Comcast last week launched a new accelerator for start-ups that could help leverage a multibillion-dollar market opportunity in sports.
The venture, called SportsTech, allows the company to acquire or test new technology and to get an early look at new trends. One avenue to be explored is growth in sports betting and smart stadiums, which are expected to reach $287 billion by 2021 and $12.5 billion by 2023, respectively, according to CNBC.
“The demand for sports technology across the globe has never been greater, yet most sports startups don’t have access to the resources they need to succeed nor an ability to develop relationships with the right people inside the industry,” Jenna Kurath, Comcast Cable’s vice president of start-up partner development, said in a statement.
Partnering with Boomtown, an accelerator operator based in Colorado, Comcast will select ten start-ups that identify as best matches for its sports tech categories, which include fantasy and sports betting, esports, and fan/player engagement. Selected firms will receive $50,000 of investment capital and $1.7 million total in other perks. They will also attend a 12-week course at Comcast Cable’s Central Division headquarters in Atlanta.
In return, the start-ups will provide a minimum of 6 percent equity to Comcast and Boomtown for the capital and resources they receive.
The accelerator will be the third of its kind for Comcast, who started LIFT Labs in Philadelphia and The Farm, which is also in Atlanta and run by Boomtown. Comcast has six other partners on SportsTech, including NASCAR, USA Swimming and U.S. Ski & Snowboard.
Start-ups can submit applications for the program until May 15, with officials estimating the selection process will take two months before courses begin in August.
