Top celebrities and sports agents make millions a year, but like that Sports illustrated wrote famous a decade ago, Thirty-eight percent of NFL players are bankrupt or face financial stress within two years of retirement, and 60 percent of NBA players are bankrupt within five years of completing their careers.
A new startup named Athent is trying to help athletes better control their finances and personal brand.
Athent combines app-based finance training, centralized budget management, and social media monitoring tools to manage a community of family and friends. Listed on the Athent website are Los Angeles Rams star, who leads Todd Gurley, as well as a number of NFL stars, basketball players and Olympic athletes.
(Photo by Patrick Smith / Getty Images)
In the West Coast Challenge pitch at USC in Los Angeles last month, Athent vied for a place in the Quake Capital Startup Accelerator and $ 200,000 in seed capital. This prize went to MarkktStar – which pays people to predict the success of their favorite stores, apps or bands – but Athent caught our attention.
On stage with Athent CEO Rae Emard, the current NFL player Dominique Easley talked about how he could get his $ 1.2 million signing bonus. "This stuff is really fast," he said before realizing that The NFL working time is very short with an average duration of three years and it is easy to cash in.
Theoretically, managers and agents should help players avoid financial ruin, but there is always a risk of corruption and mismanagement.
The same applies to venture capitalists. Lucas Pols, Venture Partner at Quake Capital and founder of Spark Xyz early-stage venture platformsaid his team has launched the West Coast Challenge "to move the needle if the founder fails. "
There are many events in the startup incubator area, but not all are really effective, he said.
"We as a community are organizing these huge, lavish events where we showcase the best companies but do not do enough in the classroom," Pols said. "If we can even slightly improve our industry's high failure rate by providing hands-on VCs and successful entrepreneurs with the pitfalls they have seen or encountered, we as a community will be much better in the long term his."
(Clqsix CEO Hakeem Animashaun, COO Hammed Animashaun and CMO Wasiu Animashaun)
Other West Coast Challenge startups included Clqsix, a social media app for groups of friends, and City Grows, a cloud-based freemium SaaS for state approvals.
There was also a start-up called Nedl that offered voice-controlled broadcasts, a mental health market called Ootify, and an attractive high-end crafting platform called Kitterly,
Markktar is now being trained by industry experts such as Marissa Peretz, who has scaled Tesla from zero to 16,000, and is benefiting from sponsors in the competition, including Microsoft Azure and Amazon Web Services.