Project to boost sports industry kicks off in Beijing

A program was launched in Beijing for training sports industry personnel, incubating sports startups and investing in sports industries, in an effort to integrate all possible resources to enlarge the industry's added value.

STIIP, or Sports Training Incubation Investment Project, will select and train potential self-managed sports programs nationwide and link them to investment institutions and provide enterprise funding and incubating services. Beijing's National Aquatic Center, or Water Cube, will serve as a base for the project.

Yang Qiyong, general manager of the National Aquatic Center, said this main venue of the 2008 Summer Olympics has maintained its position over the years following the Games as a popular landmark for sports and health. As the Water Cube will be transformed into the main ice rink for the 2022 Beijing Winter Olympics, there's a new opportunity to make breakthroughs in terms of both sports competitions and sustainable development, said Yang.

For the past two years, the Water Cube has been engaged in organizing industry networking, apart from its regular operations.

Wei Jianglei, general manager of Sina Sports and senior vice-president of Sina Group, said Sina initiated the project to help especially young startups and encourage more young people to be engaged in sports, as the nation needs more new blood and young talent to carry the flag.

Wei said sports investment is not profitable in the short run, so passion and patience are needed. The NBA, the world's youngest commercialized league with a history of 72 years, did not turn profits during its first 50 years, Wei said.

The project focuses on practical experience to empower students with enough social experience before starting up a business. Wei recognized the importance of this during a visit to Israel, where he learned Israeli high school graduates are required to serve in the army before going to college.

The training courses will focus on the upcoming Winter Olympics, cultivating talents and doing online and offline field work. Regularly scheduled salons, media networking events and field research in enterprises will help diversify the training program, which has drawn interest from several of China's top investment companies.

The project will establish a 200-strong expertise pool in the areas of national and world sports associations, Olympic venue operators, university scholars, investors and sports brand administrators.

During roundtable discussions, attendees urged for more support from the country's elite in the areas of finance, marketing and real estate, as the industry cannot move forward with government backing alone. Still, others encouraged more open and favorable government policies for the sports industry, going beyond the 2014 document issued by the State Council to promote sports compensation by exempting administrative approval of commercial and mass sport competitions, as the industry is unattractive to investors for its inability to generate short-term profits.