“I realized there are a lot of people who start tech companies without a tech background.”
Once “banned” by the NBA, the Air Jordan 1 OG Bred 1985 ignited a global phenomenon and became a staple of sneaker culture and history. But how much are they actually worth? Ask Venita Cooper, Founder and CEO of Arbit.
Gone are the days of people lining up at Foot Locker to buy shoes just to wear. Sneakers are now a cultural asset buyers invest in and hold on to as they appreciate. “The $10 Billion sneaker resale industry is estimated to be at $30 billion by 2030,” says Venita, affectionately known to her community as Coop.
“There are times when technological innovation shifts opportunities, and it’s the forward-thinking companies who can take advantage of those opportunities,” she says. For her, the emerging secondary market is that opportunity. Arbit is a data and analytics platform that uses artificial intelligence to identify arbitrage opportunities in the sneaker resell market, making everyone smarter as buyers, sellers, and investors.
“It’s lawless,” says Coop. “When sneakers are made available on the secondary market, it’s hard to know what the value of a pair is.” Arbit sets out to tackle the pricing ambiguity prevalent in reseller markets. The idea stemmed from trying to keep up with market price changes at her own sneaker shop in Tulsa. “Around the height of the pandemic, the price fluctuations were way more volatile,” she adds. .
“Our sneakers would change in value from $50 to $75 dollars in a day, and my customers and I were frustrated that my prices weren’t always reflecting the market.” By gathering pricing and trend data from various sources like major online marketplaces and using an algorithm to determine current and future values of sneakers, Arbit empowers better decisions.
As a former educator, Venita is no stranger to learning on the fly. “I don’t have a tech background and that was a hesitation that I had,” she shared. “I realized there are a lot of people who start tech companies without a tech background. What they need to
be skilled at is team formation.”
Building a formidable team of leaders with expertise from industry mainstays like Nike and BlackRock and acquiring The Sneaker Database, with 11 years of data, were crucial steps in developing Arbit’s platform.
“This is not just a play on the sneaker industry. It is a play on the entire secondary market.”
Coop’s widely-recognized sneaker shop, Silhouette Sneakers & Art, was purposefully built on Historic Black Wall Street in Tulsa. Walking the hallowed neighborhood daily to open her doors, she draws inspiration from the resilience of the Greenwood community. “Even though I’m not personally motivated by money, I think amassing wealth for the Black community is important,” says Coop. “There’s a game being played in this country, and the only way to stand a chance in shifting things quickly is to have a lot of cards in your hands.”
Coop’s plan is clear. “This is not just a play on the sneaker industry. It is a play on the entire secondary market.” Arbit plans to expand its reach to other industries, including streetwear, handbags and collectibles. The platform’s core philosophy revolves around providing users with accurate and comprehensive data, enabling them to make informed decisions and seize opportunities.
“Greater access to understanding of pricing is helpful for us and people who look like us, especially when it comes to sneakers. That is our culture,” Coop proclaims. “Having access to the pricing intelligence that Arbit is going to deliver will help us make more profitable decisions on these kinds of cultural assets. Let’s be leaders in investing in this marketplace. Let it not just be something that we wear, but something that we’re also able to monetize.”
▪️ PHOTOS BY HENRY NINDE
Featured in Issue No. 3
Issue No. 3 highlights Black entrepreneurs innovating and creating solutions in the tech space. From sneakers to education, this issue will tell the stories behind the tools and platforms that are changing the world!
