Comcast is launching a new startup accelerator focused exclusively on sports technology companies, a gambit by the cable giant to tap into the projected $32 billion industry.
The company is partnering with startup bootcamp Boomtown Accelerators, as well as brands NBC Sports, Sky Sports, and Golf Channel, NASCAR, US Ski & Snowboard, and USA Swimming.
Comcast is banking on that consortium of partners differentiating it from the pack of other similar incubators, according to Will Connors, president of Comcast Cable’s central division.
Each participant will receive a $50,000 investment and other perks, like discounted cloud storage from vendors like Amazon Web Services, totaling as much as $20 million in annual investments from Comcast.
Click here for more BI Prime content.
Comcast is trying to get a slice of the potentially $32 billion sports technology market.
The cable giant on Tuesday announced a new startup accelerator called SportsTech focused exclusively on helping industry entrepreneurs across the globe scale their small businesses. The deadline for applications is May 15, with the first class of startups beginning the three-month program in Atlanta in August 2020.
“We’re at this really interesting intersection between technology and sport, and entrepreneurial innovation,” Jenna Kurath, vice president of accelerator operations and partnerships at Comcast, told Business Insider. “We become this natural catalyst to be the right ones to bridge together startup founders and entrepreneurs who are looking to gain access into this space.”
Despite its credentials — Comcast had $94.5 billion in revenue in 2018 — it is entering a crowded market. In 2019, for example, the nationwide incubator program TechStars launched a sports-focused accelerator in Indianapolis and is providing the 10 startups that are accepted every year $120,000 in investment. London-based HYPE Sports Innovation also announced last year a new, $75 million fund tailored to sports …read more
Source:: Business Insider