Before NCAA student-athletes could cash in on their name, image and likeness (NIL), Ashton Keys’ startup was already in the NIL game.
Keys is co-founder and CEO of Athlytic, a startup that has developed a software platform to connect collegiate athletes and businesses as they search for NIL deals. In 2021, Athlytic won a $50,000 grant from local nonprofit Arch Grants, and Keys relocated to St. Louis for the program.
Originally from Detroit, Keys launched Athlytic in 2020 with co-founder Jared Eummer. The startup has developed a platform that acts as a broker for student-athletes and businesses, giving a location to facilitate endorsement deals. Through Athlytics’ platform, businesses and athletes create profiles to market themselves to each other.
Athlytic generates revenue from a transaction fee on the deals inked by athletes and through a subscription fee companies pay to be on its platform. The startup uses athletes’ social media profiles to help them determine price and recommend companies they should work with.
Athlytic established operations ahead of the NCAA’s policy change in 2021 to allow athletes nationwide to monetize their name, image and likeness, reversing long-held policies that prohibited individuals from earning income off their status as student-athletes. Prior to that policy shift, Keys said Athlytic started doing endorsement deals with college cheerleaders, who don’t fall under NCAA regulations.
“That was kind of our way to learn,” he said.
Athlytics’ platform, which is currently still in its beta phase, has 700 athletes and 32 companies using it. Keys said he believes the startup’s participation in Arch Grants will help expand its reach. He said most of the athletes that use its platform currently compete for universities in the Big 10 Conference. Adding athletes from schools like the University of Missouri and Saint Louis University would expand the company’s geographic footprint, Keys said.
As it expands operations, Athlytic desires to be more than just a broker to facilitate NIL deals, with plans to add more features and resources for business and athletes. Keys said, for example, the startup plans to roll out a financial literacy course for student-athletes.
To launch operations, Athlytic has utilized grants from several large companies, including Rocket Mortgage, Mastercard, Wilson Sporting Goods, Mountain Dew, Cadillac and CVC Capital Partners. It is currently raising $750,000 in venture funding.
While some companies have been hesitant to ink deals with collegiate athletes, Keys said his company is bullish on the growth potential of the NIL industries.
“I do feel most businesses will in one way, shape or form integrate collegiate athletes within their marketing within the next few years because that’s the best way to reach young audiences,” Keys said.
