Overview of How to build a billion-dollar sports team from scratch, with Golden State Valkyries’ Jess Smith
This episode features Jess Smith, president of the Golden State Valkyries, on what it takes to launch a modern women’s sports franchise and scale it into a billion-dollar brand. Smith breaks down how the Valkyries were built with a startup mindset: strong capital, a clear identity, deep community ties, and a product that treats women’s sports fans as the core audience rather than an afterthought. The conversation also explores the broader rise of the WNBA, the importance of media and investment, and how the team is balancing revenue growth with accessibility, mission, and long-term fandom.
Key Themes and Takeaways
Investment is the difference-maker
Smith argues that the biggest reason women’s sports are surging is not luck or hype, but sustained investment.
- Capital enables staffing, infrastructure, marketing, and product quality.
- Without funding, even strong ideas fail to scale.
- The WNBA’s current growth is being fueled by a stronger flywheel of investment, media attention, and fan engagement.
Build for the real audience, not the assumed one
One of Smith’s core lessons from Angel City and the Valkyries is to build for the fans most likely to show up.
- She says women’s sports teams should build for the “90%” core audience and invite crossover fans in later.
- The product, brand, and in-arena experience need to reflect what those fans actually want.
- The emphasis is on knowing your audience deeply before going to market.
Brand identity matters immediately
The Valkyries succeeded quickly in part because the brand felt distinct from the start.
- The team sold merchandise in 60 days across all 50 states and 70 countries before playing a game.
- “Valkyries Violet” became a signature visual identity.
- Smith emphasizes that the brand had to feel powerful, stylish, and representative of the Bay Area while still being bigger than any one region.
Women’s sports fandom is becoming generational
Smith sees the strongest long-term opportunity in younger fans growing up with women’s sports as normal.
- Her own daughters will grow up seeing packed houses for both the Warriors and Valkyries.
- That creates a new baseline of fandom where elite women athletes are part of everyday sports culture.
- She believes this is how sustained growth becomes permanent.
How Jess Smith Built the Valkyries
Startup discipline inside a legacy sports institution
Smith describes arriving at the Valkyries as both exhilarating and overwhelming.
- She was essentially employee one.
- Her job was to build the organization before the team even took the court.
- Golden State’s existing infrastructure gave her a major advantage, including facilities, ownership support, and brand credibility.
Go to market only once
A major strategic choice was delaying partnerships and public rollout until the team knew exactly who it was.
- Smith says it’s better to wait than to launch with an unclear identity.
- The team kept its branding secret until it was fully ready.
- Early merchandise and partner interest were powerful, but they only moved forward once the team’s purpose and positioning were defined.
Founding partners were chosen for impact, not just sponsorship dollars
The Valkyries’ partnership model includes community work and shared purpose.
- Founding partners include brands like Sephora, JPMorgan Chase, Kaiser Permanente, OLLY, and Rakuten.
- Partners are part of an impact council.
- The goal is to create programs that drive measurable community outcomes, not just logo placements.
The Business of Women’s Sports
The flywheel is finally positive
Smith believes women’s sports are escaping the old boom-bust cycle.
- Big events no longer disappear after a spike in interest.
- Media coverage, visibility, sponsorships, and revenue are reinforcing one another.
- As media rights and promotion improve, player compensation and league stability improve too.
Player marketing, club marketing, and league marketing all matter
Smith says the modern women’s sports model is different from traditional men’s sports.
- Fans often follow players first, then clubs, then leagues.
- The WNBA is producing highly marketable stars whose audiences can follow them across teams and markets.
- Clubs still need a strong identity, but player power is a huge growth engine.
Revenue and fans are the core OKRs
For the Valkyries, Smith says the main operating goals are straightforward:
- Grow revenue
- Grow fans
- Win games
She notes that winning matters, but the organization is also being built as a durable business.
Community, Access, and Social Impact
Accessibility is part of the product
Smith is careful to balance premium demand with broad access.
- Tickets can still be affordable if purchased early.
- The team also donates tickets to games.
- The Valkyries launched a network of 40 bars across Northern California to expand access to fans who can’t attend in person.
Women’s sports still address real inequities
Smith points to persistent access gaps in sports participation and fandom.
- Many women still lack equal access to sports opportunities.
- She highlights barriers like sports bras, period products, and safe coaching environments.
- The team’s community work includes partnerships designed to remove those barriers.
Fun and joy are part of the strategy
Smith repeatedly returns to the idea that the experience should be joyful.
- The mascot, Violet, is intentionally central to the brand.
- Game nights at Valhalla are meant to feel celebratory, inclusive, and lively.
- Even serious brand-building should still feel fun.
What’s Next for the Valkyries and the WNBA
The league is still early in its growth phase
Smith is bullish on where the WNBA is headed.
- More expansion teams are coming.
- More media visibility is on the way.
- More games mean more inventory, more fan touchpoints, and more revenue potential.
The opportunity is bigger than basketball
She also notes that women’s sports growth extends beyond the WNBA.
- Softball, volleyball, and other women’s sports are seeing major momentum.
- The broader ecosystem is benefiting from increased interest in women athletes across categories.
Betting should be handled carefully
On sports gambling, Smith takes a cautious stance.
- She believes leagues should not rush into it.
- Any future move should protect fairness, responsibility, and the integrity of the game.
Notable Insights
“You have to have capital. You can think you’re going to do great things. And if you don’t have capital, you’re going to miss the mark.”
“Build for the 90 and invite the 10.”
“The league’s success is our success.”
“How do we build confident young women at every age, whether they’re playing sports or not?”
Closing Moment
The episode ends on a lighter note with a surprise appearance from the host’s niece, Rosie, a young Valkyries fan. Smith encourages her to have fun, try her best, and enjoy sports without overthinking outcomes—a fitting capstone to an episode centered on joy, growth, and building something bigger than the game itself.