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Comcast launches SportsTech startup accelerator with NASCAR and others

Comcast NBCUniversal believes its can access startup innovation while supporting future Olympic gold-medalists.

The American mass media company launched its new SportsTech accelerator today, based in part, on that impetus.

TechCrunch attended a briefing with Comcast execs at 30 Rock NYC to learn more about the initiative.

The SportsTech accelerator is a partnership across Comcast NBCUniversal’s sports media brands: NBC Sports, Sky Sports and the Golf Channel.

The program brings in industry partners NASCAR, U.S. Ski & Snowboard and USA Swimming — all of whose sports broadcast on Comcast NBC channels.

Starting today, pre-Series A sports technology startups can apply to become part of a 10-company cohort.

Accepted ventures will gain $50,000 in equity-based funding and enter SportsTech’s three-month accelerator boot camp — with sports industry support and mentorship — to kick off at Comcast’s Atlanta offices August 2020.

Boomtown Accelerators will join Comcast in managing the SportsTech program, with both sharing a minimum of 6% equity in selected startups.

Industry partners, such as NASCAR and U.S. Ski & Snowboard, will play an advisory role in startup selection, but won’t add capital.

An overarching objective for SportsTech emerged during conversations with execs and Jenna Kurath, Comcast’s VP for Startup Partner Development, who will run the new accelerator.

Comcast and partners aim to access innovation that could advance the business and competitive aspects of each organization.

From McDonald’s McD Tech Labs to Mastercard’s Start Path, corporate incubators and accelerators have become common in large cap America, where companies look to tap startup ingenuity and deal-flow to adapt and hedge disruption.

Toward its own goals, SportsTech has designated several preferred startup categories. They include Business of Sports, Team and Coach Success and Athlete and Player Performance.

SportsTech partners, such as NASCAR, hope to access innovation to drive greater audience engagement. The motorsport series (and its advertising-base) has become more device-distributed, and NASCAR streams more race-day data live, from the pits to the driver’s seat.

“The focus has grown into what are we going to do to introduce more technology in the competition side of the sport…the fan experience side and how we operate as a business,” said NASCAR Chief Innovation Officer Craig Neeb.

“We’re confident we’re going to get access to some incredibly strong and innovative companies,” he said of NASCAR’s SportsTech participation.

U.S. Ski & Snowboard — the nonprofit that manages America’s snowsport competition teams  — has an eye on performance and medical tech for its athletes.

“Wearable technology [to measure performance]…is an area of interest…and things like computer vision and artificial intelligence for us to better understand technical elements, are quite interesting,” said Troy Taylor, U.S. Ski & Snowboard’s Director of High Performance.

US Ski Team

Credit: U.S. Ski & Snowboard

Some of that technology could boost prospects of U.S. athletes, such as alpine skiers Tommy Ford and Mikaela Shiffrin, at the 2022 Beijing Winter Olympics.

In a $7.75 billion deal inked in 2014, Comcast NBCUniversal purchased the U.S. broadcast rights for Olympic competition —  summer and winter —  through 2032.

“We asked ourselves, ‘could we do more?’ The notion of an innovation engine that runs before, during and after the Olympics. Could that give our Team USA a competitive edge in their pursuit for gold?,” said Jenna Kurath.

The answer came up in the affirmative and led to the formation of Comcast’s SportsTech accelerator.

Beyond supporting Olympic achievement, there is a strategic business motivation for Comcast and its new organization.

“The early insights we gain from these companies could lead to other commercial relationships, whether that’s licensing or even acquisition,” Will McIntosh, EVP for NBC Sports Digital and Consumer Business, told TechCrunch.

SportsTech is Comcast’s third accelerator, and the organization has a VC fund, San Francisco-based Comcast Ventures — which has invested in the likes of Lyft, Vimeo and Slack and racked up 67 exits, per Crunchbase data.

After completing the SportsTech accelerator, cohort startups could receive series-level investment or purchase offers from Comcast, its venture arm or industry partners, such as NASCAR.

“Our natural discipline right now is…to have early deliverables. But overtime, with our existing partners, we’ll have conversations about who else could be a logical value-add to bring into this ecosystem,” said Bill Connors, Comcast Central Division President.

Good Capital launches to close the funding gap for early-stage Indian startups

Rohan Malhotra and Arjun Malhotra left their jobs in London and Silicon Valley to explore opportunities in India in late 2013. A year later, the brothers launched Investopad to connect with local startup founders and product managers and built a community to exchange insight. Somewhere in the journey, they wrote early checks to social-commerce startup Meesho, which now counts Facebook as an investor, Autonomic, which got acquired by Ford, and HyperTrack, among others. Now the duo is ready to be full-time VCs.

On Monday, they announced Good Capital, a VC fund that would invest in early-stage startups. Through Good Capital’s maiden fund of $25 million, the brothers plan to invest in about half a dozen startups in a year and provide between $100,000 to $2 million in their Seed and Series A financing rounds, they told TechCrunch in an interview last week.

“Through Investopad, we helped startup founders raise money, provided guidance, and helped them find customers. We did a ton of events, and learned about the market,” said Arjun, who worked at Capricorn Investment Group and also acted in 2014 blockbuster Bollywood title “Highway.”

Investopad’s first fund portfolio stands at a gross IRR of 138.3% and nine of its 12 investments have realised returns, with every dollar invested already returned, the brothers said.

Good Capital will focus on investing in startups that are building solutions that address users who have come online in India for the first time in the last two years, they said.

“We don’t have laser-focus on a particular sector,” said Rohan, who previously worked as a sports agent in the talent management business. “Our primary focus is to help startups that are taking a bottom-up approach.”

One example of such startup is Meesho, a social-commerce startup that has amassed over 2 million users who are engaging with the platform to sell products across India.

In a statement, Vidit Aatrey, cofounder and CEO of Meesho, said, “Rohan and Arjun were our earliest investors. They have a phenomenal global network of entrepreneurs, operators and investors. They helped us early on with introductions to such people; who brought not only capital but, more importantly, valuable operational inputs which helped us learn quickly and find product-market fit faster. While we’ve grown from 2 people to over 1,000+ at Meesho, they remain close confidants!”

The VC fund has completed its first close of $12 million from Symphony International Holdings, a host of European family offices, and a number of other Silicon Valley entrepreneurs.

Sundeep Madra, CEO of Ford X, and Yogen Dalal, Partner Emeritus at the Mayfield Fund and founder of Glooko, and Dinesh Moorjani, Managing Director of Comcast Ventures and founder of Hatch Labs and Tinder, will serve as advisors to Good Capital.

“Rohan and Arjun have a unique ability to identify trends and bring together founders and investors to go after the unique problems that India needs to have solved. They operate with a sense of urgency and innovation which is a major key at the seed-stage.” said Madra, who has invested in companies such as Uber and Zenefits.

The fund has also set up an investment committee whose members are Sanjay Kapoor, former CEO of Airtel and now a senior advisor at BCG, Rahul Khanna, formerly a managing partner at Cannan Partners and now founder of Trifecta Capital, and Kashyap Deorah, a serial entrepreneur who is currently building HyperTrack.

Good Capital has also already made two investments: SimSim, a video-based e-commerce platform that is trying to replicate the experience consumers have in offline stores, and Spatial, a cross-reality platform that allows people to collaborate through augmented reality. Garrett Camp, a founder of Uber and Expa, and Samsung Next have also invested in Spatial.

The VC fund is also interested in funding business-to-business startups, though they say these startups would ideally be building solutions for overseas markets. “There we are generally targeting makers, developers and designers, rather than solving problems for heavy-duty sales businesses.”

The arrival of Good Capital should help the Indian startup community, which today has to rely on a handful of VC funds that invest in early stage startups. “Conventionally, funds have targeted the top of the pyramid by exploring visible opportunities and replicated US companies and models,” said Moorjani in a statement.

“In contrast, Good Capital’s first principles thinking applied to India’s larger economy, which is coming online at scale with a supporting ecosystem for the first time, has been refreshing to see. The team is beyond talented.,” he added.

Even as Indian tech startups raised a record $10.5 billion in 2018, early-stage startups saw a decline in the number of deals they participated in and the amount of capital they received.

Early-stage startups participated in 304 deals in 2018 and raised $916 million in funds last year, down from $988 million they raised from 380 rounds in 2017 and $1.096 billion they raised from 430 deals the year before, research firm Venture Intelligence told TechCrunch.

As for Investopad, the brothers said they have hired a number of people who will now continue its operation.