Why Sue Bird Thinks Women’s Sports Has Finally Broken Through | The Deal

Intro (0s)

• Sue Bird is a highly accomplished athlete with a resume that includes two National Championships with UCONN, four WNBA Championships with the Seattle Storm, and five gold medals for the United States of America (3s).
• Bird has transitioned from being a world-class athlete to pursuing business ventures, including co-founding a media and commerce company called Togethxr with Chloe Kim, Alex Morgan, and Simone Manuel (39s).
• She has also co-founded a production company called A Touch More and is an investor in Gotham FC and the NWSL, as well as part of the ownership group of the Seattle Storm, the team she played for (1m31s).
• Bird has started a podcast with her partner Megan Rapinoe, another well-known athlete (44s).
• Since retiring from professional basketball, Bird has found it challenging to introduce herself and is currently figuring out her life, but identifies as an entrepreneur in the media space (1m9s).
• Bird shares a connection with the host, having both started their careers in Seattle, where Bird played her entire career with the Seattle Storm and the host played for seven years (25s).

Deal-making mindset (1m35s)

• Sue Bird's signature deal is closely related to her experience as a point guard in basketball, where she preferred things to make sense and fit together in a logical order to set everyone up for success (1m35s).
• Bird's approach to production is similar to her approach to basketball, where she likes things to go from A to B to C in a way that sets everyone up for success (1m49s).
• Bird's skills as a point guard are translating to the world of production, where she is seeing her skills show themselves as she becomes more involved (1m59s).

UCONN (2m5s)

• The University of Connecticut (UCONN) women's basketball program is considered historic, having won its first national championship in 1995 under the leadership of Rebecca Lobo, who led the team to an undefeated season (2m36s).
• The program's success can be attributed to its location, as it is not part of a major city like Boston or New York, allowing the people of Connecticut to rally around the team (2m58s).
• The fans at UCONN are known for their dedication and enthusiasm, creating a lively atmosphere at games (3m3s).
• Sue Bird joined the UCONN team in 1998 and was part of the team that won the national championship in 2000, the program's second title (3m14s).
• Choosing UCONN was a significant decision for Bird, who had to balance her desire to attend the school with her parents' emphasis on academics, as UCONN was not initially their top choice (3m51s).
• Bird's parents were concerned that attending UCONN would limit her social circle to people from Connecticut, but she ultimately decided to attend the school because it "felt right" (4m32s).
• This decision-making process has influenced Bird's approach to making decisions in her life and career, often relying on her intuition and "feel" for a particular opportunity (4m45s).
• Attending UCONN provided Bird with a platform that helped her become one of the most famous athletes in the country, despite her parents' initial concerns about the school's limitations (5m10s).
• Bird was aware of the national attention surrounding the UCONN program, particularly after the success of the 1995 team, and felt that it was a good blend of her own national attention as a top recruit and the existing attention on the program (5m59s).
• The media attention, fan support, and sold-out games became the norm for Bird and her teammates, creating a unique and intense atmosphere (6m9s).

NIL & Coach Auriemma (6m49s)

• The concept of fame and notoriety in women's sports is discussed, and how it would translate to dollars if Name, Image, and Likeness (NIL) was around during college years (6m49s).
• The role of Coach Auriemma in the success of UCONN women's basketball is highlighted, including his personality, media presence, and the way the people of Connecticut treated the players like daughters (7m9s).
• The team's dominance during their four years, combined with the NCAA tournament's marketing machine, contributed to their success and the growth of women's sports (7m36s).
• The Portland Thorns, an NWSL team, is mentioned as an example of a team that has achieved success and sold out games for years, but the exact reason for their success is unclear (8m4s).
• The lessons learned from Coach Auriemma include the importance of preparation, using the analogy of feeling prepared for a test, and knowing when to take action, rather than just knowing how to do something (8m46s).
• The concept of "when to" rather than "how to" is applied to basketball, emphasizing the importance of timing and decision-making in the game (9m36s).
• The separator for success in basketball is not just knowing how to shoot, dribble, or pass, but knowing when to do these things, which is a skill that can be developed through experience and practice (9m52s).
• The idea of "when to" is also applied to other sports, such as baseball, where the scoreboard can teach players when to take certain actions (10m24s).

Transitioning to the WNBA & playing overseas (10m38s)

• The transition from college to the WNBA was a culture shock, going from guaranteed sold-out games to less crowded stadiums, with the initial reaction being to just figure things out and adapt (11m16s).
• Early memories of this transition include a media day with the Sonics, where the smaller crowd was a surprise after coming from the Final Four and UCONN (11m50s).
• The WNBA's business side was not well understood at first, but as time passed, the realities of the league became clearer (11m8s).
• The rookie year was still under 100% NBA ownership, resulting in some perks like nice hotels and a practice facility, but no charter flights (12m12s).
• Playing overseas quickly became a significant source of income, with players making so much money that CBA negotiations were not a major concern (12m54s).
• The income range for playing overseas varied greatly, but personally, it was always over six figures, with early years ranging from $300,000 to $600,000 and later years reaching the million-dollar range (13m34s).
• The time spent playing overseas also varied, with some players going for five months and others for longer periods, affecting the overall income (13m51s).
• By the end of the playing career, the income from overseas had increased significantly, with some players earning over a million dollars, and with bonuses, even more (14m1s).

Business ventures (14m15s)

• Sue Bird's business ventures began when she was around 30 years old, and her approach was to invest in people rather than businesses, with her first major investment being in a friend's restaurant business in the Boston area, which turned out to be successful and allowed her to recoup her investment within a year or two (14m59s).
• The restaurant business is described as upscale bar food, and Bird got lucky with the investment, acknowledging that success in the restaurant industry is rare (15m12s).
• Bird's investment approach is based on her ability to read people, and she feels confident in this aspect, having invested in friends and acquaintances, such as a sports center facility in New Jersey owned by a friend and her husband (15m49s).
• Bird's investment strategy is similar to the approach taken on the TV show Shark Tank, where investors often prioritize the people behind the business rather than the business idea itself (16m7s).
• When evaluating investment opportunities, Bird tends to focus on a narrow and deep approach, preferring to invest in areas where she can provide value and expertise, rather than taking a wide and shallow approach (16m43s).
• Bird's decision-making process involves quickly assessing whether an investment aligns with her values and whether she can provide nuance and expertise, with the financial aspects of the investment being a secondary consideration (16m58s).
• Bird acknowledges that she has made both successful and unsuccessful investments, and that the financial aspects of investing can be intimidating (17m27s).

Joining the Seattle Storm ownership group (17m30s)

• Sue Bird was approached by the Seattle Storm ownership group about a month after she retired, with an offer to join as a part-owner through a small investment raise (17m57s).
• The ownership group, consisting of three women, wanted to treat Bird like any other investor and presented her with the same investor deck they showed everyone else (18m22s).
• Bird was already a believer in the potential of women's sports and had been encouraging others to invest, but she was initially hesitant due to concerns about how ownership would impact her other business ventures and ability to stay involved in the sport (19m9s).
• The decision to join the ownership group took about a year and a half, as Bird wanted to wait and see how her new role as an owner would affect her life and other opportunities (19m39s).
• During that time, Bird wanted to maintain her freedom to speak and not be held back by her potential role as an owner, especially with CBA negotiations approaching (19m56s).
• Eventually, Bird decided to join the ownership group, not wanting to miss out on the opportunity and potentially regret it later (20m3s).

The business case for women’s sports (20m10s)

• The business case for women's sports is becoming more apparent, with evidence of its growth and potential for success, (20m10s)
• The success of high school basketball player Paige Bueckers, who gained a large following on social media, was a turning point in realizing the potential of women's sports, (20m37s)
• Despite not making a lot of money from WNBA salaries, many players, including Sue Bird, were able to secure endorsement deals and receive significant financial value for speaking at events or representing companies, (21m14s)
• There was a disconnect between the value placed on women's basketball players off the court and the lack of value given to the WNBA, (21m44s)
• The systems in place were not set up for the WNBA to succeed, but this was not due to a lack of interest in women's basketball, (21m57s)
• Attendance at WNBA games has been record-breaking, and the finals have consistently been sold out, contradicting the narrative that nobody cares about women's basketball, (22m26s)
• The success of players like Paige Bueckers, Caitlin, and Angel in the NCAA has shown that younger people are interested in women's basketball, (23m30s)
• The cultural cachet of women's basketball is increasing, with players like Paige Bueckers gaining a large following and being considered "cool," (24m12s)
• The growth of women's sports is not limited to female fans, as boys and men are also showing interest and engaging with female athletes on social media, (23m58s)

Togethxr (24m29s)

• Togethxr was formed in 2018-19 by four athletes, including Alex Morgan, Chloe Kim, Simone Manuel, and the speaker, with the goal of creating a platform dedicated to telling the stories of women in sports, as there wasn't one at the time (24m44s).
• The idea for Togethxr was inspired by platforms like LeBron's Uninterrupted and Derek Jeter's Players Tribune, which covered men's sports and occasionally featured women, but didn't have a dedicated focus on women's sports (25m0s).
• The formation of Togethxr was a combination of luck and good timing, as it coincided with significant events in women's sports, such as the US women's national team's equal pay fight, the WNBA's bubble season, and Sedona Prince's TikTok video highlighting the disparities between men's and women's locker rooms (25m36s).
• Togethxr was launched shortly after these events and was well-positioned to capitalize on the momentum, becoming one of the more important platforms for telling athletes' stories (26m22s).
• The platform's initial goal was to shine a light on women in sports who often don't receive the same attention as their male counterparts, but it has since evolved to focus on storytelling and community-building (26m48s).
• Women's sports often rely on storylines and player stories to attract fans, as they don't have the same generational fan base as men's sports, and Togethxr aims to tap into this by providing content that helps fans connect with players on a personal level (27m16s).
• The platform's mission is to make a mark in the media landscape by telling the stories of women in sports, whether through short-form content on Instagram or longer-form documentaries and series (28m0s).
• Togethxr has built a community that has helped shape the company's identity and dictate its content, with the founders feeding into the community's interests and passions (28m20s).

Everyone Watches Women’s Sports T-Shirt (28m38s)

• The "Everyone Watches Women's Sports" T-shirt business shows the gap in merchandise for women's sports, as previously, women's sports merchandise was limited and often featured a "pink it and shrink it" approach, where items were made smaller and pink for women, rather than offering authentic team uniforms (28m45s).
• The "pink it and shrink it" approach was not desirable for many women, who preferred authentic team merchandise, and the "Everyone Watches Women's Sports" T-shirt proved that women's sports is a viable business (29m27s).
• Women's sports was previously viewed as a charity, but it is now being seen as a real investment and business opportunity, with people involved in the industry still focused on making an impact and creating statements (29m53s).
• The "Everyone Watches Women's Sports" T-shirt was created by the people at Togethxr, who were brainstorming ideas to counter the common phrase "nobody watches women's sports," and decided to create a shirt that stated the opposite (30m38s).
• The design of the shirt features a font similar to SpongeBob Squarepants, with alternating uppercase and lowercase letters, and was popularized when Dawn Staley wore it during a South Carolina game on national television (31m9s).
• The shirt's impact was measurable, as it made a significant amount of money, with sales reaching millions, and its success has led to the company investing more in the merchandise arm of the business (31m40s).
• The success of the shirt has also led to collaborations with teams, including Olympic teams, and the creation of merchandise in different languages, such as French (32m12s).
• The "Everyone Watches Women's Sports" T-shirt has become an unanticipated growth area for Togethxr, with the company continuing to invest in the merchandise arm of the business (32m26s).

Women’s sport & the cool factor (32m32s)

• The rise in viewership of women's sports has been observed both anecdotally and empirically, with increased investment in the WNBA leading to growth despite initial challenges (32m32s).
• The story of the WNBA is one of success despite a lack of investment, with the league achieving its current state without significant support, and the potential for further growth with investment (33m12s).
• Women's sports is not a niche or startup industry, but rather a stable and growing market, with girls and women participating in sports being a constant presence (33m40s).
• The "cool factor" has been a key factor in changing the narrative around women's sports, with the WNBA finals now being seen as a high-stakes event with cultural significance (34m5s).
• The perception of women's sports has shifted, with the casual fan now seeing it as worth watching, and the league having crossed a line into being considered "cool" (34m7s).
• The three categories of fans are diehards, those who don't like the sport, and casual fans, with the latter being the largest group and the most important to win over (34m51s).
• The casual fan is influenced by social proof and the desire to be part of a cool event, with the WNBA now being seen as a desirable place to be (35m13s).
• Several factors have contributed to the growth of the WNBA, including the 2020 season, players like Paige Buecker, and moments like Sedona Prince's TikTok and Kobe Bryant wearing a WNBA hoodie (35m31s).
• The emergence of players like Caitlin Clark has helped to further boost the league's popularity, with her logo threes providing a compelling narrative and helping to shift perceptions of women's basketball (35m50s).
• Clark's success has helped to break through the barrier of respect, with her skills being recognized and admired by fans of all genders (36m33s).
• The growth of the WNBA and women's sports has led to a shift in the cultural narrative, with women's sports now being seen as a desirable and respected part of the sports landscape (36m45s).

The upside for the WNBA (36m49s)

• The upside for the WNBA is significant, with potential for immense growth due to the lack of investment and media coverage in the past, making even a small percentage point increase substantial (37m24s).
• The growth of the WNBA is expected to continue, with the 2028 Olympics potentially being a major catalyst, particularly with the emergence of young talent such as Paige Buecker, Juju, and Flau'jae Johnson (37m54s).
• The impact of Name, Image, and Likeness (NIL) deals is helping to bridge the gap between college and professional women's basketball, allowing young players to build huge brands and fan bases (38m16s).
• The combination of young talent and established players like Caitlyn, Stewie, and Asia Wilson is expected to drive growth in the league over the next four years (38m28s).
• The 2028 Olympics could serve as a major milestone for the WNBA, providing a platform for the league to reach new heights and gain increased recognition (38m32s).
• Despite past criticism, the WNBA has been more successful than the NBA in its first 25 years, with Commissioner David Stern's vision playing a significant role in its growth (38m57s).
• The WNBA is considered a growth business, performing well for a young league, and its upside is significant (39m6s).
• Historically, there has been a disconnect between college and professional women's basketball, with fan bases not transferring from college to the WNBA, but this is starting to change (38m10s).

How social media has impacted sports popularity (39m21s)

• Social media has played a significant role in the growing popularity of women's sports, providing a platform for female athletes to gain a large following and showcase their personalities, interests, and talents (39m24s).
• Many female athletes have more followers than some of their male counterparts, making it harder for people to ignore their presence and popularity (39m31s).
• Social media has given female athletes the opportunity to tell their own stories and share aspects of their lives that might not have been covered by traditional media outlets (39m54s).
• Female athletes have used social media to showcase their interests and hobbies, such as fashion, and share behind-the-scenes moments that might not have been captured by photographers or traditional media (40m11s).
• In the past, female athletes had limited access to photographers, especially on the road, and had to rely on their team's PR staff or post their own photos on social media to share their experiences (40m27s).
• By posting their own content on social media, female athletes have been able to take control of their own narrative and share their stories with a wider audience (40m45s).
• Social media has been instrumental in helping female athletes gain more visibility and recognition, and has played a huge role in the growth of women's sports (39m53s).

Sue and Megan’s Podcast & Investments (41m4s)

• Sue Bird and Megan Rapinoe have a partnership that includes investments in each other's sports, as well as a podcast called A Touch More, where they discuss various topics and learn from each other's differences, with Bird being more of a planner and Rapinoe being more spontaneous (41m5s).
• The two sports leagues they are involved in, the WNBA and the NWSL, are at different stages of growth, with the WNBA being further along due to its association with the NBA, while the NWSL has more freedom but also more challenges (42m5s).
• Bird has learned from the Gotham investment that having a strong ownership group, like the Tisch family, can make a significant difference in a team's success, as seen with the Lynx in Minnesota (43m23s).
• The WNBA has a hard salary cap with no wiggle room, whereas the NWSL has more flexibility in its salary cap, allowing for more fluidity in player contracts (43m48s).
• Bird and Rapinoe have been able to learn from each other's experiences, including their respective collective bargaining agreements (CBAs) and equal pay fights, and have applied those lessons to their own sports and business ventures (42m25s).
• The partnership between Bird and Rapinoe has been beneficial for both of them, allowing them to complement each other's strengths and weaknesses and achieve success in their respective sports and business endeavors (41m26s).

Rapid Fire (44m9s)

• The rapid fire portion consists of 10 questions to be answered quickly. (44m9s)
• The word to describe deal-making style is "quick." (44m21s)
• Instincts are considered more important than data in deal-making. (44m29s)
• The dream making partner is Alex. (44m32s)
• The best piece of advice received on deal-making or business is to "do your homework." (44m39s)
• There is no worst advice received, as the person is open to advice. (44m46s)
• The hype song before a big meeting or negotiation is any song by Jay-Z, with "Lucifer" and "My First Song" being favorites. (44m59s)
• The favorite title won is the Olympic gold medal, particularly the fifth one. (45m19s)
• The 2018 WNBA championship with the Seattle Storm also holds a special place due to the team's rebuild and unexpected win. (45m28s)
• If only one sport could be watched for the rest of life, it would be basketball. (45m59s)
• The team the person wants to see win a championship more than anything is the Seattle Storm, followed by the Huskies and the Knicks. (46m5s)
• A fun fact about the person that teammates would be surprised to hear is that they got their tongue pierced in college, but no longer wear it. (46m21s)