Carmelo Anthony’s intro into solo investing paid off big time. In 2006, Daniel Huang and Shawn Dougherty bootstrapped mStation with a $250,000 investment, developing speakers and cases for iPods and MP3 players, according to Forbes. Within their first year, they generated $1 million in revenue, most of the earnings coming from North America. The founders went on to make some power moves with the help of Carmelo Anthony, who was an active NBA player at the time. Here’s how. The Carmelo Anthony Effect In 2007, Huang and Dougherty acquired Mophie, which was responsible for creating the OG portable battery for iPhones. Forbes notes the pair created a battery-powered case, and Mophie’s revenue scaled from $2.6 million in 2008 to $200 million by 2013. Mophie’s revenue was predicted to reach $1 billion within the next five years. “What we got from them that we didn’t have was a global Apple retail presence, customers in 60 plus countries, and a diversification into the case business,”...

Unrivaled, a 3-on-3 women’s basketball league, is leveraging technology to improve the health and wellness of its players. The 3-on-3 league founded in 2023 by WNBA stars Napheesa Collier and Breanna Stewart has been backed by Samsung, its official technology and presenting partner. According to a press release, Samsung is providing the league with technologies such as its Galaxy S Series, Z Series smartphones, headphones (Galaxy Buds), tablets featuring Galaxy AI, monitors, and wearables (Galaxy Watch and Galaxy Ring). “We’re a new league,” Unrivaled President Alex Bazzell told AFROTECH™ . “There’s a lot of innovation involved. There’s a lot of unknowns involved, and we’re trying to kind of push the envelope forward and having Samsung be a part of that innovation with what they’re already doing. Obviously, it’s a pretty seamless partnership for us.” Collier’s Most-Used Technology As An Athlete Collier — who was named Unrivaled’s first MVP — said she mostly utilizes the Galaxy Ring,...

JuJu Watkins has secured a groundbreaking NIL deal. The USC Trojans basketball athlete currently boasts a $739,000 name, image, and likeness (NIL) valuation , thanks to deals with Ritz Crackers, Degree, United Airlines, and NYX Cosmetics. “We are beyond excited to welcome JuJu to the NYX Professional Makeup family,” said Yasmin Dastmalchi, general manager of NYX Professional Makeup, in a news release. “JuJu’s spirit, talent, and commitment to excellence make her a perfect pick for our brand. We can’t wait to support her as she uses her voice to further inspire our community and share our core values.” View this post on Instagram A post shared by Juju Watkins (@jujubballin) Watkins is already making groundbreaking moves as a collegiate athlete. As AFROTECH ™ previously told you, she extended a multi-year contract with Nike, becoming “one of the richest shoe endorsement deals in women’s basketball.” More recently, she expanded her portfolio by adding Fanatics and Fanatics...

Kylian Mbappé has added a team to his growing investment portfolio. Forbes named the French and Real Madrid soccer player among the richest athletes in 2024, with an estimated total earnings of $110 million. It appears he is putting his earnings to good use by investing in the luxury watch-shopping platform Wristcheck, which Jay-Z also backs. According to Robb Report, Mbappé’s interest in the company stemmed from their innovation in technology and creativity. “I’m thrilled to join Wristcheck as an investor through Coalition Capital,” Mbappé said in a press statement, according to the outlet.  “As a Hublot ambassador and someone passionate about watches and innovation, I see Wristcheck as a platform that truly understands the next generation of collectors. They’re reshaping the watch industry with a forward-thinking approach that blends technology, transparency, and creativity.” More recently, Mbappé became a team owner. He secured a stake in the France SailGP Team, which is owned by...

Myles Garrett has signed a historic deal to remain with the Cleveland Browns. Garrett joined the league in 2017 as the No. 1 pick in the NFL draft, notes Yahoo Sports. He was chosen by the Cleveland Browns and has remained there for eight seasons. While his achievements include stats such as 352 total tackles in 117 games and securing titles such as first-team All-Pro and Pro Bowl honors multiple times, he has yet to earn a coveted Super Bowl ring. As a result, the defensive end expressed interest in being traded to another team. “It’s not a decision I take lightly,” Garrett told sports commentator Rich Eisen, according to Cleveland.com. “It took time and lots of conversation, but just looking at the trajectory of the team, talking to some of the higher-ups… I have a lot of respect for them, but I just don’t think we’re aligned on where the team is going in the near future. I feel like the window for us as athletes is only so broad and only continues to close as years go by with...

Happy wife, happy life is how the saying goes. Tracy McGrady will agree. The basketball legend, nicknamed T-Mac, was drafted into the NBA by the Toronto Raptors in 1997. He was just 18 years old at the time and had played high school basketball for North Carolina’s Mt. Zion Christian Academy. He signed a three-year rookie contract valued at $4,689,480, per Spotrac. This was not, however, his first lucrative contract. Just ahead of the 1997 draft, his talents landed him a $12 million shoe endorsement deal with Adidas, as AFROTECH™ previously reported. Making that kind of money at 18 came with its learning curves. McGrady grew up in a household with his mother working as a custodian at Disney while his grandmother was a custodian at his elementary school for three decades. No one in his family earned over $40,000. “You can only imagine I’m 18 years old. I don’t have a family that has taught me financial literacy. I don’t know anything about it. So all of this is just trying to figure...

The Black-owned water bottle brand SUPLMNT welcomes NBA player Gary Payton II as its latest investor. The brand was founded in 2020 by South Philadelphia, PA, native Jairus Morris, who aims to improve hydration in Black and brown communities. His journey as a founder was inspired by his mother, who took on multiple jobs to support the household of five children. “I grew up in a South Philly single-mother household with four siblings. My mother was my first inspiration and motivation to want to be an entrepreneur,” he said in an interview shared on Medium. “She always tried side hustles to bring in extra income for my family; whether it was selling Mary Kay or braiding hair, she did it. Moving us out of the ghetto in South Philly to a suburb in New Jersey was the best thing she could have done. It exposed me to see that there was so much more to life outside of the hood.” As an adult, he also mentioned recognizing disparities around health and wellness, which further inspired his...

Kevin Durant is looking to secure a WNBA team in the city where he played before being drafted into the NBA. The basketball star played at the University of Texas at Austin in 2006 for one year. ESPN reports that during his short time there, he became the Big 12 Player of the Year and earned a Naismith Trophy, the first time in history that a freshman won the award. His talents led him to the NBA in 2007. He was drafted by the Seattle SuperSonics — which no longer exist — in the first round as the second overall pick and secured a four-year rookie contract valued at $19.5 million, per Spotrac. Durant has gone on to become one of the league’s best players and secured two championship rings with the Golden State Warriors after a decade in the league. Now, Durant could be returning to his roots through team ownership. According to USA Today, sources involved in the process named him in a group looking to bid for a WNBA team in Austin, TX. The group also includes former Milwaukee Bucks...