TLDR:
- Orlando Magic partners with Lead One Fund as venture partner to increase innovation.
- Lead One fund invests in startups seeking pre-seed stage funding.
The Orlando Magic, owned by the DeVos family, have joined the Lead One fund as a venture partner to enhance team operations through innovative solutions. Lead One, a pre-seed stage investment fund, focuses on sports and health-tech startups and seeks to invest in about 10 companies a year with checks around $100,000 each. The Magic’s partnership with Lead aims to bring a strategic approach and framework to accelerate innovation within the team.
The collaboration with Lead extends the Magic’s existing relationship, which started about two years ago when Lead was retained as an innovation partner for the team. Through this partnership, the Magic gained access to Lead’s investment portfolio and new technologies, further enhancing the fan experience at the Kia Center. Additionally, Lead produces quarterly reports on markets and technologies, allowing the Magic to gain insights into areas such as esports, AI, cryptocurrency, NFTs, and blockchain.
The Magic has a history of focusing on innovation and new technologies, with notable initiatives such as the Magic Money program, which allows season ticket holders to convert unused tickets to virtual currency for upgrades and experiences at games. The team also established an Innovation Lab in 2014 to foster creativity and generate new ideas, resulting in numerous projects that have improved both internal processes and fan engagement.
By partnering with Lead One fund, the Orlando Magic aims to drive value from new ideas, fuel creativity, and deliver exceptional experiences for fans, solidifying their commitment to innovation and ongoing improvement within the organization.
