ASU Launches Student-Athlete Venture Studio for Entrepreneurs

News Summary

Arizona State University has introduced the Student-Athlete Venture Studio, designed to empower student-athletes as entrepreneurs. In collaboration with GoDaddy, this initiative provides essential resources and mentorship to help athletes build their brands and launch businesses, especially in light of recent NIL regulations. With a focus on essential business skills and support, the venture promotes a spirit of innovation through events like a Shark Tank style pitch competition, enabling students to secure funding and success beyond sports.

Tempe, Arizona – Arizona State University (ASU) has launched a new initiative aimed at empowering student-athletes to become successful entrepreneurs through the Student-Athlete Venture Studio. This program, developed in collaboration with web hosting company GoDaddy, is designed to provide resources, mentorship, and support for student-athletes looking to build their personal brands and launch their own businesses.

The Student-Athlete Venture Studio comes on the heels of recent regulatory changes that allow universities to compensate student-athletes directly for their Name, Image, and Likeness (NIL). This significant shift creates an ideal environment for ASU to encourage its athletes to capitalize on their athletic status and use it as a foundation for entrepreneurial endeavors.

Co-founded by Jeff Kunowski and Kate Fitzgerald, the Student-Athlete Venture Studio taps into the expertise of Fitzgerald, a former ASU beach volleyball player who also serves as the Sports Innovation Entrepreneurship Catalyst at the J. Orin Edson Entrepreneurship + Innovation Institute. The venture aims to inspire student-athletes to develop essential business skills, focusing on areas such as public speaking, idea articulation, and overall brand development.

One of the standout features of the Studio is its focus on addressing the common challenges faced by aspiring entrepreneurs. The program offers comprehensive resources that cover critical entrepreneurial questions, including organization, media creation, content generation, and branding. This guidance is tailored to help student-athletes navigate the complexities of building a brand within the competitive landscape of sports and business.

The initiative is particularly timely as it aligns with a growing trend of student-athletes exploring entrepreneurship as part of their collegiate experience. With the support of Sun Devil Athletics, student-athlete Sierra Ryan is already working on her venture, Fuel Warden, which is designed to assist elite athletes in nutrition and wellness management. Ryan’s project has benefited significantly from the infrastructure and guidance offered by the new Venture Studio.

To encourage innovation and practical application of entrepreneurial ideas, the Student-Athlete Venture Studio will feature a “Shark Tank” style Demo Day pitch competition at the end of each academic year. This event will provide a platform for student-athletes to present their business ideas to a panel of judges and potentially secure funding for their ventures. This engaging competition is intended to cultivate a spirit of entrepreneurship and foster a supportive community among ASU’s student-athletes.

The flexibility of the program allows student-athletes to effectively balance their sports commitments with their entrepreneurial ambitions, ensuring they can dedicate time to both pursuits. ASU recognizes the importance of entrepreneurship as a vital skill for student-athletes to develop, especially as they embark on their NIL journeys, which require them to navigate the intricacies of branding and personal revenue generation.

GoDaddy’s involvement in this initiative is substantial, with the company pledging over $1 million in cash and in-kind support for student-athletes through its Empower by GoDaddy initiative, set to take effect in 2025. This financial backing is expected to enhance the resources available to the Student-Athlete Venture Studio, enabling it to provide a richer educational experience and foster more successful entrepreneurial outcomes.

The Student-Athlete Venture Studio will also have access to educational content and an immersive environment at Mountain America Stadium, further enriching the experience for participating student-athletes as they develop and refine their business ideas. ASU’s innovative approach signifies a commitment to preparing student-athletes for success beyond their athletic careers, equipping them with the entrepreneurial skills necessary to thrive in a rapidly evolving economic landscape.

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Additional Resources

• 12 News: Arizona State University Leans into NIL Era with Student-Athlete Venture Studio
• Wikipedia: Name, Image and Likeness
• ABC15: ASU and GoDaddy Launch Student-Athlete Venture Studio
• Google Search: Student-Athlete Entrepreneurship
• AZ Capitol Times: College Athletes Could Soon Be Paid for Their Likeness
• Encyclopedia Britannica: Entrepreneurship
• SI.com: Impact of House Settlement on College Sports
• Google News: NIL Regulations in College Athletics