Kobe Bryant and Jeff Stibel Unveil $100 Million Venture Capital Fund
22 Agosto 2016 - 7:20AM
Dow Jones News
Meet Kobe Bryant, venture capitalist.
The retired NBA star will today unveil his venture-capital fund,
a $100 million vehicle for investing in technology, media and data
companies.
Mr. Bryant, who turns 38 Tuesday, isn't going it alone: He is
partnering with 43-year-old Jeff Stibel, a longtime entrepreneur
and investor who was introduced to Mr. Bryant by a mutual friend.
They have named their firm Bryant Stibel and will be based in the
Los Angeles area.
The two have been invested in 15 companies since 2013, but only
after Mr. Bryant's retirement from basketball have they decided to
formalize their relationship and fund.
The two men are contributing the $100 million—which they expect
to invest over the next few years—and aren't seeking outside
investors yet.
Current investments include sports media website The Players
Tribune, videogame designer Scopely, legal-services company
LegalZoom, a telemarketing-software firm called RingDNA and a
home-juicing company called Juicero.
In an interview, the two men said their skills complement each
other, with Mr. Stibel bringing experience building companies and
Mr. Bryant contributing a creative, if obsessive, flair for details
around marketing, branding and storytelling. He, in fact, designed
the company's new logo with inspiration from piano keys.
They even bonded over shared injuries. In the case of
6-foot-6-inch Mr. Bryant, an Achilles rupture during a 2013 game
against the Golden State Warriors; and in the case of 5-foot-7-inch
Mr. Stibel, a broken foot in a mishap with a Manhattan
cobblestone.
"We don't want to be in the business of investing in companies
so someone can use Kobe as an endorser. That's not interesting,"
said Mr. Stibel, who began his career in brain research and later
founded and developed tech companies. "The point is to add real
value."
Mr. Bryant, who is known for his painstaking preparation and
training, said he also brings the ability to identify entrepreneurs
with a robust work ethic.
"Sometimes you can spot it right away, other times not so much,"
said Mr. Bryant. "It's the inner belief that a person has that he
will endure no matter what the obstacle may be. It's that
persistence, the entrepreneur doing what he or she truly believes
in and truly loves to do."
This summer he has been holding 6 a.m., one-on-one workouts with
young NBA players to help improve their skills and said he has a
similar impulse when backing entrepreneurs.
"If you would have asked me 10 years ago, I would say I need to
win now," Mr. Bryant said. "Age tends to give you perspective. The
most important thing I enjoy now is helping others be successful. I
enjoy doing that much much more, that's something that lasts
forever, and hope they do that for the next generation."
Many retired athletes are known for their powerful—and often
failed—business ambitions. About 10 years ago, baseball pitcher
Curt Schilling launched a videogame company and raised money with
the help of Rhode Island government agencies. The company filed for
bankruptcy in 2012.
Former Los Angeles Laker—and ex-Bryant teammate—Shaquille O'Neal
has also made a number of investments in technology and
entertainment startups. Perhaps the most similar comparison is to
New York Knick Carmelo Anthony, who started Melo7 Tech Partners for
largely early-stage tech investing.
Mr. Bryant said he doesn't view himself as a rival to those
players. "I think it's interesting that the immediate reaction from
people would be competitiveness between myself and others. I'm more
interested in how I can help Shaq, Melo [Anthony] or [NBA player
Andre] Iguodala."
And is the world ready for another athlete alighting into the
business world? At least one venture capitalist—New Enterprise
Associates' Jon Sakoda—says there is room. Mr. Sakoda worked with
Messrs. Stibel and Bryant in their investment in sports website
Players Tribune. "There are a lot of similarities between trying to
build a career in sports with longevity and in business, too.
Athletes are taken incredibly seriously by entrepreneurs."
Adds Mr. Stibel: "The most important things are grit and
intelligence. You have to have that passion that you can succeed.
The business and idea will change over and over again. But the
entrepreneur persists."
(END) Dow Jones Newswires
August 22, 2016 01:05 ET (05:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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