Inboxes

Create an inbox to save and track emails. It's free!

+New inbox
Back
Back
Back 
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "//www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html lang="en" xml:lang="en" xmlns="//www.w3.org/1999/xhtml">
 <head>
  <title>
   thehustle.co
  </title>
  <meta content="text/html; charset=utf-8" http-equiv="Content-Type"/>
  <meta content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1" name="viewport"/>
  <meta content="IE=Edge" http-equiv="X-UA-Compatible"/>
  <!--[if (gte mso 9)|(IE)]><style type="text/css">
table {border-collapse: collapse;}
table, td {mso-table-lspace: 0pt;mso-table-rspace: 0pt;}
img {-ms-interpolation-mode: bicubic;}
</style><![endif]-->
  <style>
   body {
font-family: Helvetica, sans-serif;
}
body a {
color: #d62829; text-decoration: none;
}
@media screen and (max-width:480px) {
.templateColumnContainer {
display: block !important; width: 100% !important; padding-left: 0 !important; padding-right: 0 !important;
}
}
  </style>
 </head>
 <body bgcolor="#FFFFFF" data-attributes="%7B%22dropped%22%3Atrue%2C%22bodybackground%22%3A%22%23FFFFFF%22%2C%22bodyfontname%22%3A%22arial%2Csans-serif%22%2C%22bodytextcolor%22%3A%22%23000000%22%2C%22bodylinkcolor%22%3A%22%231188e6%22%2C%22bodyfontsize%22%3A%2214px%22%7D" style="background-color: #FFFFFF; color: #000000; font-family: Helvetica,sans-serif; font-size: 14px; min-width: 100%; margin: 0; padding: 0;" yahoofix="true">
  <span style="font-size: 0;">
   <a>
    <img alt="" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Flink.thehustle.co%252Fimg%252F5f3ba0bd2c81bf631436a9e1exefi.5cv%252Fb7f06821.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaW5rLnRoZWh1cyJ9:1mRuJx:pJvNPTxn6ttSBzPYBpF8R6yeFwIY0Sr7rlPk8U-gt14"/>
   </a>
  </span>
  <center class="wrapper">
   <div class="webkit" style="font-family: Helvetica, sans-serif;">
    <table bgcolor="#FFFFFF" border="0" cellpadding="0" cellspacing="0" class="wrapper" style="table-layout: fixed; -webkit-font-smoothing: antialiased; -webkit-text-size-adjust: 100%; -moz-text-size-adjust: 100%; -ms-text-size-adjust: 100%; width: 100% !important; max-width: 600px !important;" width="100%">
     <tbody>
      <tr>
       <td bgcolor="#FFFFFF" valign="top" width="100%">
        <!--[if (gte mso 9)|(IE)]><table width="600" align="center" cellpadding="0" cellspacing="0" border="0"> <tr> <td><![endif]-->
        <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" class="module footer" data-attributes="%7B%22dropped%22%3Atrue%2C%22columns%22%3A1%2C%22padding%22%3A%2210%2C5%2C10%2C5%22%2C%22containerbackground%22%3A%22%23ffffff%22%7D" data-type="footer" role="module" style="max-width: 600px; color: #000000; padding: 10px 0px;" width="100%">
         <tbody>
          <tr>
           <td align="center" valign="top" width="100%">
            <table border="0" cellpadding="0" cellspacing="0" width="100%">
             <tbody>
              <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
               A college professor invented a cutting-edge sports drink. Then, things got complicated. by Zachary Crockett.
              </span>
              <tr style="vertical-align: bottom;">
               <td bgcolor="#000000" style="height: 100%; background-color: #000000; padding: 20px 0px 20px 20px;">
                <a style="color: #ffffff; font-family: Helvetica, sans-serif; font-size: 24px; font-weight: bold; line-height: 100%; text-decoration: none;">
                 The Hustle
                </a>
               </td>
               <td align="right" bgcolor="#000000" style="font-family: Helvetica, sans-serif; font-size: 16px; font-weight: regular; letter-spacing: .5px; height: 100%; line-height: 18px; text-align: right; background-color: #000000; color: #ffffff; padding: 20px 10px 20px 0px;">
                Issue #176
               </td>
              </tr>
             </tbody>
            </table>
            <table border="0" cellpadding="0" cellspacing="0" class="module" data-attributes="%7B%22dropped%22%3Atrue%2C%22child%22%3Afalse%2C%22padding%22%3A%220%2C0%2C0%2C0%22%2C%22containerbackground%22%3A%22%23ffffff%22%7D" data-type="text" style="table-layout: fixed;" width="100%">
             <tbody>
              <tr>
               <td>
                <a style="color: #d62829; text-decoration: none;">
                 <img alt="The Hustle, Sunday, September 19, 2021" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FUF_Gatorade.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1mRuJx:23POjiWG7HUCkVZ8gkC0LQF1BWeQKaEKTujswevnL9M" style="width: 100%; max-width: 600px; height: auto; display: block;" width="600"/>
                </a>
               </td>
              </tr>
              <tr>
               <td align="center" bgcolor="#000000" style="font-family: Helvetica, sans-serif; font-size: 16px; font-weight: regular; letter-spacing: .5px; text-align: center; color: #ffffff; background-color: #000000; padding: 10px 0;">
                Sunday, September 19, 2021
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="padding: 0px 10px;">
            <h2 style="font-size: 30px; font-weight: bold; line-height: 120%; margin-bottom: 6px; margin-top: 25px;">
             <strong>
              Why the University of Florida gets ~$20m from Gatorade every year
             </strong>
            </h2>
            <p style="font-family: Helvetica, sans-serif; font-size: 18px; line-height: 120%; padding-bottom: 10px; font-style: italic; color: #737373; margin: 0;">
             A college professor invented a cutting-edge sports drink. Then, things got complicated.
            </p>
            <p style="font-family: Helvetica, sans-serif; font-size: 13px; line-height: 120%; padding-bottom: 24px; margin: 0;">
             <strong>
              BY
              <a style="color: #D62829; text-decoration: none; text-transform: uppercase;">
               Mark Dent
              </a>
             </strong>
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             The only thing left for the University of Oklahoma was the Gatorade shower.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             As the clock ticked down in the 4th quarter of the 2020 Cotton Bowl football game against the University of Florida, 2 Oklahoma players snuck behind head coach Lincoln Riley with a heavy orange cooler and lifted it over his head, and soaked him with Gatorade.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Per one of the most enduring traditions in college football, Oklahoma’s 55-20 victory was official.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             But despite the loss, Florida still had a reason to celebrate: Every bottle of Gatorade sold in the world — and every drop poured on unsuspecting coaches during football season — signals a win.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             An undisclosed share of Gatorade’s profits flow to a Gatorade Trust. The trust then sends
             <strong>
              20%
             </strong>
             to the university, which employed the professor who invented the drink nearly 60 years ago.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             In 2015, Florida announced it had accumulated
             <strong>
              ~$250m
             </strong>
             from the royalties. Its annual take over the last few years has been ~
             <strong>
              $20m
             </strong>
             , according to the university.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             These days, many universities cash in through IP policies that ensure they get the bulk of proceeds from anything invented by their staff. But that didn’t happen at Florida in 1965. Gatorade led to an expensive dispute between the inventors, the university, and the federal government.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Depending on how much credit you believe belongs to inventors or institutions, Florida’s cut from the sports drink is either way too much, or not nearly enough.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              The experiment of a lifetime
             </strong>
            </h4>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Growing up in San Antonio,
             <strong>
              Robert Cade
             </strong>
             was the type of smart kid who chased a different kind of perfection.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             “I played a game, how low a grade could I make and not fail,” he once told a researcher in
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               an oral history about his life
              </u>
             </a>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Robert Cade portrait" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FRobert_Cade_portrait.jpeg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1mRuJx:23POjiWG7HUCkVZ8gkC0LQF1BWeQKaEKTujswevnL9M" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: Helvetica, sans-serif; color: #5f696c; font-size: 12px; font-style: italic; text-align: left; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
             A portrait of Robert Cade (Florida Inventors Hall of Fame)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Cade went on to study at the University of Texas, where he got his degree 2 in years, while working days at the library and nights at a gas station.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             After medical school in Dallas, the University of Florida recruited him to be chief of renal medicine. He taught classes, saw patients, and used his leftover time on experiments.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             And in the fall of 1965, a research fellow working under him, Dana Shires, proposed a challenge that had the makings of a great experiment.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Shires had heard from Florida assistant football coach Dewayne Douglas that the team was struggling late in games. The players always seemed exhausted, and they never urinated, despite sweating through their shirts.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Coaches at the time incorrectly believed fluids caused cramping, so the athletes at Florida did not drink water during practices or games.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Cade and his fellows (Shires, Alejandro de Quesada, and Jim Free) tested players for 5 days, discovering they were losing water and sodium and that their blood sugar levels were declining. The fix, they believed, was a simple water-based drink with ingredients they already had in their lab: salt and glucose, plus phosphate.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Coach Ray Graves let his freshman players drink the new concoction during a Friday scrimmage. It was so effective he asked Cade to make 100 liters overnight for a big game against Louisiana State University the next day.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Cade served the drink from 2 massive containers sitting in a red wagon on the sidelines. Feeling the heat, the players guzzled the Gatorade, dominated the 2nd half, and won 14-7.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Dr. Cade serving Gatorade" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fgatorade_researching.jpeg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1mRuJx:23POjiWG7HUCkVZ8gkC0LQF1BWeQKaEKTujswevnL9M" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: Helvetica, sans-serif; color: #5f696c; font-size: 12px; font-style: italic; text-align: left; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
             Dr. Robert Cade, whose team of researchers invented Gatorade in 1965, pours some Gatorade for UF football players (Lynn Pelham / Sports Illustrated / Getty Images; via Gatorade)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Over the ensuing 2 years, the drink produced similar results: Florida would ride a wave of late-game energy to win football games.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Their recipe for success wasn’t much of a secret.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             A few schools had already been making similar beverages, notably in-state rival Florida State University’s “Seminole Water.” According to the Gatorade book
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
              </u>
              <u style="color: #d62829; underline: none; text-decoration: none;">
               <em>
                First in Thirst
               </em>
              </u>
             </a>
             by Darren Rovell, a University of Nebraska athletic trainer came up with a sports drink called Huskerade in 1964.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             But history is written by the victors, and Florida was a winner.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             In the wake of the team’s Orange Bowl appearance in 1966, Neil Amdur, a sports writer for the
             <em>
              Miami Herald
             </em>
             , wrote
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               a column about Gatorade
              </u>
             </a>
             , the team’s magical sports drink. The story hit the wire and was published in newspapers throughout the US.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Gatorade was about to blow up — and so was the inventors’ relationship with the university.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              Florida’s massive mistake
             </strong>
            </h4>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             The deals started out small. A high school team wanted a batch of Gatorade, as did boxer Jerry Quarry and the Cystic Fibrosis Foundation.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             But as more and more newspaper articles circulated, Cade and his researchers realized they had a product that was even better than the Florida football team.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="news article on Gatorade" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FGatorade_newspaper.jpeg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1mRuJx:23POjiWG7HUCkVZ8gkC0LQF1BWeQKaEKTujswevnL9M" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: Helvetica, sans-serif; color: #5f696c; font-size: 12px; font-style: italic; text-align: left; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
             Journalist Neil Amdur’s story after inquiring about what Florida’s football players were drinking on the sidelines. (The Miami Herald via Newspapers.com)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             They didn’t know anything about business. Their first step, according to Cade and Shires, was going to the university.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Cade told Florida’s head of sponsored research and its university president that he believed every sports team in the country would pay to drink Gatorade. They were not impressed.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             “[The head of sponsored research] said the University had no money for doing this,” Cade later recalled. “They had no one assigned to the job of developing products, so they were not interested.”
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Cade pressed on anyway.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             The professor took out a
             <strong>
              $500
             </strong>
             loan (~$4k today) from the bank for bottling supplies and completed several early deals. In 1967, Indianapolis-based canned food company Stokely-Van Camp became interested.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Cade and his team wanted a
             <strong>
              $1m flat fee
             </strong>
             for the rights to the drink, according to
             <em>
              First in Thirst
             </em>
             . But Stokely balked, fearing Gatorade wouldn’t be successful enough for the company to recoup the investment.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             So the inventors, who formed the Gatorade Trust, reluctantly agreed to a royalty structure of
             <strong>
              5 cents per gallon sold
             </strong>
             .
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             This turned out to be a prudent business move: Gatorade’s 3 early flavors — grape, orange, and lemon-lime — quickly became a sensation.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             The Gatorade Trust’s cut of the profits grew from $29k in its first year to
             <strong>
              $100k (~$768k adjusted for inflation)
             </strong>
             by year 3.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Cade working in his lab" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fcade2.jpeg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1mRuJx:23POjiWG7HUCkVZ8gkC0LQF1BWeQKaEKTujswevnL9M" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: Helvetica, sans-serif; color: #5f696c; font-size: 12px; font-style: italic; text-align: left; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
             Cade in his lab (University of Florida Health)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Knockoffs entered the market immediately:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              The University of Georgia came out with
              <strong>
               Bulldog Punch
              </strong>
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              The University of South Carolina had its own
              <strong>
               Gamecock Punch
              </strong>
             </li>
            </ul>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             But it was Gatorade that kept selling, and the Board of Regents at Florida realized the university had made a terrible mistake.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Cade was in Munich for a conference in July 1971 when he heard the news: Florida was filing a lawsuit for 100% of Gatorade’s royalties.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              The 80-20 split
             </strong>
            </h4>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Back in the 1960s, university-related patents and products were nearly unheard of. Only 96 patents from 28 universities
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               were granted in 1965
              </u>
             </a>
             , the year Cade’s research team invented Gatorade.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Most universities either didn’t believe in the financial payoff of their faculty’s inventions, or weren’t savvy enough to cash in on them. (In the ‘50s, for instance, Indiana University
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               left tens of millions of dollars on the table
              </u>
             </a>
             in its deal licensing a fluoride compound to Procter &amp; Gamble that was used in Crest toothpaste.)
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Florida lacked a well-organized setup for handling innovation, and its lawsuit was shaky for 2 major reasons.
            </p>
            <ol style="font-size: 16px;">
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               Cade had not signed a contract
              </strong>
              required for faculty that gave Florida the rights to their inventions.
             </li>
             <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Cade and his researchers were
              <strong>
               funded by the federal government
              </strong>
              through a National Institutes of Health grant, not the university. (Cade later placed the NIH’s contributions to Gatorade research
              <a style="color: #d62829; text-decoration: none;">
               <u style="color: #d62829; underline: none; text-decoration: none;">
                at
               </u>
               <u style="color: #d62829; underline: none; text-decoration: none;">
                <strong>
                 $42.70
                </strong>
               </u>
              </a>
              — a total that included his lab’s electric bill.)
             </li>
            </ol>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             But Gatorade had been tied to the university through an early TV commercial featuring Florida coach Ray Graves.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Moreover, the name itself was linked to the University of Florida’s Gator mascot, and the early publicity Gatorade received, which separated it from similar drinks across the country, was sparked by the football team’s Orange Bowl success.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Gator gif" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fgatorgif.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1mRuJx:23POjiWG7HUCkVZ8gkC0LQF1BWeQKaEKTujswevnL9M" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: Helvetica, sans-serif; color: #5f696c; font-size: 12px; font-style: italic; text-align: left; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Florida and the National Institutes of Health got involved in the same federal lawsuit against the Gatorade Trust, requesting delay after delay. Legal fees piled up. Florida’s lawyer warned the researchers that the university would eventually sue the Gatorade Trust in every state.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             “[He said], ‘if you think you have spent a lot of money, just wait until you start defending in Arizona, New Mexico, California, Texas, Alabama, and so on,’” Cade later recalled.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             The members of the Gatorade Trust were eventually going to be rich, but they weren’t rich yet, and they decided to settle.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             The agreement gave the University of Florida
             <strong>
              20%
             </strong>
             of the royalties. Cade
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               said
              </u>
             </a>
             he and 4 other members of the trust each got
             <strong>
              10%
             </strong>
             of the royalties, and another 42 members split the rest.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             They all made more money than they ever could have imagined.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             After the lawsuit and a purchase of Stokely-Van Camp by Quaker Oats, Gatorade’s popularity continued to rise, notching sales of
             <strong>
              $600m in 1990
             </strong>
             for a
             <strong>
              96% share
             </strong>
             of the sports drink market.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Today, Gatorade (now owned by PepsiCo) posts annual revenues of
             <strong>
              ~$3B
             </strong>
             ,
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               according to
              </u>
              <u style="color: #d62829; underline: none; text-decoration: none;">
               <em>
                Beverage Industry
               </em>
              </u>
             </a>
             , and enjoys a
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               <strong>
                ~67%
               </strong>
              </u>
             </a>
             market share.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Florida went from having $237k in back-paid royalties in 1972 (from the first 5 years of Gatorade) to an estimated
             <strong>
              $250m
             </strong>
             in 2015. Based on the 80-20 split, the Gatorade Trust had made ~$1.25B in 2015 and has been making
             <strong>
              ~$80m
             </strong>
             annually in recent years.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Cumulative royalties from Gatorade" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3.us-west-1.amazonaws.com%252Ffinal_size-royalties_20210917184515.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLiJ9:1mRuJx:_Ihn7Zy7HuIhKUqcVBzJSLhVWopnlPNu8x5m_iz8snQ" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: Helvetica, sans-serif; color: #5f696c; font-size: 12px; font-style: italic; text-align: left; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             PepsiCo did not respond to a request for comment.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             But even for a company pulling in billions every year, the royalties are no small fee to pay. And if Cade hadn’t made one very savvy move, the Gatorade Trust and the university would likely receive nothing today.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              The importance of trademarking
             </strong>
            </h4>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Patents expire after 20 years, but trademarks are forever, as long as you renew them.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Cade knew this, and the registered trademark of Gatorade — originally filed by Stokely-Van Camp after making the deal with the Gatorade Trust — is the only reason PepsiCo owes royalties.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             The company has not been able to get out of the arrangement, even as it has transitioned away from a Gatorade logo to G the last several years.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             “There was some wrangling over that: ‘Hey, you know, we may not have to pay you guys because it doesn’t say Gatorade,’” Jim O’Connell, Florida’s assistant vice president for technology transfer, told
             <em>
              The Hustle
             </em>
             . “But I’ll say it this way: They are paying us royalties on those products.”
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Most lucrative university patents" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3.us-west-1.amazonaws.com%252Ffinal_size-patents_20210917184607.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLiJ9:1mRuJx:_Ihn7Zy7HuIhKUqcVBzJSLhVWopnlPNu8x5m_iz8snQ" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: Helvetica, sans-serif; color: #5f696c; font-size: 12px; font-style: italic; text-align: left; line-height: 20px; margin: 0px; padding: 8px 5px 20px;">
             Zachary Crockett / The Hustle
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Florida has used its royalties to bolster its research and entice new researchers looking to make lucrative discoveries.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             The university patents around 140 inventions each year and made ~$500m off licenses between 2008 to 2018, placing it near the top of the market. In 2018, the total licensing revenue from university-affiliated patents
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               was
              </u>
              <u style="color: #d62829; underline: none; text-decoration: none;">
               <strong>
                ~$2.9B
               </strong>
              </u>
             </a>
             .
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             Still, Florida has occasionally considered what could’ve been, had it retained a more favorable agreement.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             One university official
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               lamented to the
              </u>
              <u style="color: #d62829; underline: none; text-decoration: none;">
               <em>
                Los Angeles Times
               </em>
              </u>
              <u style="color: #d62829; underline: none; text-decoration: none;">
               in 1990
              </u>
             </a>
             that Florida’s take of Gatorade royalties could be
             <strong>
              2-3x
             </strong>
             higher if it had been smarter and better organized. Per
             <a style="color: #d62829; text-decoration: none; -webkit-text-fill-color: #d62829;">
              <u style="color: #d62829; underline: none; text-decoration: none;">
               its new IP policy
              </u>
             </a>
             , the university can now assume ownership of any invention developed with its support; the inventor typically receives a 25% to 40% cut.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             But the university mainly cherishes its ties to Gatorade and Cade. In 2007, he was inducted into its athletic hall of fame a few months before his death.
            </p>
            <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
             When Cade accepted the honor at a banquet in Gainesville, they did not shower him with Gatorade.
            </p>
           </td>
          </tr>
          <tr>
           <td style="border-bottom-color: #dddddd; border-bottom-style: solid; border-bottom-width: 1px; padding-top: 15px;">
           </td>
          </tr>
          <tr>
           <td style="padding-bottom: 15px;">
           </td>
          </tr>
          <tr>
           <td align="center" style="font-family: 'Helvetica', sans-serif; font-size: 26px; line-height: 120%; text-align: center; padding: 10px 0;">
            Share &amp; discuss this story on:
           </td>
          </tr>
          <tr>
           <td style="border-bottom-color: #dddddd; border-bottom-style: solid; border-bottom-width: 1px; padding-bottom: 15px;">
            <table style="text-align: center; width: 100%;">
             <tbody>
              <tr>
               <td bgcolor="#0f52a0" style="background-color: #0f52a0; border-bottom-color: #003779; border-bottom-style: solid; border-bottom-width: 3px; font-family: 'helvetica',sans-serif; width: 250px; padding: 12px 10px 9px;" width="250">
                <a style="color: #ffffff; font-size: 15px; font-weight: bold; text-decoration: none;">
                 FACEBOOK
                </a>
               </td>
               <td bgcolor="#797979" style="background-color: #797979; border-bottom-color: #4e4e4e; border-bottom-style: solid; border-bottom-width: 3px; color: #ffffff; font-family: 'helvetica',sans-serif; width: 250px; padding: 12px 10px 9px;" width="250">
                <a style="color: #ffffff; font-size: 15px; font-weight: bold; text-decoration: none;">
                 OUR WEBSITE
                </a>
               </td>
              </tr>
              <tr style="padding-top: 2px;">
               <td bgcolor="#1DA1F2" style="background-color: #1DA1F2; border-bottom-color: #008abe; border-bottom-style: solid; border-bottom-width: 3px; font-family: 'helvetica',sans-serif; width: 250px; padding: 12px 10px 9px;" width="250">
                <a style="color: #ffffff; font-size: 15px; font-weight: bold; text-decoration: none;">
                 TWITTER
                </a>
               </td>
               <td bgcolor="#fd394f" style="background-color: #fd394f; border-bottom-color: #d42235; border-bottom-style: solid; border-bottom-width: 3px; font-family: 'arial',sans-serif; width: 250px; padding: 12px 10px 9px;" width="250">
                <a style="color: #ffffff; font-size: 15px; font-weight: bold; text-decoration: none;">
                 POCKET
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom: 15px;">
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center; padding-bottom: 10px; display: block; min-width: 330px; font-family: 'Helvetica', sans-serif; font-weight: bold; letter-spacing: .5px; font-size: 16px;">
            How did you like today’s story?
           </td>
          </tr>
          <tr>
           <td>
            <table style="text-align: center; width: 100%;">
             <tr>
              <td style="display: inline-block;">
               <a data-tags="feedback frowny" style="text-decoration: none; color: #d62829;">
                <img src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fhate_w_glow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1mRuJx:xb1_kZ91ikcegKvEFsBYk-0t4x-t7iOnx5W58GcN03s" style="width: auto; height: 66px; padding: 0px 15px 10px;"/>
               </a>
              </td>
              <td style="display: inline-block;">
               <a data-tags="feedback meh" style="text-decoration: none; color: #d62829;">
                <img src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FTrends_meh.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1mRuJx:xb1_kZ91ikcegKvEFsBYk-0t4x-t7iOnx5W58GcN03s" style="width: auto; height: 52px; padding: 0px 15px 10px;"/>
               </a>
              </td>
              <td style="display: inline-block;">
               <a data-tags="feedback smiley" style="text-decoration: none; color: #d62829;">
                <img src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FTrends_love.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1mRuJx:xb1_kZ91ikcegKvEFsBYk-0t4x-t7iOnx5W58GcN03s" style="width: auto; height: 52px; padding: 0px 15px 10px;"/>
               </a>
              </td>
             </tr>
            </table>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom: 10px;">
           </td>
          </tr>
          <tr class="zephyr-syntax">
           <td align="center" style="border-top-color: #dddddd; border-top-style: solid; border-top-width: 1px; text-align: center; margin: 0; padding: 15px 0;">
            Today's email was brought to you by Mark Dent and Zachary Crockett.
            <table style="width: 100%;">
             <tbody>
              <tr class="zephyr-syntax">
               <td align="center" style="display: inline-block; text-align: center; padding: 20px 0;">
                <a style="color: #000000; font-size: 15px; font-weight: bold; text-decoration: none; white-space: nowrap; padding: 0 8px;" target="_blank">
                 PODCAST
                </a>
               </td>
               <td align="center" style="display: inline-block; text-align: center; padding: 5px 0;">
                <a style="color: #000000; font-size: 15px; font-weight: bold; text-decoration: none; white-space: nowrap; padding: 0 8px;" target="_blank">
                 JOBS
                </a>
               </td>
               <td align="center" style="display: inline-block; text-align: center; padding: 5px 0;">
                <a style="color: #000000; font-size: 15px; font-weight: bold; text-decoration: none; white-space: nowrap; padding: 0 8px;">
                 CONTACT US
                </a>
               </td>
              </tr>
              <tr class="zephyr-syntax">
               <td align="center" style="display: inline-block; font-size: 16px; font-weight: bold; line-height: 120%; text-align: center; padding: 10px 10px 5px;">
                <a style="color: #ed4d1f; text-decoration: none;" target="_blank">
                 <img alt="Facebook" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FDaily_Footer_FB_1pxglow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1mRuJx:xb1_kZ91ikcegKvEFsBYk-0t4x-t7iOnx5W58GcN03s"/>
                </a>
               </td>
               <td align="center" style="display: inline-block; font-family: 'Helvetica',sans-serif; font-size: 16px; font-weight: bold; line-height: 120%; text-align: center; padding: 10px 10px 5px;">
                <a style="color: #ed4d1f; text-decoration: none;" target="_blank">
                 <img alt="Youtube" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FDaily_Footer_YT1pxglow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1mRuJx:xb1_kZ91ikcegKvEFsBYk-0t4x-t7iOnx5W58GcN03s"/>
                </a>
               </td>
               <td align="center" style="display: inline-block; font-family: 'Helvetica',sans-serif; font-size: 16px; font-weight: bold; line-height: 120%; text-align: center; padding: 10px 10px 5px;">
                <a style="color: #ed4d1f; text-decoration: none;" target="_blank">
                 <img alt="Instagram" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FDaily_Footer_Insta1pxglow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1mRuJx:xb1_kZ91ikcegKvEFsBYk-0t4x-t7iOnx5W58GcN03s"/>
                </a>
               </td>
               <td align="center" style="display: inline-block; font-family: 'Helvetica',sans-serif; font-size: 16px; font-weight: bold; line-height: 120%; text-align: center; padding: 10px 10px 5px;">
                <a style="color: #ed4d1f; text-decoration: none;" target="_blank">
                 <img alt="Trends" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FDaily_Footer_Trends1pxglow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1mRuJx:xb1_kZ91ikcegKvEFsBYk-0t4x-t7iOnx5W58GcN03s"/>
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
          </tr>
          <tr class="zephyr-syntax">
           <td align="center" style="border-bottom-width: 0; border-bottom-style: solid; font-size: 10px; font-weight: bold; letter-spacing: 0.5px; line-height: 120%; text-align: center; padding: 4px;">
            2131 THEO DR. STE F, AUSTIN, TX 78723, UNITED STATES • 415.506.7210
           </td>
          </tr>
          <tr class="zephyr-syntax">
           <td align="center" role="module-content" style="color: #000000; font-size: 11px; font-weight: bold; line-height: 120%; text-align: center; letter-spacing: 0.5px; margin: 0; padding: 5px 0px;" valign="top">
            Never want to hear from us again? Break our hearts and
            <a style="color: #000000; text-decoration: underline;" target="_blank">
             unsubscribe
            </a>
            .
           </td>
          </tr>
          <tr class="zephyr-syntax">
           <td align="center" style="text-align: center; padding: 20px 0px;">
            <center>
             <span style="display: block; float: none; text-align: center;">
              <a style="text-decoration: none; color: #d62829;" target="_blank">
               <img alt="The Hustle" height="22" src="https://inboxflows.com/_/image/https%253A%252F%252Fthdaily.s3-us-west-1.amazonaws.com%252FThe_Hustle_glow_20200518211036.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZ0aGRhaWx5LnMzLSJ9:1mRuJx:geWBflhxJ1vi2_fyuqqpJyMxfrUltQxhBzh5GalYCeg" style="height: 22px; width: 100px;" width="100"/>
              </a>
             </span>
            </center>
           </td>
          </tr>
         </tbody>
        </table>
        <!--[if (gte mso 9)|(IE)]></td> </tr> </table><![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
   </div>
  </center>
 </body>
</html>