ASU and GoDaddy launch venture studio for athletes

PHOENIX - Arizona State University has partnered with GoDaddy (NYSE:GDDY), the $25.88 billion market cap web hosting giant that has delivered an impressive 52.3% return over the past year, to create a pioneering program designed to support student-athletes in developing their entrepreneurial skills. According to InvestingPro data, GoDaddy maintains a "GREAT" financial health score, positioning it well for such innovative partnerships. The Student-Athlete Venture Studio, the first program of its kind, aims to help these individuals capitalize on their name, image, and likeness (NIL) rights by providing them with the necessary tools, mentorship, and resources to establish and grow their own business ventures.

This initiative comes in response to the 2021 U.S. Supreme Court ruling that allows college athletes to profit from their NIL without NCAA penalties. However, navigating this new entrepreneurial landscape can be daunting. The Venture Studio is set to ease this process by offering both in-person and online educational content, opportunities for grant funding, and a collaborative workspace located at Mountain America Stadium, strategically placed near Sun Devil Athletics facilities for easy access by the athletes.

More than 650 student-athletes will benefit from over $1 million in cash and in-kind support, including free access to GoDaddy Airo, an AI-powered tool for building an online presence. This program is part of GoDaddy’s global social impact initiative, Empower by GoDaddy, which aims to accelerate the entrepreneurial journey of young innovators.

Jared Sine of GoDaddy highlighted that according to their research, half of Gen Z has entrepreneurial aspirations. The collaboration with ASU is a step towards realizing those ambitions for student-athletes by equipping them with the digital tools necessary to succeed in business off the field.

The program was inspired by a collaboration between Jeff Kunowski of the Edson E+I Institute at ASU and Kate Fitzgerald, a former ASU women’s beach volleyball player who successfully launched her own brand, VBAmerica, under the new NIL regulations. GoDaddy’s strong market position and consistent 7.5% revenue growth demonstrate its capability to support emerging entrepreneurs. For detailed analysis and valuation metrics, check out the comprehensive Pro Research Report available on InvestingPro, covering GoDaddy and 1,400+ other top US stocks. Fitzgerald’s experience as a student-athlete and entrepreneur underscored the need for a platform that could help her peers leverage their athletic profiles to build businesses and networks.

Participants in the program will have the chance to pitch their business ideas for seed funding during an annual Demo Day. This initiative not only aims to foster entrepreneurship among student-athletes but also to provide them with lifelong skills that extend beyond their college sports careers.

The information for this news article is based on a press release statement.

In other recent news, GoDaddy Inc. reported fourth-quarter earnings that fell short of analyst expectations, with adjusted earnings per share at $1.36 compared to the anticipated $1.43. However, the company exceeded revenue projections, posting $1.19 billion against the expected $1.18 billion, marking an 8.4% year-over-year increase. The company forecasts its 2025 revenue to range between $4.86 billion and $4.94 billion, closely aligning with analyst estimates. Following these results, several analysts have adjusted their price targets for GoDaddy. Benchmark raised its target to $275, citing a slight increase in projected 2025 revenue and potential growth in the Applications & Commerce segment. Citi increased its target to $260, highlighting GoDaddy’s strong performance and potential for upward revisions in guidance. Meanwhile, Raymond James lifted its target to $235, maintaining a Strong Buy rating, while Cantor Fitzgerald lowered its target to $210, keeping a Neutral rating. These developments reflect a mix of optimism and caution among analysts regarding GoDaddy’s future prospects.

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