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Hims & Hers to go public through blank-check company


The direct-to-consumer telehealth startup will go public through a merger with special purpose acquisition company Oaktree Acquisition Corp. The combined entity is expected to be valued at $1.6 billion.

By ELISE REUTER

Direct-to-consumer health company Hims Inc. said it plans to go public through a blank-check company. The San Francisco-based startup confirmed ongoing reports that it was in talks to sell to a special-purpose acquisition company.

The men’s health company first made its foray with cheeky subway ads for hair loss and erectile dysfunction medications. Its similarly branded site for women, Hers, launched a few months later, offering birth control pills, and hair and skin care products.

But more recently, both brands have expanded their services beyond wellness to include virtual primary care visits and mental health services.

“From the moment we launched the company about two-and-a-half years ago, we knew we had struck a really strong chord with people,” CEO and Founder Andrew Dudum said in a phone interview. “Men were coming out of the woodwork talking about how excited they were to finally get care.”

In this case, Hims will merge with a SPAC formed by Oaktree Capital Management. The newly formed entity, called Oaktree Acquisition Corp., went public in July with the intent of using the proceeds to make an acquisition.

After the deal closes, Hims’ stock will be traded on the New York Stock Exchange under the ticker “HIMS.” The combined company will be valued at roughly $1.6 billion.

Dudum said the company chose to go the SPAC route because it provided a faster speed to market and more certainty and flexibility than a traditional IPO. Hims has seen more than 100% compounded annual revenue growth over the last two years and has more than doubled its gross margins to 70%, according to internal data provided by the company.

The past six months, in particular, have been telling. Since the start of the pandemic, Hims began offering $39 cash pay virtual primary care visits, $60 psychiatry evaluations and $15 online support groups.  It also rolled out an at-home saliva test for SARS-CoV-2, the virus that causes Covid-19.

“It’s been a transformative time for the company. The virus has acted as a looking glass into the future, where you can see more people than ever understand the benefits of telemedicine,” he said. “We had a four-year product roadmap with expansion that we were able to execute in two or three quarters. … We feel really confident in the business and the brand as it stands today.”

In the future, Dudum plans to expand further into managing chronic conditions. High cholesterol, diabetes, sleep and infertility are some areas the company might explore in the future, he said.

But Hims & Hers will still stick to its cash pay subscription model, rather than billing through insurance. Most treatments the two brands offer range from $20 to $40 per month, and are structured as a subscription model.

“For the conditions we’re talking about today as well as in the future, we believe we can offer cash pay prices that are cheaper than if not equal to people’s copay for their insurance,” he said.

Hims’ current management and shareholders will roll almost all of their equity into the combined company. Some of its backers include Founders Fund, Forerunner Ventures, Thrive Capital and McKesson Ventures.

After the deal closes, Hims’ shareholders will own roughly 84% of the combined company, while shareholders of Oaktree Acquisition Corp will own a 12% stake. Dudum will have roughly 90% of the voting power of the combined company, according to a filing with the Securities and Exchange Commission.

The combined company will have $330 million in cash, including $205 million from Oaktree Acquisition Company and $75 million from a private placement. The merger has been approved by both companies’ boards and is expected to close before the end of the year.

Photo credit: Screenshot of Hims website

Source

MedCity News

Date

October 1, 2020

Category

Business

Hims & Hers, a Multi-Specialty Telehealth Platform, to Become Publicly-Traded via Merger with Oaktree Acquisition Corp.

  • Hims & Hers is a telehealth leader modernizing the delivery and accessibility of digital, consumer-focused healthcare services
  • Transaction will enable further investment in growth and new product categories that will accelerate Hims & Hers’ plan to become the digital front door to the healthcare system
  • Combined company to have an implied initial enterprise value of approximately $1.6 billion, with the company expected to have an estimated $330 million in cash after closing
  • Top-tier investors, including Franklin Templeton and clients of Oaktree, anchoring a $75 million PIPE
  • Leading existing institutional backers of Hims & Hers, including Founders Fund, Forerunner Ventures, IVP, Redpoint Ventures, Thrive Capital, McKesson Ventures, and the Canadian Pension Plan Investment Board intend to roll 100% of their equity

October 01, 2020 09:01 AM Eastern Daylight Time

SAN FRANCISCO & LOS ANGELES--(BUSINESS WIRE)--Hims, Inc. (“Hims & Hers” or the “Company”), a market leading telehealth company, and Oaktree Acquisition Corp. (NYSE: OAC.U, OAC, OAC WS), a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management, L.P. (“Oaktree”), announced today that they have entered into a definitive merger agreement. Upon completion of the transaction, the combined company’s securities are expected to be traded on the New York Stock Exchange (NYSE) under the symbol “HIMS.”

Hims & Hers is on its way to becoming a publicly-traded company!

Company Overview

Launched in 2017, Hims & Hers has built a proprietary platform that connects consumers to licensed healthcare professionals for care across numerous specialties, including primary care, mental health, sexual health and dermatology, among others. Since its founding, the Company has facilitated more than two million telehealth consultations, enabling greater access to high quality, convenient and affordable care for people in all 50 states. The Company has driven 100%+ compounded annual revenue growth over the last two years and has more than doubled gross margins to 70%+, with revenue that is over 90% recurring in nature.

The future of healthcare will be led by consumer brands that empower people and give them full control over their healthcare. A direct relationship with consumers is the most valuable component in the healthcare system. Hims & Hers has endeavored to build a healthcare system that squarely focuses on the needs of the healthcare consumer. Hims & Hers directs the consumer experience from start to finish, uniquely positioning the Company in the rapidly-emerging telemedicine landscape to lead the industry in B2C-focused telehealth solutions.

Hims & Hers has built a strong customer base of highly loyal brand ambassadors who represent the future of the healthcare system. The Company’s customers embrace its convenient, digitally native product, generating organic growth through word of mouth and user-generated content, which enhances brand awareness and lowers customer acquisition costs. The majority of its consumers are millennials, a high-value generation at the beginning of its lifetime value curve that is poised to expand its purchasing power. The Hims & Hers platform is set up to serve these customers over the long-term by offering great user experience and access to high quality medical care.

As of June 2020, Hims & Hers had approximately 260,000 subscriptions on the platform.

Management Comments

“We’re thrilled to partner with Oaktree Acquisition Corp. to usher Hims & Hers into our next phase of growth as we work to become the front door to the healthcare system, serving as the first stop for peoples’ health and wellness needs across hundreds of conditions,” said Andrew Dudum, CEO and founder of Hims & Hers. “Hims & Hers was founded to make it easier and more affordable for everyone to get the healthcare they need. We remain committed to advancing that goal as we expand into new categories of care and build an enduring healthcare company that brings choice, affordability and access to consumers.”

“We are very pleased to launch our Oaktree Acquisition Corp. franchise with this partnership with Hims & Hers, a rapidly-growing provider of much-needed innovation to the healthcare system,” said Howard Marks, Co-Chairman of Oaktree. “This transaction shows Oaktree Acquisition Corp. to be a complementary extension of Oaktree’s capabilities and builds on our strength in sourcing opportunities throughout the market cycle.”

“We founded Oaktree Acquisition Corp. to partner with a high quality, growing company that will benefit from a public currency for its next leg of growth,” said Patrick McCaney, CEO of Oaktree Acquisition Corp. “Hims & Hers is an ideal match and represents a unique opportunity to invest in a rapidly-growing company that is modernizing the delivery and accessibility of healthcare and wellness solutions. Over the past two years, the Company has experienced significant growth bolstered by the continuing widespread adoption of telehealth and digital patient care solutions – and we think this is just the beginning. We look forward to partnering with Hims & Hers to accelerate the expansion of its high-quality, end-to-end care services across the broader healthcare marketplace.”

Key Transaction Terms

The business combination values the combined company at an enterprise value of approximately $1.6 billion and is expected to deliver up to $280 million of cash to the combined company through the contribution of up to $205 million of cash held in Oaktree Acquisition Corp.’s trust account, and a $75 million concurrent private placement (PIPE) of common stock of the combined company, priced at $10.00 per share, from leading institutional investors, including funds managed by Franklin Templeton and certain Oaktree clients. The enterprise value equals 8.9x estimated 2021 revenue and 12.2x estimated 2021 gross profit, an attractive valuation relative to telehealth peers despite the Company’s leading growth and margin profile.

As part of the transaction, Hims & Hers’ current management and existing equity holders will roll nearly 100% of their equity into the combined company. Leading existing institutional backers of the Company including Founders Fund, Forerunner Ventures, IVP, Redpoint Ventures, Thrive Capital, McKesson Ventures, and the Canadian Pension Fund intend to roll 100% of their shares and the transaction agreement provides for up to $75 million of cash consideration at closing to shareholders, at their election. Assuming no public shareholders of Oaktree Acquisition Corp. exercise their redemption rights and before any potential cash consideration to Hims & Hers shareholders, current Hims & Hers equity holders will own approximately 84%, Oaktree Acquisition Corp. shareholders will own approximately 12%, and PIPE investors will own approximately 4% of the issued and outstanding shares of common stock, respectively, of the combined company at closing. Furthermore, the combined company will be capitalized with up to $330 million in cash, including proceeds received from the transaction together with existing cash on Hims & Hers’ balance sheet. The business combination includes a minimum cash closing condition of $200 million, which is calculated as cash delivered from Oaktree Acquisition Corp.’s trust account, plus cash delivered from the PIPE, minus the up to $75 million of cash consideration at closing to shareholders as described above. Hims & Hers intends to continue investing in growth and new product categories to accelerate its goal of becoming the digital front door to the healthcare system.

The transaction, which has been unanimously approved by the Boards of Directors of each Hims & Hers and Oaktree Acquisition Corp., is subject to approval by Oaktree Acquisition Corp.’s shareholders and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2020.

A more detailed description of the transaction terms and a copy of the Agreement and Plan of Merger will be included in a current report on Form 8-K to be filed by Oaktree Acquisition Corp. with the United States Securities and Exchange Commission (the “SEC”). Oaktree Acquisition Corp. will file a registration statement (which will contain a proxy statement/ prospectus) with the SEC in connection with the transaction.

Advisors

LionTree Advisors is serving as exclusive financial advisor to Hims & Hers and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP is serving as legal counsel.

Credit Suisse and Deutsche Bank Securities are serving as capital markets advisors and private placement agents to Oaktree Acquisition Corp. Deutsche Bank Securities is acting as financial advisor to Oaktree Acquisition Corp. Kirkland & Ellis LLP is serving as legal counsel to Oaktree Acquisition Corp.

Management Presentation

A presentation made by the management teams each of Hims & Hers and Oaktree Acquisition Corp. regarding the transaction will be available on the websites of Oaktree Acquisition Corp. at https://www.oaktreeacquisitioncorp.com/news and Hims & Hers at forhims.com/investor and forhers.com/investor. Oaktree Acquisition Corp. will also file the presentation with the SEC as an exhibit to a Current Report on Form 8-K, which can be viewed on the SEC’s website at www.sec.gov.

About Hims & Hers

Hims & Hers is a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals, enabling them to access high quality medical care for numerous conditions related to primary care, mental health, sexual health, dermatology, and more. Launched in November 2017, the company also offers thoughtfully created and curated health and wellness products. With products and services available across all 50 states and Washington, D.C., Hims & Hers is able to provide all Americans access to quality, convenient and affordable care through a computer or smartphone. Hims & Hers was founded by CEO Andrew Dudum, Hilary Coles, Jack Abraham and Joe Spector at venture studio Atomic in San Francisco, California. For more information about Hims & Hers, please visit forhims.com and forhers.com.

About Oaktree Acquisition Corp.

The Oaktree Acquisition Corp. franchise was formed to partner with high-quality, growing companies to facilitate their successful entry to the public markets. By leveraging the deep capabilities and experience of its sponsor, an affiliate of Oaktree, which manages $122 billion in assets under management as of June 30, 2020, Oaktree Acquisition Corp. seeks to provide best-in-class resources and execution, coupled with a focus on long-term partnership and shareholder value creation. For more information about Oaktree Acquisition Corp. or Oaktree Acquisition Corp. II, please visit oaktreeacquisitioncorp.com.

Additional Information and Where to Find It

Oaktree Acquisition Corp. intends to file with the SEC a Registration Statement on Form S-4 containing a proxy statement/prospectus relating to the proposed business combination, which will be mailed to its shareholders once definitive. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the proposed business combination. Oaktree Acquisition Corp.’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed business combination, as these materials will contain important information about the Company, Oaktree Acquisition Corp. and the proposed business combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to shareholders of Oaktree Acquisition Corp. as of a record date to be established for voting on the proposed business combination. Shareholders of Oaktree Acquisition Corp. will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a written request to: Oaktree Acquisition Corp., 333 South Grand Avenue, 28th Floor, Los Angeles, California.

Participants in the Solicitation

Oaktree Acquisition Corp. and its directors and executive officers may be deemed participants in the solicitation of proxies from Oaktree Acquisition Corp.’s shareholders with respect to the proposed business combination. A list of the names of those directors and executive officers and a description of their interests in Oaktree Acquisition Corp. is contained in Oaktree Acquisition Corp.’s annual report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC and is available free of charge at the SEC’s web site at www.sec.gov, or by directing a written request to Oaktree Acquisition Corp., 333 South Grand Avenue, 28th Floor, Los Angeles, California. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed business combination when available.

Hims & Hers and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Oaktree Acquisition Corp. in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination when available.

Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or Oaktree Acquisition Corp.’s or Hims & Hers’ future financial or operating performance. For example, statements about the expected timing of the completion of the proposed business combination, the benefits of the proposed business combination, the competitive environment, and the expected future performance (including future revenue, pro forma enterprise value, and cash balance) and market opportunities of Hims & Hers are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Oaktree Acquisition Corp. and its management, and Hims & Hers and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with respect to the proposed business combination; (2) the outcome of any legal proceedings that may be instituted against Oaktree Acquisition Corp., Hims & Hers, the combined company or others following the announcement of the proposed business combination; (3) the inability to complete the proposed business combination due to the failure to obtain approval of the shareholders of Oaktree Acquisition Corp. or to satisfy other conditions to closing, including the satisfaction of the minimum trust account amount following any redemptions; (4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed business combination; (5) the ability to meet stock exchange listing standards at or following the consummation of the proposed business combination; (6) the risk that the proposed business combination disrupts current plans and operations of Hims & Hers as a result of the announcement and consummation of the proposed business combination; (7) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the proposed business combination; (9) changes in applicable laws or regulations; (10) the possibility that Hims & Hers or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the limited operating history of Hims & Hers; (12) the Hims & Hers business is subject to significant governmental regulation; (13) the Hims & Hers business may not successfully expand into other markets, including womens’ health; and (14) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Oaktree Acquisition Corp.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and which will be set forth in registration statement on Form S-4 to be filed by Oaktree Acquisi-tion Corp. with the SEC in connection with the proposed business combination.

Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Oaktree Acquisition Corp. nor Hims & Hers undertakes any duty to update these forward-looking statements.

Non-Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Oaktree Acquisition Corp., the Company or the combined company, nor shall there be any sale of any such securi-ties in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Contacts

Investor Relations

Hims & Hers
Bob East or Jordan Kohnstam
Westwicke, an ICR company
HIMSIR@westwicke.com
(443) 213-0500

Oaktree Acquisition Corp.
infoOAC1@oaktreeacquisitioncorp.com

Media Relations

Hims & Hers
Chelsea Harrison
charrison@forhims.com

Sean Leous
Westwicke, an ICR company
HIMSPR@westwicke.com
(646) 866-4012

Oaktree Acquisition Corp.
mediainquiries@oaktreecapital.com

Source

BusinessWire

Date

October 1, 2020

Category

Business

Jennifer Lopez And Alex Rodriguez Invest In Coffee Brand Super Coffee Cofounded By 30 Under 30 Honorees

Kitu Life Inc, the company behind the coffee brand Super Coffee cofounded by three brothers who made our 2019 30 Under 30 Food and Drink list, announced today that it has picked up a minority investment from superstar couple Jennifer Lopez and Alex Rodriguez.

JLo’s and ARod’s investment is a follow on to the Series B round the company closed in July, which at the time put its valuation at over $200 million. Super Coffee expanded the terms of the round for the celebrity couple and closed the investment from Lopez and Rodriguez in August. Per Super Coffee, the post-money valuation is now $240 million.

Jim DeCicco, the oldest brother and the company’s CEO, says that it’s surreal for them that five years after starting the company they have attracted the attention of their childhood idol. (DeCicco says that growing up as Yankees fans the brothers pretended to be Alex Rodriguez while playing baseball in their backyard).

“The cool thing about them is that Jen is a global icon, Alex is one of the best baseball players to ever play the game, and they are at a point in their career where they are shifting from their huge personal brand to being known for their business acumen,” DeCicco says. “We view them as business partners rather than celebrity endorsement or brand advocates. They are going to coach us, this is a real partnership and as minority owners in our company they have a vested interest in seeing it succeed.”

In a press statement, Rodriguez says that they like winning companies with winning founders, who have energy and who are coachable.

“The brothers behind Super Coffee fit the bill. They have built a strong business in a short time and we look forward to helping the brand reach its full potential,” Rodriguez says.

Lopez adds that when Alex and she first heard the Super Coffee story and tasted the product, they wanted to be a part of it.

“We knew we could use our networks to build this brand globally,” Lopez says.

The investment comes after Super Coffee signed a deal with Anheuser-Busch InBev’ for national distribution to over 25,000 stores in June of this year. A few months earlier, in January, Alex Rodriguez became a co-owner and chairman of the Dominican Republic’s Presidente beer (owned by Anheuser-Busch).

“Initially the connection was serendipitous, but I think it was really part of the strategic value that Alex brings to our brand,” DeCicco says. “Once he found out that we were given an exclusive distribution deal, Alex realized that he can have an influence on the future and the outcome of our business by simply picking up the phone and leveraging his top-to-top relationship with Anheuser Busch’s executives.”

Photo
Super Coffee cofounders during their pitch on Shark Tank (L to R): Jim DeCicco, Jake DeCicco, Jordan ... [+] KITU LIFE

Rodriguez first heard of Super Coffee from Shark Tank where the brothers appeared in 2018. Then, the DeCiccos didn’t get a deal, nor an offer from any of the sharks (Rodriguez was a guest judge, but wasn’t present during the filming of that episode). At the time, the three of them asked for a $500,000 investment in exchange of 4.5%. Today, at a $240 million valuation, 4.5% share would amount to just under $11 million.

With the investment, JLo and ARod join a growing list of celebrity investors that have acquired a stake in Super Coffee, which already includes actor Patrick Schwarzenegger, Green Bay Packers’ quarterback Aaron Rodgers, Denver Nuggets’ center Mason Plumlee, and former NFL MVP Boomer Esiason, among others.

The company was started in 2015, when the youngest brother Jordan, who was a starting basketball player at Philadelphia University, started brewing coffee in his dorm room as a way to stay up late nights and manage a busy student athlete schedule.

Once they turned it into a company, Jim left his job as financial analyst for The Blackstone Group, the middle brother Jake stayed on for just one more year to get his undergraduate degree, and Jordan decided to drop out of school to accept the Peter Thiel Fellowship.

The NY-based enterprise currently has 90 full-time employees and has seen an explosive growth in revenue since its inception.  In 2016 Super Coffee made $200,000 in sales, in 2017 it was $800,000, in 2018 it grew to $3.5 million, in 2019 it was $26 million, and in 2020 their estimates are that they’re going to clear $70 million in sales.

Source

Forbes

Date

September 25, 2020

Category

Business

"Shark Tank" Heads to Las Vegas, Adds Two New Guest Sharks

"Shark Tank," the critically acclaimed and multi-Emmy® Award-winning business-themed unscripted series that celebrates entrepreneurship in America, adds two brand-new guest Sharks for its 12th season, premiering FRIDAY, OCT. 16 (8:00-9:00 p.m. EDT), on ABC. Blake Mycoskie, founder of TOMS and co-founder of Madefor, and Kendra Scott, founder and CEO, Kendra Scott, LLC, and one of only 16 women to found a $1 billion company, will appear individually alongside Sharks Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John and Kevin O'Leary in various episodes during the 2020-2021 season. Alex Rodriguez, legendary baseball player and founder and CEO of A-Rod Corp, and Daniel Lubetzky, founder and executive chairman of KIND, also return for the show's 12th season. Episodes can be viewed the day after their premiere on demand and on Hulu.

Produced by MGM Television and Sony Pictures Television, the unrivaled and beloved show, which has become a culturally defining series, filmed for the first time ever in Las Vegas, hosted by The Venetian®  and Sands Expo & Convention Center.

The new guest Sharks are (alphabetically) as follows:

Blake Mycoskie – Blake Mycoskie is a serial entrepreneur, philanthropist and bestselling author most known for founding TOMS Shoes, and is the person behind the idea of One for One®, a business model that helps a person in need with every product purchased. Since its inception, TOMS Shoes has provided almost 96 million pairs of shoes to children around the globe. In 2014, after selling half of the company to Bain Capital, Mycoskie stepped down as CEO of TOMS. Utilizing half of his proceeds, he started the Social Entrepreneurship Fund to help early startups with core social missions get off the ground with much-needed funding.  Since then, he has invested in over 25 social enterprises. More recently, Mycoskie co-founded his newest company, Madefor. A 10-month program that applies the principles of modern neuroscience, psychology and physiology to make your brain and body better. Created alongside scientists from Stanford, Harvard and other top universities, Madefor helps people learn and sustain positive habits and practices that have the greatest impact on their lives. Mycoskie has achieved numerous accolades for his unique approach to business including the Secretary of State's 2009 Award of Corporate Excellence, the 2015 Next Generation Award from Harvard's School of Public Health, the 2016 Cannes Lion Heart Award and the 2018 amfAR Award of Courage. Mycoskie has also been featured in People Magazine in the "Heroes Among Us" section and in Fortune Magazine's "40 Under 40," among others. Mycoskie also recently expanded his philanthropic efforts to include the funding of the Center for Psychedelic and Consciousness Research at Johns Hopkins, making it the first such research center in the U.S. and the largest of its kind in the world. Born and raised in Texas, Mycoskie now resides in Jackson, Wyoming, with his family, dogs and horses. In his free time, he can be found outside enjoying nature whether it is rock climbing, surfing or snowboarding.

Follow Blake Mycoskie on Twitter and Instagram.

Kendra Scott – Designer, founder and CEO Kendra Scott started her company in 2002 with only $500 and just three months after her first son was born. As a creative mind with a love of natural gemstones, Scott began going door-to-door to Austin boutiques armed only with a tea box full of her jewelry, captivating businesses and customers with her vibrant personality and unique eye for design. Determined to maintain growth and preserve the vision of her business, Scott waited over 10 years to accept outside investments. She has since grown the company to a billion-dollar valuation with over 100 stores nationwide and a thriving e-commerce and wholesale business. According to a 2018 PitchBook study, Scott is among only 16 women in the United States to carry the title of founder of a company valued at $1 billion. Today, Scott's company continues to operate out of Austin, Texas, with their state-of-the-art corporate office complete with a design lab and an industry-leading distribution center, both catering to her employees' career goals and family-life balance.  With family and fashion as two core pillars of her business, Scott maintains a focus on her third core pillar of philanthropy in all she does. Since 2010, the company has given back over $30 million to local, national and international causes. On a national level, Scott supports organizations that actively help women and children live their brightest, healthiest and most empowered lives. This comes to life through initiatives like the Kendra Cares program, where the brand brings its customizable Color Bar™ to pediatric hospitals across the country as a creative arts program. Scott has been awarded with the EY Entrepreneur of the Year 2017 National Award, the Breakthrough Award from the Accessories Council Excellence Awards, named Outstanding Mother of the Year by the Mother's Day Council, awarded Texas Businesswoman of the Year by the Women's Chamber of Commerce, listed by Forbes as one of America's Richest Self-Made Women, listed among the Top 100 Entrepreneurs of the Year by Upstart Business Journal, and named Best CEO by Austin Business Journal. In 2019, Scott was inducted into the Texas Business Hall of Fame. She is a member of the board of directors for the Breast Cancer Research Foundation.

Follow Kendra Scott on Twitter and Instagram.

Watch the season premiere FRIDAY OCT 16 8|7c on ABC!

Source

ABC

Date

September 21, 2020

Category

Media

Hispanic Heritage Month: Alex Rodriguez in Conversation at Paley Front Row 2020

Paley Front Row 2020 with Alex Rodriguez and Natalie Morales. The Paley Center welcomes baseball legend, acclaimed broadcaster, and entrepreneur Alex Rodriguez for an intimate conversation about his career on and off the field. Alex will discuss his many successes through the lens of his iconic presence on television as a baseball star; Emmy-winning broadcaster for ESPN, Fox Sports, and CNBC’s Back in the Game; and role as CEO of A-Rod Corp. Acclaimed journalist Natalie Morales of the Today Show will moderate this conversation.

Source

The Paley Center for Media

Date

September 17, 2020

Category

Business, Media

‘From pinstripes to the boardroom,’ A-Rod is building investment clout with lessons from Warren Buffett and Magic Johnson

Welcome to Human Capital, an open exploration of the ideas and people moving financial services forward. In each edition, we feature a leader or rising star who's changing the game in his or her own way. "Finance is an apprentice business," one often hears in this sector. Here are some of the teachers. Click Subscribe above to be notified of future editions.

When Alex Rodriguez popped into my Zoom window one day last week, I squinted. Who was this 45-year-old in a suit and tie? Where were the Yankees pinstripes?

Like many, my memories of Rodriguez are anchored to his career in Major League Baseball — to the 2009 World Series championship; to the three most-valuable-player awards; to the 2014 season, or lack of it for A-Rod, when he was suspended for the use of performance-enhancing drugs; and to the unceremonious exit from the New York Yankees and MLB a few years later.

Today's Rodriguez is different: measured, somewhat philosophical, and a student — not of sports, but of business. His investment holding company, A-Rod Corp, has been both busier than ever and in the midst of a strategy revamp. Expanding from its roots in real estate, it has been an investor in well-known consumer companies such as Snapchat developer Snap Inc. and private-aviation business Wheels Up, as well as other companies thriving during the coronavirus pandemic, such as telemedicine provider Hims & Hers and investing app Acorns.

Most recently, vying to buy the New York Mets has taken up much of his time, energy, and patience. Billionaire investor Steve Cohen this week reached an agreement to acquire the team, though the purchase awaits approval by MLB club owners.

I wanted to sit down with A-Rod to learn where his inspiration for investing came from, how he is honing the craft, and the lessons he's learned along the way. Our discussion went in other directions too, including a global deal he's preparing to announce and his take on business leaders' responsibilities during the pandemic and into the future.

Below are excerpts from the conversation.

It's clear, looking at the history of your investing and business-building activity, that the interest was there even at the height of your professional sports career. When did it begin?

It started when I was 10 years old. I've always wanted to be in business and I've always wanted to be a major league baseball player. Of course, every young kid wants to be a major league baseball player.

Watching my mother and how hard she worked gave me an inspiration that I wanted to do better. Early on, as a young man — my father left when I was 10 — I started to realize that I needed to do well to take care of my mother. That's really where the inspiration came from. And from her, I got my grit.

In my early 20s, I had my first crack at business by buying an apartment complex. I needed a $48,000 down payment, which was a lot of money and very scary to invest. I bought a duplex, then sold that, bought a fourplex, so on and so forth, and I built that portfolio to north of 10,000 apartment units in over 14 states all over the Southeast, predominantly secondary and tertiary markets like the Carolinas, Virginia, Houston, and markets like that.

Where did you turn to learn how to do this well?

I think the common theme for me has always been curiosity. I've had an intellectual curiosity and appetite that's always been really large. It's been an important vessel for me, both in sports and in business.

I also knew that you're only as good as the team you're surrounded with — that's true both in baseball and business. I studied people like Magic Johnson and Greg Norman, who were spectacular in their field and then went on to be even better businesspeople. That gave me the hope that, if they can do it, so can I — the same hope that Cal Ripken gave me when he was a six-foot-four shortstop and I said, hey, if I'm six-foot-three, then I can also be a shortstop.

A lot of my inspiration came from these male figures because my father had left home.

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Magic sat down with me really early in my career and gave me some great advice. One was that, as a professional athlete, as you travel the country, you have two options. You can sleep in or go play golf or go shopping; or, when your game schedule is set far in advance and you know you're going to be flying into these places, why not make calls around the country, whether it's Warren Buffett or Howard Schultz or Barry Sternlicht? As you're traveling the country, the one common theme is people will want to meet you because you play for the Yankees; people will want to meet you because they may be fans. And the one thing that everyone wants to talk about is baseball. If you can exchange currencies and say, I'll teach you about baseball if you teach me about business, you'll be surprised at how many "yes"es you have. And that was the case.

What skills have you found transferrable from being a top athlete?

There are so many attributes, lessons good and bad, that I've brought over from wearing pinstripes to the boardroom. Number one is hard work. I know I have to be resilient, gritty, and roll up my sleeves.

There's no such thing as a schedule — you play until the job is done. And: You're there to win.

When you make mistakes, as I have done, own them. Get ahead of them. Understand the lessons, internalize the lessons, then get them behind you and move on.

And don't fall in love with a deal. Don't fall in love with ideas. Because if you're wrong, you have to be able to pivot quickly and change direction.

What do you want your investment portfolio to look like?

It goes back to the lessons that Warren Buffett taught me: Stay in your circle of competence. Go narrow and deep, not wide and shallow.

We really understand the things that we're passionate about so that we can bring to the table more than just capital. With anything we get involved with, we look for ways where our brands, our reach, or our team can infuse a lot of energy and create enterprise value.

That's why we've gotten into things that we really understood, whether it's health and fitness, whether it's consumer products. They are things that we believe in. We wouldn't get involved with something were we not also a consumer.

You mentioned bringing more than just capital to the table. What do you like your relationship with founders and entrepreneurs to be like?

We strongly believe that companies that we invest in have to have a great leader.

But the interactions are all so different — I can't think of one that is exactly the same. One may need help with assembling a great team, so we'll make introductions or we'll bring them in the right rooms, and a lot of times I'll be there with them. Another may have a great team but need help with marketing, and that's a whole different conversation that we have.

It's very fluid. But one of the things we take a lot of pride in is under-promising and over-delivering.

Looking at your own team, as well as your other projects and philanthropy, clearly diversity is a focus of yours. Why is that?

Selfishly, I think it’s the best way to run a business.

Growing up raised by a single mother who had two jobs, by a strong sister, and now having two daughters, I'm surrounded with strong women.

When you look at our 2009 World Series championship team, our MVP was from Japan. Our shortstop and our best pitcher was African American. Our two catchers were Puerto Rican. I'm Dominican. Our second baseman was Dominican. We had a white person playing first base who went to Georgia Tech.

We had the most beautiful, diverse team. That made us great. We all brought different things to the table. I think the same is true for business.

You mentioned earlier that you're surrounded by strong women. One of them is your fiancée, Jennifer Lopez, who has successfully done what we're talking about, becoming a business builder. What have you learned from her?

Devin, you're talking about a powerhouse. I've never met anyone who has the work ethic, the vision, the principles that Jennifer possesses. She does so many things that people call her a triple threat. I call her an octopus threat.

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(Photo by Chelsea Guglielmino/Getty Images)

She has over 200 million followers across her platforms. She's sold over $8 billion of consumer goods, over $2 billion in her fragrance alone. And I think the biggest shift I've watched her make is she has taken an absolute juggernaut of a business that's been about licensing and now has converted it to an ownership business. That is a massive change when you're moving those type of products at that volume.

The past six months have thrown all of our lives and plans into disarray. How has it affected your approach to leading A-Rod Corp?

It goes back to the team. We've always thought communication is very important, so we have tripled down on it to the point where we try to have daily meetings for at least 30 minutes or an hour. While people are at home and working like you and I are right now, through Zoom, we want to preserve connectivity and also give confidence to the team that we're hanging tough, that when we get to the other side, we're going to be better than we were before.

Leaders have to step up when moments are dark. Later, when you're winning championships and things are going well, you can slide to the back and let everybody share the credit.

These are the times when leaders need to be heard and seen.

Looking forward three or five years, how do you want your portfolio to look relative to how it does today?

We've had a lot of internal talks with our senior management team about that strategy moving forward.

If we have over 30 companies now, I can see in five years having maybe 12 or 15. The idea is that we want to make more concentrated bets. We want to go deeper with our partners.

We have some really exciting announcements coming around the corner. One in particular will, I think, shock the world — it's a global project we've been working on for over three years.

So, those are the kind of bets we are looking to make — both allocating capital but also allocating our time, which is the most valuable currency that we have.

Anything you can share on that upcoming announcement? The space it's in? The size?

Not yet.

One thing everybody now knows you have been pursuing is the New York Mets. At the moment, Steve Cohen is awaiting approval to complete that deal. Is the process fully in your rear-view mirror?

When you think about these national treasures, it's something we have pursued rigorously and with a lot of passion. I'm really proud of the process and the effort that we have put forth. Just out of respect to the process, because it's kind of live until it's over, I would feel more comfortable if we don't talk about that just yet.

When you look to other professional athletes seeking to transition their careers into business, what do you think they must know?

They have to know that it's going to be difficult, that you have to put in the work. That if you're looking for a shortcut, it's going to be just that — it's going to be a shortcut and there's going to be a short outcome.

I've always thought about: What does the perfect team look like? If you have a really smart guy from Omaha who's 21 years old with a crew cut, and you have another 21-year-old at Michigan playing quarterback with a crew cut, and one day they take their competitive advantages and put them together, they have a dream team. That to me looks like Warren Buffett and Tom Brady. Tom Brady says, I'm going to go out and throw touchdowns, win championships, and make some capital. I'm going to give it to you, Warren. You go out and you invest it, and together we'll be a dream team.

That's what I think young players, both men and women, should be thinking about: Who is the Warren Buffett in your community with incredible intelligence, business acumen, experience? Then you have to create an alignment, both spiritually and economically, that works and gives everyone protection. You sign those documents, then you put your head down and go have a bunch of fun. Then Tom Brady can go throw touchdowns and win championships, and Warren Buffett can do what he does best, which is take that money and invest it. It's as simple as that.

That alignment of interest you're talking about must be important for high-earning athletes.

I'm 45 now. I've been a professional since I was 18 years old. So, I've made every mistake in the book. I've had the fortune to sign two large contracts. That gave me the time and the ability to come back to the table. Not every athlete is going to have that great fortune that I was fortunate to have.

But along the way, there are some key pieces that you need in your camp, whether that's a great attorney, a great business manager, making sure that you're aligned with them and that they understand your vision and goals.

One of your goals should be that when you make this type of great income from, say, age 20 to 30, you have a plan to be putting that money away. That way, when you're 35, 45, 55, and 65, you are reaping the rewards of those great decisions you made in your 20s.

Today you're building businesses, investing, spending time with your family, spending time on philanthropy, retaining your connection to the world of sports. What's one method that helps you juggle it all?

I think I have good training. I played for 25 years professionally, and nothing would ever compare to the grueling schedule of playing 200 games in 232 days every year. Nothing.

I have this thing that I always carry with me — it's a little piece of paper. On one side, I have my list of five or 10 people I owe something to, and then on the other side, who owes me something. One at a time, I check them off. Honestly, that's the only way I can operate. If I don't check them off, I feel like I'm missing something.

I think I'll try that myself. Who do you find you owe things to these days?

When I think about the people I want to always be communicating to, I think about people of color. I want to open doors for them. I think about the sports community. I think about the entertainment community. I want people to learn from my experience — mainly my mistakes, of which there have been plenty.

I think athletes have an opportunity to be some of the best businesspeople in the world, because they possess things that you can't really teach.

They have incredible work ethic. They're resilient. They're thick-skinned. They're coachable. They understand that they're not punching a clock — they're there until they win the game.

So, I would love to see the sports community convert from being "not good businesspeople." I think they can change that narrative. They can proactively start thinking ahead of it, and they can surround themselves with great people who have alignment with them. That will help make them winners post a career in sports.

We spoke about your passion for diversity earlier. The focus on diversity has taken on renewed significance nationwide in recent months. What has that meant to you?

First of all, I say kudos because conversation and change is happening — that's important to recognize. But more changes need to happen, and they need to happen faster.

Speaking to what I know best, I'd love to see women, people of color, minorities holding more of the executive positions in sports.

I think there could be a woman manager in the dugout — why not?

These are the kind of things that, if we all do our job, and if we make a difference in each of our spaces, then together we can make real change happen. We can give everyone an opportunity to enter the room, to come to the table, and to do big things. I know that when I see a young person who grew up like me become a business executive, it gives me great inspiration and hope.

I believe that opening doors for people is our responsibility as leaders. It's at the very top of my list of things to do for the next several decades. My work is just starting.

Source

LinkedIn News

Date

September 16, 2020

Category

Business

A-Rod and "Big Cat" Launch Season 3 of The Corp

NEW YORK — Alex Rodriguez and Dan “Big Cat” Katz are back with another season of The Corp for Barstool Sports. It marks the third season for the podcast which launched in 2018.

Click here to listen!

World Series Champion & CEO and Chairman of A-Rod Corp Alex Rodriguez and Barstool Sports’ Big Cat interview industry leaders, sports legends, and entrepreneurs on what makes them successful in their specific profession. Business, humor, and stories from people who have lived the American Dream

Season 3 of The Corp features an entertaining guest list: Actress, Singer, dancer, fashion designer, and businesswoman Jenifer Lopez, 2-time NBA Champion, and Finals MVP Kevin Durant, late-night talk show host Jimmy Fallon, Rapper, Actor and Businessman Ice Cube, Broadcaster Joe Buck, Penn National Gaming CEO Jay Snowden and Designer and businessman Steve Madden.

Jennifer Lopez discusses her incredible career in entertainment, what drives her and keeps her motivated, her epic Super Bowl performance and more.

Kevin Durant talks about what drives him as a Champion, who inspires him, how he and Alex have had similar professional experiences and more.

Jimmy Fallon touches on growing up in comedy, being on SNL & more. Ice Cube shares how he navigated his successful career and how he has evolved.

Joe Buck discusses growing up in sports, calling World Series games, and injuring Alex. Jay Snowden talks about his career in the gaming industry and purchasing Barstool sports.

Finally, Steve Madden breaks down the rise of his shoe business, his time in jail & reclaiming his career.

The Corp is executive produced by Alex Rodriguez and Jeff Lee for ARod Productions along with Erika Nardini, Dan Katz and Henry Lockwood for Barstool Sports. Season 3 is sponsored by Presidente Beer.

Source

Barstool Sports

Date

August 28, 2020

Category

Media

In Search Of The Next 1000: The Entrepreneurs Creating Their Own American Dreams

From pandemic curves to unemployment spikes to protest march estimates, the spring and summer of 2020 has introduced us to all sorts of mind-bending statistics. The one that surprised me most, though, came last month via America’s most successful Black entrepreneur, Robert F. Smith of Vista Equity Partners: More than 90% of Black-owned businesses, he explained, are sole proprietorships. In many ways, these business owners are the most entrepreneurial entrepreneurs: completely self-funded, self-driven and self-reliant. Tired of waiting for others to help deliver prosperity, they have to take it and make it themselves.

For Forbes, which has helped define what success looks like in America for over a century, this cohort and others like it offer us an opportunity to expand the continuum of who we cover, laud and learn from. Today, we’re introducing our next big franchise, the Next 1000, a platform that will scour the country to find those entrepreneurs working harder and thinking smarter as they blaze new trails to success.

Different than our “counting” lists, such as Billionaires or Self-Made Women, which numerically chronicle those at the very top, or achievement lists like the Midas List or 30 Under 30, which reward immediate past results, the Next 1000 will seek and highlight doers on their way, overcoming any and all obstacles to get there. These types of journeys tend to prove the most inspiring and, in finding them, we hope to elevate a new class of super-achievers.

We’ve tried to democratize the process of making this list. Any entrepreneur in America can apply, or be nominated, as long as you’ve been in business at least a year (whether full-time, part-time or side hustle), and have less than $10 million in revenue and have raised no more than Series A funding (with extra points for the do-it-yourself heroes extolled by Robert F. Smith). We’re looking for people with compelling personal stories and business models, as well those having an impact on their community, industry and the world. The application process will run through October.

This criteria will produce a list that looks like America, providing a platform for under-represented communities. Besides the racial, ethnic and gender diversity that will naturally occur by focusing on bootstrappers, we’ve designed the Next 1000 for geographic representation, carving up the country into eight zones, each with their own nomination pools, since amazing nascent entrepreneurs exist in every state, not just the coasts.

It’s a big task. Luckily, we have an incredible team helping us sort through the nominations. The Next 1000 judging panel includes billionaire tech pioneers like LinkedIn cofounder Reid Hoffman and Facebook COO Sheryl Sandberg; investment ceiling-breakers like Ariel Investments co-CEO Mellody Hobson and Cowboy Ventures founder Aileen Lee; sports superstars turned entrepreneurial heavyweights like Alex Rodriguez and Russell Wilson; world-class mentors like National Geographic Society Chairman Jean Case and Morgan Stanley Vice Chairman Carla Harris; and self-starters like restaurateur Ayesha Curry, comedian Lilly Singh and Grammy Award-winning singer Ciara, who all understand how to translate influence into business — middlemen not required. Overseeing it all, we have one of own superstars, Maneet Ahuja, our senior editor for Small Business.

The past few months have underscored the hurdles faced by so many in America. With the Next 1000, we look forward to celebrating and accelerating those who haven’t let anything stop them from creating their own American Dream.


Source

Forbes

Date

July 29, 2020

Category

Business

Jennifer Lopez and Alex Rodriguez Partner with Company Hims & Hers on Accessible Healthcare

"We remember what it was to grow up not being able to afford decent care," says Jennifer Lopez


Jennifer Lopez and Alex Rodriguez's star power might be astronomical, but the two will never forget their humble beginnings growing up in the Bronx and New York City, respectively. It's part of the reason why today, the duo are expanding their role with telehealth company Hims & Hers to help make healthcare and self-care accessible to, and affordable for, those in underserved communities. And in an exclusive interview with People, the new brand partners opened up about this important collaboration.

“We're always focused on providing for people who grew up the way we did,” says Lopez. "We feel like now we're in a different kind of privilege and our kids are growing up differently, but we remember what it was to grow up not being able to afford decent care.”

With a team of more than 200 licensed physicians and nurse practitioners across the U.S., and appointment prices starting at $39 (including the cost of any medication, if necessary), the company’s goal is for everyone to be able to seek treatment. (Hims & Hers’ providers are authorized to diagnose and fill prescriptions for more than two dozen conditions, from asthma to urinary tract infections.)

“We saw it as a company that was offering a modern approach to health and wellness in a way that was responsible and accessible. It's so great to be a part of,” says Lopez.

And Rodriguez notes that the platform combats the stigma associated with talking about sensitive issues.

“It facilitates things that can be very challenging, whether that's [discussing] embarrassing issues, or going to the pharmacy and waiting on-line.”

Lopez agrees. "All of that anonymity and the distance, it's a plus."

Not only are the two hoping to help democratize healthcare, they’re also trying to encourage self-care.

“Like everybody else, we're just trying to hold it together and not get too depressed over the situation that we've been in over the past few months,” Lopez says. “For me, meditating really helps to quiet the mind. But Hims & Hers offers mental health services, which is really great.”

But Hims & Hers doesn’t stop at services. The company also provides personal care products — and Lopez and Rodriguez are weaving them into their routines.

“My hair was over-worked, and so burnt out from so many years and so many jobs,” says Lopez. The damage led her to a mission to find a solution.

“Since I started trying the Minoxidil 2% [topical scalp treatment], honestly, my hair's grown about four inches in the past six months,” she says, adding that it feels thicker, too.

Now, Lopez uses the treatment in combination with the company’s shampoo and conditioner. “[Hims & Hers] has really basic, clean products with the right ingredients. It's nothing overly-fancy, and perfumed. It's just good.”

“[Skin-care] really hasn't been that important to me for a long time, unfortunately. And playing over 25 years of professional baseball and being exposed to the sun pretty much every day of my life, in many ways I'm paying the price now. But I'm catching up, and I do see improvement,” Rodriguez says, adding, “The Goodnight Wrinkle Cream is my favorite. Also, the Morning Glow Vitamin C Serum. I wish I'd had this at the beginning of my career.”

The products are available for a one-time purchase, but once you’re hooked like these two, you can set up a subscription.

Especially right now, with the population practicing social distancing, “It’s very easy to have your products just come every month,” Lopez says.

Another plus? Ranging from $15 to $39, they don’t come with a hefty price tag.

“It’s really important to make products that are affordable for everybody,” says Rodriguez.

And amidst the COVID-19 pandemic, the company has made primary care visits available in Spanish, and also have FDA-authorized at-home COVID-19 test kits, both additions Lopez praises.

The company’s ability to pivot to meet the needs of the public, especially in underserved communities, impresses Rodriguez as well.

“We really believe in [Co-Founder] Jack Abraham to [CEO] Andrew Dudum’s vision, the ability to execute. Anybody can have a good idea. Not too many people can execute at the level.”

Adds Lopez, "It's serving 100% of the population. That's always important to us."

Source

People Magazine

Date

July 20, 2020

Category

Business

Major Real Estate Firms Step Up To Save Black and Hispanic Internships that Coronavirus Wiped Out

NEW YORK  (June 19th, 2020) — When Covid-19 struck, Cedric Bobo moved his internship program for Black and Hispanic students program online. But when he heard that New York City had canceled 75,000 paid summer internships, he took the program one step further.  He decided to use Project Destined’s learning platform as a gateway to replace at least some of those lost internships.

The project destined will administer the internship program in partnership with  Walker & Dunlop, inc.,  REPLI and REIRail. The paid summer internship program for high school and college students from diverse backgrounds is six-weeks in length and will provide students with the opportunity to work with leading commercial real estate firms, where live transactions will help participants gain real-world experience in digital marketing.

Click here for more information and internship opportunities.

HIGHLIGHTING CEDRIC BOBO:

Click here for the original CNBC article

For the past few weeks, Cedric Bobo, a former investment executive at the Carlyle Group, has spent the better part of his days on video calls, welcoming mostly Black and Hispanic students to paid summer internship programs.

When he’s not welcoming them, he’s pitching the programs to real estate executives, hoping they’ll fund even more students.

Bobo is co-founder of Project Destined, a nonprofit real estate learning platform that he launched four years ago. It teaches minority kids in cities basic finance by working with them to understand how property investments in their own neighborhoods work. They learn about how to value buildings, how mortgages work and how investors decide if a property is worth buying. They then pitch deals to panels of experts. Project Destined then invests in the some of the properties and offers the students a chance to profit from the deals through scholarship funds if they stay engaged.

Bobo teaches finance, but he preaches community ownership. Project Destined runs these programs in several major cities across the country, including New York, Detroit and Atlanta.

When Covid-19 struck, he moved the entire program online. But when he heard that New York City had canceled 75,000 paid summer internships, he took the program one step further. He decided to use Project Destined’s learning platform as a gateway to replace at least some of those lost internships.

“So many of our cities are challenged right now with budget issues. Seventy-five thousand students in New York alone lost their jobs for the summer, many of them Black and Brown youth. I talked to the [Real Estate Board of New York], and overnight we created 100 internships for students, and that was a real stimulus around the country,” said Bobo. “We went from there and began working with different corporates to begin to create more and more internships around the country.”

Bobo has recruited some of the biggest names in the real estate business: Brookfield Asset Management, Tishman Speyer, and Walker & Dunlop. The internships are five or six weeks and pay either $500 or $750, depending on the program. Students learn the basics from Project Destined’s courses and then connect directly with executives at the real estate firms sponsoring them. They will also hear live lectures from top executives at Brookfield, Unibail-Rodamco-Westfield, Amazon and former Yankee Alex Rodriguez, who runs his own real estate firm.

“We went straight to the real estate folks, and we went straight to CEOs. That’s really important because if you want to have action, you’ve got to have the leaders create action and then measure it,” said Bobo.

When the Black Lives Matter protests erupted, even more companies, large and small, began stepping up. He now hopes to fund more than 1,000 internships through the fall.

“The protests are critical because they create awareness, and we need to sustain that awareness, but the next piece is how do you translate that into action. So what we’ve been doing is working with the corporates to create true training opportunities where they can hire those folks,” Bobo said.

Another sponsor in the program is Vincent Harris, co-founder of a small, Black-owned proptech firm called REIRail. It is a lead generation platform for smaller real estate investors to source property deals. Harris has been passionate about financial literacy since he was a child. His mother lost their home to foreclosure because she didn’t understand how to manage her finances.

“That was a really formative experience for me. I remember the trauma, frankly, of that, and vowed to never be in a position like that, to never have my children be in a position like that,” said Harris.

What drew him to the internship program, he said, was that it’s not just about education; it’s about putting those lessons into practice and getting both finances and invaluable professional connections into the hands of students.

“A lot of the lack of access, that you see people demanding in the streets right now, comes from the fact that folks who have power, the power to hire, etc., don’t interface with Black and Brown communities. They don’t have a means of entry and so Project Destined is really cementing a pipeline of talent into these organizations,” he said.

On a recent Zoom call, Bobo welcomed Samuel Obasi to his new internship. Obasi, a Black junior at Towson University in Baltimore, explained why he wanted to make real estate his future.

“Not only can you build wealth for yourself, but you can use that to build affordable housing for your own people in your own area, your own neighborhood,” said Obasi.

Source

News Break

Date

June 19, 2020

Category

Business, Impact

Virtual Moderated Discussion - Masks, restarting the economy, & how to build a brand

Source

Alex Rodriguez

Date

May 11, 2020

Category

Media

Jennifer Lopez and Alex Rodriguez Donate Meals to Hospitality Workers in Miami

MIAMI (April 21, 2020) – Jennifer Lopez and Alex Rodriguez are doing their part amid the coronavirus crisis.

http://http://https://www.miamiherald.com/news/coronavirus/article242168676.html

The pair have donated thousands of meals that will be distributed this weekend and next week to help hard-hit hospitality workers in the Miami area.

In all, Lopez and Rodriguez donated 20,000 chef-prepared frozen meals from their food line, Tiller & Hatch Supply Co., to feed unemployed hospitality and restaurant workers who have either been laid off or furloughed because of the coronavirus lockdown.

Meals will be distributed at the Newport Beachside Hotel & Resort as well as the adjacent Beach Bar restaurant at the Newport Pier. Other hotels that will receive donated meals include The Shelborne South Beach, DoubleTree By Hilton Ocean Point Resort, The Mayfair at Coconut Grove and The Mondrian South Beach.

Source

Miami Herald

Date

April 21, 2020

Category

Impact

Virtual Programming: How to Turn Rejection into a Home Run with Alex Rodriguez

Renowned worldwide for his unparalleled accomplishments on the baseball field, ALEX RODRIGUEZ stands as one of the greatest athletes of all time, as well as an accomplished media personality and philanthropist. A leading voice on resilience and dedication, leadership and teamwork, and how to truly master your craft, Rodriguez delivered a compelling, engaging and informative virtual presentation on how to turn rejection into a home run. It's a powerful, high-quality, 45-minute interview, chock-full of personal anecdotes and actionable lessons that incorporates both multi-media and Q&A. Since quarantine, Rodriguez has been involved in numerous charitable and virtual initiatives, including the All In challenge to raise money to help feed people around the world, and giving a baseball lesson from his backyard.

A 3-time MVP, 14-time all-star, and a 2009 World Series Champion with the New York Yankees, Rodriguez is also the founder of A-Rod Corp, having built a fully-integrated real estate investment and development firm, all while managing a record-breaking baseball career. At engagements Rodriguez shares his “mindset of a champion” philosophy, leaving audiences prepared to excel in their own personal and professional lives. His rave reviews speak for themselves, such as: "Powerful, poignant, persuasive – a truly passionate performance... To say impressed in an understatement. Your expressive and raw discussion turned heads and changed mindsets. A remarkable feat. I believe what captured many hearts was your humility. The surprise and delight of your talk had everyone on the edge of their seats. The question and answer session in particular where many of your themes and advice organically came forth proved to be invaluable." (Intuit)

Watch "How to Turn Rejection into a Home Run"

Source

Ed Mylett Show

Date

April 13, 2020

Category

Business

A-Rod Corp Invests in Nova Credit

NEW YORK (Feb. 22, 2019) – A-Rod Corp announced its newest investment in Nova Credit on Friday afternoon.

“We are excited about this investment,” said CEO, Alex Rodriguez, “This venture celebrates our diversification. As a Dominican-American I am proud to be able to help out fellow immigrants who struggle differently. We believe in changing lives at A-Rod Corp and Nova echos that mission.”

This month, Nova Credit raised a $50M round led by Kleiner Perkins to finally make the global consumer credit reporting system whole. Mr. Rodriguez participated in the Series B funding along with Canapi Ventures and existing investors General Catalyst, Index Ventures, and NYCA Partners. Nova also welcomed Avid Ventures, Endeavor, Susa Ventures and Sound Ventures and the Edge of U2.

ABOUT NOVA:  Nova Credit is the premier cross-border bureau. Lack of a domestic credit history keeps millions of immigrants in the United States from realizing their dreams. The award-winning fintech helps newcomers and other global citizens apply for financial services using their international credit history from countries including Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea, and the UK. We translate international credit data into a U.S.-equivalent score and report in a format familiar to American underwriters, who use it to evaluate applications for credit products. Founded by immigrants, we have a diverse team from around the globe who are creating a world beyond borders to help newcomers arrive and thrive.

ON A MISSION: We strive to enable the flow of humans not just for their economic potential, but because of the value of that movement itself in bringing new perspectives, creativity, community, and innovation. For Nova Credit, we are here to dream up a world beyond borders and our mission is to inspire and facilitate the flow of human diversity. The modern world as we know it has been created through the movement and collaboration of humans. Across changing borders, regions, and cultures, a continuous cycle of human migration and settlement is what defines us as different nations, composes our family histories, and shapes our personal stories.

PROBLEM SOLVING: All newcomers to the U.S. are rendered “credit invisible” upon arrival because American underwriters can’t access international credit data. Even if they have a good credit rating at their prior home countries, recent immigrants often struggle to accomplish the most basic tasks such as getting an apartment lease, a cell phone plan, credit card or student loan. Before Nova Credit translated international credit data to a U.S.-equivalent score, all newcomers had to build their U.S. credit history back to its previous levels from scratch, which can take as long as five years.

INNOVATION: Nova Credit’s core innovation is a U.S.-equivalent global credit scoring and reporting format, the Credit Passport®. Similar to a U.S. credit report, it contains a FICO-equivalent score, tradelines and inquiry history, allowing consumers who have recently arrived in the U.S. to attempt to demonstrate their creditworthiness to lenders. Partners like American Express, MPOWER Financing and Yardi can seamlessly underwrite qualifying newcomers without a U.S. credit score using Nova Credit. The solution requires consumer consent.For most countries, Nova Credit aligns the country-of-origin credit score to U.S. credit risk levels by matching the default rates. For example, a score of 1050 in the originating country that represents a default rate of 3% might equate to a score of 710 at the same default rate in the U.S. In that case the consumer’s score is adjusted to 710 for U.S. underwriting purposes.

Source

Arod-Corp

Date

February 22, 2020

Category

Business, Impact

Alex Rodriguez knocks it out of the park at Mortgage Bankers Association event

Iconic athlete, businessman, media personality and philanthropist ALEX RODRIGUEZ wowed a crowd of 800 executives at the Mortgage Bankers Association's CREF conference, engaging in a 45-minute conversation that touched on everything from business disruption, to lessons from the world of baseball, to insights into how to stay ahead of the curve, find your passion, and connect with the right people at the right time. Chock-full of riveting anecdotes and stories from an iconic 25-year career in baseball plus his latest ventures in business and entertainment, Rodriguez's remarks made headlines in industry press, and had the audience laughing, thinking, and inspired.

Besides being a legendary athlete, media personality, and philanthropist, Rodriguez is also a business powerhouse. He's the founder and CEO of A-Rod Corp-- a tremendously successful, fully-integrated real estate investment and development firm-- and so his remarks infused lots of insights into his business ethic and decision-making, how he built his corporate team from the bottom up, and the new investments he's most excited about.

Rodriguez is also the host of his own podcast, The Corp, and show on CNBC, Back in the Game. He seamlessly weaves his diverse portfolio into the conversation. Sought-out to speak everywhere from Intuit to Capital One, Rodriguez receives race reviews such as: "Alex, wow! You knocked it out of the park... You were beyond spectacular. There were so many takeaways. Thanks so much for sharing your personal story." (The NDP Group, Inc."

Watch Alex Rodriguez at the Mortgage Bankers Association event >>

Source

Harry Walker

Date

February 19, 2020

Category

Business, Media

Alex Rodriguez Teams Up with Fox Sports to Support Gamechanger Fund

MIAMI (Jan. 29, 2020) – FOX SPORTS SUPPORTS, the community impact arm of FOX Sports, today announced the inaugural donation from its newly-formed “Gamechanger Fund” to the Hank Kline Club of the Boys & Girls Clubs of Miami-Dade.

To present the $200,000 contribution, FOX MLB Studio Analyst Alex Rodriguez, a Miami-Dade Boys & Girls Clubs Board Member, visited the club he attended during his youth in Coconut Grove, along with Eric Shanks, Chief Executive Officer & Executive Producer, FOX Sports, and Adrian Garcia-Marquez, NFL Announcer, FOX Deportes. Shanks and Garcia-Marquez also grew up in the Boys & Girls Clubs. The contribution was received by Alejandro Rodriguez-Roig, President of the Boys & Girls Clubs of Miami-Dade.

“The Boys & Girls Clubs could not have played a more important role in my development as both an athlete and a person,” said Rodriguez. “I’m very grateful that FOX Sports is supporting the organization and investing in the club I attended as a child, and the futures of the kids here today.”

The Gamechanger Fund, which is proudly supported by both FOX Sports and its parent company, Fox Corporation, is part of a lasting community commitment ahead of Sunday’s Super Bowl LIV on FOX. The Fund will provide AV equipment and education space for the club’s youth to explore future careers in television, digital and social media production. Club members will also be connected with FOX Sports employees and productions around the country for ongoing extracurricular learning and mentorship opportunities.

“I wouldn’t be where I am today if it were not for the Boys & Girls Clubs,” said Shanks, who also serves as the organization’s Pacific Region Chair. “Everyone at FOX Sports hopes the Gamechanger Fund will help to inspire the next generation and that one or more of these girls or boys is producing the Super Bowl someday.”

This project is rooted in FOX Sports Supports’ belief that increasing youths’ exposure to sports, in both on-the-field athletic pursuits and off-the-field professional ones, can deepen their connection to the game and become a driving force of change in their lives.

About FOX Sports
FOX Sports is the umbrella entity representing FOX Corporation’s wide array of multi-platform US-based sports assets. Built with brands capable of reaching more than 100 million viewers in a single weekend, the business has ownership and interests in linear television networks, digital and mobile programming, broadband platforms, multiple web sites, joint-venture businesses and several licensing relationships. FOX Sports includes the sports television arm of the FOX Network; FS1, FS2, FOX Soccer Plus and FOX Deportes. FOX Sports’ digital properties include FOXSports.com and the FOX Sports App, which provides live streaming video of FOX Sports content, instant scores, stats and alerts to iOS and Android devices. Additionally, FOX Sports and social broadcasting platform, Caffeine jointly own Caffeine Studios which creates exclusive eSports, sports and live entertainment content. Also included in FOX Sports’ portfolio are FOX’s interests in joint-venture business Big Ten Network, a licensing and commercial relationship with The Stars Group that created the FOX Bet sports betting platform and the FOX Sports Super 6 free-to-play game, and a licensing agreement that established the FOX Sports Radio Network.

Source

Fox Sports

Date

January 30, 2020

Category

Impact, Media

Alex Rodriguez Joins Anheuser-Busch as Co-Owner, Chairman for Presidente Beer

HOUSTON (Jan. 23, 2020) – After 22 seasons of baseball, superstar shortstop and third baseman Alex Rodriguez is taking a swing at something new: marketing beer.

The former New York Yankee, Texas Ranger and Seattle Mariner is the new chairman and co-owner of Presidente, the Dominican beer brand now owned by Anheuser-Busch InBev.

Terms of the deal were not disclosed, but to Rodriguez—the son of Dominican immigrants—the beer brand has an emotional connection. In an exclusive interview with Forbes, he said he feels “like it’s family”—adding that unless someone is from the Dominican Republic or grew up with it, “it’s hard to explain to others.”

“Presidente is one of the most prestigious brands in the entire country,” he said. “It’s what PepsiCo means to America. It’s synonymous with our country, synonymous with our flag. It’s unfortunate my father is not still here to watch this, but I think that he would be more proud of this partnership than my home runs.”

So what does this partnership entail? Details are still scant. However, according to Rodriguez, part of the reason the beer hasn’t caught on as much in the U.S. is that it all about the temperature that it’s served. (For him, it has to be “very, very cold” and “frothy white.”)

“The consumer will get very, very offended if it’s not at least that cold,” he said.

Presidente—first released by Cerveceria Nacional Dominicana in the Dominican Republic in the 1930s—was acquired by Anheuser-Busch in 2012 for $1.2 billion. Ricardo Marques, Anheuser-Busch InBev’s Group VP of Marketing for Core & Value Brands, said Presidente has been having growth in the “single-digits.” However, he said the partnership with Rodriguez will be “with us every day looking to grow the Presidente brand.”

“He’s so passionate about the brand and I assure you that he knows this brand better than I do,” Marques said. “It’s part of his culture and where he comes from so what we’re really looking for his vision of where he thinks this brand should go.”

While this is the first beer brand Rodriguez has worked with, it’s not the first brand he’s worked with. Others in the past include Pepsi, Planters peanuts and the coconut water Vita Coco.

“I don’t look at this from an investment or a marketing opportunity,” he said. “I look at this as a way to story-tell and brag about one of the best brands.”

So what comes next? Until now, the focus for the brand has been on East Coast cities with large Dominican populations such as New York and Miami but now the plan is to have a national strategy in place by opening day of the next baseball season—starting with a big activation at Yankee Stadium. Rodriguez said he might recruit some of his fellow Presidente-drinking, baseball-playing friends to help out.

“It’s the ripple affect,” Rodriguez said. “The hundreds of Dominican major league players and Latin American players that have played in this country, the first thing they do after a game is have a Presidente.”

(Article by: Marty Swant Forbes Staff)

Source

Forbes

Date

January 23, 2020

Category

Business

Alex Rodriguez Buys Stake in Presidente Beer, Will Serve as Chairman

HOUSTON (Jan. 23, 2020) – What goes with baseball more than a cold beer?

Alex Rodriguez is buying a minority stake in Dominican beer Presidente through his investment firm A-Rod Corp, sources told Page Six, and the former slugger will serve as chairman of the brand.

The deal with Anheuser-Busch InBev is expected to be announced Thursday at a sales conference put on by the beer giant, we hear.

A source told us, “Alex bought a minority stake. They’re partners, and he’ll be the chairman, and work very closely with Anheuser-Busch as they look to do more together. There really is unlimited potential of what can be done. It’s real involvement and real ownership.”

A-Rod grew up in the Dominican Republic and Miami. Presidente has previously been the official beer of the University of Miami Hurricanes football team, as well as the Orange Bowl in Miami. The brew’s also been the official beer of Miami squads the Heat and the Marlins.

Sources said that A-Rod’s previously been brought dozens of offers to endorse or invest in liquor brands, but that he was ultimately only interested in pursuing Presidente as an organic match to his Dominican roots. Major League Baseball is also rife with Dominican stars from Robinson Cano to recently retired David Ortiz.

“Presidente and baseball are like a religion there. It’s a perfect fit for him,” said an observer, adding that in the States, “The upside is tremendous. There is a ton of growth space.”

A-Rod Corp encompasses a real estate investment and development firm, has investments in fitness studios by TruFusion, UFC and Energy Fitness. The firm also backs numerous media and tech startups.

“He’s building business in a big way with everything he’s built and learned,” said a source of A-Rod.

He’s also a commentator for Fox Sports and ESPN, and hosts “Back in the Game” on CNBC

(Article by: Ian Mohr)

Source

Page Six

Date

January 23, 2020

Category

Business

Ex-Yankee Alex Rodriguez Goes to Bar...For Beer

The former New York Yankees slugger is joining Anheuser-Busch as partner and chairman for Presidente Beer, which is based in the Dominican Republic.

Rodriguez received a shout-out on Instagram from his No. 1 fan: Jennifer Lopez.

Congrats Alex on your new adventure with @presidente__usa, so proud of you! @arod

Rodriguez will return to the broadcast booth this season on ESPN’s “Sunday Night Baseball.” In two years, he will appear on the National Baseball Hall of Fame ballot for the first time. His former teammate Derek Jeter was elected to the Hall on Tuesday. But Rodriguez, despite his 696 career home runs, is expected to face an uphill climb for induction because of his season-long suspension for PED use.

Rodriguez also will be appearing on the ballot with former Red Sox DH David Ortiz, who, despite hitting 150 less home runs, could have a stronger Hall of Fame case given his three World Series rings, although the Boston slugger also was linked to PEDs during his career.

Below is the press release announcing Rodriguez’s news:

Anheuser-Busch today announced a landmark partnership between the iconic Dominican pilsner Presidente Beer and Alex Rodriguez, with the baseball legend and entrepreneur joining as Chairman of Presidente USA.

Long associated with Miami sports, Presidente USA is taking the next step in its legacy by partnering with Rodriguez, who will bring a new energy to the brand by transcending the role of spokesperson and truly helping direct the brand’s efforts toward the rich, Dominican culture that Presidente represents.

Rodriguez, the son of Dominican immigrants, first picked up a baseball on the fields of Washington Heights, New York, before rising to the pinnacle of America’s pastime. His journey embodies the pride and passion that has driven Presidente Beer forward since its inception in 1935.

“Growing up as a Dominican-American in the US, Presidente was not only a beer, it was part of our community. It connected my parents to their home and was a part of every major community event, big or small,” said Rodriguez. “It is truly an honor to get behind a brand with such a deep connection to my heritage and culture, and I cannot wait to help build its future.”

Presidente beer is a powerful symbol of Dominican culture both stateside and abroad, known as a true taste of the Caribbean.

“We could not be more excited about this partnership with Alex Rodriguez, who is himself an incredible ambassador for the Dominican culture. Presidente is the number one Dominican beer brand in the world with tremendous growth potential here in the US on the back of this unique partnership,” said Ricardo Marques, Group VP Marketing for Value and Core, Anheuser-Busch.

As Chairman of Presidente USA, Rodriguez will help grow the Presidente brand presence in the U.S. in 2020 and beyond, including the release of new products and materials

Source

NJ.com

Date

January 23, 2020

Category

Business

Alex Rodriguez and Barstool Sports Release Season Two of "The Corp Podcast"

LOS ANGELES (Aug. 27, 2019) – Alex Rodriguez and Barstool Sports Release Season Two of “The Corp” Podcast

After the first season of The Corp became the No. 1 overall podcast last year, legendary baseball player Alex Rodriguez has reunited with Barstool Sports personality and host of No.1 sports podcast, Pardon My Take, Dan “Big Cat” Katz, for another season. Combining comedy, business and sports into one relatable platform, The Corp takes Rodriguez and Katz around the country to interview business leaders, sports legends, entertainment veterans and entrepreneurs to uncover the roots of their success and the mindset that let them overcome the inevitable obstacles.

Season two will open on August 27 with interviews with iconic actor Kevin Bacon and America’s first self-made female billionaire, Martha Stewart. Each week, the podcast will drop on Tuesdays, with accompanying video on Thursdays on YouTube. Guests also include storied racing driver Danica Patrick, WWE executive Stephanie McMahon, former Starbucks CEO Howard Schultz and entrepreneurs Dylan Lauren of Dylan’s Candy Bar and Ty Haney of Outdoor Voices.

In this second outing for the team, Rodriguez continues to share the untold stories of his baseball career and his experience founding the real-life ARod Corp, an investment conglomerate that has deployed hundreds of millions of dollars in real estate, media, consumer and fitness ventures. “It doesn’t matter where you competed. These guests, from Martha Stewart to Danica Patrick and Dylan Lauren, all stared failure in the eye and won that standoff,” says Rodriguez. “It’s a great lesson for us all.”

Dan ‘Big Cat’ Katz is known for his ability to bring out the most unexpected and candid moments from athletes and celebrities alike on his No. 1 podcast Pardon My Take. He brings those skills to The Corp and continues to infuse his refreshing and unique comedic point of view. “The goal of the podcast is to let successful people open up in a more relaxed atmosphere, tell their story and relate to the audience what it was like to climb their respective professional mountain,” says Katz. “I think listeners will enjoy what we accomplished with season 2.”

Along the way there will be five appearances from Barstool Sports CEO, Erika Nardini, who says, “In television, you’re working toward someone else’s definition of what’s funny or what’s allowed. With podcasts, you’re getting graded on by the fans…we control our own destiny here.”

The Corp is executive produced by Alex Rodriguez and Jeff Lee for ARod Productions along with Erika Nardini, Dan Katz and Henry Lockwood for Barstool Sports.

Source

PR Newswire

Date

August 27, 2019

Category

Media

A-Rod On Working On His Business Portfolio Post-Baseball Career

Source

CNBC

Date

May 17, 2017

Category

Business, Media

In Conversation - What I've learned from 22 years in baseball

Source

Google Zeitgest

Date

September 24, 2016

Category

Media

Hims & Hers to go public through blank-check company


The direct-to-consumer telehealth startup will go public through a merger with special purpose acquisition company Oaktree Acquisition Corp. The combined entity is expected to be valued at $1.6 billion.

By ELISE REUTER

Direct-to-consumer health company Hims Inc. said it plans to go public through a blank-check company. The San Francisco-based startup confirmed ongoing reports that it was in talks to sell to a special-purpose acquisition company.

The men’s health company first made its foray with cheeky subway ads for hair loss and erectile dysfunction medications. Its similarly branded site for women, Hers, launched a few months later, offering birth control pills, and hair and skin care products.

But more recently, both brands have expanded their services beyond wellness to include virtual primary care visits and mental health services.

“From the moment we launched the company about two-and-a-half years ago, we knew we had struck a really strong chord with people,” CEO and Founder Andrew Dudum said in a phone interview. “Men were coming out of the woodwork talking about how excited they were to finally get care.”

In this case, Hims will merge with a SPAC formed by Oaktree Capital Management. The newly formed entity, called Oaktree Acquisition Corp., went public in July with the intent of using the proceeds to make an acquisition.

After the deal closes, Hims’ stock will be traded on the New York Stock Exchange under the ticker “HIMS.” The combined company will be valued at roughly $1.6 billion.

Dudum said the company chose to go the SPAC route because it provided a faster speed to market and more certainty and flexibility than a traditional IPO. Hims has seen more than 100% compounded annual revenue growth over the last two years and has more than doubled its gross margins to 70%, according to internal data provided by the company.

The past six months, in particular, have been telling. Since the start of the pandemic, Hims began offering $39 cash pay virtual primary care visits, $60 psychiatry evaluations and $15 online support groups.  It also rolled out an at-home saliva test for SARS-CoV-2, the virus that causes Covid-19.

“It’s been a transformative time for the company. The virus has acted as a looking glass into the future, where you can see more people than ever understand the benefits of telemedicine,” he said. “We had a four-year product roadmap with expansion that we were able to execute in two or three quarters. … We feel really confident in the business and the brand as it stands today.”

In the future, Dudum plans to expand further into managing chronic conditions. High cholesterol, diabetes, sleep and infertility are some areas the company might explore in the future, he said.

But Hims & Hers will still stick to its cash pay subscription model, rather than billing through insurance. Most treatments the two brands offer range from $20 to $40 per month, and are structured as a subscription model.

“For the conditions we’re talking about today as well as in the future, we believe we can offer cash pay prices that are cheaper than if not equal to people’s copay for their insurance,” he said.

Hims’ current management and shareholders will roll almost all of their equity into the combined company. Some of its backers include Founders Fund, Forerunner Ventures, Thrive Capital and McKesson Ventures.

After the deal closes, Hims’ shareholders will own roughly 84% of the combined company, while shareholders of Oaktree Acquisition Corp will own a 12% stake. Dudum will have roughly 90% of the voting power of the combined company, according to a filing with the Securities and Exchange Commission.

The combined company will have $330 million in cash, including $205 million from Oaktree Acquisition Company and $75 million from a private placement. The merger has been approved by both companies’ boards and is expected to close before the end of the year.

Photo credit: Screenshot of Hims website

Source

MedCity News

Date

October 1, 2020

Category

Business

Hims & Hers, a Multi-Specialty Telehealth Platform, to Become Publicly-Traded via Merger with Oaktree Acquisition Corp.

  • Hims & Hers is a telehealth leader modernizing the delivery and accessibility of digital, consumer-focused healthcare services
  • Transaction will enable further investment in growth and new product categories that will accelerate Hims & Hers’ plan to become the digital front door to the healthcare system
  • Combined company to have an implied initial enterprise value of approximately $1.6 billion, with the company expected to have an estimated $330 million in cash after closing
  • Top-tier investors, including Franklin Templeton and clients of Oaktree, anchoring a $75 million PIPE
  • Leading existing institutional backers of Hims & Hers, including Founders Fund, Forerunner Ventures, IVP, Redpoint Ventures, Thrive Capital, McKesson Ventures, and the Canadian Pension Plan Investment Board intend to roll 100% of their equity

October 01, 2020 09:01 AM Eastern Daylight Time

SAN FRANCISCO & LOS ANGELES--(BUSINESS WIRE)--Hims, Inc. (“Hims & Hers” or the “Company”), a market leading telehealth company, and Oaktree Acquisition Corp. (NYSE: OAC.U, OAC, OAC WS), a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management, L.P. (“Oaktree”), announced today that they have entered into a definitive merger agreement. Upon completion of the transaction, the combined company’s securities are expected to be traded on the New York Stock Exchange (NYSE) under the symbol “HIMS.”

Hims & Hers is on its way to becoming a publicly-traded company!

Company Overview

Launched in 2017, Hims & Hers has built a proprietary platform that connects consumers to licensed healthcare professionals for care across numerous specialties, including primary care, mental health, sexual health and dermatology, among others. Since its founding, the Company has facilitated more than two million telehealth consultations, enabling greater access to high quality, convenient and affordable care for people in all 50 states. The Company has driven 100%+ compounded annual revenue growth over the last two years and has more than doubled gross margins to 70%+, with revenue that is over 90% recurring in nature.

The future of healthcare will be led by consumer brands that empower people and give them full control over their healthcare. A direct relationship with consumers is the most valuable component in the healthcare system. Hims & Hers has endeavored to build a healthcare system that squarely focuses on the needs of the healthcare consumer. Hims & Hers directs the consumer experience from start to finish, uniquely positioning the Company in the rapidly-emerging telemedicine landscape to lead the industry in B2C-focused telehealth solutions.

Hims & Hers has built a strong customer base of highly loyal brand ambassadors who represent the future of the healthcare system. The Company’s customers embrace its convenient, digitally native product, generating organic growth through word of mouth and user-generated content, which enhances brand awareness and lowers customer acquisition costs. The majority of its consumers are millennials, a high-value generation at the beginning of its lifetime value curve that is poised to expand its purchasing power. The Hims & Hers platform is set up to serve these customers over the long-term by offering great user experience and access to high quality medical care.

As of June 2020, Hims & Hers had approximately 260,000 subscriptions on the platform.

Management Comments

“We’re thrilled to partner with Oaktree Acquisition Corp. to usher Hims & Hers into our next phase of growth as we work to become the front door to the healthcare system, serving as the first stop for peoples’ health and wellness needs across hundreds of conditions,” said Andrew Dudum, CEO and founder of Hims & Hers. “Hims & Hers was founded to make it easier and more affordable for everyone to get the healthcare they need. We remain committed to advancing that goal as we expand into new categories of care and build an enduring healthcare company that brings choice, affordability and access to consumers.”

“We are very pleased to launch our Oaktree Acquisition Corp. franchise with this partnership with Hims & Hers, a rapidly-growing provider of much-needed innovation to the healthcare system,” said Howard Marks, Co-Chairman of Oaktree. “This transaction shows Oaktree Acquisition Corp. to be a complementary extension of Oaktree’s capabilities and builds on our strength in sourcing opportunities throughout the market cycle.”

“We founded Oaktree Acquisition Corp. to partner with a high quality, growing company that will benefit from a public currency for its next leg of growth,” said Patrick McCaney, CEO of Oaktree Acquisition Corp. “Hims & Hers is an ideal match and represents a unique opportunity to invest in a rapidly-growing company that is modernizing the delivery and accessibility of healthcare and wellness solutions. Over the past two years, the Company has experienced significant growth bolstered by the continuing widespread adoption of telehealth and digital patient care solutions – and we think this is just the beginning. We look forward to partnering with Hims & Hers to accelerate the expansion of its high-quality, end-to-end care services across the broader healthcare marketplace.”

Key Transaction Terms

The business combination values the combined company at an enterprise value of approximately $1.6 billion and is expected to deliver up to $280 million of cash to the combined company through the contribution of up to $205 million of cash held in Oaktree Acquisition Corp.’s trust account, and a $75 million concurrent private placement (PIPE) of common stock of the combined company, priced at $10.00 per share, from leading institutional investors, including funds managed by Franklin Templeton and certain Oaktree clients. The enterprise value equals 8.9x estimated 2021 revenue and 12.2x estimated 2021 gross profit, an attractive valuation relative to telehealth peers despite the Company’s leading growth and margin profile.

As part of the transaction, Hims & Hers’ current management and existing equity holders will roll nearly 100% of their equity into the combined company. Leading existing institutional backers of the Company including Founders Fund, Forerunner Ventures, IVP, Redpoint Ventures, Thrive Capital, McKesson Ventures, and the Canadian Pension Fund intend to roll 100% of their shares and the transaction agreement provides for up to $75 million of cash consideration at closing to shareholders, at their election. Assuming no public shareholders of Oaktree Acquisition Corp. exercise their redemption rights and before any potential cash consideration to Hims & Hers shareholders, current Hims & Hers equity holders will own approximately 84%, Oaktree Acquisition Corp. shareholders will own approximately 12%, and PIPE investors will own approximately 4% of the issued and outstanding shares of common stock, respectively, of the combined company at closing. Furthermore, the combined company will be capitalized with up to $330 million in cash, including proceeds received from the transaction together with existing cash on Hims & Hers’ balance sheet. The business combination includes a minimum cash closing condition of $200 million, which is calculated as cash delivered from Oaktree Acquisition Corp.’s trust account, plus cash delivered from the PIPE, minus the up to $75 million of cash consideration at closing to shareholders as described above. Hims & Hers intends to continue investing in growth and new product categories to accelerate its goal of becoming the digital front door to the healthcare system.

The transaction, which has been unanimously approved by the Boards of Directors of each Hims & Hers and Oaktree Acquisition Corp., is subject to approval by Oaktree Acquisition Corp.’s shareholders and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2020.

A more detailed description of the transaction terms and a copy of the Agreement and Plan of Merger will be included in a current report on Form 8-K to be filed by Oaktree Acquisition Corp. with the United States Securities and Exchange Commission (the “SEC”). Oaktree Acquisition Corp. will file a registration statement (which will contain a proxy statement/ prospectus) with the SEC in connection with the transaction.

Advisors

LionTree Advisors is serving as exclusive financial advisor to Hims & Hers and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP is serving as legal counsel.

Credit Suisse and Deutsche Bank Securities are serving as capital markets advisors and private placement agents to Oaktree Acquisition Corp. Deutsche Bank Securities is acting as financial advisor to Oaktree Acquisition Corp. Kirkland & Ellis LLP is serving as legal counsel to Oaktree Acquisition Corp.

Management Presentation

A presentation made by the management teams each of Hims & Hers and Oaktree Acquisition Corp. regarding the transaction will be available on the websites of Oaktree Acquisition Corp. at https://www.oaktreeacquisitioncorp.com/news and Hims & Hers at forhims.com/investor and forhers.com/investor. Oaktree Acquisition Corp. will also file the presentation with the SEC as an exhibit to a Current Report on Form 8-K, which can be viewed on the SEC’s website at www.sec.gov.

About Hims & Hers

Hims & Hers is a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals, enabling them to access high quality medical care for numerous conditions related to primary care, mental health, sexual health, dermatology, and more. Launched in November 2017, the company also offers thoughtfully created and curated health and wellness products. With products and services available across all 50 states and Washington, D.C., Hims & Hers is able to provide all Americans access to quality, convenient and affordable care through a computer or smartphone. Hims & Hers was founded by CEO Andrew Dudum, Hilary Coles, Jack Abraham and Joe Spector at venture studio Atomic in San Francisco, California. For more information about Hims & Hers, please visit forhims.com and forhers.com.

About Oaktree Acquisition Corp.

The Oaktree Acquisition Corp. franchise was formed to partner with high-quality, growing companies to facilitate their successful entry to the public markets. By leveraging the deep capabilities and experience of its sponsor, an affiliate of Oaktree, which manages $122 billion in assets under management as of June 30, 2020, Oaktree Acquisition Corp. seeks to provide best-in-class resources and execution, coupled with a focus on long-term partnership and shareholder value creation. For more information about Oaktree Acquisition Corp. or Oaktree Acquisition Corp. II, please visit oaktreeacquisitioncorp.com.

Additional Information and Where to Find It

Oaktree Acquisition Corp. intends to file with the SEC a Registration Statement on Form S-4 containing a proxy statement/prospectus relating to the proposed business combination, which will be mailed to its shareholders once definitive. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the proposed business combination. Oaktree Acquisition Corp.’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed business combination, as these materials will contain important information about the Company, Oaktree Acquisition Corp. and the proposed business combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to shareholders of Oaktree Acquisition Corp. as of a record date to be established for voting on the proposed business combination. Shareholders of Oaktree Acquisition Corp. will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a written request to: Oaktree Acquisition Corp., 333 South Grand Avenue, 28th Floor, Los Angeles, California.

Participants in the Solicitation

Oaktree Acquisition Corp. and its directors and executive officers may be deemed participants in the solicitation of proxies from Oaktree Acquisition Corp.’s shareholders with respect to the proposed business combination. A list of the names of those directors and executive officers and a description of their interests in Oaktree Acquisition Corp. is contained in Oaktree Acquisition Corp.’s annual report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC and is available free of charge at the SEC’s web site at www.sec.gov, or by directing a written request to Oaktree Acquisition Corp., 333 South Grand Avenue, 28th Floor, Los Angeles, California. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed business combination when available.

Hims & Hers and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Oaktree Acquisition Corp. in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination when available.

Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or Oaktree Acquisition Corp.’s or Hims & Hers’ future financial or operating performance. For example, statements about the expected timing of the completion of the proposed business combination, the benefits of the proposed business combination, the competitive environment, and the expected future performance (including future revenue, pro forma enterprise value, and cash balance) and market opportunities of Hims & Hers are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Oaktree Acquisition Corp. and its management, and Hims & Hers and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with respect to the proposed business combination; (2) the outcome of any legal proceedings that may be instituted against Oaktree Acquisition Corp., Hims & Hers, the combined company or others following the announcement of the proposed business combination; (3) the inability to complete the proposed business combination due to the failure to obtain approval of the shareholders of Oaktree Acquisition Corp. or to satisfy other conditions to closing, including the satisfaction of the minimum trust account amount following any redemptions; (4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed business combination; (5) the ability to meet stock exchange listing standards at or following the consummation of the proposed business combination; (6) the risk that the proposed business combination disrupts current plans and operations of Hims & Hers as a result of the announcement and consummation of the proposed business combination; (7) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the proposed business combination; (9) changes in applicable laws or regulations; (10) the possibility that Hims & Hers or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the limited operating history of Hims & Hers; (12) the Hims & Hers business is subject to significant governmental regulation; (13) the Hims & Hers business may not successfully expand into other markets, including womens’ health; and (14) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Oaktree Acquisition Corp.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and which will be set forth in registration statement on Form S-4 to be filed by Oaktree Acquisi-tion Corp. with the SEC in connection with the proposed business combination.

Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Oaktree Acquisition Corp. nor Hims & Hers undertakes any duty to update these forward-looking statements.

Non-Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Oaktree Acquisition Corp., the Company or the combined company, nor shall there be any sale of any such securi-ties in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Contacts

Investor Relations

Hims & Hers
Bob East or Jordan Kohnstam
Westwicke, an ICR company
HIMSIR@westwicke.com
(443) 213-0500

Oaktree Acquisition Corp.
infoOAC1@oaktreeacquisitioncorp.com

Media Relations

Hims & Hers
Chelsea Harrison
charrison@forhims.com

Sean Leous
Westwicke, an ICR company
HIMSPR@westwicke.com
(646) 866-4012

Oaktree Acquisition Corp.
mediainquiries@oaktreecapital.com

Source

BusinessWire

Date

October 1, 2020

Category

Business

Jennifer Lopez And Alex Rodriguez Invest In Coffee Brand Super Coffee Cofounded By 30 Under 30 Honorees

Kitu Life Inc, the company behind the coffee brand Super Coffee cofounded by three brothers who made our 2019 30 Under 30 Food and Drink list, announced today that it has picked up a minority investment from superstar couple Jennifer Lopez and Alex Rodriguez.

JLo’s and ARod’s investment is a follow on to the Series B round the company closed in July, which at the time put its valuation at over $200 million. Super Coffee expanded the terms of the round for the celebrity couple and closed the investment from Lopez and Rodriguez in August. Per Super Coffee, the post-money valuation is now $240 million.

Jim DeCicco, the oldest brother and the company’s CEO, says that it’s surreal for them that five years after starting the company they have attracted the attention of their childhood idol. (DeCicco says that growing up as Yankees fans the brothers pretended to be Alex Rodriguez while playing baseball in their backyard).

“The cool thing about them is that Jen is a global icon, Alex is one of the best baseball players to ever play the game, and they are at a point in their career where they are shifting from their huge personal brand to being known for their business acumen,” DeCicco says. “We view them as business partners rather than celebrity endorsement or brand advocates. They are going to coach us, this is a real partnership and as minority owners in our company they have a vested interest in seeing it succeed.”

In a press statement, Rodriguez says that they like winning companies with winning founders, who have energy and who are coachable.

“The brothers behind Super Coffee fit the bill. They have built a strong business in a short time and we look forward to helping the brand reach its full potential,” Rodriguez says.

Lopez adds that when Alex and she first heard the Super Coffee story and tasted the product, they wanted to be a part of it.

“We knew we could use our networks to build this brand globally,” Lopez says.

The investment comes after Super Coffee signed a deal with Anheuser-Busch InBev’ for national distribution to over 25,000 stores in June of this year. A few months earlier, in January, Alex Rodriguez became a co-owner and chairman of the Dominican Republic’s Presidente beer (owned by Anheuser-Busch).

“Initially the connection was serendipitous, but I think it was really part of the strategic value that Alex brings to our brand,” DeCicco says. “Once he found out that we were given an exclusive distribution deal, Alex realized that he can have an influence on the future and the outcome of our business by simply picking up the phone and leveraging his top-to-top relationship with Anheuser Busch’s executives.”

Photo
Super Coffee cofounders during their pitch on Shark Tank (L to R): Jim DeCicco, Jake DeCicco, Jordan ... [+] KITU LIFE

Rodriguez first heard of Super Coffee from Shark Tank where the brothers appeared in 2018. Then, the DeCiccos didn’t get a deal, nor an offer from any of the sharks (Rodriguez was a guest judge, but wasn’t present during the filming of that episode). At the time, the three of them asked for a $500,000 investment in exchange of 4.5%. Today, at a $240 million valuation, 4.5% share would amount to just under $11 million.

With the investment, JLo and ARod join a growing list of celebrity investors that have acquired a stake in Super Coffee, which already includes actor Patrick Schwarzenegger, Green Bay Packers’ quarterback Aaron Rodgers, Denver Nuggets’ center Mason Plumlee, and former NFL MVP Boomer Esiason, among others.

The company was started in 2015, when the youngest brother Jordan, who was a starting basketball player at Philadelphia University, started brewing coffee in his dorm room as a way to stay up late nights and manage a busy student athlete schedule.

Once they turned it into a company, Jim left his job as financial analyst for The Blackstone Group, the middle brother Jake stayed on for just one more year to get his undergraduate degree, and Jordan decided to drop out of school to accept the Peter Thiel Fellowship.

The NY-based enterprise currently has 90 full-time employees and has seen an explosive growth in revenue since its inception.  In 2016 Super Coffee made $200,000 in sales, in 2017 it was $800,000, in 2018 it grew to $3.5 million, in 2019 it was $26 million, and in 2020 their estimates are that they’re going to clear $70 million in sales.

Source

Forbes

Date

September 25, 2020

Category

Business

Hispanic Heritage Month: Alex Rodriguez in Conversation at Paley Front Row 2020

Paley Front Row 2020 with Alex Rodriguez and Natalie Morales. The Paley Center welcomes baseball legend, acclaimed broadcaster, and entrepreneur Alex Rodriguez for an intimate conversation about his career on and off the field. Alex will discuss his many successes through the lens of his iconic presence on television as a baseball star; Emmy-winning broadcaster for ESPN, Fox Sports, and CNBC’s Back in the Game; and role as CEO of A-Rod Corp. Acclaimed journalist Natalie Morales of the Today Show will moderate this conversation.

Source

The Paley Center for Media

Date

September 17, 2020

Category

Business, Media

‘From pinstripes to the boardroom,’ A-Rod is building investment clout with lessons from Warren Buffett and Magic Johnson

Welcome to Human Capital, an open exploration of the ideas and people moving financial services forward. In each edition, we feature a leader or rising star who's changing the game in his or her own way. "Finance is an apprentice business," one often hears in this sector. Here are some of the teachers. Click Subscribe above to be notified of future editions.

When Alex Rodriguez popped into my Zoom window one day last week, I squinted. Who was this 45-year-old in a suit and tie? Where were the Yankees pinstripes?

Like many, my memories of Rodriguez are anchored to his career in Major League Baseball — to the 2009 World Series championship; to the three most-valuable-player awards; to the 2014 season, or lack of it for A-Rod, when he was suspended for the use of performance-enhancing drugs; and to the unceremonious exit from the New York Yankees and MLB a few years later.

Today's Rodriguez is different: measured, somewhat philosophical, and a student — not of sports, but of business. His investment holding company, A-Rod Corp, has been both busier than ever and in the midst of a strategy revamp. Expanding from its roots in real estate, it has been an investor in well-known consumer companies such as Snapchat developer Snap Inc. and private-aviation business Wheels Up, as well as other companies thriving during the coronavirus pandemic, such as telemedicine provider Hims & Hers and investing app Acorns.

Most recently, vying to buy the New York Mets has taken up much of his time, energy, and patience. Billionaire investor Steve Cohen this week reached an agreement to acquire the team, though the purchase awaits approval by MLB club owners.

I wanted to sit down with A-Rod to learn where his inspiration for investing came from, how he is honing the craft, and the lessons he's learned along the way. Our discussion went in other directions too, including a global deal he's preparing to announce and his take on business leaders' responsibilities during the pandemic and into the future.

Below are excerpts from the conversation.

It's clear, looking at the history of your investing and business-building activity, that the interest was there even at the height of your professional sports career. When did it begin?

It started when I was 10 years old. I've always wanted to be in business and I've always wanted to be a major league baseball player. Of course, every young kid wants to be a major league baseball player.

Watching my mother and how hard she worked gave me an inspiration that I wanted to do better. Early on, as a young man — my father left when I was 10 — I started to realize that I needed to do well to take care of my mother. That's really where the inspiration came from. And from her, I got my grit.

In my early 20s, I had my first crack at business by buying an apartment complex. I needed a $48,000 down payment, which was a lot of money and very scary to invest. I bought a duplex, then sold that, bought a fourplex, so on and so forth, and I built that portfolio to north of 10,000 apartment units in over 14 states all over the Southeast, predominantly secondary and tertiary markets like the Carolinas, Virginia, Houston, and markets like that.

Where did you turn to learn how to do this well?

I think the common theme for me has always been curiosity. I've had an intellectual curiosity and appetite that's always been really large. It's been an important vessel for me, both in sports and in business.

I also knew that you're only as good as the team you're surrounded with — that's true both in baseball and business. I studied people like Magic Johnson and Greg Norman, who were spectacular in their field and then went on to be even better businesspeople. That gave me the hope that, if they can do it, so can I — the same hope that Cal Ripken gave me when he was a six-foot-four shortstop and I said, hey, if I'm six-foot-three, then I can also be a shortstop.

A lot of my inspiration came from these male figures because my father had left home.

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Magic sat down with me really early in my career and gave me some great advice. One was that, as a professional athlete, as you travel the country, you have two options. You can sleep in or go play golf or go shopping; or, when your game schedule is set far in advance and you know you're going to be flying into these places, why not make calls around the country, whether it's Warren Buffett or Howard Schultz or Barry Sternlicht? As you're traveling the country, the one common theme is people will want to meet you because you play for the Yankees; people will want to meet you because they may be fans. And the one thing that everyone wants to talk about is baseball. If you can exchange currencies and say, I'll teach you about baseball if you teach me about business, you'll be surprised at how many "yes"es you have. And that was the case.

What skills have you found transferrable from being a top athlete?

There are so many attributes, lessons good and bad, that I've brought over from wearing pinstripes to the boardroom. Number one is hard work. I know I have to be resilient, gritty, and roll up my sleeves.

There's no such thing as a schedule — you play until the job is done. And: You're there to win.

When you make mistakes, as I have done, own them. Get ahead of them. Understand the lessons, internalize the lessons, then get them behind you and move on.

And don't fall in love with a deal. Don't fall in love with ideas. Because if you're wrong, you have to be able to pivot quickly and change direction.

What do you want your investment portfolio to look like?

It goes back to the lessons that Warren Buffett taught me: Stay in your circle of competence. Go narrow and deep, not wide and shallow.

We really understand the things that we're passionate about so that we can bring to the table more than just capital. With anything we get involved with, we look for ways where our brands, our reach, or our team can infuse a lot of energy and create enterprise value.

That's why we've gotten into things that we really understood, whether it's health and fitness, whether it's consumer products. They are things that we believe in. We wouldn't get involved with something were we not also a consumer.

You mentioned bringing more than just capital to the table. What do you like your relationship with founders and entrepreneurs to be like?

We strongly believe that companies that we invest in have to have a great leader.

But the interactions are all so different — I can't think of one that is exactly the same. One may need help with assembling a great team, so we'll make introductions or we'll bring them in the right rooms, and a lot of times I'll be there with them. Another may have a great team but need help with marketing, and that's a whole different conversation that we have.

It's very fluid. But one of the things we take a lot of pride in is under-promising and over-delivering.

Looking at your own team, as well as your other projects and philanthropy, clearly diversity is a focus of yours. Why is that?

Selfishly, I think it’s the best way to run a business.

Growing up raised by a single mother who had two jobs, by a strong sister, and now having two daughters, I'm surrounded with strong women.

When you look at our 2009 World Series championship team, our MVP was from Japan. Our shortstop and our best pitcher was African American. Our two catchers were Puerto Rican. I'm Dominican. Our second baseman was Dominican. We had a white person playing first base who went to Georgia Tech.

We had the most beautiful, diverse team. That made us great. We all brought different things to the table. I think the same is true for business.

You mentioned earlier that you're surrounded by strong women. One of them is your fiancée, Jennifer Lopez, who has successfully done what we're talking about, becoming a business builder. What have you learned from her?

Devin, you're talking about a powerhouse. I've never met anyone who has the work ethic, the vision, the principles that Jennifer possesses. She does so many things that people call her a triple threat. I call her an octopus threat.

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(Photo by Chelsea Guglielmino/Getty Images)

She has over 200 million followers across her platforms. She's sold over $8 billion of consumer goods, over $2 billion in her fragrance alone. And I think the biggest shift I've watched her make is she has taken an absolute juggernaut of a business that's been about licensing and now has converted it to an ownership business. That is a massive change when you're moving those type of products at that volume.

The past six months have thrown all of our lives and plans into disarray. How has it affected your approach to leading A-Rod Corp?

It goes back to the team. We've always thought communication is very important, so we have tripled down on it to the point where we try to have daily meetings for at least 30 minutes or an hour. While people are at home and working like you and I are right now, through Zoom, we want to preserve connectivity and also give confidence to the team that we're hanging tough, that when we get to the other side, we're going to be better than we were before.

Leaders have to step up when moments are dark. Later, when you're winning championships and things are going well, you can slide to the back and let everybody share the credit.

These are the times when leaders need to be heard and seen.

Looking forward three or five years, how do you want your portfolio to look relative to how it does today?

We've had a lot of internal talks with our senior management team about that strategy moving forward.

If we have over 30 companies now, I can see in five years having maybe 12 or 15. The idea is that we want to make more concentrated bets. We want to go deeper with our partners.

We have some really exciting announcements coming around the corner. One in particular will, I think, shock the world — it's a global project we've been working on for over three years.

So, those are the kind of bets we are looking to make — both allocating capital but also allocating our time, which is the most valuable currency that we have.

Anything you can share on that upcoming announcement? The space it's in? The size?

Not yet.

One thing everybody now knows you have been pursuing is the New York Mets. At the moment, Steve Cohen is awaiting approval to complete that deal. Is the process fully in your rear-view mirror?

When you think about these national treasures, it's something we have pursued rigorously and with a lot of passion. I'm really proud of the process and the effort that we have put forth. Just out of respect to the process, because it's kind of live until it's over, I would feel more comfortable if we don't talk about that just yet.

When you look to other professional athletes seeking to transition their careers into business, what do you think they must know?

They have to know that it's going to be difficult, that you have to put in the work. That if you're looking for a shortcut, it's going to be just that — it's going to be a shortcut and there's going to be a short outcome.

I've always thought about: What does the perfect team look like? If you have a really smart guy from Omaha who's 21 years old with a crew cut, and you have another 21-year-old at Michigan playing quarterback with a crew cut, and one day they take their competitive advantages and put them together, they have a dream team. That to me looks like Warren Buffett and Tom Brady. Tom Brady says, I'm going to go out and throw touchdowns, win championships, and make some capital. I'm going to give it to you, Warren. You go out and you invest it, and together we'll be a dream team.

That's what I think young players, both men and women, should be thinking about: Who is the Warren Buffett in your community with incredible intelligence, business acumen, experience? Then you have to create an alignment, both spiritually and economically, that works and gives everyone protection. You sign those documents, then you put your head down and go have a bunch of fun. Then Tom Brady can go throw touchdowns and win championships, and Warren Buffett can do what he does best, which is take that money and invest it. It's as simple as that.

That alignment of interest you're talking about must be important for high-earning athletes.

I'm 45 now. I've been a professional since I was 18 years old. So, I've made every mistake in the book. I've had the fortune to sign two large contracts. That gave me the time and the ability to come back to the table. Not every athlete is going to have that great fortune that I was fortunate to have.

But along the way, there are some key pieces that you need in your camp, whether that's a great attorney, a great business manager, making sure that you're aligned with them and that they understand your vision and goals.

One of your goals should be that when you make this type of great income from, say, age 20 to 30, you have a plan to be putting that money away. That way, when you're 35, 45, 55, and 65, you are reaping the rewards of those great decisions you made in your 20s.

Today you're building businesses, investing, spending time with your family, spending time on philanthropy, retaining your connection to the world of sports. What's one method that helps you juggle it all?

I think I have good training. I played for 25 years professionally, and nothing would ever compare to the grueling schedule of playing 200 games in 232 days every year. Nothing.

I have this thing that I always carry with me — it's a little piece of paper. On one side, I have my list of five or 10 people I owe something to, and then on the other side, who owes me something. One at a time, I check them off. Honestly, that's the only way I can operate. If I don't check them off, I feel like I'm missing something.

I think I'll try that myself. Who do you find you owe things to these days?

When I think about the people I want to always be communicating to, I think about people of color. I want to open doors for them. I think about the sports community. I think about the entertainment community. I want people to learn from my experience — mainly my mistakes, of which there have been plenty.

I think athletes have an opportunity to be some of the best businesspeople in the world, because they possess things that you can't really teach.

They have incredible work ethic. They're resilient. They're thick-skinned. They're coachable. They understand that they're not punching a clock — they're there until they win the game.

So, I would love to see the sports community convert from being "not good businesspeople." I think they can change that narrative. They can proactively start thinking ahead of it, and they can surround themselves with great people who have alignment with them. That will help make them winners post a career in sports.

We spoke about your passion for diversity earlier. The focus on diversity has taken on renewed significance nationwide in recent months. What has that meant to you?

First of all, I say kudos because conversation and change is happening — that's important to recognize. But more changes need to happen, and they need to happen faster.

Speaking to what I know best, I'd love to see women, people of color, minorities holding more of the executive positions in sports.

I think there could be a woman manager in the dugout — why not?

These are the kind of things that, if we all do our job, and if we make a difference in each of our spaces, then together we can make real change happen. We can give everyone an opportunity to enter the room, to come to the table, and to do big things. I know that when I see a young person who grew up like me become a business executive, it gives me great inspiration and hope.

I believe that opening doors for people is our responsibility as leaders. It's at the very top of my list of things to do for the next several decades. My work is just starting.

Source

LinkedIn News

Date

September 16, 2020

Category

Business

In Search Of The Next 1000: The Entrepreneurs Creating Their Own American Dreams

From pandemic curves to unemployment spikes to protest march estimates, the spring and summer of 2020 has introduced us to all sorts of mind-bending statistics. The one that surprised me most, though, came last month via America’s most successful Black entrepreneur, Robert F. Smith of Vista Equity Partners: More than 90% of Black-owned businesses, he explained, are sole proprietorships. In many ways, these business owners are the most entrepreneurial entrepreneurs: completely self-funded, self-driven and self-reliant. Tired of waiting for others to help deliver prosperity, they have to take it and make it themselves.

For Forbes, which has helped define what success looks like in America for over a century, this cohort and others like it offer us an opportunity to expand the continuum of who we cover, laud and learn from. Today, we’re introducing our next big franchise, the Next 1000, a platform that will scour the country to find those entrepreneurs working harder and thinking smarter as they blaze new trails to success.

Different than our “counting” lists, such as Billionaires or Self-Made Women, which numerically chronicle those at the very top, or achievement lists like the Midas List or 30 Under 30, which reward immediate past results, the Next 1000 will seek and highlight doers on their way, overcoming any and all obstacles to get there. These types of journeys tend to prove the most inspiring and, in finding them, we hope to elevate a new class of super-achievers.

We’ve tried to democratize the process of making this list. Any entrepreneur in America can apply, or be nominated, as long as you’ve been in business at least a year (whether full-time, part-time or side hustle), and have less than $10 million in revenue and have raised no more than Series A funding (with extra points for the do-it-yourself heroes extolled by Robert F. Smith). We’re looking for people with compelling personal stories and business models, as well those having an impact on their community, industry and the world. The application process will run through October.

This criteria will produce a list that looks like America, providing a platform for under-represented communities. Besides the racial, ethnic and gender diversity that will naturally occur by focusing on bootstrappers, we’ve designed the Next 1000 for geographic representation, carving up the country into eight zones, each with their own nomination pools, since amazing nascent entrepreneurs exist in every state, not just the coasts.

It’s a big task. Luckily, we have an incredible team helping us sort through the nominations. The Next 1000 judging panel includes billionaire tech pioneers like LinkedIn cofounder Reid Hoffman and Facebook COO Sheryl Sandberg; investment ceiling-breakers like Ariel Investments co-CEO Mellody Hobson and Cowboy Ventures founder Aileen Lee; sports superstars turned entrepreneurial heavyweights like Alex Rodriguez and Russell Wilson; world-class mentors like National Geographic Society Chairman Jean Case and Morgan Stanley Vice Chairman Carla Harris; and self-starters like restaurateur Ayesha Curry, comedian Lilly Singh and Grammy Award-winning singer Ciara, who all understand how to translate influence into business — middlemen not required. Overseeing it all, we have one of own superstars, Maneet Ahuja, our senior editor for Small Business.

The past few months have underscored the hurdles faced by so many in America. With the Next 1000, we look forward to celebrating and accelerating those who haven’t let anything stop them from creating their own American Dream.


Source

Forbes

Date

July 29, 2020

Category

Business

Jennifer Lopez and Alex Rodriguez Partner with Company Hims & Hers on Accessible Healthcare

"We remember what it was to grow up not being able to afford decent care," says Jennifer Lopez


Jennifer Lopez and Alex Rodriguez's star power might be astronomical, but the two will never forget their humble beginnings growing up in the Bronx and New York City, respectively. It's part of the reason why today, the duo are expanding their role with telehealth company Hims & Hers to help make healthcare and self-care accessible to, and affordable for, those in underserved communities. And in an exclusive interview with People, the new brand partners opened up about this important collaboration.

“We're always focused on providing for people who grew up the way we did,” says Lopez. "We feel like now we're in a different kind of privilege and our kids are growing up differently, but we remember what it was to grow up not being able to afford decent care.”

With a team of more than 200 licensed physicians and nurse practitioners across the U.S., and appointment prices starting at $39 (including the cost of any medication, if necessary), the company’s goal is for everyone to be able to seek treatment. (Hims & Hers’ providers are authorized to diagnose and fill prescriptions for more than two dozen conditions, from asthma to urinary tract infections.)

“We saw it as a company that was offering a modern approach to health and wellness in a way that was responsible and accessible. It's so great to be a part of,” says Lopez.

And Rodriguez notes that the platform combats the stigma associated with talking about sensitive issues.

“It facilitates things that can be very challenging, whether that's [discussing] embarrassing issues, or going to the pharmacy and waiting on-line.”

Lopez agrees. "All of that anonymity and the distance, it's a plus."

Not only are the two hoping to help democratize healthcare, they’re also trying to encourage self-care.

“Like everybody else, we're just trying to hold it together and not get too depressed over the situation that we've been in over the past few months,” Lopez says. “For me, meditating really helps to quiet the mind. But Hims & Hers offers mental health services, which is really great.”

But Hims & Hers doesn’t stop at services. The company also provides personal care products — and Lopez and Rodriguez are weaving them into their routines.

“My hair was over-worked, and so burnt out from so many years and so many jobs,” says Lopez. The damage led her to a mission to find a solution.

“Since I started trying the Minoxidil 2% [topical scalp treatment], honestly, my hair's grown about four inches in the past six months,” she says, adding that it feels thicker, too.

Now, Lopez uses the treatment in combination with the company’s shampoo and conditioner. “[Hims & Hers] has really basic, clean products with the right ingredients. It's nothing overly-fancy, and perfumed. It's just good.”

“[Skin-care] really hasn't been that important to me for a long time, unfortunately. And playing over 25 years of professional baseball and being exposed to the sun pretty much every day of my life, in many ways I'm paying the price now. But I'm catching up, and I do see improvement,” Rodriguez says, adding, “The Goodnight Wrinkle Cream is my favorite. Also, the Morning Glow Vitamin C Serum. I wish I'd had this at the beginning of my career.”

The products are available for a one-time purchase, but once you’re hooked like these two, you can set up a subscription.

Especially right now, with the population practicing social distancing, “It’s very easy to have your products just come every month,” Lopez says.

Another plus? Ranging from $15 to $39, they don’t come with a hefty price tag.

“It’s really important to make products that are affordable for everybody,” says Rodriguez.

And amidst the COVID-19 pandemic, the company has made primary care visits available in Spanish, and also have FDA-authorized at-home COVID-19 test kits, both additions Lopez praises.

The company’s ability to pivot to meet the needs of the public, especially in underserved communities, impresses Rodriguez as well.

“We really believe in [Co-Founder] Jack Abraham to [CEO] Andrew Dudum’s vision, the ability to execute. Anybody can have a good idea. Not too many people can execute at the level.”

Adds Lopez, "It's serving 100% of the population. That's always important to us."

Source

People Magazine

Date

July 20, 2020

Category

Business

Major Real Estate Firms Step Up To Save Black and Hispanic Internships that Coronavirus Wiped Out

NEW YORK  (June 19th, 2020) — When Covid-19 struck, Cedric Bobo moved his internship program for Black and Hispanic students program online. But when he heard that New York City had canceled 75,000 paid summer internships, he took the program one step further.  He decided to use Project Destined’s learning platform as a gateway to replace at least some of those lost internships.

The project destined will administer the internship program in partnership with  Walker & Dunlop, inc.,  REPLI and REIRail. The paid summer internship program for high school and college students from diverse backgrounds is six-weeks in length and will provide students with the opportunity to work with leading commercial real estate firms, where live transactions will help participants gain real-world experience in digital marketing.

Click here for more information and internship opportunities.

HIGHLIGHTING CEDRIC BOBO:

Click here for the original CNBC article

For the past few weeks, Cedric Bobo, a former investment executive at the Carlyle Group, has spent the better part of his days on video calls, welcoming mostly Black and Hispanic students to paid summer internship programs.

When he’s not welcoming them, he’s pitching the programs to real estate executives, hoping they’ll fund even more students.

Bobo is co-founder of Project Destined, a nonprofit real estate learning platform that he launched four years ago. It teaches minority kids in cities basic finance by working with them to understand how property investments in their own neighborhoods work. They learn about how to value buildings, how mortgages work and how investors decide if a property is worth buying. They then pitch deals to panels of experts. Project Destined then invests in the some of the properties and offers the students a chance to profit from the deals through scholarship funds if they stay engaged.

Bobo teaches finance, but he preaches community ownership. Project Destined runs these programs in several major cities across the country, including New York, Detroit and Atlanta.

When Covid-19 struck, he moved the entire program online. But when he heard that New York City had canceled 75,000 paid summer internships, he took the program one step further. He decided to use Project Destined’s learning platform as a gateway to replace at least some of those lost internships.

“So many of our cities are challenged right now with budget issues. Seventy-five thousand students in New York alone lost their jobs for the summer, many of them Black and Brown youth. I talked to the [Real Estate Board of New York], and overnight we created 100 internships for students, and that was a real stimulus around the country,” said Bobo. “We went from there and began working with different corporates to begin to create more and more internships around the country.”

Bobo has recruited some of the biggest names in the real estate business: Brookfield Asset Management, Tishman Speyer, and Walker & Dunlop. The internships are five or six weeks and pay either $500 or $750, depending on the program. Students learn the basics from Project Destined’s courses and then connect directly with executives at the real estate firms sponsoring them. They will also hear live lectures from top executives at Brookfield, Unibail-Rodamco-Westfield, Amazon and former Yankee Alex Rodriguez, who runs his own real estate firm.

“We went straight to the real estate folks, and we went straight to CEOs. That’s really important because if you want to have action, you’ve got to have the leaders create action and then measure it,” said Bobo.

When the Black Lives Matter protests erupted, even more companies, large and small, began stepping up. He now hopes to fund more than 1,000 internships through the fall.

“The protests are critical because they create awareness, and we need to sustain that awareness, but the next piece is how do you translate that into action. So what we’ve been doing is working with the corporates to create true training opportunities where they can hire those folks,” Bobo said.

Another sponsor in the program is Vincent Harris, co-founder of a small, Black-owned proptech firm called REIRail. It is a lead generation platform for smaller real estate investors to source property deals. Harris has been passionate about financial literacy since he was a child. His mother lost their home to foreclosure because she didn’t understand how to manage her finances.

“That was a really formative experience for me. I remember the trauma, frankly, of that, and vowed to never be in a position like that, to never have my children be in a position like that,” said Harris.

What drew him to the internship program, he said, was that it’s not just about education; it’s about putting those lessons into practice and getting both finances and invaluable professional connections into the hands of students.

“A lot of the lack of access, that you see people demanding in the streets right now, comes from the fact that folks who have power, the power to hire, etc., don’t interface with Black and Brown communities. They don’t have a means of entry and so Project Destined is really cementing a pipeline of talent into these organizations,” he said.

On a recent Zoom call, Bobo welcomed Samuel Obasi to his new internship. Obasi, a Black junior at Towson University in Baltimore, explained why he wanted to make real estate his future.

“Not only can you build wealth for yourself, but you can use that to build affordable housing for your own people in your own area, your own neighborhood,” said Obasi.

Source

News Break

Date

July 19, 2020

Category

Business, Impact

Virtual Programming: How to Turn Rejection into a Home Run with Alex Rodriguez

Renowned worldwide for his unparalleled accomplishments on the baseball field, ALEX RODRIGUEZ stands as one of the greatest athletes of all time, as well as an accomplished media personality and philanthropist. A leading voice on resilience and dedication, leadership and teamwork, and how to truly master your craft, Rodriguez delivered a compelling, engaging and informative virtual presentation on how to turn rejection into a home run. It's a powerful, high-quality, 45-minute interview, chock-full of personal anecdotes and actionable lessons that incorporates both multi-media and Q&A. Since quarantine, Rodriguez has been involved in numerous charitable and virtual initiatives, including the All In challenge to raise money to help feed people around the world, and giving a baseball lesson from his backyard.

A 3-time MVP, 14-time all-star, and a 2009 World Series Champion with the New York Yankees, Rodriguez is also the founder of A-Rod Corp, having built a fully-integrated real estate investment and development firm, all while managing a record-breaking baseball career. At engagements Rodriguez shares his “mindset of a champion” philosophy, leaving audiences prepared to excel in their own personal and professional lives. His rave reviews speak for themselves, such as: "Powerful, poignant, persuasive – a truly passionate performance... To say impressed in an understatement. Your expressive and raw discussion turned heads and changed mindsets. A remarkable feat. I believe what captured many hearts was your humility. The surprise and delight of your talk had everyone on the edge of their seats. The question and answer session in particular where many of your themes and advice organically came forth proved to be invaluable." (Intuit)

Watch "How to Turn Rejection into a Home Run"

Source

Ed Mylett Show

Date

April 13, 2020

Category

Business

A-Rod Corp Invests in Nova Credit

NEW YORK (Feb. 22, 2019) – A-Rod Corp announced its newest investment in Nova Credit on Friday afternoon.

“We are excited about this investment,” said CEO, Alex Rodriguez, “This venture celebrates our diversification. As a Dominican-American I am proud to be able to help out fellow immigrants who struggle differently. We believe in changing lives at A-Rod Corp and Nova echos that mission.”

This month, Nova Credit raised a $50M round led by Kleiner Perkins to finally make the global consumer credit reporting system whole. Mr. Rodriguez participated in the Series B funding along with Canapi Ventures and existing investors General Catalyst, Index Ventures, and NYCA Partners. Nova also welcomed Avid Ventures, Endeavor, Susa Ventures and Sound Ventures and the Edge of U2.

ABOUT NOVA:  Nova Credit is the premier cross-border bureau. Lack of a domestic credit history keeps millions of immigrants in the United States from realizing their dreams. The award-winning fintech helps newcomers and other global citizens apply for financial services using their international credit history from countries including Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea, and the UK. We translate international credit data into a U.S.-equivalent score and report in a format familiar to American underwriters, who use it to evaluate applications for credit products. Founded by immigrants, we have a diverse team from around the globe who are creating a world beyond borders to help newcomers arrive and thrive.

ON A MISSION: We strive to enable the flow of humans not just for their economic potential, but because of the value of that movement itself in bringing new perspectives, creativity, community, and innovation. For Nova Credit, we are here to dream up a world beyond borders and our mission is to inspire and facilitate the flow of human diversity. The modern world as we know it has been created through the movement and collaboration of humans. Across changing borders, regions, and cultures, a continuous cycle of human migration and settlement is what defines us as different nations, composes our family histories, and shapes our personal stories.

PROBLEM SOLVING: All newcomers to the U.S. are rendered “credit invisible” upon arrival because American underwriters can’t access international credit data. Even if they have a good credit rating at their prior home countries, recent immigrants often struggle to accomplish the most basic tasks such as getting an apartment lease, a cell phone plan, credit card or student loan. Before Nova Credit translated international credit data to a U.S.-equivalent score, all newcomers had to build their U.S. credit history back to its previous levels from scratch, which can take as long as five years.

INNOVATION: Nova Credit’s core innovation is a U.S.-equivalent global credit scoring and reporting format, the Credit Passport®. Similar to a U.S. credit report, it contains a FICO-equivalent score, tradelines and inquiry history, allowing consumers who have recently arrived in the U.S. to attempt to demonstrate their creditworthiness to lenders. Partners like American Express, MPOWER Financing and Yardi can seamlessly underwrite qualifying newcomers without a U.S. credit score using Nova Credit. The solution requires consumer consent.For most countries, Nova Credit aligns the country-of-origin credit score to U.S. credit risk levels by matching the default rates. For example, a score of 1050 in the originating country that represents a default rate of 3% might equate to a score of 710 at the same default rate in the U.S. In that case the consumer’s score is adjusted to 710 for U.S. underwriting purposes.

Source

A-Rod Corp

Date

February 22, 2020

Category

Business, Impact

Alex Rodriguez knocks it out of the park at Mortgage Bankers Association event

Iconic athlete, businessman, media personality and philanthropist ALEX RODRIGUEZ wowed a crowd of 800 executives at the Mortgage Bankers Association's CREF conference, engaging in a 45-minute conversation that touched on everything from business disruption, to lessons from the world of baseball, to insights into how to stay ahead of the curve, find your passion, and connect with the right people at the right time. Chock-full of riveting anecdotes and stories from an iconic 25-year career in baseball plus his latest ventures in business and entertainment, Rodriguez's remarks made headlines in industry press, and had the audience laughing, thinking, and inspired.

Besides being a legendary athlete, media personality, and philanthropist, Rodriguez is also a business powerhouse. He's the founder and CEO of A-Rod Corp-- a tremendously successful, fully-integrated real estate investment and development firm-- and so his remarks infused lots of insights into his business ethic and decision-making, how he built his corporate team from the bottom up, and the new investments he's most excited about.

Rodriguez is also the host of his own podcast, The Corp, and show on CNBC, Back in the Game. He seamlessly weaves his diverse portfolio into the conversation. Sought-out to speak everywhere from Intuit to Capital One, Rodriguez receives race reviews such as: "Alex, wow! You knocked it out of the park... You were beyond spectacular. There were so many takeaways. Thanks so much for sharing your personal story." (The NDP Group, Inc."

Watch Alex Rodriguez at the Mortgage Bankers Association event >>

Source

Harry Walker

Date

February 19, 2020

Category

Business, Media

Alex Rodriguez Joins Anheuser-Busch as Co-Owner, Chairman for Presidente Beer

HOUSTON (Jan. 23, 2020) – After 22 seasons of baseball, superstar shortstop and third baseman Alex Rodriguez is taking a swing at something new: marketing beer.

The former New York Yankee, Texas Ranger and Seattle Mariner is the new chairman and co-owner of Presidente, the Dominican beer brand now owned by Anheuser-Busch InBev.

Terms of the deal were not disclosed, but to Rodriguez—the son of Dominican immigrants—the beer brand has an emotional connection. In an exclusive interview with Forbes, he said he feels “like it’s family”—adding that unless someone is from the Dominican Republic or grew up with it, “it’s hard to explain to others.”

“Presidente is one of the most prestigious brands in the entire country,” he said. “It’s what PepsiCo means to America. It’s synonymous with our country, synonymous with our flag. It’s unfortunate my father is not still here to watch this, but I think that he would be more proud of this partnership than my home runs.”

So what does this partnership entail? Details are still scant. However, according to Rodriguez, part of the reason the beer hasn’t caught on as much in the U.S. is that it all about the temperature that it’s served. (For him, it has to be “very, very cold” and “frothy white.”)

“The consumer will get very, very offended if it’s not at least that cold,” he said.

Presidente—first released by Cerveceria Nacional Dominicana in the Dominican Republic in the 1930s—was acquired by Anheuser-Busch in 2012 for $1.2 billion. Ricardo Marques, Anheuser-Busch InBev’s Group VP of Marketing for Core & Value Brands, said Presidente has been having growth in the “single-digits.” However, he said the partnership with Rodriguez will be “with us every day looking to grow the Presidente brand.”

“He’s so passionate about the brand and I assure you that he knows this brand better than I do,” Marques said. “It’s part of his culture and where he comes from so what we’re really looking for his vision of where he thinks this brand should go.”

While this is the first beer brand Rodriguez has worked with, it’s not the first brand he’s worked with. Others in the past include Pepsi, Planters peanuts and the coconut water Vita Coco.

“I don’t look at this from an investment or a marketing opportunity,” he said. “I look at this as a way to story-tell and brag about one of the best brands.”

So what comes next? Until now, the focus for the brand has been on East Coast cities with large Dominican populations such as New York and Miami but now the plan is to have a national strategy in place by opening day of the next baseball season—starting with a big activation at Yankee Stadium. Rodriguez said he might recruit some of his fellow Presidente-drinking, baseball-playing friends to help out.

“It’s the ripple affect,” Rodriguez said. “The hundreds of Dominican major league players and Latin American players that have played in this country, the first thing they do after a game is have a Presidente.”

(Article by: Marty Swant Forbes Staff)

Source

Forbes

Date

January 23, 2020

Category

Business

Alex Rodriguez Buys Stake in Presidente Beer, Will Serve as Chairman

HOUSTON (Jan. 23, 2020) – What goes with baseball more than a cold beer?

Alex Rodriguez is buying a minority stake in Dominican beer Presidente through his investment firm A-Rod Corp, sources told Page Six, and the former slugger will serve as chairman of the brand.

The deal with Anheuser-Busch InBev is expected to be announced Thursday at a sales conference put on by the beer giant, we hear.

A source told us, “Alex bought a minority stake. They’re partners, and he’ll be the chairman, and work very closely with Anheuser-Busch as they look to do more together. There really is unlimited potential of what can be done. It’s real involvement and real ownership.”

A-Rod grew up in the Dominican Republic and Miami. Presidente has previously been the official beer of the University of Miami Hurricanes football team, as well as the Orange Bowl in Miami. The brew’s also been the official beer of Miami squads the Heat and the Marlins.

Sources said that A-Rod’s previously been brought dozens of offers to endorse or invest in liquor brands, but that he was ultimately only interested in pursuing Presidente as an organic match to his Dominican roots. Major League Baseball is also rife with Dominican stars from Robinson Cano to recently retired David Ortiz.

“Presidente and baseball are like a religion there. It’s a perfect fit for him,” said an observer, adding that in the States, “The upside is tremendous. There is a ton of growth space.”

A-Rod Corp encompasses a real estate investment and development firm, has investments in fitness studios by TruFusion, UFC and Energy Fitness. The firm also backs numerous media and tech startups.

“He’s building business in a big way with everything he’s built and learned,” said a source of A-Rod.

He’s also a commentator for Fox Sports and ESPN, and hosts “Back in the Game” on CNBC

(Article by: Ian Mohr)

Source

Page Six

Date

January 23, 2020

Category

Business

Ex-Yankee Alex Rodriguez Goes to Bar...For Beer

The former New York Yankees slugger is joining Anheuser-Busch as partner and chairman for Presidente Beer, which is based in the Dominican Republic.

Rodriguez received a shout-out on Instagram from his No. 1 fan: Jennifer Lopez.

Congrats Alex on your new adventure with @presidente__usa, so proud of you! @arod

Rodriguez will return to the broadcast booth this season on ESPN’s “Sunday Night Baseball.” In two years, he will appear on the National Baseball Hall of Fame ballot for the first time. His former teammate Derek Jeter was elected to the Hall on Tuesday. But Rodriguez, despite his 696 career home runs, is expected to face an uphill climb for induction because of his season-long suspension for PED use.

Rodriguez also will be appearing on the ballot with former Red Sox DH David Ortiz, who, despite hitting 150 less home runs, could have a stronger Hall of Fame case given his three World Series rings, although the Boston slugger also was linked to PEDs during his career.

Below is the press release announcing Rodriguez’s news:

Anheuser-Busch today announced a landmark partnership between the iconic Dominican pilsner Presidente Beer and Alex Rodriguez, with the baseball legend and entrepreneur joining as Chairman of Presidente USA.

Long associated with Miami sports, Presidente USA is taking the next step in its legacy by partnering with Rodriguez, who will bring a new energy to the brand by transcending the role of spokesperson and truly helping direct the brand’s efforts toward the rich, Dominican culture that Presidente represents.

Rodriguez, the son of Dominican immigrants, first picked up a baseball on the fields of Washington Heights, New York, before rising to the pinnacle of America’s pastime. His journey embodies the pride and passion that has driven Presidente Beer forward since its inception in 1935.

“Growing up as a Dominican-American in the US, Presidente was not only a beer, it was part of our community. It connected my parents to their home and was a part of every major community event, big or small,” said Rodriguez. “It is truly an honor to get behind a brand with such a deep connection to my heritage and culture, and I cannot wait to help build its future.”

Presidente beer is a powerful symbol of Dominican culture both stateside and abroad, known as a true taste of the Caribbean.

“We could not be more excited about this partnership with Alex Rodriguez, who is himself an incredible ambassador for the Dominican culture. Presidente is the number one Dominican beer brand in the world with tremendous growth potential here in the US on the back of this unique partnership,” said Ricardo Marques, Group VP Marketing for Value and Core, Anheuser-Busch.

As Chairman of Presidente USA, Rodriguez will help grow the Presidente brand presence in the U.S. in 2020 and beyond, including the release of new products and materials

Source

NJ.com

Date

January 23, 2020

Category

Business

A-Rod On Working On His Business Portfolio Post-Baseball Career

Source

CNBC

Date

May 17, 2017

Category

Business, Media

"Shark Tank" Heads to Las Vegas, Adds Two New Guest Sharks

"Shark Tank," the critically acclaimed and multi-Emmy® Award-winning business-themed unscripted series that celebrates entrepreneurship in America, adds two brand-new guest Sharks for its 12th season, premiering FRIDAY, OCT. 16 (8:00-9:00 p.m. EDT), on ABC. Blake Mycoskie, founder of TOMS and co-founder of Madefor, and Kendra Scott, founder and CEO, Kendra Scott, LLC, and one of only 16 women to found a $1 billion company, will appear individually alongside Sharks Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John and Kevin O'Leary in various episodes during the 2020-2021 season. Alex Rodriguez, legendary baseball player and founder and CEO of A-Rod Corp, and Daniel Lubetzky, founder and executive chairman of KIND, also return for the show's 12th season. Episodes can be viewed the day after their premiere on demand and on Hulu.

Produced by MGM Television and Sony Pictures Television, the unrivaled and beloved show, which has become a culturally defining series, filmed for the first time ever in Las Vegas, hosted by The Venetian®  and Sands Expo & Convention Center.

The new guest Sharks are (alphabetically) as follows:

Blake Mycoskie – Blake Mycoskie is a serial entrepreneur, philanthropist and bestselling author most known for founding TOMS Shoes, and is the person behind the idea of One for One®, a business model that helps a person in need with every product purchased. Since its inception, TOMS Shoes has provided almost 96 million pairs of shoes to children around the globe. In 2014, after selling half of the company to Bain Capital, Mycoskie stepped down as CEO of TOMS. Utilizing half of his proceeds, he started the Social Entrepreneurship Fund to help early startups with core social missions get off the ground with much-needed funding.  Since then, he has invested in over 25 social enterprises. More recently, Mycoskie co-founded his newest company, Madefor. A 10-month program that applies the principles of modern neuroscience, psychology and physiology to make your brain and body better. Created alongside scientists from Stanford, Harvard and other top universities, Madefor helps people learn and sustain positive habits and practices that have the greatest impact on their lives. Mycoskie has achieved numerous accolades for his unique approach to business including the Secretary of State's 2009 Award of Corporate Excellence, the 2015 Next Generation Award from Harvard's School of Public Health, the 2016 Cannes Lion Heart Award and the 2018 amfAR Award of Courage. Mycoskie has also been featured in People Magazine in the "Heroes Among Us" section and in Fortune Magazine's "40 Under 40," among others. Mycoskie also recently expanded his philanthropic efforts to include the funding of the Center for Psychedelic and Consciousness Research at Johns Hopkins, making it the first such research center in the U.S. and the largest of its kind in the world. Born and raised in Texas, Mycoskie now resides in Jackson, Wyoming, with his family, dogs and horses. In his free time, he can be found outside enjoying nature whether it is rock climbing, surfing or snowboarding.

Follow Blake Mycoskie on Twitter and Instagram.

Kendra Scott – Designer, founder and CEO Kendra Scott started her company in 2002 with only $500 and just three months after her first son was born. As a creative mind with a love of natural gemstones, Scott began going door-to-door to Austin boutiques armed only with a tea box full of her jewelry, captivating businesses and customers with her vibrant personality and unique eye for design. Determined to maintain growth and preserve the vision of her business, Scott waited over 10 years to accept outside investments. She has since grown the company to a billion-dollar valuation with over 100 stores nationwide and a thriving e-commerce and wholesale business. According to a 2018 PitchBook study, Scott is among only 16 women in the United States to carry the title of founder of a company valued at $1 billion. Today, Scott's company continues to operate out of Austin, Texas, with their state-of-the-art corporate office complete with a design lab and an industry-leading distribution center, both catering to her employees' career goals and family-life balance.  With family and fashion as two core pillars of her business, Scott maintains a focus on her third core pillar of philanthropy in all she does. Since 2010, the company has given back over $30 million to local, national and international causes. On a national level, Scott supports organizations that actively help women and children live their brightest, healthiest and most empowered lives. This comes to life through initiatives like the Kendra Cares program, where the brand brings its customizable Color Bar™ to pediatric hospitals across the country as a creative arts program. Scott has been awarded with the EY Entrepreneur of the Year 2017 National Award, the Breakthrough Award from the Accessories Council Excellence Awards, named Outstanding Mother of the Year by the Mother's Day Council, awarded Texas Businesswoman of the Year by the Women's Chamber of Commerce, listed by Forbes as one of America's Richest Self-Made Women, listed among the Top 100 Entrepreneurs of the Year by Upstart Business Journal, and named Best CEO by Austin Business Journal. In 2019, Scott was inducted into the Texas Business Hall of Fame. She is a member of the board of directors for the Breast Cancer Research Foundation.

Follow Kendra Scott on Twitter and Instagram.

Watch the season premiere FRIDAY OCT 16 8|7c on ABC!

Source

ABC

Date

September 21, 2020

Category

Media

Hispanic Heritage Month: Alex Rodriguez in Conversation at Paley Front Row 2020

Paley Front Row 2020 with Alex Rodriguez and Natalie Morales. The Paley Center welcomes baseball legend, acclaimed broadcaster, and entrepreneur Alex Rodriguez for an intimate conversation about his career on and off the field. Alex will discuss his many successes through the lens of his iconic presence on television as a baseball star; Emmy-winning broadcaster for ESPN, Fox Sports, and CNBC’s Back in the Game; and role as CEO of A-Rod Corp. Acclaimed journalist Natalie Morales of the Today Show will moderate this conversation.

Source

The Paley Center for Media

Date

September 17, 2020

Category

Business, Media

A-Rod and "Big Cat" Launch Season 3 of The Corp

NEW YORK — Alex Rodriguez and Dan “Big Cat” Katz are back with another season of The Corp for Barstool Sports. It marks the third season for the podcast which launched in 2018.

Click here to listen!

World Series Champion & CEO and Chairman of A-Rod Corp Alex Rodriguez and Barstool Sports’ Big Cat interview industry leaders, sports legends, and entrepreneurs on what makes them successful in their specific profession. Business, humor, and stories from people who have lived the American Dream

Season 3 of The Corp features an entertaining guest list: Actress, Singer, dancer, fashion designer, and businesswoman Jenifer Lopez, 2-time NBA Champion, and Finals MVP Kevin Durant, late-night talk show host Jimmy Fallon, Rapper, Actor and Businessman Ice Cube, Broadcaster Joe Buck, Penn National Gaming CEO Jay Snowden and Designer and businessman Steve Madden.

Jennifer Lopez discusses her incredible career in entertainment, what drives her and keeps her motivated, her epic Super Bowl performance and more.

Kevin Durant talks about what drives him as a Champion, who inspires him, how he and Alex have had similar professional experiences and more.

Jimmy Fallon touches on growing up in comedy, being on SNL & more. Ice Cube shares how he navigated his successful career and how he has evolved.

Joe Buck discusses growing up in sports, calling World Series games, and injuring Alex. Jay Snowden talks about his career in the gaming industry and purchasing Barstool sports.

Finally, Steve Madden breaks down the rise of his shoe business, his time in jail & reclaiming his career.

The Corp is executive produced by Alex Rodriguez and Jeff Lee for ARod Productions along with Erika Nardini, Dan Katz and Henry Lockwood for Barstool Sports. Season 3 is sponsored by Presidente Beer.

Source

Barstool Sports

Date

August 28, 2020

Category

Media

Virtual Moderated Discussion - Masks, restarting the economy, & how to build a brand

Source

Alex Rodriguez

Date

May 11, 2020

Category

Media

Alex Rodriguez knocks it out of the park at Mortgage Bankers Association event

Iconic athlete, businessman, media personality and philanthropist ALEX RODRIGUEZ wowed a crowd of 800 executives at the Mortgage Bankers Association's CREF conference, engaging in a 45-minute conversation that touched on everything from business disruption, to lessons from the world of baseball, to insights into how to stay ahead of the curve, find your passion, and connect with the right people at the right time. Chock-full of riveting anecdotes and stories from an iconic 25-year career in baseball plus his latest ventures in business and entertainment, Rodriguez's remarks made headlines in industry press, and had the audience laughing, thinking, and inspired.

Besides being a legendary athlete, media personality, and philanthropist, Rodriguez is also a business powerhouse. He's the founder and CEO of A-Rod Corp-- a tremendously successful, fully-integrated real estate investment and development firm-- and so his remarks infused lots of insights into his business ethic and decision-making, how he built his corporate team from the bottom up, and the new investments he's most excited about.

Rodriguez is also the host of his own podcast, The Corp, and show on CNBC, Back in the Game. He seamlessly weaves his diverse portfolio into the conversation. Sought-out to speak everywhere from Intuit to Capital One, Rodriguez receives race reviews such as: "Alex, wow! You knocked it out of the park... You were beyond spectacular. There were so many takeaways. Thanks so much for sharing your personal story." (The NDP Group, Inc."

Watch Alex Rodriguez at the Mortgage Bankers Association event >>

Source

Harry Walker

Date

February 19, 2020

Category

Business, Media

Alex Rodriguez Teams Up with Fox Sports to Support Gamechanger Fund

MIAMI (Jan. 29, 2020) – FOX SPORTS SUPPORTS, the community impact arm of FOX Sports, today announced the inaugural donation from its newly-formed “Gamechanger Fund” to the Hank Kline Club of the Boys & Girls Clubs of Miami-Dade.

To present the $200,000 contribution, FOX MLB Studio Analyst Alex Rodriguez, a Miami-Dade Boys & Girls Clubs Board Member, visited the club he attended during his youth in Coconut Grove, along with Eric Shanks, Chief Executive Officer & Executive Producer, FOX Sports, and Adrian Garcia-Marquez, NFL Announcer, FOX Deportes. Shanks and Garcia-Marquez also grew up in the Boys & Girls Clubs. The contribution was received by Alejandro Rodriguez-Roig, President of the Boys & Girls Clubs of Miami-Dade.

“The Boys & Girls Clubs could not have played a more important role in my development as both an athlete and a person,” said Rodriguez. “I’m very grateful that FOX Sports is supporting the organization and investing in the club I attended as a child, and the futures of the kids here today.”

The Gamechanger Fund, which is proudly supported by both FOX Sports and its parent company, Fox Corporation, is part of a lasting community commitment ahead of Sunday’s Super Bowl LIV on FOX. The Fund will provide AV equipment and education space for the club’s youth to explore future careers in television, digital and social media production. Club members will also be connected with FOX Sports employees and productions around the country for ongoing extracurricular learning and mentorship opportunities.

“I wouldn’t be where I am today if it were not for the Boys & Girls Clubs,” said Shanks, who also serves as the organization’s Pacific Region Chair. “Everyone at FOX Sports hopes the Gamechanger Fund will help to inspire the next generation and that one or more of these girls or boys is producing the Super Bowl someday.”

This project is rooted in FOX Sports Supports’ belief that increasing youths’ exposure to sports, in both on-the-field athletic pursuits and off-the-field professional ones, can deepen their connection to the game and become a driving force of change in their lives.

About FOX Sports
FOX Sports is the umbrella entity representing FOX Corporation’s wide array of multi-platform US-based sports assets. Built with brands capable of reaching more than 100 million viewers in a single weekend, the business has ownership and interests in linear television networks, digital and mobile programming, broadband platforms, multiple web sites, joint-venture businesses and several licensing relationships. FOX Sports includes the sports television arm of the FOX Network; FS1, FS2, FOX Soccer Plus and FOX Deportes. FOX Sports’ digital properties include FOXSports.com and the FOX Sports App, which provides live streaming video of FOX Sports content, instant scores, stats and alerts to iOS and Android devices. Additionally, FOX Sports and social broadcasting platform, Caffeine jointly own Caffeine Studios which creates exclusive eSports, sports and live entertainment content. Also included in FOX Sports’ portfolio are FOX’s interests in joint-venture business Big Ten Network, a licensing and commercial relationship with The Stars Group that created the FOX Bet sports betting platform and the FOX Sports Super 6 free-to-play game, and a licensing agreement that established the FOX Sports Radio Network.

Source

Fox Sports

Date

January 30, 2020

Category

Impact, Media

Alex Rodriguez and Barstool Sports Release Season Two of "The Corp Podcast"

LOS ANGELES (Aug. 27, 2019) – Alex Rodriguez and Barstool Sports Release Season Two of “The Corp” Podcast

After the first season of The Corp became the No. 1 overall podcast last year, legendary baseball player Alex Rodriguez has reunited with Barstool Sports personality and host of No.1 sports podcast, Pardon My Take, Dan “Big Cat” Katz, for another season. Combining comedy, business and sports into one relatable platform, The Corp takes Rodriguez and Katz around the country to interview business leaders, sports legends, entertainment veterans and entrepreneurs to uncover the roots of their success and the mindset that let them overcome the inevitable obstacles.

Season two will open on August 27 with interviews with iconic actor Kevin Bacon and America’s first self-made female billionaire, Martha Stewart. Each week, the podcast will drop on Tuesdays, with accompanying video on Thursdays on YouTube. Guests also include storied racing driver Danica Patrick, WWE executive Stephanie McMahon, former Starbucks CEO Howard Schultz and entrepreneurs Dylan Lauren of Dylan’s Candy Bar and Ty Haney of Outdoor Voices.

In this second outing for the team, Rodriguez continues to share the untold stories of his baseball career and his experience founding the real-life ARod Corp, an investment conglomerate that has deployed hundreds of millions of dollars in real estate, media, consumer and fitness ventures. “It doesn’t matter where you competed. These guests, from Martha Stewart to Danica Patrick and Dylan Lauren, all stared failure in the eye and won that standoff,” says Rodriguez. “It’s a great lesson for us all.”

Dan ‘Big Cat’ Katz is known for his ability to bring out the most unexpected and candid moments from athletes and celebrities alike on his No. 1 podcast Pardon My Take. He brings those skills to The Corp and continues to infuse his refreshing and unique comedic point of view. “The goal of the podcast is to let successful people open up in a more relaxed atmosphere, tell their story and relate to the audience what it was like to climb their respective professional mountain,” says Katz. “I think listeners will enjoy what we accomplished with season 2.”

Along the way there will be five appearances from Barstool Sports CEO, Erika Nardini, who says, “In television, you’re working toward someone else’s definition of what’s funny or what’s allowed. With podcasts, you’re getting graded on by the fans…we control our own destiny here.”

The Corp is executive produced by Alex Rodriguez and Jeff Lee for ARod Productions along with Erika Nardini, Dan Katz and Henry Lockwood for Barstool Sports.

Source

PR Newswire

Date

August 27, 2019

Category

Media

A-Rod On Working On His Business Portfolio Post-Baseball Career

Source

Harry Walker

Date

May 17, 2017

Category

Business, Media

In Conversation - What I've learned from 22 years in baseball

Source

Google Zeitgest

Date

September 24, 2016

Category

Media

Major Real Estate Firms Step Up To Save Black and Hispanic Internships that Coronavirus Wiped Out

NEW YORK  (June 19th, 2020) — When Covid-19 struck, Cedric Bobo moved his internship program for Black and Hispanic students program online. But when he heard that New York City had canceled 75,000 paid summer internships, he took the program one step further.  He decided to use Project Destined’s learning platform as a gateway to replace at least some of those lost internships.

The project destined will administer the internship program in partnership with  Walker & Dunlop, inc.,  REPLI and REIRail. The paid summer internship program for high school and college students from diverse backgrounds is six-weeks in length and will provide students with the opportunity to work with leading commercial real estate firms, where live transactions will help participants gain real-world experience in digital marketing.

Click here for more information and internship opportunities.

HIGHLIGHTING CEDRIC BOBO:

Click here for the original CNBC article

For the past few weeks, Cedric Bobo, a former investment executive at the Carlyle Group, has spent the better part of his days on video calls, welcoming mostly Black and Hispanic students to paid summer internship programs.

When he’s not welcoming them, he’s pitching the programs to real estate executives, hoping they’ll fund even more students.

Bobo is co-founder of Project Destined, a nonprofit real estate learning platform that he launched four years ago. It teaches minority kids in cities basic finance by working with them to understand how property investments in their own neighborhoods work. They learn about how to value buildings, how mortgages work and how investors decide if a property is worth buying. They then pitch deals to panels of experts. Project Destined then invests in the some of the properties and offers the students a chance to profit from the deals through scholarship funds if they stay engaged.

Bobo teaches finance, but he preaches community ownership. Project Destined runs these programs in several major cities across the country, including New York, Detroit and Atlanta.

When Covid-19 struck, he moved the entire program online. But when he heard that New York City had canceled 75,000 paid summer internships, he took the program one step further. He decided to use Project Destined’s learning platform as a gateway to replace at least some of those lost internships.

“So many of our cities are challenged right now with budget issues. Seventy-five thousand students in New York alone lost their jobs for the summer, many of them Black and Brown youth. I talked to the [Real Estate Board of New York], and overnight we created 100 internships for students, and that was a real stimulus around the country,” said Bobo. “We went from there and began working with different corporates to begin to create more and more internships around the country.”

Bobo has recruited some of the biggest names in the real estate business: Brookfield Asset Management, Tishman Speyer, and Walker & Dunlop. The internships are five or six weeks and pay either $500 or $750, depending on the program. Students learn the basics from Project Destined’s courses and then connect directly with executives at the real estate firms sponsoring them. They will also hear live lectures from top executives at Brookfield, Unibail-Rodamco-Westfield, Amazon and former Yankee Alex Rodriguez, who runs his own real estate firm.

“We went straight to the real estate folks, and we went straight to CEOs. That’s really important because if you want to have action, you’ve got to have the leaders create action and then measure it,” said Bobo.

When the Black Lives Matter protests erupted, even more companies, large and small, began stepping up. He now hopes to fund more than 1,000 internships through the fall.

“The protests are critical because they create awareness, and we need to sustain that awareness, but the next piece is how do you translate that into action. So what we’ve been doing is working with the corporates to create true training opportunities where they can hire those folks,” Bobo said.

Another sponsor in the program is Vincent Harris, co-founder of a small, Black-owned proptech firm called REIRail. It is a lead generation platform for smaller real estate investors to source property deals. Harris has been passionate about financial literacy since he was a child. His mother lost their home to foreclosure because she didn’t understand how to manage her finances.

“That was a really formative experience for me. I remember the trauma, frankly, of that, and vowed to never be in a position like that, to never have my children be in a position like that,” said Harris.

What drew him to the internship program, he said, was that it’s not just about education; it’s about putting those lessons into practice and getting both finances and invaluable professional connections into the hands of students.

“A lot of the lack of access, that you see people demanding in the streets right now, comes from the fact that folks who have power, the power to hire, etc., don’t interface with Black and Brown communities. They don’t have a means of entry and so Project Destined is really cementing a pipeline of talent into these organizations,” he said.

On a recent Zoom call, Bobo welcomed Samuel Obasi to his new internship. Obasi, a Black junior at Towson University in Baltimore, explained why he wanted to make real estate his future.

“Not only can you build wealth for yourself, but you can use that to build affordable housing for your own people in your own area, your own neighborhood,” said Obasi.

Source

News Break

Date

June 19, 2020

Category

Business, Impact

Jennifer Lopez and Alex Rodriguez Donate Meals to Hospitality Workers in Miami

MIAMI (April 21, 2020) – Jennifer Lopez and Alex Rodriguez are doing their part amid the coronavirus crisis.

http://http://https://www.miamiherald.com/news/coronavirus/article242168676.html

The pair have donated thousands of meals that will be distributed this weekend and next week to help hard-hit hospitality workers in the Miami area.

In all, Lopez and Rodriguez donated 20,000 chef-prepared frozen meals from their food line, Tiller & Hatch Supply Co., to feed unemployed hospitality and restaurant workers who have either been laid off or furloughed because of the coronavirus lockdown.

Meals will be distributed at the Newport Beachside Hotel & Resort as well as the adjacent Beach Bar restaurant at the Newport Pier. Other hotels that will receive donated meals include The Shelborne South Beach, DoubleTree By Hilton Ocean Point Resort, The Mayfair at Coconut Grove and The Mondrian South Beach.

Source

Miami Herald

Date

April 21, 2020

Category

Impact

A-Rod Corp Invests in Nova Credit

NEW YORK (Feb. 22, 2019) – A-Rod Corp announced its newest investment in Nova Credit on Friday afternoon.

“We are excited about this investment,” said CEO, Alex Rodriguez, “This venture celebrates our diversification. As a Dominican-American I am proud to be able to help out fellow immigrants who struggle differently. We believe in changing lives at A-Rod Corp and Nova echos that mission.”

This month, Nova Credit raised a $50M round led by Kleiner Perkins to finally make the global consumer credit reporting system whole. Mr. Rodriguez participated in the Series B funding along with Canapi Ventures and existing investors General Catalyst, Index Ventures, and NYCA Partners. Nova also welcomed Avid Ventures, Endeavor, Susa Ventures and Sound Ventures and the Edge of U2.

ABOUT NOVA:  Nova Credit is the premier cross-border bureau. Lack of a domestic credit history keeps millions of immigrants in the United States from realizing their dreams. The award-winning fintech helps newcomers and other global citizens apply for financial services using their international credit history from countries including Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea, and the UK. We translate international credit data into a U.S.-equivalent score and report in a format familiar to American underwriters, who use it to evaluate applications for credit products. Founded by immigrants, we have a diverse team from around the globe who are creating a world beyond borders to help newcomers arrive and thrive.

ON A MISSION: We strive to enable the flow of humans not just for their economic potential, but because of the value of that movement itself in bringing new perspectives, creativity, community, and innovation. For Nova Credit, we are here to dream up a world beyond borders and our mission is to inspire and facilitate the flow of human diversity. The modern world as we know it has been created through the movement and collaboration of humans. Across changing borders, regions, and cultures, a continuous cycle of human migration and settlement is what defines us as different nations, composes our family histories, and shapes our personal stories.

PROBLEM SOLVING: All newcomers to the U.S. are rendered “credit invisible” upon arrival because American underwriters can’t access international credit data. Even if they have a good credit rating at their prior home countries, recent immigrants often struggle to accomplish the most basic tasks such as getting an apartment lease, a cell phone plan, credit card or student loan. Before Nova Credit translated international credit data to a U.S.-equivalent score, all newcomers had to build their U.S. credit history back to its previous levels from scratch, which can take as long as five years.

INNOVATION: Nova Credit’s core innovation is a U.S.-equivalent global credit scoring and reporting format, the Credit Passport®. Similar to a U.S. credit report, it contains a FICO-equivalent score, tradelines and inquiry history, allowing consumers who have recently arrived in the U.S. to attempt to demonstrate their creditworthiness to lenders. Partners like American Express, MPOWER Financing and Yardi can seamlessly underwrite qualifying newcomers without a U.S. credit score using Nova Credit. The solution requires consumer consent.For most countries, Nova Credit aligns the country-of-origin credit score to U.S. credit risk levels by matching the default rates. For example, a score of 1050 in the originating country that represents a default rate of 3% might equate to a score of 710 at the same default rate in the U.S. In that case the consumer’s score is adjusted to 710 for U.S. underwriting purposes.

Source

A-Rod Corp

Date

February 22, 2020

Category

Business, Impact

Alex Rodriguez Teams Up with Fox Sports to Support Gamechanger Fund

MIAMI (Jan. 29, 2020) – FOX SPORTS SUPPORTS, the community impact arm of FOX Sports, today announced the inaugural donation from its newly-formed “Gamechanger Fund” to the Hank Kline Club of the Boys & Girls Clubs of Miami-Dade.

To present the $200,000 contribution, FOX MLB Studio Analyst Alex Rodriguez, a Miami-Dade Boys & Girls Clubs Board Member, visited the club he attended during his youth in Coconut Grove, along with Eric Shanks, Chief Executive Officer & Executive Producer, FOX Sports, and Adrian Garcia-Marquez, NFL Announcer, FOX Deportes. Shanks and Garcia-Marquez also grew up in the Boys & Girls Clubs. The contribution was received by Alejandro Rodriguez-Roig, President of the Boys & Girls Clubs of Miami-Dade.

“The Boys & Girls Clubs could not have played a more important role in my development as both an athlete and a person,” said Rodriguez. “I’m very grateful that FOX Sports is supporting the organization and investing in the club I attended as a child, and the futures of the kids here today.”

The Gamechanger Fund, which is proudly supported by both FOX Sports and its parent company, Fox Corporation, is part of a lasting community commitment ahead of Sunday’s Super Bowl LIV on FOX. The Fund will provide AV equipment and education space for the club’s youth to explore future careers in television, digital and social media production. Club members will also be connected with FOX Sports employees and productions around the country for ongoing extracurricular learning and mentorship opportunities.

“I wouldn’t be where I am today if it were not for the Boys & Girls Clubs,” said Shanks, who also serves as the organization’s Pacific Region Chair. “Everyone at FOX Sports hopes the Gamechanger Fund will help to inspire the next generation and that one or more of these girls or boys is producing the Super Bowl someday.”

This project is rooted in FOX Sports Supports’ belief that increasing youths’ exposure to sports, in both on-the-field athletic pursuits and off-the-field professional ones, can deepen their connection to the game and become a driving force of change in their lives.

About FOX Sports
FOX Sports is the umbrella entity representing FOX Corporation’s wide array of multi-platform US-based sports assets. Built with brands capable of reaching more than 100 million viewers in a single weekend, the business has ownership and interests in linear television networks, digital and mobile programming, broadband platforms, multiple web sites, joint-venture businesses and several licensing relationships. FOX Sports includes the sports television arm of the FOX Network; FS1, FS2, FOX Soccer Plus and FOX Deportes. FOX Sports’ digital properties include FOXSports.com and the FOX Sports App, which provides live streaming video of FOX Sports content, instant scores, stats and alerts to iOS and Android devices. Additionally, FOX Sports and social broadcasting platform, Caffeine jointly own Caffeine Studios which creates exclusive eSports, sports and live entertainment content. Also included in FOX Sports’ portfolio are FOX’s interests in joint-venture business Big Ten Network, a licensing and commercial relationship with The Stars Group that created the FOX Bet sports betting platform and the FOX Sports Super 6 free-to-play game, and a licensing agreement that established the FOX Sports Radio Network.

Source

Fox Sports

Date

January 20, 2020

Category

Impact, Media