At least 75 local entrepreneurs have applied to be part of the Sacramento Kings’ new startup innovator contest called Capitalize.
The contest, launched by the Kings last week, is the first of its kind in the NBA. It will award a cash prize to a winning startup company that will be selected by fans attending the Kings’ April 5 game against Portland.
“The point in having this contest is to shine a light on the growing entrepreneurial ecosystem in Sacramento and showcase exciting ideas that are formulating around Sacramento,” Kings President Chris Granger said. “It creates more energy in the community and attracts more capital, and it is great exposure.”
Sacramento-based Velocity Venture Capital is working with the Kings on the contest. The team and company together will narrow the applicant field in the coming weeks to 32 companies. On March 22, those 32 will make their pitches to a group of team and local high-tech executives. Four finalists will be selected, and they’ll be allowed to present their ideas in front of fans before the April 5 game by video. The startups also will get concourse space at Sleep Train Arena that night to showcase their products.
Fans can vote through the team’s Twitter feed. The winner will be announced by the end of the game.
Granger said companies that have applied to participate include a startup for a new cancer treatment program, a healthy meals planning company and an environmental transportation company.
The amount of the winning cash prize is still to be determined. In addition to the cash, the Kings will offer the winning company consulting services.
According to the NBA, the Kings are the first franchise in the league to create this kind of startup contest. The program does bear similarity (albeit on a smaller scale) to the Los Angeles Dodgers’ Accelerator effort with the R/GA ad agency. That program, launched last year, led to the selection of 10 companies, with the Dodgers investing $20,000 in each in return for a 6 percent ownership stake.
Granger said the Kings will look to expand their own program after its April 5 culmination. It’s a pursuit that fits the team’s high-tech, entrepreneurial bent. Under owner Vivek Ranadivé, who acquired the Kings in 2013, Sacramento has been among the first NBA teams to make virtual reality, drones and Google Glass part of their fan experience at Sleep Train Arena.
“I would fully expect that we will do more over time, and not just providing money but maybe investing,” Granger said.
