Government-backed body Arts Council England has today opened the 'music industry talent development fund' to applicants.
The successful applicant will be tasked with delivering £500,000 over two years to early to mid-career pop musicians.
The Council said it would "pilot a talent development scheme which will provide support to outstanding emerging artists to develop their potential in the commercial music industry".
Alan Davey, Chief Executive, Arts Council England, said: “Through this fund, we hope that we can remove some of the financial barriers that prevent artists in the contemporary popular music sector from progressing and reaching their full potential.
“The music industry in this country is world renowned for its quality and originality. But we can't afford to be complacent, and we all need to work together to ensure that talent can find its way and artists continue to flourish, despite recent changes.
“We look forward to working with the successful applicant and supporting them to deliver a small grants scheme which is responsive to the needs of artists in this fast paced and ever changing industry.”
The successful applicant will be announced in January 2013, and the scheme is expected to be launched in April 2013 and run until March 2015.