New technology from startup ventures is transforming the sports industry. The mission of this series will be to introduce startup companies in the sports technology space to a broader audience and allow CEO’s of new ventures to tell their story.
Company: Boom Fantasy
CEO: Stephen Murphy
Headquarters: New York, New York
Boom Fantasy is a completely different kind of fantasy sports company. Founded at Stanford University and now based in New York City, Boom Fantasy has created the first in-game fantasy sports platform. Instead of drafting a lineup, players predict what’s going to happen next in a game (Will Eli Manning complete his next pass?) and compete with other fans for cash prizes.
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1. What is your elevator pitch?
DFS does not cater to casual sports fans. We do away with the complicated drafting process and allow players to predict what’s going to happen next.
2. Problem & Solution
DFS is dominated by pros who submit hundreds of lineups, assisted by proprietary algorithms and tons of research. For most normal sports fans, once they realize that they are such an inherent disadvantage, it becomes less fun. That’s why we’ve created a more accessible form of fantasy sports. Just as ESPN and Yahoo own season-long fantasy sports and just as FanDuel and DraftKings own daily fantasy sports, Boom Fantasy is trying to own in-game fantasy sports.
We’ve created a form of fantasy sports that brings back the social elements that people loved about season-long leagues. Boom Fantasy is a real-time platform that enhances what sports fans love – actually watching the games. We allow players to compete in 10-minute fantasy sports leagues that are immediate, thrilling, and interactive.
3. Market
Our initial user base is mostly in their 20s. While our app skews male, we are attracting a very diverse user base compared to other fantasy sports apps (in terms of gender and racial identity). We believe the in-game fantasy sports industry has the potential to grow into an industry as large as DFS, if not larger, five years from now.
4. Business Model
We have a similar business model as FanDuel and DraftKings. Players can play for free right now, but they can also play in tournaments with larger prize pools if they want to put up an entry fee. We distribute 90%+ of the entry fees we collect into the prize pool, and take a portion as our administrative fee as revenue.
We have been approached by partners who are interested in advertising on the platform, but we have not pursued that route as of today.
5. Management Team
Stephen A. Murphy, CEO
Assaf Einat, CTO
Bonus question: If you were stuck on a desert island with any three athletes, who would they be and why?
Michael Jordan (obviously)
Dennis Rodman (entertainment value)
Michael Phelps (someone has to swim to eventually get us some help)
Grant Son executed this interview.
Grant is a proven innovator and champion in both large corporations and entrepreneurial environments. Professional experience includes serving as CEO of two digital ventures – SchoolSports (top-10 sports website acquired by ESPN) and Greater Good Ventures – as well as senior roles with iconic sports brands such as CBS, the NFL, and Sports Illustrated. MBA in finance from Columbia and BA from the University of Pennsylvania. Thirty years of experience, including 20 years in digital media. Board member and advisor to established companies and more than 20 start-up ventures.
Grant is a member of the teaching faculty at Columbia Business School where he serves as an adjunct professor in the Marketing Department and the Media & Technology division. Professor Son created Columbia Business School’s first course on Sports Marketing and currently teaches the course for the full-time MBA program.
Attended every major sporting event, including six Super Bowls, World Cup Soccer, World Series, NBA Finals, Stanley Cup Finals, championship boxing, and two Olympics.