African Sport Business at the World Economic Forum
Leveraging Opportunities for African Sport Business at the WEF
The World Economic Forum (WEF) is currently holding its annual meeting in Davos, Switzerland, under the theme of "Cooperation in a Fragmented World." As an economics student, I have always been interested in the WEF for its constructive, forward-looking dialogues and impact-oriented solutions that seek to contribute to a better world. However, as someone who has served in sport administration, I must admit I was never exposed to sport business content from the WEF and its impact on sports in South Africa and Africa. This realization led me to wonder how the South African and African sport business community is represented at the WEF and how we can best leverage opportunities from the event. That led to the following questions:
How is the sport industry represented at the WEF annual meeting and to what extent does it participate in discussions and solutions?
Who are the representatives of South Africa and Africa and what is their mandate for representing the sport industry?
What specific goals and initiatives are being proposed or discussed by South Africa and Africa regarding the sport industry at the WEF?
How is the information and outcomes from WEF discussions regarding the sport industry disseminated to and consumed by relevant stakeholders?
To what extent do the WEF discussions and solutions impact the administration and business of sport in Africa?
The aim of these questions is to spark a discussion about the business of sport in Africa and how we can capitalize on the rising demand for sport. While readers may have some understanding of the WEF's role, participants, and mandate, it may be useful to provide a brief overview before delving into my thoughts on why African sport should be a priority at the WEF.
What, Who & Where
The World Economic Forum (WEF) is an international organization that brings together leaders from business, government, academia, and civil society to address global issues and improve the state of the world. The participants discuss and collaborate on various topics related to economic growth, international trade, and sustainable development.
The participants include CEOs, chairpersons, and presidents of major multinational corporations, as well as leaders of small and medium-sized enterprises. Government officials include heads of state, ministers, and other high-ranking officials from countries around the world. Academia is represented by professors and researchers from leading universities, as well as experts in fields such as economics, finance, and international relations. Civil society representatives also take part in the event.
The mandate of the participants is determined by the individual member. For example, in the case of South Africa, the government sends a delegation of high-ranking officials to represent the country's interests and priorities at the event. Additionally, in the private sector, a CEO or senior executive may attend on behalf of their company.
It is important to note that attendance at the WEF is a significant endeavor, as it is funded by its 1000 members, who have a combined turnover of more than R87.5 billion. The fees for attendance have risen significantly this year, possibly indicating the high stakes involved, particularly in light of the ongoing tensions between Russia and Ukraine.
Why African Sport at WEF
Given that the African population consists of more than 60% youth, and it is estimated that by 2030, young Africans will constitute 42% of the global youth, there is an opportunity for policymakers to bring innovative solutions to the continent. The way in which we administer and run the business of sports has a significant impact on shaping our socio-economic state as a country and a continent. Given the talent Africa possesses, which is mostly benefiting other nations outside our continent, we have an opportunity to enable sports to make a significant contribution towards the country's GDP and the economy in the continent at large.
On Tuesday the 17th of January the plenary on Sport in Industry and Society was held under the theme: How can sport advance economic growth and social impact. I have always been a believer that sport is not only a microcosm of society but is an important tool for social transformation, inclusion and economic growth. David Kenny, Chairman and CEO of Nielsen, emphasized that the sport business is on an upward trajectory, but also emphasized the importance of increasing representation in terms of gender and race. He also highlighted the need to introduce children to sport at a young age in schools and using technology to enhance the athlete and fan experience. I believe, this is crucial if the continent's youthful population is to fully experience the personal, social, and economic benefits of sport.
This is just one of the many interesting discussions taking place in Davos. It is important to consider who is representing the African sport business community and effectively promoting the potential opportunities in Africa to attract investors.
In order to strengthen the economic foundations of sports in South Africa and Africa, it is crucial for us to actively participate and engage in the discussions and decisions being made at the WEF. This includes being aware of who is representing us, what topics are being discussed on our behalf, and how we can hold them accountable to ensure that we can fully leverage the outcomes of these engagements.