While the final structure for Name, Image and Likeness (NIL) has yet to be approved, Anomaly recognizes that NIL compensation will soon become a reality for student-athletes. College athletes need to receive real-world practical education in the areas of: intellectual property, marketing, entrepreneurship and business planning, financial management, taxes, advisor selection and management, and basic contract terms. An intentional, systematic and repeatable decision-making process for opportunities off the field must be the foundation for which all of these educational areas are built upon.
While there is so much of a focus on brand-building and monetizing a student-athlete’s NIL, Anomaly specializes in equipping individuals with “protective education” in marketing and business so they can protect themselves on a number of levels and best manage this new NIL landscape.
Protective Education Curriculum
The learning objectives for this comprehensive Name, Image and Likeness (NIL) curriculum will focus on the following:
- Understand the elements of NIL
- Develop an intentional process for decision-making related to NIL
- Describe the types of intellectual property protections available to protect NIL
- Recognize and understand certain core components of marketing contracts and entrepreneurship
- Identify roles of various advisors and how to hold them accountable
- Construct a plan for managing NIL opportunities
What is Name, Image & Likeness (NIL)
The cornerstone of the Name, Image and Likeness conversation is the fact that these identifying aspects of an individual’s identity are intellectual property (IP) that (1) are owned by the individual; (2) have inherent value; and (3) require protection. In order to protect those rights, including licensing those rights to others, could require some trademark and other intellectual property protections. Student-athletes will need to learn how to protect and leverage intellectual property and IP rights, including trademarks, copyrights and domain names.
D | Decision-Making Relative to NIL
Understanding the basics of developing an intentional, systematic and repeatable personal decision-making process for managing NIL opportunities is critical. Our workshops role play exercises using potential NIL scenarios that allow student-athletes to make this analysis process for marketing and business opportunities real and impactful.
D | Due Diligence of (1) NIL Opportunities and (2) Selecting and Managing the Advisors Around You Marketing:
Understanding the basic business requirements related to commercializing your brand including scope of services, compensation, term and termination of the agreement, how their intellectual is being used and other protections is essential and will help student-athletes prepare for NIL opportunities like a business owner.
Entrepreneurship: Business formation education, whether someone is establishing a new business entity or starting a foundation can be a complex process. Developing the proper structure, establishing corporate formalities and developing operating agreements, where needed when starting a new business helps ensure you have the proper protections in place.
Advisors: Student-athletes need to understand what potential advisors may be needed for NIL opportunities, the scope of services those advisors provide, the fees related to those services, how to conduct interviews and last, how to hold such advisors accountable.
M | Money and Business Financial Management
Financial literacy is a common life-skill topic, but understanding basics of budgeting, the impact of credit, taxes, financial and even performing a cost-benefit analysis when it comes to NIL, will be critical to ensuring student-athletes protect themselves. The impact of entrepreneurship, accounting, and tracking expenses need to be given consideration and need to be understood.
C | Understanding Contracts from (1) NIL Opportunities and (2) Advisors
Recognizing common provisions in any agreement from an advisor, NIL marketing or business contracts is critical along with knowing when various terms are not in your best interests will help participants understand and evaluate NIL opportunities.