We all remember Derek Jeter as the 14 time All-Star shortstop who made millions throughout his career. Instead of flying away to an island paradise, Jeter is using his money to invest in Silicon Valley businesses, something that many athletes in the modern day are now doing.
In Jeter’s most recent investment, as part of a Series E VC funding round, he has connected with a small start-up company known as Blue Jeans Network. The company provides a video tool that allows users of different video services to become compatible with one another. This means if two parties want to connect, but one has Skype and one has Cisco’s TelePresence, through Blue Jeans Network, they can now connect with each other.
Jeter has been busy in recent times launching his own sports portal start-up, The Players’ Tribune; a service that brings fans closer to athletes through video and writing. It was while working on his own project, that Jeter came in contact with Blue Jeans.
“When I met the Blue Jeans team, I was busy starting my new venture, The Players’ Tribune, a media site dedicated to helping athletes tell their own stories directly…I was captivated by what Blue Jeans’ video could do to amplify the voice of our athletes. Now after working closely with the team, I share their vision and see the enormous potential that exists for interactive video events and experiences in business, sports, media, and entertainment.”
It was within a month after working with Blue Jeans that Jeter decided he wanted to be a part of the company, showing that it’s not just about money, that he has a genuine interest and excitement for the technology.
Blue Jeans have more than doubled its performance every year across all categories since 2011 and has established a firm spot in the market for video services.
While Derek Jeter has invested a large amount of time in Silicon Valley since his retirement, he is not alone. Athletes that are still playing have even broken into the business and invested in small companies they believe can be successful. A notable example is Andre Iguodala through his partnership with online clothing store, Twice – a fashion brand for tall, skinny men – that has recently been bought by eBay.
Iguodala joined Twice when they were a small start-up company. The company has now grown enough to attract the attention of eBay and he now has his own fashion line within the company.
Many modern day athletes are beginning to prepare for life after sport by training themselves in the world of entrepreneurship, and are starting to test the waters now. It’s a less daunting way for athletes to view their future after sport, as many have never had a regular full-time job. In a way, while it benefits the small business that the investment is granted to, it also benefits the modern day athlete by brightening their future.