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Isocrates was an influential teacher, perhaps the most so in the ancient history of rhetoric. His students included many notable citizen statesmen and decorated leaders. Isocrates' school had entrance requirements (few others did in those days--other than the requisite tuition).
Gorgias, Lysias, and others had already composed speeches which were delivered at Olympia (Olympiac speeches), and it is probable that Isocrates here has in mind the festival at Olympia. It is not likely that the speech was ever actually delivered, although we are told, on the authority of Philostratus, that it was.