Project Music Is Ready To Fund $20,000 Seed Round For 6 – 8 Startups
Eight music and entertainment companies have committed to providing seed investment funds to select startups through a 14 week music tech accelerator at the Nashville Entrepreneur Center. The six to eight companies chosen to participate in the accelerator will receive a seed investment of $20,000 or more to jumpstart their launch and push through the accelerator in exhange for equity.
Last month, the Country Music Association partnered with "Project Music" as the program's lead sponsor. The association's financial commitment remains undisclosed. Seed investment group founders include: Creative Artists Agency, Vector Management, Ryman Hospitality Properties, Universal Music Group, Spalding Entertainment, DevDigital, Red Light Management and Galante Entertainment.
"Nashville has the highest intensity of music industry jobs than any other U.S. city, so whether it is our songwriters, publishers or music companies, Nashville has it all," Nashville Mayor Karl Dean said in a press release. "It is great to see a group of local companies invest in music technology startups. Nashville's front door for innovation is the EC, and this music accelerator will only enhance our creative economy."
Applications for the accelerator are open for entry and will remain open through November 24, 2014. 'Project Music is expected to launch in early 2015.