Universal Music Group (UMG) has announced the launch of a first-of-its-kind accelerator engagement network by a major music entertainment company aimed at promoting the development of innovative music-based start-ups around the world.
UMG will work closely with key entrepreneurial programs based in countries around the world to assist in the evaluation and development of music-based start-ups. As part of the process, UMG will contribute music industry expertise during the application process and mentor accepted digital music companies, while accelerators will guide these new companies in developing, launching and raising funding for innovative new products.??
UMG has revealed that it anticipates to work with as many as ten programs in the first year of launching the accelerator network. The first accelerators to join the network include Axel Springer’s Plug and Play, LeanSquare and NYC MediaLab.
Speaking about the launch, Michael Nash, UMG’s executive vice president of digital strategy, said: “UMG is launching the Accelerator Network to build on the company’s stellar track-record of supporting entrepreneurs around the world and licensing more than 400 digital services globally. By developing a robust network of accelerators, UMG will play a more central role in helping to support the next generation of entrepreneurs who are already hard at work to bring innovative ideas to market that will create exciting new experiences for artists and fans everywhere.”??
Tuhin Roy, UMG’s vice president of new digital business, added: “UMG has the potential to serve as a strategic bridge between the creative minds working in the epicenter of the entertainment industry and the immensely innovative start-up communities in entrepreneurial centers around the world. From this vantage point, UMG is uniquely positioned to help foster the next wave of innovative digital music start-ups, while also learning from these amazing entrepreneurs about new ways to apply digital technologies in our own businesses to benefit artists and labels.”