In today’s modern era, the prospect of sports entrepreneurship is closely related to the rise of new technologies and digitalization. Moreover, these two elements had a galvanizing effect. Moreover, a broad spectrum of sports media startups are reliant on those digital platforms. However, like any other market, the media world is also facing increasing competition. Also, the digitalization on its own does not guarantee success. That is why many of the sports investors aim to find the right formula for success. And one of those innovative investment concepts is the inclusion of famous sports athletes. But, the ultimate question is how these athlete superstars can shape the digital medial world.
The Right Idea and “Know-How”
Having the right idea is the main prerequisites for success. This is especially notable in the digital media world. On that note, it is important to emphasize that many of these athletes have the “Know-How” moment. Combined with that, most of these superstars have developed certain skills. To be more specific, those skills are in demand in the digital media platforms.
In this regards, the online channel CoachUp is a prime example. Moreover, this startup provides online private sports coaching for professional and amateur athletes. This digital platform is connecting current and former professional athletes. The overall goal is to improve and create bond relations and athletes and coaches. However, the question here is why this particular startup was an immediate success. Well, CoachUp included athletes such as Oklahoma Thunder’s Center Nerlens Noel. Also, the New England Patriots Wide Receiver Julian Edelman took part as well. These established names partnered with well-proven entrepreneurs offered something new on the digital media platforms. Therefore, this is the perfect example of how the right idea combined with the “know-how” can be the catalyst for success.
The Investors’ Point of View
The increasing inclusion of well-proven athletes is not a coincidence. Moreover, investors are seeing an opportunity in these established sports names. Additionally, they aim to take advantage of their “know-how” moment. Also, athletes tend to think outside the box.
Investors want to put their money behind projects that have the potential to connect with the fans. And these athletes have big fan base. Therefore, the demand is there. And, the influence of these stars can be the key to building business relations. Therefore, increased athlete investments can be strongly justified.
Another point is that athletes can minimize risks. Moreover, their presence and strong PR can mitigate risk management. The reasoning behind this is their influence in the community
Established Business Relations
The second notable impact that athletes can have is closely related to their strong ties. And especially with established sports entrepreneurs.
An example that supports this claim is the development of the sports broadcaster Whistle. To be more specific, this sports enterprise got a strong start. Moreover, it created partnerships with established media and giants such as Sky Sports and Verizon. Additionally, the involvement of sports entrepreneur, Leeds United majority owner Andrea Radrizzani’s was significant. His company Aser enabled Whistler to spread into different sports-related fields. Therefore, the inclusion of a successful sports owner optimized the company. Moreover, this company is now well established. And it is even aiming to develop even further.
Additionally, Granity Studios formed by NBA Legend Kobe Bryant, Granity Studios is another multimedia company. Moreover, this content startup focused on creating new ways to tell stories about sports. However, Bryant business relations helped to create a number of partnerships. On top of that, Bryant managed to connect with influencers and proven writers. Therefore, the presence of the Lakers legend in this media platform was the catalyst for success.
Also, Causeway Media Partners by Boston Celtics owner Wyc Grousbeck and their $215 million investment fund. And the idea is to finance sports media companies that will change the media landscape. The aim is also for these super athletes to connect closely with fans. Therefore, it is safe to say that investors see the potential.
The Bottom Line
All in all, the investments from former athletes is a new business model. Also, this model can create new digital media startups models. And, the inclusion of proven investors and sports experts can create new media channels. Simply said, it can be the new startup blueprint for entrepreneurial sports companies in the digital space.
However, it is imperative to remain humble. After all, the rise of new innovations can change everything. Or ideas that can replicate and compete with the athletes business success.