1 00:00:02,480 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. 2 00:00:12,880 --> 00:00:13,720 Speaker 2: Welcome back to the Deal. 3 00:00:13,720 --> 00:00:16,720 Speaker 3: I'm Jason Kelly alongside my partner Alex Rodriguez. All Right, 4 00:00:16,760 --> 00:00:19,560 Speaker 3: so we're here in New York City at Bloomberg Invests. 5 00:00:19,600 --> 00:00:23,360 Speaker 3: We're literally minutes away from taping a live interview in 6 00:00:23,360 --> 00:00:25,720 Speaker 3: front of an audience with Melodie Hobson, one of the 7 00:00:25,720 --> 00:00:29,040 Speaker 3: most influential sports investors these days. So much get into 8 00:00:29,280 --> 00:00:31,680 Speaker 3: You're to hear that later on in the season. But 9 00:00:31,800 --> 00:00:34,280 Speaker 3: one of her most interesting investments to me, and I 10 00:00:34,320 --> 00:00:35,960 Speaker 3: think to you is League One Volleyball. 11 00:00:36,240 --> 00:00:39,080 Speaker 2: This is a startup league. They're going youth to pro. 12 00:00:39,240 --> 00:00:41,199 Speaker 3: We got a chance to sit down a couple of 13 00:00:41,240 --> 00:00:44,240 Speaker 3: weeks ago with their CEO and co founder, Caitlin Goo, 14 00:00:44,560 --> 00:00:46,240 Speaker 3: and I know one of the things that really jumped 15 00:00:46,240 --> 00:00:48,680 Speaker 3: out to you was this vast experience she had in 16 00:00:48,680 --> 00:00:49,640 Speaker 3: the consumer. 17 00:00:49,240 --> 00:00:51,920 Speaker 4: World exactly, Jason. I was so impressed with her background. 18 00:00:51,960 --> 00:00:55,400 Speaker 4: When you look at lou Lemon, Sophora Bain, I mean, 19 00:00:55,440 --> 00:00:57,600 Speaker 4: that's as good as it gets. I was really interested 20 00:00:57,800 --> 00:00:59,440 Speaker 4: and curious to see how she was going to take 21 00:00:59,440 --> 00:01:03,160 Speaker 4: call that great experience and weave it into building on 22 00:01:03,320 --> 00:01:04,200 Speaker 4: this great league that she. 23 00:01:04,120 --> 00:01:05,040 Speaker 2: Wants it to be global. 24 00:01:05,240 --> 00:01:07,000 Speaker 3: Yeah, and it's interesting and we talked about this in 25 00:01:07,000 --> 00:01:08,560 Speaker 3: the episode. I had gotten a chance go down to 26 00:01:08,600 --> 00:01:11,000 Speaker 3: Atlanta see their first serve. They called it the very 27 00:01:11,040 --> 00:01:13,840 Speaker 3: first match they played as pros. It was electric in 28 00:01:13,880 --> 00:01:16,679 Speaker 3: this arena, same arena that the Atlanta Dream play in. 29 00:01:17,160 --> 00:01:17,880 Speaker 2: And you know, it. 30 00:01:17,840 --> 00:01:20,080 Speaker 3: Speaks to a lot of things we talk about on 31 00:01:20,080 --> 00:01:23,080 Speaker 3: this show. This moment that's more than a moment. It's 32 00:01:23,080 --> 00:01:26,400 Speaker 3: a movement for women's sports. All this enthusiasm, you know, 33 00:01:26,560 --> 00:01:28,720 Speaker 3: you see it with the links, you see it with 34 00:01:28,920 --> 00:01:33,000 Speaker 3: other investments that you have so much emphasis and so 35 00:01:33,120 --> 00:01:35,160 Speaker 3: much money going toward women's sports right now. 36 00:01:35,240 --> 00:01:37,480 Speaker 4: I think our listeners are going to be as impressed 37 00:01:37,480 --> 00:01:40,680 Speaker 4: as you and I were. And after this interview, I'm 38 00:01:40,760 --> 00:01:42,839 Speaker 4: very bullish in her vision for this league. 39 00:01:42,959 --> 00:01:58,320 Speaker 3: All right, coming up Kaitlyn Gal. So we're really really 40 00:01:58,360 --> 00:02:00,520 Speaker 3: excited to have with us Kaitlyn Gal. He's the CEO, 41 00:02:00,680 --> 00:02:04,440 Speaker 3: co founder of League one Volleyball. We know it as Love. 42 00:02:04,600 --> 00:02:07,760 Speaker 3: I was there Alex for the first serve in the 43 00:02:07,800 --> 00:02:11,359 Speaker 3: atl They're in the midst of their inaugural season. It's 44 00:02:11,400 --> 00:02:13,359 Speaker 3: super exciting. How's it going so far? 45 00:02:13,680 --> 00:02:17,119 Speaker 1: I think you're seeing me with all of the excitement 46 00:02:17,160 --> 00:02:20,120 Speaker 1: and adrenaline pumping up the lack of sleep. 47 00:02:20,240 --> 00:02:22,280 Speaker 5: So that's how I'm doing. 48 00:02:22,840 --> 00:02:23,040 Speaker 2: Yeah. 49 00:02:23,080 --> 00:02:26,280 Speaker 4: A seminole moment for me, Caitlin was it was a 50 00:02:26,280 --> 00:02:29,080 Speaker 4: few years back and I was watching on Sports Center 51 00:02:29,200 --> 00:02:32,800 Speaker 4: and I was watching University of Nebraska and they played 52 00:02:32,880 --> 00:02:37,080 Speaker 4: volleyball outdoors and I read ninety one thousand people, and 53 00:02:37,120 --> 00:02:39,280 Speaker 4: I thought it was a type or something. And you 54 00:02:39,400 --> 00:02:46,560 Speaker 4: selected six obsessed markets with volleyball, Atlanta, Austin, Houston, Madison, Omaha, 55 00:02:46,600 --> 00:02:49,079 Speaker 4: and Salt Lake. Why those markets and where do you 56 00:02:49,120 --> 00:02:51,440 Speaker 4: see this expanding to other cities? 57 00:02:51,919 --> 00:02:55,639 Speaker 1: Great question because this being the number one team sport 58 00:02:55,680 --> 00:02:59,840 Speaker 1: for girls across the US in terms of size of participation, 59 00:03:00,080 --> 00:03:02,919 Speaker 1: and the sky's the limit in terms of how far 60 00:03:03,000 --> 00:03:06,560 Speaker 1: this can go, how many teams we can have ultimately 61 00:03:06,680 --> 00:03:09,840 Speaker 1: as we build the NBA Volleyball To start with those six, 62 00:03:09,919 --> 00:03:12,799 Speaker 1: it was really important for us to really look at 63 00:03:12,880 --> 00:03:16,480 Speaker 1: a lot of different factors, whether it's the collegiate programs 64 00:03:16,560 --> 00:03:20,160 Speaker 1: like you mentioned. Obviously Nebraska was a no brainer given 65 00:03:20,200 --> 00:03:22,800 Speaker 1: how many people showed up was record breaking for any 66 00:03:23,120 --> 00:03:26,720 Speaker 1: women's sports event, and for us to also look at 67 00:03:26,840 --> 00:03:32,120 Speaker 1: what are the other dynamics of youth participation, of venue availability, 68 00:03:32,160 --> 00:03:34,600 Speaker 1: of the types of venues we felt very strongly about, 69 00:03:35,040 --> 00:03:37,880 Speaker 1: as well as also looking at who are the top 70 00:03:37,920 --> 00:03:42,200 Speaker 1: players in the world that are from the US, and 71 00:03:42,280 --> 00:03:45,280 Speaker 1: for us to see where do they come from, what 72 00:03:45,400 --> 00:03:48,760 Speaker 1: communities have they already resonated with while they were playing 73 00:03:48,800 --> 00:03:51,240 Speaker 1: college or while they're playing at the junior club level, 74 00:03:51,840 --> 00:03:56,000 Speaker 1: And because we have now seventy one junior club locations 75 00:03:56,040 --> 00:03:58,960 Speaker 1: across twenty seven states, it was also for us to 76 00:03:59,000 --> 00:04:03,200 Speaker 1: see how can we have a built in foundation and 77 00:04:03,240 --> 00:04:06,920 Speaker 1: that connection, you know, at our own junior clubs, so 78 00:04:06,960 --> 00:04:09,960 Speaker 1: that we could even physically house them together in terms 79 00:04:10,000 --> 00:04:13,240 Speaker 1: of where they're training, so that that premier league type 80 00:04:13,320 --> 00:04:16,840 Speaker 1: of youth to pro connection can be super authentic, very 81 00:04:16,920 --> 00:04:18,360 Speaker 1: grassroots and natural. 82 00:04:18,560 --> 00:04:20,640 Speaker 3: All right, let's talk about the youth to pro because 83 00:04:20,680 --> 00:04:25,120 Speaker 3: that is it's a huge differentiator. And really this inaugural 84 00:04:25,200 --> 00:04:28,359 Speaker 3: season has been about the Pro League. It's the inaugural 85 00:04:28,440 --> 00:04:30,120 Speaker 3: season the Pro League. You've been in the in the 86 00:04:30,160 --> 00:04:36,120 Speaker 3: youth business. That is no small feat. It was the 87 00:04:36,200 --> 00:04:39,680 Speaker 3: idea from the beginning, how much risk was there in 88 00:04:39,720 --> 00:04:42,320 Speaker 3: your estimation as you sort of built this out, you 89 00:04:42,360 --> 00:04:45,240 Speaker 3: built out the business case of sort of taking on 90 00:04:45,760 --> 00:04:48,200 Speaker 3: an entire sport vertically. 91 00:04:48,240 --> 00:04:52,480 Speaker 1: Interestingly, for us, we really just focused on the size 92 00:04:52,760 --> 00:04:55,960 Speaker 1: of what the sport already is, the unique nature of 93 00:04:55,960 --> 00:04:59,280 Speaker 1: it being the sport that kind of was naturally women 94 00:04:59,440 --> 00:05:03,280 Speaker 1: led both participation as well as how well known it 95 00:05:03,320 --> 00:05:07,719 Speaker 1: is in terms of consumption, and while we really evaluated 96 00:05:07,800 --> 00:05:11,240 Speaker 1: what the space could be, it felt extremely underserved. So 97 00:05:11,640 --> 00:05:15,400 Speaker 1: you have this dichotomy of the participation level being so 98 00:05:15,560 --> 00:05:19,359 Speaker 1: high and not having necessarily sort of the NBA of 99 00:05:19,480 --> 00:05:22,480 Speaker 1: volleyball at the pro level, and at the youth level 100 00:05:22,520 --> 00:05:26,279 Speaker 1: it was extremely fragmented. There are about five thousand plus 101 00:05:26,320 --> 00:05:29,600 Speaker 1: of these junior clubs that exist in the US, and 102 00:05:29,640 --> 00:05:32,039 Speaker 1: they're all sort of separated. There's not really a ton 103 00:05:32,080 --> 00:05:34,320 Speaker 1: of scale, if you will, and what that comes with 104 00:05:34,480 --> 00:05:37,280 Speaker 1: is lack of investment and sometimes consistency. 105 00:05:37,760 --> 00:05:39,080 Speaker 5: And so it was. 106 00:05:39,440 --> 00:05:42,440 Speaker 1: Really very early on before we probably even came up 107 00:05:42,480 --> 00:05:45,599 Speaker 1: with the name Love that we felt very strongly that 108 00:05:46,000 --> 00:05:50,440 Speaker 1: the entire sport was undercommercialized and the fans were underserved. 109 00:05:50,880 --> 00:05:53,880 Speaker 1: And so for us to start with youth was actually 110 00:05:53,960 --> 00:05:56,360 Speaker 1: quite natural because that's where we're the most vibrant. 111 00:05:56,400 --> 00:05:57,039 Speaker 5: Participation. 112 00:05:57,200 --> 00:06:00,919 Speaker 1: Consumption already existed, and we felt very strongly that that 113 00:06:01,000 --> 00:06:04,520 Speaker 1: could also present in this opportunity to build an entire 114 00:06:04,600 --> 00:06:08,760 Speaker 1: brand for the entire ecosystem that creates as I mentioned, 115 00:06:08,760 --> 00:06:12,039 Speaker 1: this journey of belonging from youth to pro and to 116 00:06:12,520 --> 00:06:15,680 Speaker 1: purposely say no, we're not starting with pro. I mean, 117 00:06:15,720 --> 00:06:18,480 Speaker 1: you guys come across so many different startup leagues, right, 118 00:06:18,600 --> 00:06:21,440 Speaker 1: and a lot of times that rushing into something at 119 00:06:21,440 --> 00:06:24,279 Speaker 1: the pro level without having had the luxury or the 120 00:06:24,360 --> 00:06:27,960 Speaker 1: benefit of building it layer by layer, step by stet 121 00:06:28,040 --> 00:06:32,880 Speaker 1: brick by brick, that does sometimes lead into an unsustainability. 122 00:06:33,279 --> 00:06:36,479 Speaker 1: And for us to really kind of corral this foundation 123 00:06:37,200 --> 00:06:40,280 Speaker 1: of a network of clubs that have this day and 124 00:06:40,360 --> 00:06:43,400 Speaker 1: day out consumption at the youth level just created this 125 00:06:43,480 --> 00:06:47,479 Speaker 1: huge opportunity for us to drive lifetime consumption of volleyball 126 00:06:47,520 --> 00:06:49,040 Speaker 1: as opposed to just one part of it. 127 00:06:49,320 --> 00:06:51,960 Speaker 4: Yeah, so, Kaylene, One of the things with my background, 128 00:06:51,960 --> 00:06:53,800 Speaker 4: I spent the first half of my life with Major 129 00:06:53,880 --> 00:06:56,240 Speaker 4: League Baseball that's been around for over one hundred years. 130 00:06:56,560 --> 00:06:58,120 Speaker 4: I think the back nine hopefully would be a lot 131 00:06:58,120 --> 00:07:00,880 Speaker 4: of NBA that's been around for over set twenty five years. 132 00:07:01,520 --> 00:07:01,719 Speaker 2: Now. 133 00:07:01,720 --> 00:07:04,400 Speaker 4: These are two blue chip companies. You're the epitome a 134 00:07:04,440 --> 00:07:08,520 Speaker 4: blue chip with your background Northwestern undergrad, Harvard Business School, 135 00:07:08,560 --> 00:07:13,040 Speaker 4: then you go to Sophora Bain lou Lemon. How do 136 00:07:13,080 --> 00:07:16,160 Speaker 4: you think about blue chip companies that we just mentioned 137 00:07:16,200 --> 00:07:18,800 Speaker 4: compared to a starter and what do you have to 138 00:07:18,840 --> 00:07:22,040 Speaker 4: do a little bit different to grab people's attentions, investors, etc. 139 00:07:22,560 --> 00:07:23,800 Speaker 5: Well, first off, thank you. 140 00:07:24,080 --> 00:07:27,600 Speaker 1: I think that we have this intentionality of building Love 141 00:07:27,800 --> 00:07:32,560 Speaker 1: as a legacy leak, and the characteristics of legacy leagues 142 00:07:32,600 --> 00:07:35,480 Speaker 1: are they're here to stay, they weather the storm, they 143 00:07:35,520 --> 00:07:38,480 Speaker 1: weather the up and downs, and I think that has to. 144 00:07:38,440 --> 00:07:41,480 Speaker 5: Be built off of a really strong foundation. And that was. 145 00:07:41,480 --> 00:07:46,119 Speaker 1: Exactly the justification, if you will, or the inspiration to say, 146 00:07:46,600 --> 00:07:49,360 Speaker 1: we have an opportunity to do this in a way 147 00:07:49,400 --> 00:07:53,680 Speaker 1: that felt very grounded, very disciplined, because we have a 148 00:07:53,760 --> 00:07:56,880 Speaker 1: very clear vision of this being a legacy leak. 149 00:07:57,160 --> 00:07:59,720 Speaker 5: Success would be that this outlasts all of us. 150 00:08:00,160 --> 00:08:03,000 Speaker 1: Right, this isn't just one person's league or here the 151 00:08:03,000 --> 00:08:06,160 Speaker 1: co founding team. No, this this is about each of 152 00:08:06,240 --> 00:08:08,360 Speaker 1: us are here and the time that we're here, we're 153 00:08:08,400 --> 00:08:11,880 Speaker 1: creating it to be even stronger so that it outlasts 154 00:08:11,920 --> 00:08:15,080 Speaker 1: for generations. So there are kids' kids get to experience 155 00:08:15,080 --> 00:08:17,160 Speaker 1: it the way that they get to experience the Bulls. 156 00:08:17,200 --> 00:08:19,840 Speaker 1: I mean, I grew up in Chicago and my identity 157 00:08:20,080 --> 00:08:23,080 Speaker 1: is deeply rooted in the nineties Chicago Bulls. 158 00:08:23,560 --> 00:08:26,360 Speaker 5: And so, however, you know, the success or. 159 00:08:26,480 --> 00:08:28,520 Speaker 1: Lack of success or has been I could be in 160 00:08:28,520 --> 00:08:30,840 Speaker 1: London and I see somebody in a Bulls jersey and 161 00:08:30,880 --> 00:08:32,480 Speaker 1: I want to go up and talk to them because 162 00:08:32,480 --> 00:08:35,720 Speaker 1: we share something that is emotional, that's about a sense 163 00:08:35,720 --> 00:08:39,560 Speaker 1: of belonging and identity. And so I think that all 164 00:08:39,600 --> 00:08:42,520 Speaker 1: startup leagues should be thinking about what is the legacy 165 00:08:42,520 --> 00:08:45,040 Speaker 1: you're creating and how do you create that legacy in 166 00:08:45,080 --> 00:08:48,520 Speaker 1: a sustainable way. And I think that intentionality is really 167 00:08:48,559 --> 00:08:51,480 Speaker 1: coming through both in terms of what we have done 168 00:08:51,720 --> 00:08:54,439 Speaker 1: in five and a half years of building this youth 169 00:08:54,520 --> 00:08:58,840 Speaker 1: and junior club foundation, as well as having the patients 170 00:08:58,880 --> 00:09:01,520 Speaker 1: and the luxury if you well, of being in discussion 171 00:09:01,600 --> 00:09:04,560 Speaker 1: with our founding athletes starting when they were still in 172 00:09:04,600 --> 00:09:08,600 Speaker 1: Tokyo or getting prep for Tokyo Games, to say we're 173 00:09:08,600 --> 00:09:12,560 Speaker 1: building a league together. We're going about this differently. Would 174 00:09:12,559 --> 00:09:14,520 Speaker 1: you like to come along for this ride and how 175 00:09:14,520 --> 00:09:16,720 Speaker 1: would you like to give us the input to say, 176 00:09:16,960 --> 00:09:20,640 Speaker 1: if you were building league with that used to pro mindset, 177 00:09:21,040 --> 00:09:24,000 Speaker 1: this whole journey of belong in consumption, how would you 178 00:09:24,080 --> 00:09:26,880 Speaker 1: do it? And many of them were already situated in 179 00:09:26,920 --> 00:09:30,640 Speaker 1: Europe where they see that used to pro connection already 180 00:09:30,640 --> 00:09:32,160 Speaker 1: playing out in front of their eyes. 181 00:09:32,440 --> 00:09:35,160 Speaker 2: Yeah, you know, Caitlyn, you mentioned something and I saw this. 182 00:09:35,080 --> 00:09:39,680 Speaker 3: When I went to First SERF in Atlanta, sort of 183 00:09:39,800 --> 00:09:46,920 Speaker 3: the emotional reaction that these athletes have had to a 184 00:09:47,040 --> 00:09:49,880 Speaker 3: league being built where there wasn't one before. And it's 185 00:09:49,880 --> 00:09:51,880 Speaker 3: almost like a thought exercise for you, Alex to a 186 00:09:51,920 --> 00:09:54,760 Speaker 3: staid to be like, so you're playing baseball, but there 187 00:09:54,840 --> 00:09:57,200 Speaker 3: is no MLB, you know, and so like you have 188 00:09:57,240 --> 00:09:59,760 Speaker 3: to go abroad to make your living, and then all 189 00:09:59,800 --> 00:10:02,439 Speaker 3: this sudden someone says, you know what, We're going to 190 00:10:02,480 --> 00:10:06,480 Speaker 3: create major League Baseball. You can play in Miami. Like 191 00:10:06,520 --> 00:10:08,439 Speaker 3: it's a little mind bending to think about. But that 192 00:10:08,480 --> 00:10:10,320 Speaker 3: I mean, Caitlin and my right, I mean that was 193 00:10:10,440 --> 00:10:13,480 Speaker 3: essentially what was happening with these athletes who would go 194 00:10:13,760 --> 00:10:16,679 Speaker 3: and they'd play in Nebraska in front of ninety one 195 00:10:16,720 --> 00:10:19,640 Speaker 3: thousand people, but then to be a pro they'd have 196 00:10:19,720 --> 00:10:21,200 Speaker 3: to go live in Russia. 197 00:10:21,520 --> 00:10:22,839 Speaker 5: Right, Yes, that was. 198 00:10:22,920 --> 00:10:25,240 Speaker 1: Mind boggling to me, even you know, five and a 199 00:10:25,240 --> 00:10:29,560 Speaker 1: half years ago. Because Team USA women's indoor team has 200 00:10:29,640 --> 00:10:32,640 Speaker 1: meddled twenty years in a row. They're the best in 201 00:10:32,679 --> 00:10:35,720 Speaker 1: the world. And so you go from Nebraska in these 202 00:10:35,720 --> 00:10:38,720 Speaker 1: incredible collegiate settings. 203 00:10:38,320 --> 00:10:40,040 Speaker 5: And then boom, you're gone. 204 00:10:40,480 --> 00:10:46,120 Speaker 1: You're off to Turkyer, Italy, Russia, Korea, Japan, Brazil. But 205 00:10:46,160 --> 00:10:49,440 Speaker 1: you're not here, certainly, not at the level where you know, 206 00:10:49,480 --> 00:10:54,559 Speaker 1: we have ninety percent of our athletes represent their own countries, right, 207 00:10:54,600 --> 00:10:58,200 Speaker 1: So that's national leveled right in the Olympics exactly, so 208 00:10:58,880 --> 00:11:01,480 Speaker 1: as well as the equivalent of World Cups, right, that 209 00:11:01,520 --> 00:11:04,480 Speaker 1: happened every year. And so when you think about that level, 210 00:11:04,880 --> 00:11:08,520 Speaker 1: and especially for the predominantly US players that are in 211 00:11:08,559 --> 00:11:11,760 Speaker 1: our league, that's like you're playing at the NBA level, 212 00:11:12,160 --> 00:11:15,520 Speaker 1: but there isn't an NBA. So you play abroad in 213 00:11:15,720 --> 00:11:19,480 Speaker 1: other leagues for other countries, and then every year for 214 00:11:19,520 --> 00:11:23,000 Speaker 1: the World Cup equivalent or every four years, you're coming 215 00:11:23,040 --> 00:11:26,000 Speaker 1: back during your breaks to say, I want to represent 216 00:11:26,040 --> 00:11:28,640 Speaker 1: my country, but we don't have an opportunity for all 217 00:11:28,679 --> 00:11:31,760 Speaker 1: these athletes to be playing together in their home soil. 218 00:11:32,360 --> 00:11:35,480 Speaker 1: So Dream Team goes and wins medals coming back and 219 00:11:35,520 --> 00:11:38,600 Speaker 1: there's no NBA level. Now there are other leagues, obviously 220 00:11:38,679 --> 00:11:41,080 Speaker 1: since we started this at the youth level, that have 221 00:11:41,280 --> 00:11:44,319 Speaker 1: entered the space, but certainly not at the same level 222 00:11:44,360 --> 00:11:47,480 Speaker 1: of play as these Olympians, where ninety percent of them 223 00:11:47,559 --> 00:11:50,240 Speaker 1: are representing their home country and now they're coming and 224 00:11:50,280 --> 00:11:52,520 Speaker 1: playing the NBA volleyball here in the US. 225 00:11:53,080 --> 00:11:56,520 Speaker 4: Yeah, I guess my next question is part statement, part question. 226 00:11:56,600 --> 00:11:59,560 Speaker 4: But do you think that part of what has you 227 00:11:59,600 --> 00:12:02,400 Speaker 4: so excited is the tailwinds? I mean, think about where 228 00:12:02,400 --> 00:12:05,280 Speaker 4: we are today in twenty twenty five versus even thirty 229 00:12:05,320 --> 00:12:09,400 Speaker 4: years ago. My parents would never take my sister to 230 00:12:09,480 --> 00:12:12,480 Speaker 4: a ballgame, right, it was just me and my buddies. 231 00:12:12,640 --> 00:12:16,120 Speaker 4: And today I couldn't imagine any of my friends just 232 00:12:16,160 --> 00:12:20,000 Speaker 4: taking their boys to Miami Heat game or Miami Dolphin. 233 00:12:20,400 --> 00:12:22,640 Speaker 4: Is always the boys and the girls, they all go together. 234 00:12:23,120 --> 00:12:26,840 Speaker 4: Do you think that the fan base, the consumer, the tailwinds, 235 00:12:27,160 --> 00:12:29,760 Speaker 4: the WNBA, all of this is in your favor as 236 00:12:29,840 --> 00:12:32,920 Speaker 4: far as storytelling, capital raising, etc. 237 00:12:33,480 --> 00:12:37,960 Speaker 1: Absolutely true that this has been an amazing tailwind. Also 238 00:12:38,080 --> 00:12:40,559 Speaker 1: true that five and a half years ago this wasn't 239 00:12:40,679 --> 00:12:45,040 Speaker 1: exactly what you see today, so we really have benefited 240 00:12:45,080 --> 00:12:48,720 Speaker 1: from that since then. But the idea the vision the 241 00:12:48,840 --> 00:12:52,040 Speaker 1: start of our execution of building the strong foundation that 242 00:12:52,080 --> 00:12:56,120 Speaker 1: came from us just looking around and saying, Wow, we 243 00:12:56,240 --> 00:13:00,520 Speaker 1: have this incredibly popular sport that is completely under served. 244 00:13:00,840 --> 00:13:03,360 Speaker 1: What can we do about it with the purpose and 245 00:13:03,440 --> 00:13:07,160 Speaker 1: profit approach in mind of helping drive better life outcomes 246 00:13:07,200 --> 00:13:09,640 Speaker 1: through the commercial success that we can create. 247 00:13:10,160 --> 00:13:11,199 Speaker 5: So this is an. 248 00:13:11,160 --> 00:13:14,160 Speaker 1: Added bonus and one that's really I think overdue and 249 00:13:14,240 --> 00:13:16,320 Speaker 1: so exciting. I think a lot of it is driven 250 00:13:16,360 --> 00:13:18,679 Speaker 1: from a lot of the levers that you guys talk 251 00:13:18,720 --> 00:13:23,120 Speaker 1: about on this show, disaggregation of media, new patterns of consumption, 252 00:13:23,640 --> 00:13:27,920 Speaker 1: the recognition from brands that women's sports in particular represents 253 00:13:28,000 --> 00:13:32,680 Speaker 1: a really creative and very uniquely compelling way for brands 254 00:13:32,720 --> 00:13:36,200 Speaker 1: to come in and build that affinity with audience that 255 00:13:36,280 --> 00:13:40,240 Speaker 1: are watching women's sports, so that that partnership really becomes 256 00:13:40,320 --> 00:13:45,160 Speaker 1: less of just eyeballs and broad based recognition, but a 257 00:13:45,160 --> 00:13:48,960 Speaker 1: lot of depth and building that relationship with the fans 258 00:13:49,000 --> 00:13:52,760 Speaker 1: for the sponsors slash partners of these incredible leaks. 259 00:14:05,200 --> 00:14:07,240 Speaker 3: All right, so let's get into the deal of it 260 00:14:07,280 --> 00:14:10,240 Speaker 3: all as it were, and talk about, you know, putting 261 00:14:10,280 --> 00:14:13,400 Speaker 3: this together as a business, and then you know, you 262 00:14:13,480 --> 00:14:17,760 Speaker 3: and your partners and I think especially Peter Hirshman going 263 00:14:17,760 --> 00:14:20,640 Speaker 3: out on the road and raising money for this, Like, 264 00:14:20,840 --> 00:14:24,640 Speaker 3: how do you even, you know, start that process of 265 00:14:25,240 --> 00:14:28,760 Speaker 3: knowing who you're going to talk to, knowing how you're 266 00:14:28,800 --> 00:14:30,840 Speaker 3: going to approach, what the pitch is going to be. 267 00:14:30,920 --> 00:14:32,720 Speaker 2: Take us inside those early days. 268 00:14:32,920 --> 00:14:35,520 Speaker 1: Yes, it seems like forever ago, but really it's just 269 00:14:35,600 --> 00:14:38,160 Speaker 1: been five and a half years of three rounds of 270 00:14:38,200 --> 00:14:39,840 Speaker 1: fundraising with some. 271 00:14:39,800 --> 00:14:41,920 Speaker 3: Really well five and a half years, I mean, that's 272 00:14:41,960 --> 00:14:43,840 Speaker 3: that's not a short amount of time. 273 00:14:44,040 --> 00:14:44,600 Speaker 5: You know, it's not. 274 00:14:44,920 --> 00:14:50,520 Speaker 1: And it's been really an incredible experience of meeting folks 275 00:14:50,560 --> 00:14:53,800 Speaker 1: along the way that even if it's initially not the 276 00:14:53,880 --> 00:14:58,160 Speaker 1: right timing for what their investment thesis is that over time, 277 00:14:58,200 --> 00:15:01,680 Speaker 1: as they watch us execute up what we have laid 278 00:15:01,720 --> 00:15:04,800 Speaker 1: out years ago, I do believe that that creates a 279 00:15:04,840 --> 00:15:08,720 Speaker 1: sense of trust, It creates a sense of confidence and 280 00:15:08,800 --> 00:15:11,080 Speaker 1: your ability to set a really strong. 281 00:15:10,760 --> 00:15:11,680 Speaker 5: And ambitious vision. 282 00:15:11,720 --> 00:15:14,680 Speaker 1: As you mentioned, Jason, not everyone decides to take on 283 00:15:15,440 --> 00:15:20,080 Speaker 1: two really robust areas of opportunity here, both at the 284 00:15:20,120 --> 00:15:22,840 Speaker 1: junior level as well as at the pro level, and 285 00:15:22,880 --> 00:15:24,840 Speaker 1: all the other things that can come of it. Once 286 00:15:24,840 --> 00:15:28,040 Speaker 1: you have those two very important cornerstone set, which we 287 00:15:28,120 --> 00:15:31,720 Speaker 1: now do five and a half years later. So I'd 288 00:15:31,760 --> 00:15:36,840 Speaker 1: say that we've never wavered around our sequencing of Foundation first, 289 00:15:37,480 --> 00:15:39,520 Speaker 1: then the halo of the brand next, which is at 290 00:15:39,560 --> 00:15:42,920 Speaker 1: the pro level, and that journey has been one that 291 00:15:43,480 --> 00:15:46,240 Speaker 1: has been very purposely laid out in very sort of 292 00:15:46,280 --> 00:15:48,840 Speaker 1: structured fashion of what are all the milestones we want 293 00:15:48,880 --> 00:15:52,000 Speaker 1: to hit and so for having that laid out very 294 00:15:52,040 --> 00:15:54,840 Speaker 1: clearly and not deviating from it, and it kind of 295 00:15:54,880 --> 00:15:58,080 Speaker 1: just makes sense when you're thinking about driving lifetime consumption 296 00:15:58,240 --> 00:16:01,000 Speaker 1: and you start with youth and you go into pro 297 00:16:01,200 --> 00:16:05,160 Speaker 1: next with the best possible quality of play on the court, 298 00:16:05,440 --> 00:16:07,160 Speaker 1: all of that and thing made a lot of sense, 299 00:16:07,360 --> 00:16:11,200 Speaker 1: especially for folks that really look at it not just 300 00:16:11,360 --> 00:16:16,360 Speaker 1: as a pure sports opportunity, but one that's really driving 301 00:16:16,400 --> 00:16:21,200 Speaker 1: a holistic consumption opportunity. So you know, it's as much 302 00:16:21,200 --> 00:16:24,280 Speaker 1: of an entertainment product as it is a competition product, 303 00:16:24,640 --> 00:16:28,480 Speaker 1: a training product. And now merchandising has become a big 304 00:16:28,520 --> 00:16:32,240 Speaker 1: component of how we're engaging with our fans because we've 305 00:16:32,280 --> 00:16:35,840 Speaker 1: taken a very lifestyle as well as competitive approach on 306 00:16:36,040 --> 00:16:40,120 Speaker 1: what we're offering in our sort of budding program of 307 00:16:40,200 --> 00:16:44,040 Speaker 1: merchandising where you're actually wearing the league name in addition 308 00:16:44,120 --> 00:16:47,560 Speaker 1: to having the team names. Opportunities you don't really see 309 00:16:47,560 --> 00:16:51,640 Speaker 1: that in NWSL or the NFL or the MBA. That 310 00:16:51,880 --> 00:16:55,640 Speaker 1: comes sort of next, well below, kind of where you 311 00:16:55,640 --> 00:16:57,920 Speaker 1: your fan base typically engage at, which is at the 312 00:16:57,960 --> 00:17:00,800 Speaker 1: team level, and we think that there's an opportunity for 313 00:17:00,960 --> 00:17:03,360 Speaker 1: us to create it where it can be at each level. 314 00:17:03,920 --> 00:17:06,119 Speaker 4: So, Caitlin, I'm fascinated by this question. I'm going to 315 00:17:06,160 --> 00:17:08,520 Speaker 4: ask you, and I think our listeners will be two. 316 00:17:09,000 --> 00:17:11,760 Speaker 4: If you think about you've raised, as I understand, one 317 00:17:11,800 --> 00:17:15,960 Speaker 4: hundred and sixty million dollars over three rounds of raising capital, 318 00:17:16,320 --> 00:17:19,199 Speaker 4: let's just divide them into three silos, three buckets. You 319 00:17:19,240 --> 00:17:23,600 Speaker 4: have institutional capital, you have family offices, and then you 320 00:17:23,720 --> 00:17:27,440 Speaker 4: have celebrities slash athletes. I guess my question to you 321 00:17:27,640 --> 00:17:30,479 Speaker 4: is what's the contrast or is it better yet like 322 00:17:30,720 --> 00:17:33,239 Speaker 4: one size fits all? Or is it more of a 323 00:17:33,280 --> 00:17:37,359 Speaker 4: tailor made approach the way you contrast institutional versus family 324 00:17:37,400 --> 00:17:39,400 Speaker 4: offices versus celebrities athletes. 325 00:17:39,720 --> 00:17:43,760 Speaker 1: It's a really good question because we've experienced different indexing 326 00:17:44,000 --> 00:17:49,680 Speaker 1: of those three categories depending on the rounds, Right, earlier rounds. 327 00:17:49,960 --> 00:17:52,720 Speaker 1: In terms of the capital that you need, it doesn't 328 00:17:52,760 --> 00:17:55,360 Speaker 1: really hit the radar some of the larger growth equity 329 00:17:55,840 --> 00:17:58,040 Speaker 1: or even above that in terms of kind of middle 330 00:17:58,040 --> 00:18:01,000 Speaker 1: of the road if you will, you know, private equity firms, 331 00:18:01,080 --> 00:18:04,800 Speaker 1: And that's really more of a mechanical differentiation. But I 332 00:18:04,840 --> 00:18:08,080 Speaker 1: think in terms of, you know, what folks are looking 333 00:18:08,160 --> 00:18:14,160 Speaker 1: for in their investment, both from celebrities, individuals, family offices 334 00:18:14,200 --> 00:18:18,440 Speaker 1: to institutional capital. Interestingly, I actually don't think there's a 335 00:18:18,520 --> 00:18:21,720 Speaker 1: huge difference. I think it's an appetite for risk in 336 00:18:21,760 --> 00:18:24,640 Speaker 1: the stage, but in terms of what they're actually looking for, 337 00:18:25,119 --> 00:18:29,000 Speaker 1: they're typically all looking for a really sizable market, right 338 00:18:29,000 --> 00:18:31,080 Speaker 1: it's the size of the addressable market, and we have 339 00:18:31,119 --> 00:18:34,520 Speaker 1: a huge one. They're also looking for what is your 340 00:18:34,560 --> 00:18:37,840 Speaker 1: business model, what is the talent on the team? You 341 00:18:37,880 --> 00:18:40,919 Speaker 1: know you mentioned Peter Hirshman. You know, he and I 342 00:18:40,920 --> 00:18:43,879 Speaker 1: met at Bay many years ago. We also have Kevin 343 00:18:43,920 --> 00:18:47,480 Speaker 1: Wong who has lived and breathed for decades. He himself 344 00:18:47,560 --> 00:18:50,720 Speaker 1: is an Olympian on the beach side, but started with indoor. 345 00:18:50,800 --> 00:18:54,879 Speaker 1: And also you know broadcasts on NBC for the Beach Olympics, 346 00:18:55,320 --> 00:18:58,639 Speaker 1: and that's just symbolic of all of the people that 347 00:18:58,680 --> 00:19:01,760 Speaker 1: we've corralled, both on the working team as well as 348 00:19:01,800 --> 00:19:06,080 Speaker 1: added benefit of these incredible youth club directors and owners 349 00:19:06,119 --> 00:19:09,000 Speaker 1: who have come into Love and helping us build all 350 00:19:09,040 --> 00:19:13,040 Speaker 1: of this, and all of that is information networks and 351 00:19:13,440 --> 00:19:17,280 Speaker 1: access to capital conversations, and so for us, it was 352 00:19:17,320 --> 00:19:20,240 Speaker 1: actually more so that we are being really clear about 353 00:19:20,480 --> 00:19:23,399 Speaker 1: what our envision is, but the fact that you can't 354 00:19:23,440 --> 00:19:24,640 Speaker 1: actually get there overnight. 355 00:19:24,720 --> 00:19:26,320 Speaker 5: Nothing breaksthrough happens overnight. 356 00:19:26,640 --> 00:19:29,679 Speaker 1: But it's really this methodical approach of what are we 357 00:19:29,760 --> 00:19:32,159 Speaker 1: doing this year, how we're thinking about the launch in 358 00:19:32,240 --> 00:19:35,600 Speaker 1: four years, and having a ton of those conversations with 359 00:19:35,680 --> 00:19:38,760 Speaker 1: the athletes, with the club directors, with the national team 360 00:19:38,840 --> 00:19:42,239 Speaker 1: coaches to really get the benefit of all of that 361 00:19:42,280 --> 00:19:45,760 Speaker 1: brain trust. And I think that's what was reflected in 362 00:19:45,920 --> 00:19:50,639 Speaker 1: all of our pitches, is a diversity of connections in 363 00:19:50,720 --> 00:19:54,439 Speaker 1: and outside of volleyball, in and outside of sports, and 364 00:19:54,480 --> 00:19:57,719 Speaker 1: the fact that we're very intentional about the Love brand. 365 00:19:58,040 --> 00:20:00,320 Speaker 4: And a quick follow up there, I see some of 366 00:20:00,359 --> 00:20:04,480 Speaker 4: your noteworthy investors, Lindsay Vaughan, the great Candas Parker that 367 00:20:04,640 --> 00:20:07,359 Speaker 4: was on the deal, Amy Schumer. These are as big 368 00:20:07,400 --> 00:20:10,159 Speaker 4: as names as you can find. Are you pitching usually 369 00:20:10,160 --> 00:20:12,920 Speaker 4: to the business manager or do they actually make an appearance, 370 00:20:12,960 --> 00:20:15,480 Speaker 4: And if they do make an appearance, do they ask questions? 371 00:20:15,760 --> 00:20:20,560 Speaker 1: They ask incredibly insightful questions because they have the lived 372 00:20:20,600 --> 00:20:25,800 Speaker 1: experience of being in highly pressurized environments. They've seen a 373 00:20:25,880 --> 00:20:30,240 Speaker 1: ton of these pitches come across their desks, and the 374 00:20:30,240 --> 00:20:34,000 Speaker 1: celebrities themselves, the high profile folks themselves as well as 375 00:20:34,359 --> 00:20:38,199 Speaker 1: their business teams, and we welcome that because they all have, 376 00:20:38,720 --> 00:20:42,480 Speaker 1: you know, collectively, really great insights. When you take Candas 377 00:20:42,520 --> 00:20:45,800 Speaker 1: Parker or even Jason Tatum for example, they all have 378 00:20:46,080 --> 00:20:50,840 Speaker 1: real personal connections to the sport. Canada's Parker had played 379 00:20:50,920 --> 00:20:54,520 Speaker 1: volleyball very competitively until she was a sophomore, and I 380 00:20:54,560 --> 00:20:57,639 Speaker 1: think some sort of negotiation or conversation happened with her 381 00:20:57,880 --> 00:21:00,240 Speaker 1: and her dad is like, you gotta pig one because 382 00:21:00,240 --> 00:21:02,320 Speaker 1: you're going to be playing at the highest level. And 383 00:21:02,359 --> 00:21:04,400 Speaker 1: it's too bad that love was and around. We didn't 384 00:21:04,440 --> 00:21:08,000 Speaker 1: have the NBA or the WNBA of volleyball for her 385 00:21:08,000 --> 00:21:12,320 Speaker 1: to play in. And Jason Tatum's mom actually was already 386 00:21:12,359 --> 00:21:15,320 Speaker 1: on her way to a D one scholarship and she 387 00:21:15,960 --> 00:21:19,240 Speaker 1: has a really kind of deep connection with the sport, 388 00:21:19,400 --> 00:21:22,359 Speaker 1: and she was really really competitive in that sport. So 389 00:21:22,720 --> 00:21:27,080 Speaker 1: there's family connections to the sport. In Jason's case, so 390 00:21:27,560 --> 00:21:30,280 Speaker 1: Amy Schumer played volleyball, and I think actually in her 391 00:21:30,320 --> 00:21:33,640 Speaker 1: show she has a character that plays volleyball. So there 392 00:21:33,720 --> 00:21:38,480 Speaker 1: is so much incredibly sort of genuine connection to the sport. 393 00:21:38,640 --> 00:21:41,159 Speaker 1: So that there is sort of this I'm going to 394 00:21:41,440 --> 00:21:45,840 Speaker 1: zoom out and hear what this unique opportunity is not 395 00:21:45,920 --> 00:21:48,320 Speaker 1: just an investment, but what you're trying to create in 396 00:21:48,400 --> 00:21:51,280 Speaker 1: the impact for the sport that is both for purpose 397 00:21:51,320 --> 00:21:54,040 Speaker 1: and for profit. So we're very fortunate to have that 398 00:21:54,119 --> 00:21:56,640 Speaker 1: level of connection to our investors in general. 399 00:21:57,440 --> 00:21:59,919 Speaker 3: Yeah, wow, Alex, I mean that's like it's a sliding do. 400 00:22:00,359 --> 00:22:02,960 Speaker 3: I mean, just think the entire Candace Parker episode of 401 00:22:03,000 --> 00:22:05,840 Speaker 3: The Deal could have been about her being, you know, 402 00:22:06,000 --> 00:22:08,240 Speaker 3: this generational talent and volleyball. 403 00:22:08,320 --> 00:22:10,760 Speaker 2: I mean, like unbelievable exact, it is amazing. 404 00:22:11,080 --> 00:22:13,040 Speaker 3: I mean, as we were going through this, I did 405 00:22:13,119 --> 00:22:15,640 Speaker 3: note to Alex that you have a lot of members 406 00:22:15,760 --> 00:22:18,280 Speaker 3: of what we call the Deal cinematic universe, and you're 407 00:22:18,320 --> 00:22:20,720 Speaker 3: on your cap table. You have kandas Parker, you have 408 00:22:20,760 --> 00:22:24,119 Speaker 3: Billy Jean King, and Alana. You have I believe Carolyn 409 00:22:24,160 --> 00:22:27,439 Speaker 3: Tish Blodgett and next three as part of your investor 410 00:22:27,480 --> 00:22:29,920 Speaker 3: group as well, all who have appeared. 411 00:22:29,680 --> 00:22:30,160 Speaker 2: On the deal. 412 00:22:30,240 --> 00:22:32,760 Speaker 3: Just to be clear, so clearly we're doing the right 413 00:22:32,800 --> 00:22:36,080 Speaker 3: thing because we're talking to very smart investors and athletes 414 00:22:36,119 --> 00:22:39,639 Speaker 3: turned investors. I wonder how we got to that. I mean, oh, yeah, right, Alex, 415 00:22:40,119 --> 00:22:42,119 Speaker 3: I forgot about it. I forgot, I forgot we have 416 00:22:42,200 --> 00:22:44,520 Speaker 3: the og is one of the hosts of Filly Mate, 417 00:22:44,640 --> 00:22:49,040 Speaker 3: Luck and Talent. Yeah, yes, exactly exactly, But it is 418 00:22:49,080 --> 00:22:53,000 Speaker 3: interesting to think about, you know, sort of how they 419 00:22:53,080 --> 00:22:55,320 Speaker 3: got there. But you know, one thing that I wanted 420 00:22:55,359 --> 00:22:57,359 Speaker 3: to make sure we talked about a little bit, Caitlin, 421 00:22:57,680 --> 00:22:58,880 Speaker 3: is sort of how you got here. 422 00:22:58,920 --> 00:23:00,880 Speaker 2: You know, we touched on it a little bit. 423 00:23:01,560 --> 00:23:04,359 Speaker 3: And I do wonder as you reflect on this, you know, 424 00:23:04,440 --> 00:23:07,840 Speaker 3: almost six years into this journey. You know, Alex mentioned 425 00:23:07,880 --> 00:23:11,760 Speaker 3: your educational pedigree of the highest level, but also working 426 00:23:11,760 --> 00:23:16,520 Speaker 3: in consumer brands like Sephora and Lululemon, consulting with Bain, Like, 427 00:23:17,160 --> 00:23:19,240 Speaker 3: what are your reflections on sort of this moment in 428 00:23:19,280 --> 00:23:21,320 Speaker 3: your career. Because I think about a lot of our 429 00:23:21,320 --> 00:23:25,000 Speaker 3: listeners who they dream of doing something like this. You know, 430 00:23:25,040 --> 00:23:28,199 Speaker 3: they're working for big companies they may admire, but you know, 431 00:23:28,240 --> 00:23:30,200 Speaker 3: to go out and start something new in sports, there's 432 00:23:30,240 --> 00:23:33,879 Speaker 3: this you know, movement afoot of understanding the role that 433 00:23:33,960 --> 00:23:37,040 Speaker 3: sports plays in the broader culture, Like have you even 434 00:23:37,080 --> 00:23:39,360 Speaker 3: had a minute to sort of reflect on that for yourself? 435 00:23:39,640 --> 00:23:42,840 Speaker 1: Only recently, I would say, having had the opportunity to 436 00:23:42,880 --> 00:23:43,640 Speaker 1: reflect on it. 437 00:23:44,119 --> 00:23:46,480 Speaker 5: And it really kind of comes down. 438 00:23:46,400 --> 00:23:49,480 Speaker 1: To this not necessarily being one of the kids say 439 00:23:49,520 --> 00:23:52,280 Speaker 1: these days, this was not in my bingo card. Yeah, 440 00:23:52,320 --> 00:23:54,240 Speaker 1: this was not in my bingo card. I have not 441 00:23:54,520 --> 00:23:58,760 Speaker 1: Alex Rodriguez level, not even close. Wasn't d one bound 442 00:23:58,800 --> 00:24:01,960 Speaker 1: for any sport. But maybe I'll come back to this 443 00:24:02,160 --> 00:24:05,600 Speaker 1: idea of I really think of sports as a business 444 00:24:05,640 --> 00:24:08,639 Speaker 1: of belonging. You know, I came to the States at 445 00:24:08,680 --> 00:24:11,199 Speaker 1: age twelve. You know, my mother being the reason that 446 00:24:11,240 --> 00:24:13,640 Speaker 1: we moved to the Stays. She was a physicist and 447 00:24:13,720 --> 00:24:17,119 Speaker 1: her job has you know, taken us a very very 448 00:24:17,240 --> 00:24:20,080 Speaker 1: drastic turn from a life that I would have lived 449 00:24:20,080 --> 00:24:23,240 Speaker 1: and my brother and myself would have lived if we 450 00:24:23,280 --> 00:24:28,359 Speaker 1: stayed in China. So her role, her profession really changed 451 00:24:28,400 --> 00:24:31,679 Speaker 1: the trajectory of our families lives and you know, to 452 00:24:31,760 --> 00:24:33,800 Speaker 1: this day, I think that has been a very strong 453 00:24:33,880 --> 00:24:36,800 Speaker 1: impact on how I think about what that purpose with 454 00:24:36,880 --> 00:24:39,840 Speaker 1: the capital P would be still thinking about what I 455 00:24:39,880 --> 00:24:42,560 Speaker 1: do when I grow up and along the way, you know, 456 00:24:42,640 --> 00:24:45,800 Speaker 1: having had the great opportunities that I've had in both 457 00:24:45,920 --> 00:24:49,520 Speaker 1: educational as well as professional settings, you just meet incredible 458 00:24:49,600 --> 00:24:53,640 Speaker 1: people and those relationships. Once you start to get into 459 00:24:53,640 --> 00:24:56,520 Speaker 1: a certain stage in your career, you're starting to connect 460 00:24:56,520 --> 00:24:58,880 Speaker 1: the dots and then also being a little bit more 461 00:24:58,880 --> 00:25:01,320 Speaker 1: clear about what are the things that motivate you. And 462 00:25:01,440 --> 00:25:03,760 Speaker 1: to me, this idea of being involved in a business 463 00:25:03,760 --> 00:25:06,680 Speaker 1: that is really about a business of belonging and that's 464 00:25:06,760 --> 00:25:09,080 Speaker 1: brought me so much joy just being a fan of 465 00:25:09,160 --> 00:25:12,600 Speaker 1: basketball growing up in Chicago in the nineties. Again not 466 00:25:12,720 --> 00:25:17,199 Speaker 1: a great athlete myself, but felt like, despite the language barrier, 467 00:25:17,240 --> 00:25:19,200 Speaker 1: I was able to feel a sense of belonging by 468 00:25:19,240 --> 00:25:22,840 Speaker 1: trying out different sports because you actually didn't even need 469 00:25:22,880 --> 00:25:26,600 Speaker 1: the verbal communication to feel belonging with your teammates. And 470 00:25:26,640 --> 00:25:29,720 Speaker 1: that's the sense of purpose that we think about in 471 00:25:29,800 --> 00:25:33,239 Speaker 1: driving and building love. And I'm just really grateful that 472 00:25:33,320 --> 00:25:36,920 Speaker 1: relationships got you know, this group of great founders coming 473 00:25:36,960 --> 00:25:40,200 Speaker 1: together and that you know, I've been part of really 474 00:25:40,280 --> 00:25:44,680 Speaker 1: driving a legacy creation that will hopefully outlast all of us. 475 00:25:45,080 --> 00:25:48,800 Speaker 4: So sticking with you, Caitlin, as you think about your 476 00:25:48,960 --> 00:25:51,600 Speaker 4: great career that you've had going back to Harvard Business School, 477 00:25:52,200 --> 00:25:55,639 Speaker 4: bands for lul Lemon, which of those four do you 478 00:25:55,680 --> 00:25:59,880 Speaker 4: think you drew the most experience to help create love. 479 00:26:00,520 --> 00:26:03,040 Speaker 1: I've actually never thought of it that way because so 480 00:26:03,200 --> 00:26:05,600 Speaker 1: much of it is really the culmination of all of it. 481 00:26:05,680 --> 00:26:08,399 Speaker 1: But perhaps one that stuck out at the time that 482 00:26:08,440 --> 00:26:12,320 Speaker 1: we were deciding what is the business model, because it's 483 00:26:12,400 --> 00:26:14,680 Speaker 1: very easy to just say, well, all these startup leagues 484 00:26:14,720 --> 00:26:16,879 Speaker 1: start with pro and then you go back and you 485 00:26:16,920 --> 00:26:19,959 Speaker 1: made the connection for fan base or for other reasons 486 00:26:19,960 --> 00:26:23,280 Speaker 1: into the youth and starting with youth. This idea of 487 00:26:23,320 --> 00:26:28,399 Speaker 1: grassroots up first really came from the most recent exposure 488 00:26:28,440 --> 00:26:31,879 Speaker 1: that I had by running globally commerce at Lululemon, where 489 00:26:32,240 --> 00:26:35,360 Speaker 1: I was maybe even shocked to find that there wasn't 490 00:26:35,400 --> 00:26:36,920 Speaker 1: a marketing department per se. 491 00:26:37,480 --> 00:26:40,480 Speaker 5: It was really labeled community. It was all about getting 492 00:26:40,480 --> 00:26:42,440 Speaker 5: the community to corral around. 493 00:26:42,160 --> 00:26:44,440 Speaker 1: This brand, and so it was a lot more about 494 00:26:44,520 --> 00:26:48,000 Speaker 1: depth than it was about breath, and that was very 495 00:26:48,040 --> 00:26:52,320 Speaker 1: different than a lot of other certain athletic brands or 496 00:26:52,359 --> 00:26:56,879 Speaker 1: other megabrands that have done a lot more emphasis on 497 00:26:57,040 --> 00:27:01,040 Speaker 1: tops down marketing as opposed to grass roots up marketing. 498 00:27:01,520 --> 00:27:03,879 Speaker 1: You know, the example I would give is that in 499 00:27:03,920 --> 00:27:08,240 Speaker 1: many cases, especially in the early years, Lululemon started with 500 00:27:09,359 --> 00:27:11,840 Speaker 1: really a pilate studio. For example, it might be even 501 00:27:11,840 --> 00:27:15,119 Speaker 1: a makeshift one that was only a six month short 502 00:27:15,200 --> 00:27:18,280 Speaker 1: term rental. And that's how they developed new markets or 503 00:27:18,359 --> 00:27:21,840 Speaker 1: new neighborhoods where they would bring in influencers from those 504 00:27:21,880 --> 00:27:25,000 Speaker 1: particular neighborhoods just so that they could yes, be doing 505 00:27:25,080 --> 00:27:28,240 Speaker 1: yoga together pilates, but then there's a rack of clothes 506 00:27:28,280 --> 00:27:31,280 Speaker 1: from lul Lemon where you're getting input. You're getting to 507 00:27:31,320 --> 00:27:34,760 Speaker 1: know their life stories and what functions do they care about, 508 00:27:35,240 --> 00:27:37,439 Speaker 1: down to by the time that they do open the 509 00:27:37,480 --> 00:27:40,119 Speaker 1: permanent space, what do you see on the wall. You 510 00:27:40,160 --> 00:27:45,080 Speaker 1: see actually local influencers. You see local heroes in you know, 511 00:27:45,240 --> 00:27:48,600 Speaker 1: various walks of the sporting life and the run clubs 512 00:27:48,600 --> 00:27:50,480 Speaker 1: still meet there at six am in the morning. 513 00:27:50,960 --> 00:27:51,159 Speaker 5: You know. 514 00:27:51,280 --> 00:27:54,720 Speaker 1: Regionally, they also had people who engaged with the community 515 00:27:54,840 --> 00:27:59,080 Speaker 1: specifically so that they're drawing into the grassroots influence as 516 00:27:59,080 --> 00:28:03,359 Speaker 1: opposed to tops down in pure digital marketing. So we felt 517 00:28:03,480 --> 00:28:06,600 Speaker 1: very strongly, especially sort of digging a little bit deeper 518 00:28:06,600 --> 00:28:09,919 Speaker 1: into what are the relevant learnings there that you know, 519 00:28:09,960 --> 00:28:13,080 Speaker 1: I think that helped us to double down on this 520 00:28:13,240 --> 00:28:14,480 Speaker 1: grassroots up approach. 521 00:28:14,720 --> 00:28:15,600 Speaker 2: That's so interesting. 522 00:28:15,680 --> 00:28:18,960 Speaker 3: You know, one thing that strikes me as you talk about, 523 00:28:19,359 --> 00:28:21,399 Speaker 3: you know, the business of belonging. And you know, the 524 00:28:21,440 --> 00:28:24,200 Speaker 3: other thing that I really do feel like I witnessed 525 00:28:24,240 --> 00:28:28,560 Speaker 3: there in Atlanta. I mean one and Alex you'll drive 526 00:28:28,640 --> 00:28:30,919 Speaker 3: with this, you know, one was the sort of the 527 00:28:31,000 --> 00:28:35,840 Speaker 3: support from the broader Atlanta sports community. You know, It's 528 00:28:35,880 --> 00:28:38,360 Speaker 3: like the president of the Atlanta Dream is there and 529 00:28:38,480 --> 00:28:40,680 Speaker 3: Derek Schiller, the CEO of the Atlanta Braves, like they're 530 00:28:40,720 --> 00:28:43,320 Speaker 3: there sort of showing support, which was interesting to sort 531 00:28:43,320 --> 00:28:43,840 Speaker 3: of see. 532 00:28:43,640 --> 00:28:44,960 Speaker 2: The sports ecosystem. 533 00:28:45,520 --> 00:28:49,160 Speaker 3: But also, and I think this goes all the way 534 00:28:49,200 --> 00:28:51,920 Speaker 3: back to the question of like why these certain markets 535 00:28:52,480 --> 00:28:55,600 Speaker 3: there was such a sense of sort of joy and 536 00:28:55,680 --> 00:29:03,320 Speaker 3: anticipation and excitement in the arena that evening from the fans. 537 00:29:03,720 --> 00:29:06,160 Speaker 3: And I do wonder, you know, Caitlin, as we start 538 00:29:06,160 --> 00:29:08,440 Speaker 3: to wrap up the conversation, like what are you taking 539 00:29:08,520 --> 00:29:12,920 Speaker 3: from the fans? You have developed this community and sort 540 00:29:12,960 --> 00:29:16,640 Speaker 3: of plugged into it in a way from the club 541 00:29:16,920 --> 00:29:19,920 Speaker 3: and the youth level. But what do you take away 542 00:29:19,920 --> 00:29:23,000 Speaker 3: from the fans and how does that inform where you 543 00:29:23,040 --> 00:29:25,520 Speaker 3: take the league from here? What have you learned so 544 00:29:25,680 --> 00:29:28,320 Speaker 3: far from the people who are in the seats. 545 00:29:28,640 --> 00:29:31,720 Speaker 1: The most important lesson we're learning is that if you 546 00:29:31,800 --> 00:29:35,440 Speaker 1: are true to your intentionality of building a community, anything 547 00:29:35,480 --> 00:29:40,240 Speaker 1: as possible, and that community is a community of youth 548 00:29:40,760 --> 00:29:43,880 Speaker 1: clubs and their families. I mean, we had close to 549 00:29:43,960 --> 00:29:47,760 Speaker 1: nineteen thousand athletes and their families in our junior clubs 550 00:29:47,840 --> 00:29:50,800 Speaker 1: and that's expected to double probably in the next year 551 00:29:50,880 --> 00:29:53,920 Speaker 1: year and a half and goes from there as well 552 00:29:53,960 --> 00:29:59,080 Speaker 1: as us having had this intentionality of engaging with the 553 00:29:59,080 --> 00:30:03,640 Speaker 1: collegiate program and their athletes and their coaches engaging with 554 00:30:03,720 --> 00:30:07,400 Speaker 1: other sports. I mean, ultimately, the power really is in 555 00:30:07,440 --> 00:30:13,120 Speaker 1: the community. Why, Because relationships built, that's connected, fans activated, 556 00:30:13,480 --> 00:30:16,400 Speaker 1: all of those pieces, I think validate the fact that 557 00:30:16,800 --> 00:30:20,120 Speaker 1: starting with the community up was absolutely the right choice. 558 00:30:20,160 --> 00:30:22,840 Speaker 1: Even if it wasn't a choice that many others have 559 00:30:23,240 --> 00:30:25,880 Speaker 1: or anyone else has ever made, it felt right For 560 00:30:26,000 --> 00:30:28,400 Speaker 1: volleyball in particular, I mean, this is a sport where 561 00:30:28,520 --> 00:30:30,280 Speaker 1: your opponents are on the other side of the net. 562 00:30:30,680 --> 00:30:33,480 Speaker 1: You've got six starters on one side of the net 563 00:30:33,560 --> 00:30:38,400 Speaker 1: choreographing the most beautiful plays, right, And it's really a 564 00:30:38,520 --> 00:30:42,920 Speaker 1: special sport where it's deeply rooted in that sense of 565 00:30:43,000 --> 00:30:45,560 Speaker 1: belonging and coming together. I mean, win or lose, they 566 00:30:45,560 --> 00:30:48,600 Speaker 1: come together for each point to encourage each other. So 567 00:30:49,160 --> 00:30:51,080 Speaker 1: it's being true to who we are. It's always been 568 00:30:51,080 --> 00:30:54,600 Speaker 1: about community. That's what I think the power will continue 569 00:30:54,640 --> 00:30:56,080 Speaker 1: to be as we continue to grow. 570 00:31:08,880 --> 00:31:11,600 Speaker 2: All right, so should we hit the lightning round? Alex? Yes, 571 00:31:11,680 --> 00:31:14,360 Speaker 2: let's do it. You're reading, okay? I am five questions. 572 00:31:14,640 --> 00:31:16,920 Speaker 3: The only thing we say is keep it tight and 573 00:31:17,000 --> 00:31:18,120 Speaker 3: we'll bounce it back and forth. 574 00:31:18,120 --> 00:31:19,719 Speaker 2: I'll start and then Alex will pick it up. Are 575 00:31:19,800 --> 00:31:20,240 Speaker 2: you reading? 576 00:31:20,680 --> 00:31:21,040 Speaker 5: Let's go? 577 00:31:21,120 --> 00:31:21,640 Speaker 2: No pressure? 578 00:31:21,880 --> 00:31:22,840 Speaker 5: All right, no pressure. 579 00:31:22,880 --> 00:31:25,120 Speaker 3: What's the best piece of advice you've ever received on 580 00:31:25,160 --> 00:31:26,240 Speaker 3: deal making or business? 581 00:31:26,520 --> 00:31:29,440 Speaker 1: Being authentic, being true to who you are and tune 582 00:31:29,440 --> 00:31:30,000 Speaker 1: out the noise. 583 00:31:30,400 --> 00:31:33,240 Speaker 4: Who's your dream deal making partner? 584 00:31:34,320 --> 00:31:34,440 Speaker 3: Oh? 585 00:31:34,480 --> 00:31:36,360 Speaker 5: I already have it my co founding team. 586 00:31:36,960 --> 00:31:39,560 Speaker 3: So maybe someone you haven't worked with yet, but you 587 00:31:39,760 --> 00:31:41,240 Speaker 3: sort of imagine working with. 588 00:31:41,720 --> 00:31:44,400 Speaker 5: Oh Man, that is an interesting Beyonce. 589 00:31:45,160 --> 00:31:47,800 Speaker 3: Oh, that's a good one, right, ants that could be 590 00:31:47,800 --> 00:31:49,680 Speaker 3: the best answer we've gotten to that that question. 591 00:31:49,800 --> 00:31:52,520 Speaker 1: Thanks all right, I'm also manifesting if you can't tell. 592 00:31:52,840 --> 00:31:55,840 Speaker 4: Yeah, that's what we do with the deal. 593 00:31:56,160 --> 00:31:59,400 Speaker 3: I love it exactly. We love deals that Lets start 594 00:31:59,400 --> 00:32:01,800 Speaker 3: on the deal. What's the most nervous you've ever been. 595 00:32:01,720 --> 00:32:04,320 Speaker 5: Caitlin the weekend before first surf? 596 00:32:04,800 --> 00:32:07,240 Speaker 4: What's your hype song before you go into a big 597 00:32:07,280 --> 00:32:08,800 Speaker 4: meeting or a negotiation? 598 00:32:09,920 --> 00:32:11,960 Speaker 1: Not a very cool one, but I want to dance 599 00:32:12,000 --> 00:32:13,680 Speaker 1: with somebody by Whitney Houston. 600 00:32:14,080 --> 00:32:16,360 Speaker 2: Oh well, that's good. That's a good one. 601 00:32:16,600 --> 00:32:20,160 Speaker 3: And what's your advice for someone who might be listening 602 00:32:20,320 --> 00:32:22,000 Speaker 3: who wants to do what you've done? 603 00:32:22,560 --> 00:32:26,160 Speaker 1: Take care of the relationships you have, be intentional about 604 00:32:26,800 --> 00:32:30,280 Speaker 1: developing those with people you admire, and connect the dots. 605 00:32:30,560 --> 00:32:33,200 Speaker 3: All right, really good? I think that could be the 606 00:32:33,240 --> 00:32:35,760 Speaker 3: best lightning round we've ever done. Sorry, everyone else who's 607 00:32:35,760 --> 00:32:38,400 Speaker 3: been on the shack, Kaitlyn, good, this. 608 00:32:38,360 --> 00:32:40,160 Speaker 2: Is a treat. I'd been really looking forward. 609 00:32:40,000 --> 00:32:41,800 Speaker 3: To this, especially since we got to spend some time 610 00:32:41,840 --> 00:32:45,800 Speaker 3: together at the First Serve. Really really fun, Excited for 611 00:32:45,880 --> 00:32:48,160 Speaker 3: what you're building and can't wait to see where it 612 00:32:48,200 --> 00:32:48,640 Speaker 3: goes from here. 613 00:32:48,680 --> 00:32:49,560 Speaker 2: Thank you for joining us. 614 00:32:49,640 --> 00:32:51,000 Speaker 5: Thank you both. Great to be here. 615 00:32:51,360 --> 00:32:53,479 Speaker 4: Thank you. And I can't wait to go to a match. 616 00:32:53,600 --> 00:32:54,160 Speaker 4: I'm excited. 617 00:32:54,200 --> 00:32:56,320 Speaker 2: Yeah, you got to go. It's such a vibe. It's 618 00:32:56,440 --> 00:32:57,840 Speaker 2: such a vibe. It's so fun. 619 00:32:58,120 --> 00:33:00,640 Speaker 1: Alex, we're trying to get you guys to our finals 620 00:33:00,880 --> 00:33:05,280 Speaker 1: in Kentucky. So Louisville on April thirteenth is our finals. 621 00:33:05,400 --> 00:33:09,120 Speaker 5: Okay, so that'll be just as exciting, if not more 622 00:33:09,160 --> 00:33:10,200 Speaker 5: sale than our first serve. 623 00:33:10,680 --> 00:33:11,280 Speaker 4: You got it. 624 00:33:18,120 --> 00:33:20,960 Speaker 3: The Deal is hosted by Alex Rodriguez and me Jason Kelly. 625 00:33:21,480 --> 00:33:24,640 Speaker 3: This episode was made by Anna Maazarakus, Stacey Wong, and 626 00:33:24,720 --> 00:33:28,560 Speaker 3: Lizzie Phillip. Amy Keene is our editor. Our theme music 627 00:33:28,600 --> 00:33:32,320 Speaker 3: is made by Blake Maples. Our executive producers are Kelly Leferrier, 628 00:33:32,920 --> 00:33:36,040 Speaker 3: Ashley Honig, and Brenda Neonham. Sage Bauman is the head 629 00:33:36,040 --> 00:33:40,760 Speaker 3: of Bloomberg Podcasts. Additional support from Rachel Carnivali and Elena 630 00:33:40,840 --> 00:33:43,520 Speaker 3: sos Angeles. Thanks so much for listening to the Deal. 631 00:33:43,840 --> 00:33:46,480 Speaker 3: If you have a minute, subscribe, rate and review our show. 632 00:33:46,920 --> 00:33:50,080 Speaker 3: It'll help other listeners find us. I'm Jason Kelly. See 633 00:33:50,120 --> 00:33:50,640 Speaker 3: you next week.