{"655606":{"#nid":"655606","#data":{"type":"news","title":"Georgia Tech Aims To Be \u2018Startup U\u2019 With Sports-Focused VC Fund","body":[{"value":"\u003Cp\u003EGeorgia Tech is launching a sports-focused venture fund backed by deep-pocketed donors as the latest step in efforts the school says will help its intercollegiate athletes.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EThe new GTAA Venture Investment Fund gives donors the opportunity to invest and incubate early stage, sports-focused startups founded by Tech students and alumni. The institutionally backed fund, catered for sports-related companies and products, is believed to be one of the first of its kind in the Power Five.\u003C\/p\u003E\r\n\r\n\u003Cp\u003ETech athletic director Todd Stansbury believes the chance to be an equity partner in student-driven enterprises while providing access and resources is a true win-win. The former Oregon State athletic director envisions the Tech VC fund as further setting the school apart from others as \u0026ldquo;Startup U,\u0026rdquo; with a renewed focus on sports innovation, something he desired since he returned to his alma mater in 2016.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u0026ldquo;We have to play to our strengths,\u0026rdquo; Stansbury said. \u0026ldquo;There are certain things that we can\u0026rsquo;t do that many of our athletic peers can do. This is an area that fits right into the wheelhouse of what Georgia Tech is all about, especially as it\u0026rsquo;s related to entrepreneurship and innovation.\u0026rdquo;\u003C\/p\u003E\r\n\r\n\u003Cp\u003EThe Georgia Tech Athletic Association (GTAA), a nonprofit organization overseen by a board of trustees, went through a laborious process last year to start the fund. With the support of Tech\u0026rsquo;s foundation, the donor-driven initiative is ready to identify dozens of startups\u0026mdash;ranging from analytics-focused to performance-based\u0026mdash;within the next year and make offers to at least six by the end of summer.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EGTAA has doubled down on innovation entering this year with a roughly $12 million reserve fund deficit that it couldn\u0026rsquo;t address last fiscal year as a result of the ongoing COVID-19 pandemic. The athletic department looks at this pilot initiative as a potential revenue stream to aid recovery, especially if it finds the next unicorn, or billion-dollar startup.\u003C\/p\u003E\r\n\r\n\u003Cp\u003ETech has lofty goals of potentially incubating an on-campus success story like Gatorade, the Pepsi Co.-owned sports drink invented in a University of Florida lab.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EGTAA, which projects to make $95 million in revenue this fiscal year, doesn\u0026rsquo;t garner the massive athletic budget compared to college football powerhouses like the nearby University of Georgia ($150 million). So the world-renowned research university is taking a different approach by investing in student-founded companies that they hope can pay dividends back to the athletic program.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u0026ldquo;We\u0026rsquo;re betting on the best and brightest,\u0026rdquo; Stansbury said.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EGTAA has already made its first splash as an angel investor for Create X startup LZRD Tech, founded by a pair of Tech graduates including former lacrosse player Mike Pullen. LZRD Tech\u0026rsquo;s protective compression arm sleeve, which was recently approved by the NCAA, is an example of what\u0026rsquo;s possible with help from the new fund. Tech running back Dontae Smith is among other football players interested in sporting the sleeve when the 2022 season rolls around this fall.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u0026ldquo;We\u0026rsquo;re really focused on the (startups) that are going to be profitable but also ones that can be a differentiator for our coaches, student athletes and our teams,\u0026rdquo; said Tech assistant athletic director for innovation Doug Allvine, who mentioned Tech outfitter Adidas as a potential investor for LZRD Tech.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EGTAA has a long-term partnership deal with Legends and envisions creating an online marketplace where donors and alumni can explore a list of Tech-backed startups. Some of the early stage companies may go beyond sports and deeper into entertainment.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u0026ldquo;Our goal long-term is make this a significant revenue stream, with a lot of upside,\u0026rdquo; Stansbury added.\u003C\/p\u003E\r\n\r\n\u003Cp\u003E\u0026nbsp;\u003C\/p\u003E\r\n\r\n\u003Cp\u003EArticle by Eric Jackson.\u003Cbr \/\u003E\r\nOriginally posted by Sportico, Feb 18, 2022.\u003C\/p\u003E\r\n\r\n\u003Cp\u003EYou can read the Georgia Tech announcement here:\u003Cbr \/\u003E\r\n\u003Ca href=\u0022https:\/\/ramblinwreck.com\/georgia-tech-athletics-invests-in-create-x-startup\/?fbclid=IwAR0-hYju0mJ5zJOXI1XXze0OJd6HOaxCZpUGCFY9WacFYyOCcOL0y8vFRWE\u0022\u003E\u0026quot;Georgia Tech Athletics Invests in Create-X Startup\u0026quot;\u003C\/a\u003E\u003C\/p\u003E\r\n","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":"","field_summary_sentence":[{"value":"Georgia Tech is launching a sports-focused venture fund backed by deep-pocketed donors as the latest step in efforts the school says will help its intercollegiate athletes."}],"uid":"27513","created_gmt":"2022-02-18 19:31:22","changed_gmt":"2022-02-21 20:37:19","author":"Walter Rich","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2022-02-18T00:00:00-05:00","iso_date":"2022-02-18T00:00:00-05:00","tz":"America\/New_York"},"extras":[],"hg_media":{"655605":{"id":"655605","type":"image","title":"Georgia Tech hopes its new sports-focused VC fund will uncover student projects that contribute to the athletic budget and lead to more celebrations.","body":null,"created":"1645212437","gmt_created":"2022-02-18 19:27:17","changed":"1645212716","gmt_changed":"2022-02-18 19:31:56","alt":"","file":{"fid":"248552","name":"AP18315235165064-e1645159150725.jpg","image_path":"\/sites\/default\/files\/images\/AP18315235165064-e1645159150725.jpg","image_full_path":"http:\/\/www.tlwarc.hg.gatech.edu\/\/sites\/default\/files\/images\/AP18315235165064-e1645159150725.jpg","mime":"image\/jpeg","size":131103,"path_740":"http:\/\/www.tlwarc.hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/images\/AP18315235165064-e1645159150725.jpg?itok=6BnDAiH7"}}},"media_ids":["655605"],"groups":[{"id":"69599","name":"IPaT"}],"categories":[],"keywords":[{"id":"188084","name":"go-ipat"}],"core_research_areas":[{"id":"39501","name":"People and Technology"}],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003EWalter Rich\u003C\/p\u003E\r\n","format":"limited_html"}],"email":["walter.rich@research.gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}