One of Andrew Hawkins’ biggest regrets as an investor was not pushing harder several years ago to buy the sneaker blog that eventually became StockX, the online resale platform valued at nearly $4 billion.
Hawkins, a former NFL wide receiver, connected with Josh Luber, the creator of the website, then called Campless, and proposed turning it into a business. But Hawkins says he got distracted by his football career and before he knew it Dan Gilbert, owner of the NBA’s Cleveland Cavaliers, bought it and later turned it into StockX.
“I was so upset,” Hawkins said. “But I can pick a winner, that was the ultimate lesson.”
The 37-year-old Hawkins is now the co-founder of sports technology and gaming startup StatusPro. The company launched its first virtual reality game, NFL Pro Era, in 2022 and recently closed a $20 million funding round led by GV, formerly known as Google Ventures. The company plans to expand by making VR games for other sports, including boxing, baseball and tennis.
Retired NFL player @Falcon he says he didn’t spend his first paycheck because he was afraid of not receiving another one.
He also tells us that he missed the opportunity to be one of the first investors in @stockX https://t.co/4L3YKjiQKB pic.twitter.com/iKEDlbY1PN
— Bloomberg (@business) March 7, 2024
Hawkins recently spoke with Bloomberg about his other investing stories and lessons learned.
When you got your first big paycheck from the NFL, how did you spend it?
I put it away. I didn’t spend it because I was nervous there wouldn’t be a second paycheck. So I literally went to the bank and thought to myself: If they cut me off tomorrow, I would now have about $15,000 that I could have a good start on a new life with.
And when did you feel you had made it?
I don’t think I’ve ever felt like I made it. And this can be good and bad. But I think it keeps me hungry and keeps pushing me to do new things.
Let’s get back to your StockX regrets. What did Luber tell you after selling to Gilbert?
He came back and said, “Hawk, you were one of the first people who came to me with this business.” I want to let you be one of the first investors.’
I was so angry that I pulled it out from under me and didn’t run over.
Is there anything you’ve invested in that you wish you hadn’t?
YES. I won’t name them specifically, but there was a media company that I invested in. It was a great proposal.
Ultimately, what I learned in that moment as an investor is that you have to be very, very sure that there is a culture and an ideology that is aligned with the idea, that can make it happen.