Building a sports economy
IMAGINE THE economic benefits if Jamaica treated sports as a business, if we established a more holistic sports industry. As Jamaica’s global successes in track and field are a solid base for that, I utilised my Eisenhower Fellowship to also understand a ‘sports economy’ more fully. With the advent of automation and artificial intelligence (AI) and its increasingly negative impact on low-skilled jobs, developing a vibrant sports economy is another pillar in the transition to a new economy for Jamaica.
For example, the sports economy of Indianapolis drives over US$3.3 billion in direct spending annually and employs 10,000 people. Also in New York City, the sports industry generates US$11.5 billion a year. It’s big business!
INDIANAPOLIS LESSONS
The 4 C’s for inclusive growth – collaboration, capabilities, capital and commitment – are clear in Indianapolis’ transformation. In the 1960s Indianapolis was in the doldrums. With a deliberate commitment over four decades, it was transformed from ‘Indiaa-no-place’ to a thriving city with sports as a key enabler. This was not by happenstance.
Frank McKinney, who led the largest bank in Indianapolis and a former Olympic swimming champion, had a vision for what sports could do for the economy. He, along with other local private sector leaders, used their links to convince the Amateur Athletics Union to relocate from New York City to Indianapolis in 1970. With this anchor, other national organisations like the NCAA relocated, making the city a hub.
In 1979, the Indiana Sports Corp was established. It proactively seeks out and bids on big-name sporting events, with the goal of driving economic vitality, facilitating a vibrant community with civic pride, garnering national and international media attention, and creating opportunities for young people in Indiana. Every day their 25 employees actively look for pipeline across the country and the world. They have the capabilities to package and evaluate bids and have an excellent event team to support execution.
Private sector, government and the philanthropic collaboration was also critical in Indianapolis’ sports economy development. They designed financing structures for venue development, invested patient capital and established a capital improvement board to ensure continuous upgrade of venues.
Imagine with me, the Jamaican government working with local track clubs and high schools of Champs fame to set up track and field clinics at G.C. Foster, a renovated Trelawny stadium, UWI Bowl and UTech. Young athletes worldwide could come and train with the best coaches and student athletes at all levels during spring, summer and winter. Such ideas to monetize our talents would drive inclusive growth in surrounding communities.