Name, Image, and Likeness is a legal term that describes a person's "right of publicity." It includes their capacity to make money from everything that makes them identifiable, including the ability to accept sponsorships and endorsements from other sources.
However, research has found that roughly 20% of student-athletes are currently involved in Name, Image, and Likeness (NIL). It has been determined that student-athletes are not participating because they lack support to educate them on the opportunities and fundamental components they need to succeed.
Mr. Bill Carter is a university lecturer, former college coach, Name, Image, Likeness (NIL) Analyst, Consultant & Educator, and current Youth sports volunteer. Mr. Carter is not a NIL "advocate" but rather an analyst who provides facts and data that help organizations to adapt to the circumstances created by NIL legislation. Today, he is helping brands, sports organizations, universities, and high school associations to understand and adjust to the Name, Image, and Likeness era.
In this special episode with Bill Carter, we'll learn deeply about the importance of Name, Image, and Likeness in the business and student-athletes. Tune in today as we discover how to empower yourself to make correct decisions regarding protecting your Name, Image, and Likeness.
"When you're at the beginning stage in your career, there's a good chance that you haven't felt that kind of fear that can keep you from saying yes." – Bill Carter
Topics Covered:
(00:00:00) Introduction + Episode Snippet
(00:00:13) Introducing our special guest, Mr. Bill Carter
(00:00:47) Advertisement: Obtain financial freedom with passive income! TimeOut with the SportsDr. teams up with Dr. Ronnie Shalev of Shalwin Properties to discuss things finance! Join Dr. Shalev's webinar or set up a 1-on-1 call; go to https://www.drderrickthesportsdr.com/sponsors.
(00:03:51) The power of partnership: The birth of Action Sports Agency
(00:06:48) Did Bill have any limiting beliefs?
(00:08:04) The fresh start: Not fearful of things not working out
(00:09:05) "We knew more than our clients knew."
(00:10:16) Instead of partnership, why not compete?
(00:11:34) The Go-giver principle: Bringing more value to people than they already have.
(00:12:07) Do not be afraid of competing.
(00:13:26) You don't have to be the first to develop a particular business
(00:14:49) How Bill transitioned from Sports marketing agency to a Name, Image, and Likeness
(00:16:05) Data-driven NIL: The survey community of student-athletes
(00:18:52) Who benefits from that data?
(00:19:47) NIL's reversed definition of an amateur athlete
(00:21:46) Advertisement: Sabre Bats, the training bat that will take you to your next swing. Go to https://www.sabrebats.net to know more.
(00:22:26) Where to find and how to safely use Name, Image, and Likeness
(00:23:45) Lack of support: Why many student-athletes don't participate in NIL
(00:25:08) The detriment of the Traditional mindset
(00:28:00) Donor-led collectives: How it impacts the NIL
(00:30:02) Misconceptions about the NIL concerning student-athletes and the collectives
(00:32:26) The rich get richer
(00:34:40) The role of social media in obtaining NIL deals
(00:38:18) Final TimeOut with Bill Carter: Can universities pay athletes for playing sports? Do student-athletes get rich from the NIL? Are NIL deals used to build a brand for the athlete?
(00:41:40) Tax Ramifications: How much taxes do athletes pay on their NIL deals?
(00:43:44) Protect your Name, Image, and Likeness
(00:44:33) Connect with Bill Carter
Key Takeaways:
"You have to be open to the opportunity because opportunity knocks, but it doesn't always knock twice." – Dr. Derrick Burgess
"You don't need to be the first in developing a business. If you see three or four successful businesses in that space, it's evidence of success and interest in that space." – Bill Carter
"It's not always about trying to team up and wanting to uplift your fellow man, but sometimes you have to be willing to compete and not be scared to compete." – Dr. Derrick Burgess
"A university can create an infrastructure around a student-athlete to support her or him, but they cannot be responsible for providing a NIL deal to a student." – Bill Carter
Connect with Bill Carter:
Email: bill@studentathleteinsights.com
Website: https://studentathleteinsights.com/
Twitter: https://twitter.com/sainsights_nil
Instagram: https://www.instagram.com/studentathleteinsights/
LinkedIn: linkedin.com/in/studentathletes
Connect with Dr. Derrick Burgess:
Website: https://www.drderrickthesportsdr.com/
Instagram: https://www.instagram.com/drderrickthesportsdr/
Facebook: https://www.facebook.com/TimeOut.SportsDr
LinkedIn: https://www.linkedin.com/in/derrick-burgess-72047b246/
YouTube: https://www.youtube.com/channel/UCHGDu1zT4K_X6PnYELu8weg
Email: thesportsdoctr@gmail.com
