When I started The Sports Industry Awards in 2002, I was a sports industry veteran of a mere 2.5 years. It struck me as odd that all the sector plaudits went the way of athletes and players. I came from an agency background where ‘suits and creatives’ enjoyed equal backslapping, so I coined the term ‘suits and tracksuits’ and went to work.
Having now been in the industry for 2.5 decades, I’ve noticed things dividing further in our sector. The suits and tracksuits have now been joined by ‘labcoats’ and ‘wallets’ – ie techies and investors. And none of us should forget the ‘scarves’ – aka fans.
An interesting evolution is that of the tracksuit. It used to be that former sportspeople coached, bought a pub, got a media gig or joined an increasingly long roster on the after-dinner circuit. These days, as post- playing career ambitions get as professional as sports performance, the smart euro, yen, buck or pound is being directed towards sports technology and the world of start-ups.
At the top end of the spectrum, I’d bet that every athlete investment portfolio contains tech of some description. What is more interesting is how many former athletes are rolling their sleeves up and looking to be hands-on in the businesses they back.
This makes complete sense. On the one hand, who better to shape what the market needs than the people who needed it most? And on the other, while early-retired athletes might not immediately have the business chops to head up an empire, they certainly have the right mindset and work ethic.
If your business could recruit someone who knew how to be on time, take constructive criticism, work in a team, and work hard – even through disappointments – you’d certainly take their candidacy seriously…and many already do.
A great example of this was when former Olympic bronze medallist Andrew Steele joined DNA Fit. He helped grow the company, eventually taking it public, and will probably do so again, but in the meantime, he is working alongside sports agent James Harper on inspiring athletes to become entrepreneurs via Sport First Ventures.
You can listen to Andrew’s story on TechChairs.
Alongside the hands-on sportspeople-turned-business brains, there is a proliferation of athlete investment sports tech funds looming. Not all athletes have the clout, cash or preference to fund sports tech businesses alone – after all, even Tiger Woods and Rory McIlroy felt stronger together on TMRW. By working together, athletes have ‘crowd power’ and sports tech is a burgeoning area where they naturally feel confident investing.
As the sector continues to compound growth of 20.5% – meaning it should achieve a market value of >$50bn by 2030 – the trend for athletes to go from track to tech will endure.
Written by Rebecca Hopkins, CEO, The STA Group
Rebecca Hopkins
With 25 years in international sports and a 12-year track record pioneering innovative technology in the sector, Rebecca Hopkins is a serial entrepreneur, communications specialist, business enthusiast and remains perennially tech-curious.
No comment yet, add your voice below!