Throughout the years, many people in the sports world have also pursued interests in startups, investing, and venture capital, both before and after retirement. However, over the course of the past few weeks, the news of the creation Melo7 Tech Partners, Carmelo Anthony’s new venture capital firm, refreshed an interest in understanding how sports and entrepreneurship coincide.
It seems like an unlikely pairing of jocks and nerds. A big time athlete is not supposed to know anything about novel technologies and the risks of the investment game. Nonetheless, there are certainly qualities that overlap.
Athletes know firsthand about the hard work and dedication that it takes to reach the distinguished level of professional sports. It takes years of preparation in the gym with a ball in-hand. It takes tireless perfection of minuscule details. It is both a physical and mental challenge. Lastly, of course, it is all at a great risk of injury that can end a career in an instant. When things work out, the hard work pays off with fame and fortune.
This process is reasonably similar to what it takes to get involved in the startup world. Financial growth does not appear to be the sole motivator for athletes to get involved in entrepreneurship. It seems to be the thrill of the game.
There are countless examples of athletes getting involved in entrepreneurial ventures. Livestrong was famously founded by Lance Armstong. Former NBA-star David Robinson co-founded Admiral Capital Fund, which allocates a percentage of earnings to help in low-income communities. NBA-veteran Steve Nash explored similar interests after partnering with Consigliere, a New-York based marketing consultancy and venture capital firm.
Perhaps some motivation for professional athletes comes from close contact with the entrepreneurs and venture capitalists that own and manage various sports franchises. Names like Mark Cuban and Dan Gilbert are some prime examples of this trend. The influence and excitement of entrepreneurship surely has to be rubbing off.
Current New York Knicks Superstar Carmelo Anthony, often referred to as “Syracuse’s favorite son” after playing collegiate basketball at Syracuse University, has continued to pave the intersection of athletes and venture capitalists with his most recent endeavor. The firm he co-founded will aim to invest in early-stage digital media companies, many of which will be based in New York. Melo has lifetime connection to New York State through his childhood, college life, and professional career. A big name like Carmelo Anthony will only support the ongoing efforts of promoting entrepreneurship and startups in Syracuse, and New York in general.
The excitement behind startups and the ever-expanding business opportunities will continue to draw stars from the courts, fields, and tracks of professional athletics in coming years to become role models and icons in startup and investing culture.