SANTA MONICA, Calif., (CelebrityAccess) — Universal Music Group announced the launch of the Accelerator Network, an incubator for music-related tech startups around the world.
UMG says they plan to contribute industry expertise and assist in the evaluation and development of prospective startups, as well as provide guidance in fundraising and product launching.
UMG says they anticipate working 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, a media-focused accelerator based in Berlin; LeanSquare, a music technology accelerator launched by the Liege, Belgium-based investment firm; and NYC MediaLab, which fosters digital media startups by students and faculty at New York-area universities
"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," said UMG's Michael Nash, Executive Vice President of Digital Strategy.