PARITY | A Group 1001 Company
Overview
PARITY, a subsidiary of Group 1001, is an innovative platform dedicated to fostering equity in professional sports by enhancing the commercial and sponsorship opportunities for professional women athletes. Founded in 2020 and minority-led, PARITY addresses the persistent gender income and opportunity gap through high-impact campaigns and collaborations between brands and women athletes.
Key Executives
Leela Srinivasan
- Role: CEO
- Background: Former CMO, turned CEO in May 2023. Spearheaded the expansion of Parity’s network to over 800 athletes, ensuring $2 million in sponsorship payouts during her tenure.
Minji Ro
- Role: Co-Founder
- Background: Expert in strategic development, formerly a CSO and SVP at Group 1001. Instrumental in the inception and advocacy of Parity, she lives in NYC with her family.
Bill Shelton
- Role: Co-Founder
- Background: Entrepreneur and Wall Street veteran. He has dedicated his career to building businesses and advocacy groups, empowering athletes through Parity.
Phillippa Thomson
- Role: Chief Data Scientist
- Background: Former instructor at General Assembly and leader in data science at T. Rowe Price. Phillippa has advanced Parity’s market intelligence capabilities significantly.
Alana Casner
- Role: Senior Vice President, Business Development & Athlete Relations
- Background: An athlete-relations expert and dynamic business developer, Alana is pivotal in connecting brands with athletes to drive strategic partnerships.
Mandy Anderson
- Role: Vice President of Revenue
- Background: With over two decades of sales leadership experience, Mandy is focused on driving revenue growth and establishing robust client relationships.
Company Achievements
- Athlete Network: Engages over 1,000 athletes across 80+ sports disciplines globally.
- Economic Impact: Projects a substantial revenue growth in women's sports, with a projected $1.3 billion in 2024, reflecting a 200% increase from 2021.
- Consumer Influence: Women athletes boast a 2.8x influencer effect, significantly impacting consumer purchasing behaviors.
Impactful Campaigns and Partnerships
- Gainbridge® Partnership: Resulted in a 67% increase in Gainbridge’s followers through athlete engagement.
- "Practice Makes Perfect" Campaign: Focused on boosting financial literacy, showcasing Parity’s commitment to social impact.
Strategic Insights
- Market Opportunity: With 53% of consumers indicating that brands do not invest enough in women's sports, there is a significant market opportunity for meaningful engagement through Parity.
- Brand Engagement: High-energy, authentic athlete endorsements promise high engagement rates, with some campaigns achieving 4x the industry standard.
Current Initiatives
- Parity Week by Gainbridge: A notable event designed to empower women and girls in sports, emphasizing community and brand engagement.
- Data-Driven Operations: Leveraging advanced analytics for optimizing athlete-brand partnerships and market strategies.
Recent Developments
- Corporate Growth: Parity continues to expand its network and partnerships, exemplified by recent high-profile collaborations and increasing media visibility.
Competitor Profiling
Overview
PARITY is a subsidiary of Group 1001 established in 2020 focused on addressing the gender pay gap in sports and providing equitable opportunities for women athletes. This mission includes creating meaningful partnerships between brands and female athletes across various sports disciplines, promoting community upliftment, and transforming societal notions related to women in sports.
Mission and Vision
- Close the gender income gap in sports.
- Provide sponsorship and brand partnership opportunities for women athletes.
- Foster community development through sports and education.
Recent Initiatives and Achievements
- Group 1001 Majority Stakeholder: This strategic shift was aimed at amplifying Parity’s focus on closing the gender pay gap in sports.
- Parity Week 2024: Hosted by Gainbridge®, Parity Week included grants and initiatives to support women and girls, aligned with Group 1001’s mission of transforming communities through sports and education.
- Recognition as a Best Employer: In 2023, Parity was noted as one of the best employers in sports by Front Office Sports.
Unique Offerings and Platforms
- Parity Platform: Provides brands the opportunity to partner with professional women athletes for campaigns, appearances, and other engagements.
- Events and Grants: Including the Parity Week and Parity Week Grants aimed at empowering women athletes and supporting community development.
- Community Engagement: Regular updates and insights into Parity’s activities and their community of professional women athletes.
Partnerships and Collaborations
- With Gainbridge® and Women's Sports Foundation: $5,000 grants initiative to promote women's sports.
- Corporate and Non-Profit Partnerships: Collaborations to support women in sports business, such as the Tory Burch Foundation Sports Fellowship, designed to further increase women’s representation in sports business.
Sector Context: Gender Pay Gap in Sports
The gender pay gap in sports remains a prominent issue with male athletes often making significantly more than their female counterparts.
Notable Statistics and Industry Insights
- Male vs. Female Professional Salaries: Male athletes in mainstream sports such as basketball, soccer, and tennis often earn substantially more than their female counterparts.
- Prominent Case Studies: Naomi Osaka and Serena Williams’ earnings are contrasted with those of male athletes like Lionel Messi and LeBron James.
- Impactful Movements & Key Figures:
- U.S. Women’s National Soccer Team (USWNT) led by Megan Rapinoe.
- WNBA pioneers such as Venus and Serena Williams advocating for equal pay.
Competitive Landscape
Women’s Sports Foundation (WSF)
- Established by: Billie Jean King
- Focus: Promoting sports and physical activity among girls and women and advocating for equity in sports.
- Leadership: Includes influential figures like Robin Harris (Chair) and Scout Bassett (President).
- Key Programs: Engage females in sports through advocacy, research, and community initiatives.
Play It Forward Sport
- Founded by: Digit Murphy and Aronda Kirby
- Focus: Advancing gender equity in sports by creating and enhancing opportunities for women at all levels, from professional athletes to community youth programs.
- Programs: Emphasizes education and mentoring through initiatives like Campus Kids, fostering youth interfaces with NCAA Scholar-Athletes.
SeeHer in Sports
- Initiative by: SeeHer
- Focus: Improving the portrayal and increasing the visibility of women in sports media, addressing the underrepresentation and underfunding issues facing female athletes.
Under Armour’s Initiatives
- Focus: Advancing gender equality through support for women athletes, participation in the Women's Empowerment Principles, and improving working conditions in supply chains.
- Commitment: Includes initiatives like the Woman’s Sports Foundation and the Better Work program for sustainable and equitable labor practices.
Strategic Insights
Opportunities for PARITY:
1. Expanding Brand Partnerships: Increased focus on creating and nurturing collaborations with influential brands to amplify support and visibility for women athletes.
2. Educational Outreach: Leveraging platforms similar to the Women’s Sports Foundation's educational programs to impact younger demographics and foster early interest in sports for girls.
3. Global Engagement: Enhancing global strategies could further diversity and inclusion efforts, reaching broader audiences and potential sponsors worldwide.
4. Sustainability and Ethical Practices: Emulating Under Armour’s commitment to ethical practices can boost Parity’s attractiveness to socially responsible brands and stakeholders.