While it's easy to think that most athletes get more than compensated for their games — not to mention any brand deals — Rush Feldhacker knows it's less than 1%.
With millions of athletes out there with plenty of time, energy and, in some cases, patience, to bring their skills to the masses, he set out to help.
He, along with co-founder Russell Gros, launched St. Petersburg-based Stipend in November 2021. It was just months after the passage of the "name, image, likeness" bill, allowing college athletes the ability to use themselves as a brand.
"We had the idea when [the NIL] came out and then it was a sprint of how quick to get market," Feldhacker said. "It was a chicken and egg situation of supply and demand, so we said, 'Let's supply the athletes.'"
The company created an online marketplace allowing athletes from nine sports to offer both pre-selected and make-your-own experiences for fans. A user could get a personal tennis lesson from University of California Los Angeles player Abbey Forbes, a Q&A with golfer Austin Greaser, who qualified for the U.S. Open or recruiting advice from Penn State linebacker Curtis Jacobs.
With the NIL ruling, there's the possibility high school athletes could soon make money for their own name, image and likeness. Stipend stated if that were to happen, the high school athletes would be allowed on the platform; on the flip side, the college athletes won't get kicked off once they graduate.
"Our inventory will just keep growing year over year," Feldhacker said.
There are close to 100 athletes hailing from 33 schools, with the hope Stipend could soon hit even more — and especially with athletes from Tampa Bay's own backyard. Beyond the athletic talent in the region, Feldhacker believes tech talent is a winning factor for Tampa Bay.
"I feel like everyone is really receptive to the idea, and there's a lot of young talent here," he said. "I think there is a deep talent pool here; it's very collaborative, where I strike conversations up all the time. We have a cool product, so it's, 'Have you tried this?'"
The company is also seeking a seed round for an undisclosed amount, which it would use to bulk up its marketing and product.
"It took a while to get where we are, but we feel we cracked the code on athlete recruitment," Feldhacker said. "Now it's hitting the ground running."
