The Olympic Games face several significant challenges and opportunities in the coming years that will shape their future. One major issue is the impact of climate change, especially on the Winter Olympics. Rising temperatures and less reliable snowfall are making it increasingly difficult and expensive to host the Winter Games. Long-term climate trends pose an existential threat to many winter sports and the cities that typically host the Winter Olympics. This will require substantial investments in artificial snowmaking and potentially moving events to higher elevations. The Olympics may need to get creative, such as by rotating the Winter Games among a handful of cities in more climate-resilient locations.
Another challenge is the controversy around athlete eligibility, particularly for Russian and Belarusian competitors amidst geopolitical tensions. For the Paris 2024 Olympics, the IOC has approved the participation of 11 Russian and Belarusian athletes as Individual Neutral Athletes (AINs), under strict conditions such as proving they do not support the war. This compares to over 60 qualified Ukrainian athletes the IOC is supporting through its Solidarity Fund. The IOC is attempting to balance punishing Russia and Belarus while respecting the rights of individual athletes to compete. However, this compromise has proved controversial and more difficult decisions around athlete eligibility, based on nationality or other criteria, are likely in the future.
The Olympic Games also face growing competition from alternative events, some of which are quite radical. The Enhanced Games, backed by transhumanist venture capitalists, aim to allow performance-enhancing drugs and technologies that are banned in the Olympics. While still a fringe event, it reflects changing attitudes, especially among younger generations and certain tech circles, about pushing the boundaries of human performance. There are also new competitions like the CYBATHLON which focuses on assistive and prosthetic technologies used by athletes with disabilities competing in everyday tasks. The mainstream Olympics will need to keep innovating to stay relevant.
Finally, the Olympics face perennial challenges around their massive costs and dubious economic benefits for host cities. Venues often turn into white elephants after the Games conclude. The price tag makes hosting unaffordable for many cities, leading to a diminishing pool of potential hosts. The IOC has implemented reforms to make the Olympics more sustainable, but more drastic changes may be required - like permanently locating the Summer and Winter Games in Greece and Switzerland respectively. The future of the Olympics will require adaptation and evolution on multiple fronts - embracing sustainability, navigating global politics, promoting inclusion, and remaining the pinnacle of athletic competition amidst an expanding landscape of alternative events.
Consider these strategic insights:
- Develop sustainable winter sports equipment and apparel: As climate change impacts winter sports, there may be opportunities for Australian companies to innovate in producing environmentally-friendly and resilient gear for athletes and enthusiasts to use in harsher conditions.
- Offer specialised athlete management and legal services: With the increasing complexity around athlete eligibility and regulations, Australian sports management firms and law practices could develop expertise in helping athletes navigate the evolving landscape to compete internationally.
- Create exciting new sports events and exhibitions: To capitalise on interest in alternative competitions, Australian entrepreneurs could launch novel events showcasing cutting-edge human performance or technology. Focus on entertaining fans and attracting top talent with fewer restrictions than the Olympics.
- Consult on making major events more economically viable: Australian firms with experience in large event planning, infrastructure, and tourism could advise Olympic host cities and committees on strategies to keep costs manageable and leverage the Games for more lasting economic benefits.
Signals from the future:
Emerging trends that are likely to drive changes to the way we live, work and do business.
- Fully-automatic robot dentist performs world's first human procedure - New Atlas - Revolutionary robot dentist boosts dental procedure speed, accuracy, and comfort, potentially transforming the industry by enhancing efficiency and patient experience.
- BHP’s Spence copper mine in Chile now fully autonomous - MINING.COM - Explore the transformative power of embracing failure as a stepping stone to success in a competitive business landscape.
- Scientists Achieve Remote Mind Control in Mice - Science Hub - Revolutionary Nano-MIND technology enables non-invasive brain circuit activation in mice via magnetic fields, offering new insights into behaviour control and social interaction.
- Closing The Climate Insurance Gap For A Resilient Future - Forbes - Innovation - Addressing the protection gap in natural disaster insurance through innovative products like parametric and micro-insurance, and public-private partnerships to enhance resilience and reduce vulnerability.
- Liquid biopsy: Charting innovation in early cancer screening - McKinsey - Revolutionising cancer diagnostics with liquid biopsies, offering faster results and improved therapy selection. Increased adoption could enhance early detection and patient outcomes.
- The US fiscal mess: Some unpleasant fiscal simulations - CEPR - Targeting a stable deficit/GDP ratio in the next few years requires a significant increase in the average tax rate on personal income, possibly too large to be politically acceptable.
- The Welsh government is set to pass legislation that will ban politicians who lie from public office, and a poll says 72% of the public backs the measure. - r/Futurology - Proposal to criminalise political lying in Wales aims to restore public trust in politicians, setting a precedent for global governance integrity.
- The Global Shift Toward Legalising Euthanasia Is Moving Fast - r/Futurology - Emerging global acceptance of euthanasia highlights shifting societal views on end-of-life decisions, posing implications for healthcare, legal, and ethical sectors.
Deep strategy:
Longer form articles rich with insights:
- The Perfectly Imperfect Start of Disruptive Innovations - MIT Sloan Management Review - Innovation's disruptive power lies in simplifying processes and reducing costs, targeting niche markets before expanding to broader applications, challenging industry incumbents to adapt or be overtaken.
- Is It Time to Pivot Your Strategy? - Harvard Business Review - Strategic agility requires thoughtful course corrections to navigate challenges effectively while maintaining stakeholder confidence and avoiding wasted resources.
- Strengthen Your Change Muscle for Competitive Advantage - MIT Sloan Management Review - Embrace change for competitive advantage by evolving management systems, empowering employees, and fostering a culture that values adaptability.
Business at the point of impact:
Emerging issues and technology trends can change the way we work and do business.
- How Scotiabank Built an Ethical, Engaged AI Culture - MIT Sloan Management Review - Scotiabank's ethical AI strategy and successful chatbot implementation showcase the benefits of collaborative development and prioritising data ethics in the financial industry.
- Gartner: Many Businesses Are Going to Abandon their AI Projects Because of too Much Data and Financial Risks - Digital Information World - Investing in AI projects involve high costs and risks, leading many companies to reevaluate their initiatives and potentially abandon them by 2025.
- Companies are failing to train their employees on AI — so they ‘go rogue’ - Quartz - Key Insight: Many office workers lack formal AI training, leading to unauthorised use of AI tools and posing risks to data security and ethics. Companies must prioritise continuous upskilling to address this gap.
- Unifying gen X, Y, Z and boomers: The overlooked secret to AI success - VentureBeat - Leveraging gen AI requires strategic collaboration between AI-native and IT professionals to drive innovation and overcome challenges, leading to competitive advantages.
- Can AI Help Your Company Innovate? It Depends - Harvard Business Review - Leveraging AI for diverse recombination boosts productivity and patents but has limited impact on incremental improvements and radical innovation. Focus on strategic AI application for innovation.
- Generative AI in healthcare: Adoption trends and what’s next - McKinsey - Healthcare leaders are increasingly exploring generative AI solutions to improve operations and patient care, with a focus on partnerships and ROI.
