New technology from startup ventures is transforming the global sports industry. This Startup Series has introduced over 300 startup companies in the sports technology space to a broader audience by allowing Founders of promising new ventures to tell their story and pitch their idea. Feel free to submit your startup’s answers to the below questions or contact us if you know of a startup that should be considered for inclusion in this series.
Company name: Global Sports inc.
Founder(s): Thomas L. McLaughlin & Ben Godfrey
Headquarters: New York, New York
Website: https://globalsportsfunds.com/
1. What is your elevator pitch?
Global Sports Inc. is a platform that connects sports fans with sports products, sports charities, and athletes seeking to raise capital. “Crowdfunding Meets Sports”.2. Problem & Solution
The problem we solve is creating a financial market for excellent entrepreneurs who otherwise would have difficulty obtaining funding. The mammoth crowdfunding platforms rose to great success with campaigns in the arts & music industry, which has resulted in user-bases composed mainly of funders seeking campaigns in those space. Thus a lack of attention for campaigns in the sports space has left many entrepreneurs and sports charities frustrated with their results on those platforms.Within a month of putting up our landing page, entrepreneurs of sports products reached out to us from around the world looking for our help. There were not enough sports fans on the larger crowdfunding platforms and their campaigns would receive no help in marketing their campaigns.
Our curated list of sports fans ensures that our campaigns are being marketed directly to those individuals who will know and understand their product, sports fans. We take a hands on approach, getting to know each sports product & charity, and then leading the marketing efforts for those organizations.
3. Market – your target market and the overall market
As a platform connecting two distinct groups, we have a different target market on both the funder and fundee side.The funder, or individual contributing to campaigns, will likely be a tech-savvy sport fan who also enjoys maintaining an active lifestyle.
The fundee, or organization raising capital, typically is an organization with a new sports product that is seeking assistance in raising capital and/or marketing their product.
4. Business Model – how do you make money?
Our revenue model is quite simple, we make money when our clients raise money. On product campaigns, our rate is 5% of the total capital raised. For qualified 501(c)(3) charities, our rate is 2.5% of the total capital raised.5. Management Team – with titles
Thomas L. McLaughlin - Managing PartnerBen Godfrey - Managing Partner
6. Financial Needs: are you currently looking for investment? Have you raised investment already? If so, who are your investors?
Global Sports Inc. is actively seeking investment and is engaged in ongoing discussions and due diligence with multiple angel investors and venture capital firms. Currently our burn rate is very low and we are not in a position where we need investment capital. That being said, we are always seeking investors who can bring a network of connections to continue our business development efforts.Earlier in 2017 we raised a round of financing from a group of private investors, including friends, family & angel investors. To respect their wishes, we will not disclose their names & organizations.