Introduction to Sports Innovation
Expert-defined terms from the Professional Certificate in Innovation and Entrepreneurship Innovation in Sports course at London School of Business and Administration. Free to read, free to share, paired with a globally recognised certification pathway.
Agile methodology #
A project management and product development approach that is centered around continuous improvement, flexibility, and rapid iteration. It involves cross-functional teams working in short sprints to deliver small, incremental improvements to a product or service. This approach is particularly well-suited to the fast-paced and dynamic world of sports innovation, where the ability to quickly pivot and adapt to changing market conditions is essential.
Artificial intelligence (AI) #
The simulation of human intelligence processes by machines, especially computer systems. These processes include learning (the acquisition of information and rules for using the information), reasoning (using rules to reach approximate or definite conclusions), and self-correction. AI is being increasingly used in sports to analyze data, make predictions, and automate decision-making processes.
Augmented reality (AR) #
A technology that superimposes digital information and images on the real world, providing a composite view to the user. AR is being used in sports to enhance the viewing experience for fans, providing real-time statistics, player tracking, and other data overlaid on the field of play.
Crowdfunding #
The practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. Crowdfunding is a popular way for sports startups and entrepreneurs to secure seed funding and validate their ideas in the market.
Design thinking #
A human-centered approach to problem-solving that involves empathy, ideation, and experimentation. Design thinking is particularly useful in sports innovation, where the needs and desires of athletes, fans, and other stakeholders must be carefully considered in the development of new products and services.
Disruptive innovation #
A type of innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market leaders and all their supporting institutions. Disruptive innovations typically start with simple, low-end or new-market footholds, and then relentlessly improve and move up-market, eventually displacing established competitors.
E #
sports: Competitive video gaming, often organized into professional leagues and tournaments. E-sports has exploded in popularity in recent years, with millions of fans around the world and a growing number of sponsorship and advertising deals.
Fantasy sports #
A type of online game where participants assemble imaginary teams of real-life players of a professional sport and score points based on the statistical performance of those players in actual games. Fantasy sports is a popular way for fans to engage with their favorite sports and teams, and has generated billions of dollars in revenue for the sports and gaming industries.
Gamification #
The use of game design elements and principles in non-game contexts, such as business, education, and sports. Gamification is being used in sports to engage and motivate athletes, fans, and other stakeholders, and to drive behavior change and performance improvement.
Internet of Things (IoT) #
The network of physical devices, vehicles, home appliances, and other items embedded with electronics, software, sensors, and network connectivity that enable these objects to collect and exchange data. IoT is being used in sports to track and analyze athlete performance, monitor equipment and facilities, and improve fan engagement.
Intrapreneurship #
The act of behaving like an entrepreneur within a large organization. Intrapreneurship involves taking calculated risks, innovating, and thinking creatively to drive growth and create value for the organization. Intrapreneurship is an important aspect of sports innovation, as it allows established sports organizations to stay competitive and relevant in a rapidly changing market.
Lean startup methodology #
A approach to starting and growing a business that emphasizes rapid experimentation, customer feedback, and lean processes. The lean startup methodology is well-suited for sports innovation, as it allows entrepreneurs to quickly validate their ideas, iterate, and pivot as needed.
Open innovation #
A paradigm that assumes that firms can and should use external ideas, as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology. Open innovation is an important aspect of sports innovation, as it allows sports organizations to tap into the collective knowledge and expertise of a global community of athletes, fans, and experts.
Smart stadiums #
Stadiums that are equipped with advanced technology and connectivity, providing a more engaging and immersive experience for fans. Smart stadiums may include features such as Wi-Fi, mobile apps, digital signage, and mobile ticketing, as well as advanced security and safety systems.
Sports analytics #
The use of data and statistical analysis to improve performance and decision-making in sports. Sports analytics involves the collection, management, and analysis of data from a variety of sources, including on-field performance, athlete health and fitness, and fan behavior.
Sports engineering #
The application of engineering principles and techniques to the design, development, and optimization of sports equipment, facilities, and systems. Sports engineering encompasses a wide range of disciplines, including materials science, biomechanics, and computer simulation.
Sports entrepreneurship #
The process of starting and growing a business in the sports industry. Sports entrepreneurship involves identifying and capitalizing on market opportunities, developing innovative products and services, and building a strong brand and customer base.
Sports innovation #
The process of creating new or improved products, services, or processes in the sports industry. Sports innovation involves the application of new technologies, business models, and marketing strategies to meet the changing needs and desires of athletes, fans, and other stakeholders.
Sports technology #
The use of technology to improve performance and decision-making in sports. Sports technology encompasses a wide range of products and services, including wearable devices, sensors, and analytics platforms, as well as advanced training and coaching tools.
Virtual reality (VR) #
A technology that creates a simulated environment, providing a fully immersive experience for the user. VR is being used in sports to provide training and coaching opportunities, as well as to enhance the fan experience.
Wearable technology #
Devices that are worn on the body and provide real-time data and feedback to the user. Wearable technology is being used in sports to track and analyze athlete performance, as well as to provide personalized coaching and training programs.
Women in sports innovation #
The participation and representation of women in the field of sports innovation, including as entrepreneurs, intrapreneurs, engineers, and analysts. Women in sports innovation are working to address gender inequality and promote diversity and inclusion in the sports industry.