Business opportunities

You don’t need a great deal of business acumen to forecast that the 2012 Olympic and Paralympic Games present a goldmine of opportunity.

In fact, the Games are predicted to create an estimated 7,000 direct contracts which, together with suppliers, will generate around 75,000 supply chain opportunities.

Companies in Tower Hamlets are particularly well placed to take advantage of this business bonanza. With the Olympic Park right on its doorstep, the borough’s many businesses have the advantage of proximity to the site, giving them extra leverage and competitive edge over other contenders from elsewhere in the city and beyond.

Tower Hamlets, along with the other host boroughs, has introduced some progressive procurement policies to enable UK and London-based businesses (particularly small and medium-sized enterprises) to compete for suitable contracts in a fair way.

All Games-related contract opportunities can be accessed via CompeteFor, a portal created by the London Development Agency that acts as a brokerage service between buyers and suppliers throughout the London 2012 supply chain.

The system is free to use and includes a business support services to help businesses access these potentially lucrative opportunities.

Business opportunities will also exist beyond those directly generated by the Games. Businesses located in Tower Hamlets can expect to benefit in the long term from the knock-on effects driven by the overall regeneration of the wider area. Inbound tourism is also expected to increase, thanks to the priceless promotional exposure that the Games will generate. And of course, a more highly-skilled workforce following the borough’s investment in training for London 2012 will provide an invaluable resource for local businesses looking to recruit quality staff.

For the latest London 2012 business opportunities visit http://www.competefor.com/.