Something amazing happened at the Olympics this summer. It was a gamechanger and an impactful moment from which business owners can learn.
It is time to unpack what went down in the Men’s High Jump competition in Tokyo.
A LITTLE BACKGROUND
The onset of the men’s high jump event saw 33 elite athletes from 24 nations competing to deliver the goods – or in this case, clear the bar – that would ultimately lead to Olympic victory. Thirteen jumpers qualified for the final round; but after many jumps and surely some heartbreak, the field was whittled down to just two men. Returning silver medalist Mutaz Essa Barshim from Qatar and former world indoor champion Gianmarco Tamberi from Italy were tied for first – and the men’s high jump finals were poised to be an epic battle.
This is where things took a drastic and remarkable turn.
THE FINALS
After Barshim and Tamberi each nailed their attempts at 2.37 meters (that’s nearly 7’8”!), both men failed to clear their next height of 2.39 meters.
Under international rules, the competitors would now face a jump off.
As the event official attempted to explain to the two men the rules of the jump off, Barshim interrupted him and asked, “Can we have two golds?”
The official responded, “It’s possible. If you both decide…”
And that is the moment when, with a silent nod to each other, Barshim and Tamberi agreed to share in the glory of Olympic gold. There was hugging. There was screaming. There was jubilant celebration. It was incredibly moving. I urge you to watch the video here if you haven’t seen it.
Turns out that Barshim and Tamberi were exceptionally good friends, after competing against each other for close to a decade and supporting each other through both injuries and victories along the way. Tamberi had even attended Barshim’s wedding a few years ago.
WHAT BUSINESS OWNERS CAN LEARN
Competing for gold on a world stage is metaphorically very similar to what business owners do every day as they chase their dreams and vie for victory in the marketplace. Throughout their customer acquisition and retention efforts, business owners attempt to clear hurdles time and again to outperform their competition. Sometimes they succeed, landing that big client they have trained for all their lives – and sometimes they fail, perhaps succumbing to a fierce competitor waiting in the wings to seize the big customer prize.
But sometimes, even amongst fierce business competitors, there is a golden opportunity for shared victory. After all, competitors are not necessarily nemeses. And that is probably the most surprising lesson that business owners can learn.
WIN-WINS IN INDUSTRY
Competitive collaboration is nothing new. Historically, some of these collaborations have taken on a strategic and perhaps sterile quid pro quo dynamic, like when General Motors and Toyota agreed to a joint manufacturing venture back in the day. Let’s be frank, these auto giants likely didn’t love each other, but surely understood a smart production opportunity when they saw one.
Nevertheless, “Coopetition” is on the rise throughout industry, with business competitors increasingly turning to each other to create opportunities for mutual success. But knowing when and how to navigate win-wins can be challenging.
A Forbes article cites the coopetition between big hitters Apple and Samsung. While the two industry titans compete tooth and nail for their massive slices of the technology and smartphone pie, Samsung is a supplier of screens to Apple. Who knew?
CREATING A WIN-WIN WITH YOUR COMPETITORS
In all likeliness, as a business owner, you are going to need to peel back multiple layers of that strategic onion to discover opportunities for win-wins between you and your competitors. Knowing how and when coopetition makes smart sense can be challenging; but here are just a few opportunities you might consider:
- Licensing. Do you have a unique product or own intellectual property (like software) that your competition would jump at incorporating into their own business? Consider a licensing model.
- Supply Chain. Is there an opportunity to collaborate with your competitors on purchase orders that could lower each of your rates?
- Shared Costs. Are you and your competitor both investing in the same or similar R&D? Particularly as it relates to research, it might be worth looking into whether there is an opportunity to share those costs.
AS WE LOOK FORWARD
Collaboration and coopetition are expected to continue to flourish both in enterprise organizations and the small business sector. Understanding that your competition is not necessarily your foe creates extraordinary opportunity for some amazing win-wins.
This beautiful Olympic story will stick with me for a long time. While every business owner is perpetually attempting to leap to new heights, isn’t it amazing that with a little heart and a different way of thinking, there is room on that business success podium for two golds?
Blair Koch is the CEO of TAB Denver West, a TAB CEO Advisory Board Facilitator, and a Business Ownership Lifecycle Coach. Blair has spent most of her career helping small business owners achieve their personal and professional goals. She also hosts the Best Businesses in Denver podcast.
