Universal Music Group's New Program to Benefit Music-Based Startups

Are you an entrepreneur with a promising digital music startup? Then Universal Music Group is looking for you.

As pointed out by Mashable, UMG just announced the launch of its Accelerator Network, an initiative that aims to help in the development of music-based startups around the world.

"Not only are we looking for the next Spotify or Pandora or consumer music service, but a lot of the startups we interact with are helping in less visible ways," Tuhin Roy, VP of new digital business at UMG, said.

Of course, the program will be a symbiotic partnership: The small businesses will gain access to valuable mentorship and corporate deals, while UMG will be exposed to innovative ideas and have an influence in the early stages of music’s next big thing.

"We have to be a lot more proactive for conditions to exist out there where entrepreneurs and investors want to do amazing things in the music space," Roy explained. "So really that's where this particular program is focused on... being very proactive that accelerators have the relationship they need so that they're accepting of the great music ideas that entrepreneurs have."

Roy said the company intends to find a total of 10 startups to work with. Right now, Axel Springer's Plug and Play, LeanSquare, and NYC Media Lab are part of the Accelerator Network.

According to Mashable, UMG will not take equity for its efforts. Roy insists the program’s value lies in the exchange of ideas and nurturing budding startups.

"There's a reverse learning process for us," Roy said. "We actually learn as we engage in these startups how they view the business which is maybe a view for where things are heading."