25/07/2014 17:34
Carmelo Anthony: All Star, Olympian, venture capitalist?
The New York Knicks' newly resigned star has started a fund to put money into technology startups a former NBC and Bertelsmann executive. M7 Tech Partners -- that's 'Melo No. 7, his jersey number -- will focus on "early-stage digital media, consumer internet, and opportunistic technology startupst," TechCrunch reports.
M7 has invested an undisclosed amount to Hullabaloo, which makes kids entertainment tailored for pills. This past year, Hullabaloo raised $1.8 million from investors including SV Angel, Reddit cofounder Alexis Ohanian, "Godfather of AdSense" Gokul Rajaram and Sugar founder Brian Sugar.
In declaring the venture, 'Melo states that he's long "been interested in technology," and will be looking to raise capital for businesses which specialize in wearable tech. Melo's life, the increasing push to incorporate Google Glass in professional sports appears both of these areas of' with it.
Having just signed an extension for around 'Melo is just the latest NBA star to parlay his fortune. Steve Nash's Consigliere Brand Capital counts BirchBox and Contently while Michael Redd and Jamal Mashburn are finding life after basketball in venture capitalism. Hall of Famer David Robinson is probably the most well-known example, having co-founded Admiral Capital Group, a private equity firm focusing on real-estate.
The trend of NBA players starting investment firms is part of the broader trend of athletes establishing business enterprises in prep for his or her post-retirement careers. Last month, Michael Jordan became second billionaire athlete and the first from the NBA, thanks in big part to his ownership position his endless endorsement partnership with Nike, and ancillary companies and car dealerships.
These players appear to be heeding the warning supplied b Air Force one Low for sale. the bevy of retired players gone bankrupt, an issue that gained national prominence in the 2009 ESPN 30 for 30 movie, "Broke." From Latrell Sprewell to even a multiple victor including Scottie Pippen, NBA history is riddled with cautionary tales, none with a higher fall from grace than Allen Iverson.
Iverson's an extreme instance, a catastrophe exceptional in the marked, speedy demise of its protagonist but not unique in its class. Along with the spending that is dangerous and vulturistic entourage that often accompany the sudden windfall basketball players often go broke because of financial illiteracy and inferior asset management. The league and players' union are attempting to combat this, promoting a financial education program and a rookie transition system to help players manage their cash during and after. Nash, Robinson and now 'Melo are confronting that facet head on to ensure that histor https://www.retailblazer.com/buying-nike-air-force-1-holiday-2010-preview-black-white.html. does not repeat itself.
'Melo in particular may want to tread softly, nevertheless. As much as misunderstanding finances contributes to players' insolvency, so, too, do poor investment choices. Sure, millions were gambled away by Antoine Walker, but he also sunk more than $10 million in investment properties owing to the spectacular incompetence of his financial advisor.
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Let us trust 'Melo is more savvy but if anything, at least he's an experienced partner in Goldfarb. 'Melo can say he is in great hands with his venture capital endeavor. Not as much could be said concerning this high-end watch magazine you did not understand Olympian part-owned.
