ANN ARBOR, Mich. – The University of Michigan has expanded its Name, Image and Likeness (NIL) program by creating a platform to connect student-athletes with business partners and make the transaction process easier.
Michigan has connected many athletes with businesses and opportunities since NIL went into effect in July 2021. Now, businesses can officially apply for opportunities to partner with student-athletes through a streamlined process on the VICTORS Local Exchange platform, the university announced.
The exchange is essentially a business registry for Michigan student-athletes looking to capitalize on NIL.
How program works
Registered companies can search, filter and begin conversations with student-athletes to discuss NIL deals. Once an agreement is reached, the business will use the VICTORS Exchange to set up transactions that directly pay student-athletes.
There is no transaction fee, and the process automates a disclosure to the verified compliance ledger, U of M says.
“We are thrilled to partner with INFLCR as part of our comprehensive and unique Name, Image and Likeness program here at the University of Michigan,” said Kurt Svoboda, associate athletic director and department spokesperson. “Our student-athletes have already engaged with a wide array of partnership opportunities in the first six months of NIL, and this addition to our program will more easily allow us to onboard additional businesses.”
“The VICTORS Local Exchange ties together the University of Michigan’s entire NIL strategy in one system,” said Jim Cavale, founder and president of INFLCR. “We’re beyond excited to partner with Michigan and help empower their student-athletes with our core technology to help them build their brands as well as our NIL solutions to help them capitalize on those efforts.”
Components of the Michigan VICTORS program
Education and personal branding:
- NIL and updates
- Contract law basics
- Agent and representative education
- Personal finance and tax law
- Investing and resource management
- Business formation
- Social media and personal marketing education
- Data analytics
- Branding strategies
NIL marketplace access:
- Ongoing information on marketplace opportunities for student-athletes
- Comprehensive digital systems for all aspects of NIL
Agreement disclosure and compliance:
- Manage disclosures and compliance regulations
- Access to U of M’s vast photo and video libraries