approximately USD $69.3 billion and is projected to escalate to an estimated USD $78.5 billion by 2021. Some of the more lucrative areas in sport today include Sponsorship (USD $17.6 billion), Merchandising (USD $14.4 billion), Ticket Sales (USD $19.6 billion) and Media and Broadcasting Rights (USD $19.1 billion)," Gopee Scoon explained.
She added "Sport therefore, has a key role to play in the diversification of the economy. The marketplace has changed and perhaps our minds should extend beyond traditional sectors such as oil and gas to sport and, in particular, the business of sport, as an industry which offers a myriad of entrepreneurial possibilities."