Little Yim is a financial investment company and offers the world's first stock market of "professional athlete's." Public investors buy stock in professional athletes listed on the Little Yim stock market. The athletes receive the investment proceeds to improve the quality of their
training and to cover the costs of travel, entry fees and other expenses.
Interview with Cindy Yim - Founder and CEO of Little Yim
http://www.littleyim.com/
sz: Cindy the Little Yim business concept is easy to understand and a cool idea. You're giving investors an opportunity to purchase shares in young "undiscovered" professionals. What is the screening process an athlete goes through prior to becoming listed for sponsorship through Little Yim?
cy: Thanks Susan, I really appreciate the chance to chat with you.
There is a lot of young talent out there. Athletes have worked hard just to get to the point of competing at the pro level. You see these athletes sweating hard training on the court and competing their hearts out in matches. It is too bad if these athletes can't pay for travel expenses or hire coaches and fitness trainers. Money problems cause a significant amount of stress on top of the enormous pressure that athletes already feel.
So I say we take away the money problem! :-)
We focus on supporting a group of high performance athletes who are already professional and will be playing in tournaments. Our selection process is based on an athlete's strong past performance at the junior, collegiate or professional level. Many of these athletes have obtained a high junior ranking, and have competed in high-level national and collegiate tournaments.
A lot of people want to be professional athletes and we want to help athletes realize their dreams. We wish that we could help everyone. But we have to limit our program to a select
group of athletes in order to provide investors with a small return on their investment.
sz: How do athletes learn about your company? Do you scout different sports and initiate contact with the athletes? Or do the athletes find you?
cy: We love it when athletes find us. Athletes often come to our site when they do online searches for athletic sponsorships and funding. Having our website pop up when you Google
"athletic sponsorships" helps us. The other way we get in touch with athletes is through athlete management firms and sports academies. Corporate sponsorships at professional tournaments
introduce our company to athletes there. We were a corporate sponsor at the SAP Open, Bank of the West Classic and East West Bank Classic presented by Herbalife.
We want to bring on athletes from different sports and expect to increase our efforts in initiating contact with athletes. Initially, we focused on tennis but have now branched out to many other sports.
sz: Do investors receive a prospectus? If so what content is included such as background information of past and present athletic results, current training programs, coaching staff, and upcoming event schedules?
cy: Investors are able to review the details of the sponsorship contract in terms of the tournaments included in the sponsorship contract, and information about the tournaments such as the prize money offered to athletes. We want to provide investors with as much information about the athlete as possible. From the athlete's past performance, to their coaches and training programs, it will all be there for investors. It is important for us to make sure that investors get all the information they need to make an informed decision knowing the athlete's ability, tournament plans and goals.
Since this is sports, we also want to make it fun for investors and give athletes the opportunity
to showcase their personality. In their profile, athletes talk about cool stuff like their favorite music and interests. Russ Marchewka, a beach volleyball player, indicated that beer is one among his many interests like ping pong and real estate investments. I think that's funny and interesting information that you aren't always going to see.
sz: What are the most interesting aspects of running your business?
cy: There are so many interesting aspects to running my business. I would have to say that the concept itself is the most interesting part. Getting to implement something new and work on the market design is really fun. it is just that a stock market of people is a very different idea. I feel like it's a chance to create something that can make a lasting contribution.
What's interesting about running my business is that I am utilizing the fun and excitement that sports fans have always experienced to provide athletes with funds. Fans like seeing how athletes do at tournaments. Not knowing whether an athlete will win the match or finish in the top sport in competitions makes it exciting for viewers. Now, all that excitement that fans feel from watching athletes can be used to encourage them to invest in athletes. They can make a difference in the athletes that they follow and in the sport itself.
The other interesting aspect is that my business blends sports and economics, which seem like totally unrelated fields. There have been economic studies on sports and athlete performances, but not so much the creation of new markets to provide services directly to athletes. I really like economics so it is fantastic that I can use economics to work with athletes and support them in their training and development.
sz: Cindy, you are an athlete and played in college on the Princeton junior varsity tennis team.
What athletic experience at Princeton or other athletic experiences in your life influenced the development of this business idea?
cy: As an athlete, I have encountered some disheartening moments whether it is not playing well in a match or losing in the early round of a tournament. There is so much focus on performance on-court and it is not easy to bounce back after a bad match to play your best in the following tournament.
Professional athletes probably experience this on a magnified scale. Their performance at competitons determines their career and how many ranking points and prize money they will earn. Their expenses are much higher than mine with the need to travel consistently on a global basis. Knowing that athletes have a lot to worry about in trying to play their best, I thought that it could be helpful for them if they did not have to worry about funding.
I have found that playing tennis is a great way to meet other people. when you all like the same thing, there is an endless amount to talk about. Princeton's junior varsity tennis team had a bunch of people involved in different activities and studying different majors, many of them whom I ended up never taking the same course with. I most likely would not have met these people if it weren't for the fact that we played tennis together. The opportunity for fans to invest in athletes is also a way for fans to get to know professional athletes. The funding that fans provide is most helpful to athletes. But what about having all kinds of people from all over the world visit an athlete's website and read an athlete's blog to get the latest update? So far, the media has been the only way for athletes and fans to connect. That's why I put links to an athlete's website and blog so that fans can see how their athletes are doing.
sz: Do you have any favorite motivational stories, tips or quotes that guide you?
cy: The Olympics provide me with some of the most motivational stories. Athletes competing in the Olympic Games have come very far in order to qualify to represent their country in one of the world's great sporting events. These athletes made a lot of sacrifices along the way and fully committed themselves toward attaining their dream. It is not possible to be lazy and get to that level. Their training is intense and the adversity they face is challenging.
From the recent 2008 Olympic Games in Beijing, I had read about a track and field athlete who developed painful blisters in her mouth and around parts of her face in early 2008. Doctors had rcommended that she not train and compete for several months. She knew that she would not be able to perform her best in Bejing if she did this. Despite what she described as feeling great pain, she still trained just as hard to make sure that she gave her fastest race when the moment came. In training, she would bite on a paper cup that she put in her mouth to order to ease the pain she was experiencing. This is true determination and shows tremendous perseverance through times when unfortunate events occur.
My hope is that my company can help the little guys with big dreams.
sz: The Little Yim website is so well designed and easy to use and understand. I look forward to checking back with you in a year to see how the business has grown as you continue to offer young professionals a chance to make it into the spotlight of their sports!
