With the NFL in its offseason, New England Patriots Safety Devin McCourty says he's focused on securing generational wealth for himself and other athletes through a new venture capital mission called Broad Street Ventures. Co-founded by Malcolm Jenkins of the New Orleans Saints and Ralonda Johnson, current president of the organization, the group looks to educate athletes while helping them gain financially.
"For us, we wanted to create a vehicle that would allow Black and brown investors to learn about venture capital but also have access to some of the best deals in the tech and consumer space," Johnson told Cheddar.
McCourty said that his close friendship with Jenkins is what spawned his decision to invest with Broad Street Ventures.
"We played in an all-star game coming out of high school and we do a lot off-the-field things together, and I think from there he started to talk about a vision of having NFL players having access to a different kind of wealth," he said.
Both grew up in New Jersey before going on to their collegiate and professional careers.
For NFL players, unlike in some other sports like the NBA and Major League Baseball, contracts are not guaranteed, the average length of a career is significantly fewer years, and as a result, players often have to find other means to secure finances for their futures. McCourty said that Broad Street Ventures allows all athletes to learn about venture capital investing.
Ralonda Johnson added that the group provides information sessions where potential investors can not only learn the ropes but also about emerging technologies.
"Not everyone [who] attends may invest or not, but just so that they at least have an understanding of tech investing. We'll go over from seed through late stage, just as much information that we can give them," she said.
For McCourty, Broad Street Ventures presents an opportunity for professional athletes to change the perception that the general public may have of them. He said with this opportunity, sports figures aren't limited to just making plays on the field. They can invest and lift up areas and industries that they are passionate about, offering fans a closer look at the human and not just the athlete.
In late January, NFT company Candy Digital cashed in when a Shohei Ohtani Icon NFT sold for $100,000, breaking the six-figure sale price mark for MLB NFTs for the first time. Scott Lawin, CEO of Candy Digital, joins Cheddar News' Closing Bell, where he explains why his company is very excited about the future of digital collectibles and how the Ohtani NFT sale shows consumer confidence in the marketplace.
Sēkr, a mobile app that aims to improve and digitize the outdoor travel experience, announced this week that it raised a $2.25 million seed round. In the Sēkr app, users can get access to more than 50,000 campsites throughout the U.S. including the nation's largest database of free campsites. The company is saying it is on a mission to make every step of the planning experience for outdoor travel easier, safer, and more social. Breanne Acio, co-founder and CEO of Sēkr, and Jess Shisler, co-founder and COO, joined Cheddar News' Closing Bell to discuss.
Cheddar's Big Game Special gives you all the info you need heading into Sunday's event. Pro Football Hall of Famer Terrell Davis, Big Game MVP Hines Ward, and Big Game Champion Emmanuel Sanders dissect the action set to take place on the field, Olivia Harlan Dekker delivers her winning wagers, Tom Morton breaks down what we should expect from advertisers, Azia Celestino showcases the atmosphere from Los Angeles, and Baker Machado discusses what viewers should expect to see unfold during the halftime show.
As the Cincinnati Bengals and Los Angeles Rams prep to face each other in the Big Game at SoFi Stadium in LA, 55 percent of a record number of bettors are projected to drop money on the Rams. Casey Clark, the senior vice president of strategic communications for the American Gaming Association, joined Cheddar News to share some data and predictions based on the greater interest in gambling on Super Bowl LVI. "You know that means that people are migrating away from the predatory illegal market and corner bookie and moving their action into the legal marketplace," he said. "So really encouraging for consumer protections and for those of us who might want to have a little action on the game."
Facebook parent Meta and Grammy Award-winning singer Ciara have joined forces to help black female-owned small businesses. Selected businesses will receive marketing mentorship from Meta along with $100,000 to put into their brand. One such business, The Self Care Suite, is a platform that supports mental health, and founder Tara Pringle Jefferson, along with Irene Walker, Meta Elevate founder and program manager, joined Cheddar News to discuss the program. "Having this opportunity with Meta, with Ciara, really will allow us to focus on our virtual programming, to focus on our e-commerce shop, and, as we kind of adjust, to the new normal in 2022," said Pringle Jefferson.
Tesla has been under mounting regulatory scrutiny by the NHTSA, and has issued numerous recalls, including four within the past two weeks. While the company has issued recalls over the years, the number seems to be increasing in recent months as the company issues fixes for seat belt chimes, pedestrian alerts, its self-driving software, and more. What's behind this uptick in recalls — and how might this impact brand loyalty? Al Root, Senior Writer at Barron's, joins Closing Bell to discuss.
Under Armour released a successful Q4 earnings report amid supply chain issues. The apparel company said it invested in analytics to decipher what drives consumers to its brand. However, the company warned of potential supply problems going forward due to COVID.
Hyperice is a technology company that specializes in physical recovery for athletes, and it's now partnering with the NFL. Christian McCaffrey, Carolina Panthers running back and Hyperice athlete-investor, and Jim Huether, Hyperice CEO, joined Cheddar News to discuss the partnership. "It's definitely for both for performance and for recovery, as somebody who plays a brutal sport and have to go through some of the unfortunate realities of injury," McCaffery said of the products. "You're always fighting for that 0.1 percent difference between winning and losing and and the little things and every second matters."
