Sports business is getting the recognition it deserves with a $100,000 prize and global visibility from a new competition on Spike TV. The new series, titled “Sweat, Inc.” began weekly broadcasts on October 20 and airs Tuesdays at 10 p.m. Eastern time. It is presenting a sports and fitness themed variation on the format of the popular entrepreneurial business series “Shark Tank” on ABC.
Over the first nine weeks of the first season, innovators and business entrepreneurs with products and services for the health and fitness industry will tell their stories and promote the unique benefits and value creation model of their businesses. The structure of the program in distinct categories is giving all of sports business a boost by highlighting how many different categories offer significant investment opportunities. Circuit training, interval training and platform devices were three of the first categories to be featured. CoreStix, a manufacturer of lightweight, portable rods used in a resistance training regimen developed by a professional trainer for the Pittsburg Penguins hockey team, was featured on the first episode.
The new production combines a bit of star power with tested expertise to give the presenting businesses a serious challenge in a professional atmosphere. Health and wellness expert, Jillian Michaels is both host and judge. Michaels has been a veteran personal trainer for the series “The Biggest Loser.” The judging team is rounded out by Randy Hetrik and Obi Obadike. Hetrick is a former US Navy SEAL who launched Suspension Training® – a physical conditioning regimen, and is also the founder of TRX, the functional training category leader. Obadike hosts “Workout with Obi” and was recently named Writer of the Year for Bodybuilding.com. Celebrity fitness judges will join the panel on each episode to add expertise to select fitness categories. Other experts, including Beto Perez and Alberto Perlman of the Zumba launch team, will add commentary.
The judges will select the top three presenters to compete head to head in the final episode. The winner of the competition will receive $100,000, the opportunity to develop their brand and launch their program at multiple Retro Fitness locations across the country, as well as a feature in Women’s Health Magazine.
This new competition on Spike TV is spotlighting the growing level of interest that corporate venture capital investors, private equity firms and angel investing syndicates are according sports business. This Friday, November 13, a three day competition that is open to the public will begin. Called “Startup Weekend Olympics” and sponsored by Olympic TOP sponsor Coca-Cola, it will give visibility and a grand prize to the best entrepreneurial business plan from these five categories:
- Health and fitness
The new generation of sports business competitions are also reinforcing a subtle trend that is changing the entire sports business industry. That is obtaining growth capital from professional investors and financial institutions. Traditionally, most sports business was founded on club forms of organizations with limited access to growth capital. If these new sports business competitions continue to grow, it will bring new opportunities for all sports entrepreneurs.