We’ve Entered the Era of the Student-Athlete-Entrepreneur. Here’s What You Need to Know
The most exciting revelation of the NIL era is that every college student-athlete now has the opportunity to build their own business.
With hundreds of millions of dollars in NIL money already paid out and potentially huge revenue sharing agreements on the way, the very foundation of what it means to be a college athlete is changing fundamentally. The days of amateur student-athletes playing just for the love of the game are over – now, college athletes have to think entrepreneurially.
This has thrust college athletes into a position that was previously reserved only for rookies in the major professional sports leagues. Student-athletes as young as 18 are making hundreds of thousands of dollars a year, but unlike professional athletes, today’s student-athletes often lack the support necessary to handle everything on their plates.
These young athletes are left with three full-time jobs – one as an athlete, one as a student, and the other as an entrepreneur negotiating NIL deals, navigating the complexities of paying taxes, building a brand on social media, investing and saving money, and so much more.
No athlete can do that alone. For a student-athlete to maximize their earnings potential in college while setting themselves up for a healthy financial future, they need everyone around them bought into supporting that goal. It starts with athletic programs that are willing to invest in the development of their athletes on and off the field.
That goes beyond just helping these athletes make the right decisions with their money or educating them about taxes – college athletes today need a comprehensive solution that builds the foundation for their financial future.
That’s where Scout comes in. We developed our financial wellness platform to serve this generation of student-athlete-entrepreneurs by providing them with holistic support that they can’t get anywhere else. Scout is as multi-dimensional as the teams and athletes we serve, and that starts with supporting each individual athlete and their diverse financial needs and goals.
There will always be college athletes earning hundreds of thousands of dollars while preparing to go pro who share a locker room with teammates with no professional aspirations who make much less than them. Both athletes deserve the opportunity to make the best financial decisions possible and prepare for a future beyond sports. The colleges using Scout to empower their athletes to think entrepreneurially are already reaping the benefits – their athletes are happier and better prepared for life after sport, and more recruits and transfers are committing to their teams because they, too, want access to those same financial opportunities.
