See the link below. From the article:
”UNIVERSITY PARK, Pa. — An anonymous donor has pledged a gift of $2.5 million to create the Wally Triplett Brand Academy Endowment. A joint project of Intercollegiate Athletics and Invent Penn State, the planned Brand Academy will help student-athletes and others with brand-driven businesses to manage and monetize their personal brand and support their entrepreneurial interests.
The donor’s gift will activate $2.5 million in University matching funds through the recently concluded Economic Development Incentive Matching Program, creating a $5 million permanent fund supporting the academy. The endowment honors pioneering football player Wallace Triplett, one of the first African Americans to play for the Nittany Lions and the first Black draftee to play for an NFL team.
“We are thrilled to provide our student-athletes with additional resources to assist them in navigating the name, image and likeness space through the Brand Academy,” said Penn State Vice President for Intercollegiate Athletics Patrick Kraft. “We are so appreciative to the donor who made this academy possible. This will open so many doors to our student-athletes as they enter into the world of entrepreneurship. To have Wally Triplett’s name associated with this effort is fitting as Wally is synonymous with the true meaning of 'We Are … Penn State.'”
The academy was conceived when previous restrictions on collegiate student-athletes profiting from their name, image and likeness were rescinded. In this new era, collegiate student-athletes can monetize their name, image and likeness, or NIL, much like professional athletes do, through sponsorships, endorsements, public appearances and similar opportunities.
Though student-athletes stand to profit from these arrangements, they run the risk of accepting bad licensing deals, possibly getting trapped in legal agreements that could severely limit their ability to use their NIL for many years, or even their entire lifetimes. The Brand Academy seeks to educate students on how to navigate this new terrain, empowering them to make good decisions that will realize the potential of their personal brand.”
”UNIVERSITY PARK, Pa. — An anonymous donor has pledged a gift of $2.5 million to create the Wally Triplett Brand Academy Endowment. A joint project of Intercollegiate Athletics and Invent Penn State, the planned Brand Academy will help student-athletes and others with brand-driven businesses to manage and monetize their personal brand and support their entrepreneurial interests.
The donor’s gift will activate $2.5 million in University matching funds through the recently concluded Economic Development Incentive Matching Program, creating a $5 million permanent fund supporting the academy. The endowment honors pioneering football player Wallace Triplett, one of the first African Americans to play for the Nittany Lions and the first Black draftee to play for an NFL team.
“We are thrilled to provide our student-athletes with additional resources to assist them in navigating the name, image and likeness space through the Brand Academy,” said Penn State Vice President for Intercollegiate Athletics Patrick Kraft. “We are so appreciative to the donor who made this academy possible. This will open so many doors to our student-athletes as they enter into the world of entrepreneurship. To have Wally Triplett’s name associated with this effort is fitting as Wally is synonymous with the true meaning of 'We Are … Penn State.'”
The academy was conceived when previous restrictions on collegiate student-athletes profiting from their name, image and likeness were rescinded. In this new era, collegiate student-athletes can monetize their name, image and likeness, or NIL, much like professional athletes do, through sponsorships, endorsements, public appearances and similar opportunities.
Though student-athletes stand to profit from these arrangements, they run the risk of accepting bad licensing deals, possibly getting trapped in legal agreements that could severely limit their ability to use their NIL for many years, or even their entire lifetimes. The Brand Academy seeks to educate students on how to navigate this new terrain, empowering them to make good decisions that will realize the potential of their personal brand.”
