What if Son Heung-min, who left Tottenham, invests in sports startups and engages in the sports startup ecosystem after retirement? There needs to be a factor to activate the domestic sports startup market.
Professor Park Seong-bae, a 'sports management scholar' at Hanyang University, emphasized this during an interview with ChosunBiz on 4th, noting that we need to find factors that can activate the domestic sports startup ecosystem.
He pointed out that, "Recently, investments in the domestic startup market, particularly in deep tech fields like AI, are gradually reviving, but there are no significant activation factors in the domestic sports sector startup market."
Professor Park is one of the few sports management scholars in Korea. After graduating from Sogang University with a degree in economics, he obtained a master's degree in sports management from the University of Florida and a doctorate in sports management from the University of Northern Colorado. He has served as a professor at Gonzaga University's School of Sports Management in the U.S. and currently heads the Sports Marketing Center at Hanyang University.
Professor Park said, "Although the domestic startup ecosystem has developed significantly in recent years, interest is low in the sports sector compared to that, and there are not many talents or entrepreneurs entering this market."
Among the ways to activate sports startups, Professor Park pointed out the participation of sports stars like Son Heung-min in the startup ecosystem.
He noted, "Abroad, star athletes like LeBron James actively contribute to the growth of the sports industry by investing in sports startups or strategically participating in promotions," and added, "Korea also needs famous athletes, whether retired or active, to show interest in sports startups and participate in various ways, including investment."
Of course, before a sports star engages in the startup ecosystem, it is essential, as per Professor Park, to thoroughly verify the value and growth potential of the respective startup.
LeBron James, known as the 'King' of the National Basketball Association (NBA) and a player for the Los Angeles Lakers, is an early investor in the premium headphone brand 'Beats.' He reportedly earned more than $30 million (about 33 billion won) when the company was sold to Apple by its founder and famous record producer, Dr. Dre, in 2014.
Following this, James earned the nickname 'the investor on the court.' Around this time, he invested in various startups, including the sports media platform 'Uninterrupted' and the fast-food chain 'Blaze Pizza.'
LeBron James also invested in the home training equipment manufacturer 'Tonal,' entering the sports startup market. Michael Jordan, referred to as a 'legend of the NBA,' invested in the sports data analytics company 'SportRadar.'
Professor Park also expressed expectations for the benefits of expanding overseas. He said, "We can look forward to the overseas expansion of domestic sports startups by utilizing the networking of star athletes active in foreign sports scenes and possessing influence."
Professor Park stressed the importance of open innovation in the domestic sports ecosystem.
He stated, "Not only the government but also domestic professional sports associations and clubs should actively provide opportunities for startups to conduct business pilots on-site, such as in stadiums," and emphasized, "This way, more startups can participate in the professional sports market led by large corporations and the government, increasing the possibility of innovative businesses emerging."