TechCrunch's Jonathan Shieber reported the news Tuesday, including a statement from Anthony regarding the firm named M7 Tech Partners:
For as long as I can remember, I’ve been interested in technology. We are actively looking for ventures with strong leaders creating breakthrough products that resonate with consumers. I particularly have my eye on companies that are involved with wearable technology and connected devices. These will be huge areas for the future.
This is an exotic, new adventure for Anthony and something he feels comfortable enough to back with his increased finances from a fresh five-year, $124 million contract, via Spotrac.com.
Hullabalu, a children's media company, was the first investment Anthony and M7 Tech Partners co-founder Stuart Goldfarb made, according to the TechCrunch report.
There is no question that Anthony is the alpha on the current Knicks roster. It takes that sort of mentality to be a successful entrepreneur and take a bold initiative to fund certain start-up technology companies. A lot of foresight goes into such decisions, something Anthony also had to take into account to remain a Knick.
Justin Sablich of The New York Times noted how Knicks team president Phil Jackson will have more cap flexibility next summer to pursue marquee players on the open market:
Will the Knicks ever win an NBA title with Carmelo Anthony?
In that context, choosing to start a venture capital firm makes all the more sense. Anthony is positioning himself for success when his basketball career is over. It appears he is in the proper industry and market, as the proliferation of technological development and the drastic consequential changes continue.
Technological innovation is about pioneering, which is something Anthony seems keen on doing on and off the court.
Above his impending investments, Anthony has to be hoping for immediate returns that translate to more proficient results in Madison Square Garden. Jackson convinced Anthony to stay in the Big Apple as a free agent, but the team is coming off a missed playoff appearance and seems far away from title contention.
If New York does indeed continue to suffer in a wide-open Eastern Conference, at least Anthony will be getting paid more than he would be elsewhere. Hopefully, he will be putting the money to good use with M7 Tech Partners.
To write a storybook legacy as a Knicks legend, though, it's up to Anthony to balance his ambitious pursuits away from the hardwood by buying into new head coach Derek Fisher's message. Getting involved in complex investments ought to help Anthony further understand the salary-cap maneuvers the Knicks will have to do in the coming years to surround him with top-tier talent, too.