IU launches sports technology innovation effort
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Indiana University Athletics and IU Ventures have launched a new initiative to help develop a sports technology sector that could eventually rival other multi-billion-dollar tech sectors in the state, such as agbiosciences and life sciences. The IU Sports Innovation Initiative is multifaceted in that it would seek to grow a pipeline of venture backable sports tech startups, but also help IU athletes in on-field competition. The partners see this as an opportunity for the state to be the leader in the sports technology industry.
In an interview with Inside INdiana Business, IU Ventures President and CEO Tony Armstrong said the goal is to create a game plan to advance IU-affiliated sports tech ideas and put those ideas into action.
“As we started meeting with some of the coaches and trainers and student athletes, we started to find opportunities for us to help them with technologies either we already knew about or we scouted and found,” Armstrong explained.
The partners have outlined a model for identifying, evaluating and advancing high-potential, IU-affiliated innovations that are being developed for the sports-tech marketplace.
The sports tech space is diverse in that it could range from athletic performance to fan engagement. But the initiative would also examine startups who are developing new sports apparel, e-sports, and traditional sports media.
IU cities data that shows the sports-tech marketplace accounted for more than $12 billion in 2021 globally and is expected to undergo annual growth of 20% until 2030.
“Indiana’s business, technology and sports leaders continue to predict an explosion in the sports-tech sector and have been steadfastly and eagerly building toward this moment for a number of years,” said Armstrong.
The initiative partners say projects will be evaluated on their ability to help IU athletes excel in competition, generate additional revenue, support sports-tech companies that create jobs and create a pipeline for angel investment opportunities.
“It’s a win because one of our big priorities is to find ways to integrate and collaborate with the broader university campus,” said Scott Dolson, IU vice president and director of intercollegiate athletics. This is also an incredible opportunity for our student-athletes. For us to be able to explore and establish cutting-edge ways to improve their performance and to help them grow on and off the field — all while helping to fuel innovation that can lead to new companies and jobs for Hoosiers — is huge for us, our university and our state.”
Cultivating a sports tech ecosystem is not new to Indiana. Last summer, the Indiana Economic Development Corp. and Indiana Sports Corp SportsTech HQ, a nonprofit designed to create an ecosystem that can spur innovation and economic development through investments in sports technology.
Indianapolis is also home to the Techstars Sports Accelerator Powered by Indy. Armstrong envisions working in collaboration with both programs to advance the industry.
“How can we be a part of that. And clearly, one way would be for us to be a testbed for some of the technologies that are that are percolating up there would give us a chance to be helpful, but also maybe, you know, give our coaches an advantage,” said Armstrong.
While the primary focus is on the benefit to the sports programs, Armstrong says this effort also has a defense industry component. They’ll be looking for performance-improving technologies that can help athletes excel, but could also benefit cybersecurity, defense and Indiana’s life sciences sector.
Armstrong says proximity to Crane Naval Surface Warfare Center, which conducts a broad spectrum of research and development for American defense, creates the potential for dual-use opportunities.
“If we can figure out a way to use it in athletics, I think many times there’s clearly a defense application for that,” Armstrong said. “For example, if we did a project with our swim team, if we can further develop [that technology] I’m guessing the Navy Seals and others would be interested in those kinds of technologies.”
IU Ventures IU students, faculty, and staff with advancing high-potential new ventures. It also helps connect alums with business and investment opportunities.
“But really what happened then is we started to talk to our alums about this field and what we were doing, they just got super, super excited about it and being a part of this and giving back in a different way,” said Armstrong.
He says a senior advisory council of IU Athletics and IU Ventures leaders has been assembled to guide the initiatives efforts to engage investors, innovators and entrepreneurs from IU’s worldwide network.