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Michael Jordan Leads $26M Investment In aXiomatic To Enter eSports

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NBA legend Michael Jordan led a Series C funding round of $26M in Team Liquid, a subsidiary of aXiomatic. The other investor who joined the ownership group was Declaration Capital, a family office investing on behalf of David Rubenstein.

Jordan who is arguably the greatest NBA player of all time and won six championships in his career also has deals with Nike [NKE], Gatorade and Hanes. He is a majority stakeholder in Charlotte Hornets, a franchise valued at $1.05B. Jordan’s net worth is pitched at a whopping $1.7B.

The eSports industry is expected to witness robust growth

This investment in aXiomatic marks Michael Jordan’s foray into the eSports industry. Jordan released a statement saying, “I’m excited to expand my sports equity portfolio through my investment in aXiomatic. Esports is a fast-growing, international industry and I’m glad to partner with this great group of investors.”

aXiomatic is the parent company of eSports organization Team Liquid. According to Forbes, aXiomatic is the second most valuable eSports company in the world behind Cloud9.

The eSports segment is a high growth one and is estimated to grow by 38% year-over-year to $905.6M by the end of 2018. Traditional gaming companies such as Activision Blizzard [ATVI] and Electronic Arts [EA] are also looking at eSports to drive revenue growth.

The worldwide eSports audience is estimated to reach 580M by 2021 and this will propel the eSports market close to $2B. Companies such as Amazon’s [AMZN] Twitch have already snagged multi-million dollar broadcasting deals of popular eSports leagues.

ENTREPRENEURS

This Entrepreneur’s Led An IPO, ICO, And Actually Did What The McMahons Couldn’t. (Penetrate China.) Here’s How He Did It

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In the world of startups and entrepreneurships, you have a lot of talk, a lot of dreams, a lot of hype and — ultimately — a lot of disappointments.

But that’s life. It’s a small world. And it doesn’t take long to get found out if you’re not the real deal.

In this Q&A, however, we brought the heat.

David Chen is a Millennial entrepreneur with the experience of a Wall Street retiree.

Billion-dollar merger? Check.

Awards? Check.

Multiple startup exits? Check.

Successful ICO? Check that, too.

And perhaps, most impressively, Dave’s managed to do something even the McMahons of the WWE couldn’t — penetrate the Chinese market successfully.

In this Q&A, we ask him why entrepreneurs fail to raise money, even if they have a good idea (hint: ideas ain’t shit), the first thing you need to do, and, finally, what the best industries were.

Enjoy. 

Let’s get right to it. What’s the main thing stopping entrepreneurs from raising money?

Knowing their audience. You can’t assume that you know something and that it works at one region, but not the rest. It’s a relationship—and most of the times there aren’t relationships out there.

Secondly, you don’t approach someone in esports like you would in commercial. So my FaZe Clan pitch is different from my commloan pitch. 

When is the right time to raise money — and what’s the first thing an entrepreneur needs to do?

There is never a right time, there’s only a right project. Know all your answers, make it simple. If a 10-year-old doesn’t understand it, redo the pitch.

You’re on a number of boards of startups. What’s one you’re bullish on at the moment?

I love them all. Sharebert was named Forbes’ top 23 in tech innovation. Commloan has done over a billion in funding—and I’m a customer.

FaZe Clan is the largest esports team with 300M subscribers and 10B views last year. And Micamp 20/20 does the best credit card processing.

What’s the best startup play — or sector — right now?

Sharebert is a great startup play because the tech is there. The management team is there. The need is there. It’s just there.

FaZe Clan is great because they have the global market, viewership—and they’re different.

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W-key? Nah 📺 @cloakzy #Fortnite #FaZeUp

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What’s the next frontier for start up world.

I see China as the next market.

Why do you say that?

I say that because they have 44% of the world’s population. And if you don’t work with them it, they’ll just do it themselves.

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ENTREPRENEURS

How Real Madrid’s Cristiano Ronaldo Spends His Millions

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With a massive net worth that totals almost $400M, the 34-year old soccer player is also one of the richest sports stars in the world. With a string of deals, bonuses and endorsements coming his way, here’s how he spends his millions.

 

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ENTREPRENEURS

This Millennial Makes 6 Figures From Selling Other Peoples Stuff

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Check out how this 32-year-old, Mark Meyer, started his business with a $400 loan. He is now making six figures, by selling other peoples items on Ebay and Amazon. He mostly gets his inventory from police auctions, liquidations and abandoned storage sales.

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