There’s no doubt that some of the most successful business ventures are fueled by athletes. The drive and dedication on the field or court, translates to a successful model in the boardroom. Whether it’s Magic Johnson, Shaquille O’Neal or LeBron James, having off-court savvy is what creates a true icon that can transcend sport. The NBA Union is looking to build off the athlete-businessman model by enlisting Patricof Co., a specialized private investment firm, to help aid their players with mentorship and consulting as they navigate the business world.
How it works
So what exactly will this program look like? Player’s will receive mentorship from the investment experts, as well as access to the firm’s resources. Patricof Co. will also provide gateways to players such as organizing pitch meetings with industry professionals. With so many players having visions beyond their playing careers, and a desire to maximize their personal brand through sound financial investments and ventures, the league and other constituents know that it will be worthwhile to help these dreams become realized.
Why it works
There’s a reason many athletes have successful business careers. In part of being global icons to millions of fans, these athletes have been in or around the business world for most of their careers. The best way to maximize their potential, is to take their goals, pair it with effective training and advising, and launch it with confidence. Patricof Co. has figured out this formula. Much like developing an integrated marketing campaign headlined by a star athlete, it takes great insight to both pair an athlete with the right brand, and create the best brand story to sell. By working with athletes from a different perspective, crafting brands from their own vision, the formula is very similar, utilize influence, find a hole in the market, and grow the company through creative marketing and prudent foresight.
Patricof has made a name for themselves in this space, working with well known athletes including Henrik Lundqvist, Venus Williams, J.J. Watt and Todd Gurley.
By giving opportunities to athletes with ideas for potentially successful companies, Patricof and the NBA Union can both give their players the best chances at success off the court for long term sustainability, and can help make financially viable companies in the process.
What athletes will take the step from court to boardroom and join basketball players among the like of LeBron, Dwyane Wade, Carmelo Anthony, the late great Kobe Bryant and many more? It is yet to be seen, but the development of this program will surely cultivate the best ideas from some of the brightest individuals in the sport and business world.