Indiana University Athletics has teamed up with IU Ventures to launch a new initiative that aims to develop a sector of sports technology that can compete with other multi-billion dollar tech sectors. This comes at a time when sports venture arms and accelerators + incubators are taking off.
Multifaceted, the IU Sports Innovation Initiative aims to build a network of venture-backed sports tech startups and also support IU athletes on-field competition. This is a chance for the state of Indiana to become a leader in the field of sports technology.
Tony Armstrong, President and CEO of IU Ventures, stated that the goal is to develop and implement IU-affiliated tech ideas in a game plan.
“As we started meeting with some of the coaches and trainers and student-athletes, we started to find opportunities for us to help them with technologies either we already knew about or we scouted and found,” Armstrong explained.
They have developed a model to identify, evaluate, and advance high-potential, IU-affiliated innovations for the sports-tech market.
Sports tech is diverse as it can include everything from fan engagement to athletic performance. The initiative will also look at startups that are creating new apparel, esports, or traditional media.
Data from IU cities shows that the global sports-tech market accounted for more $12 billion in 2021. According to IU cities, it is projected to grow by 20% annually until 2030.
“Indiana’s business, technology and sports leaders continue to predict an explosion in the sports-tech sector and have been steadfastly and eagerly building toward this moment for a number of years,” said Armstrong.
IU Ventures IU students, faculty, and staff with advancing high-potential new ventures. It also helps connect alums with business and investment opportunities.
NIL is helping to move the entire ecosystem downstream.