There are still over £50 million worth of Olympic contracts remaining unfulfilled and a leading London entrepreneur has urged entrepreneurs and small companies to enter bids quickly.
“In times of financial downturn it is often small and young companies that are the most flexible to bid for new opportunities,” said Will Davies - co-founder of burgeoning property management concern aspect.co.uk
“The London Olympics will obviously create a new – if transitory – market and small companies are best able to spot openings and diversify,” said Mr Davies – who was an investment banker before creating aspect.co.uk
The Olympic Delivery Authority, which organises the infrastructure of the Games is dependent upon small suppliers and has some 1,500 small companies on its books already.
More than 250 suppliers to the London Olympics who already have contracts are SME’s – which accounts for nearly 70% of all suppliers – and nearly two-thirds of them are based outside the capital.
“Companies that discover new markets for the London Games should be aware that further opportunities may be open to them at the 2014 Glasgow Commonwealth Games and even the Winter Olympics in Russia,” said Mr Davies.
Details of all the Olympic contracts that are still available can be seen on www.competefor.com a website operated in conjunction with the London Organising Committee of the Olympic and Paralympic Games.
“Entrepreneurs always need to think outside the box,” said Will Davies, “and I’m certain there are a myriad of opportunities besides the official contracts and franchises.”