Business

Sports teams leverage fan loyalty to enter the startup scene

Sports franchises spanning the NBA, NFL, MLB, and more are leveraging the loyalty of their fans to invest in innovative startups in the industry.

The Philadelphia 76’ers have cut the ribbon on their new Sixers Innovation Lab, opening up a whole new type of court to compete on. The lab offers the opportunity for young startup CEO’s to make use of the Sixer’s brand as well as access perks like free housing, marketing and branding services, legal counsel, and even free food, while they work on innovative new products.

“We want to develop a relationship with your company so we can help you as you continue to reach new heights. Whether as board members, advisors, or just someone you can call for advice, the Sixers Innovation Lab Crafted by Kimball will continue to be as much a part of your business as you want moving forward,” says the lab’s website.

The Sixers lab offers a unique investment package to innovators that includes wide spaces to grow, no pressure or deadlines for coming up with products, and guaranteed funding.

The managing director of the lab is Seth Berger, the founder of And1 who took the US basketball apparel company from selling screenprinted t-shirts in the back of a car to its peak in the early 2000s, a $285 million revenue business.

Berger hand-picked startup Monster Roster to break-in the new space in February. The 20-year-old CEO Dylan Elder designed the app after dropping out of Georgetown University. The app outperforms usual users in picking fantasy lineups on FanDuel and DraftKings. “I’m learning more in the last 11 months than any class or teacher has taught me,” Elder reported to the Sixers.

This is not the first time we have seen sports teams penetrating the tech industry. The current reigning NBA champions Golden State Warriors credit a big part of their business success to their tech investments such as SportVU.

SportVU uses an array of camera sensors to analyse the players’ movement and reactions. The technology is now adopted by all NBA teams to gain that extra edge on the court.

Other sport fronts have also hopped on the tech startup wagon, like the NFL, which has created the business accelerator, OneTeam Collective (OTC). OTC focuses on sports-related tech and provides innovators with mentorship, investments and access to over 2000 NFL players. The initiative is a collaboration between tech giants such as Harvard Innovation Lab and Intel.

In baseball the six-time World Series title holders Los Angeles Dodgers have also made their move through their Dodgers accelerator to invest in sports and entertainment tech, leading the movement in the MLB and baseball world.

There has been little news on other sport fronts such as soccer as it’s mostly ruled by sports giants like Nike and Adidas. However, we wouldn’t be too surprised by news of incubators being created by leading stars. Who knows?Cristiano Ronaldo or Lionel Messi could even get in on this.

Omar Elorfaly

Crazed by modern technology and unexpected experiences around the world, Omar hops on the first ride possible towards random spots, seeking the next thrill.

Recent Posts

With surge in AI-generated code creates security concerns, DeepSources launches trio of autonomous AI agents for DevSecOps 

Autonomous, AI-powered employees are set to begin roaming corporate networks sooner than expected, marking the…

12 hours ago

As carcinogenic chemicals from cleaning products hit the headlines, Viking Pure Solutions is protecting employees from harm

Despite the ongoing fight to reduce, reuse and recycle plastics, when it comes to environmental…

12 hours ago

Muddy Waters vs. AppLovin: Why Investors Might Be the Real Target

Muddy Waters’ recent short report on AppLovin reads serious. Abuse, violations, an impending takedown. But…

1 day ago

Trump’s Tariff Policy: An Apparent Double Standard for Apple?

Do you know how I knew that Trump would be the 47th President of the…

1 day ago

These travel bloggers have the best tips on how to make the most of your trip to the UK

From Stonehenge to the Tower of London, Buckingham Palace to the Angel of North, there’s…

2 days ago

The science of what we eat: The NYU math grad bringing sustainable olive oil to your kitchen (Brains Byte Back Podcast)

When it comes to what we eat, more of us are asking the right questions:…

4 days ago