Universal Music Group’s global Accelerator Engagement Network welcomes first Aus members
The Melbourne Accelerator Program (MAP) this morning announced an agreement with Universal Music Group (UMG) to join its Accelerator Engagement Network.
The two will work together to develop a new generation of digital music start-ups.
MAP is a major boost for the program, which launched in 2012 as the first University-aligned accelerator in Australia.
It has since supported over 100 start-ups that have raised more than $70 million in funding, generated over $100 million in revenue, and created over 1000 new jobs.
The partnership was announced by MAP director Campbell Walshe at the Accelerator’s 2018 Demo-Day.
MAP is the eighth member to join UMG’s global Accelerator Network and the inaugural member in Australia.
To date, 28 digital music start-ups have been accelerated by UMG Accelerator Network members.
Walshe said: “We’re very proud to have been selected as Universal Music Group’s partner of choice in Australia.
“The opportunity to access the expertise, mentorship, industry insights and networks of a global entertainment-leader like UMG will be invaluable for any music-related start-ups looking to accelerate their growth, and we’re confident this will help us attract the very best start-up talent within this space.”
Stephen Hunt, Universal Music Australia’s managing director of emerging technology and media, stated:
“UMG Australia is delighted to work with MAP as the first Australian member of the UMG Accelerator Network and we are looking forward to engaging with both the Melbourne and larger Australian start-up ecosystem to foster the next generation of music-related start-ups.”
Tuhin Roy, senior vice president of new digital business and innovation at UMG’s headquarters in Santa Monica, California, added:
“We are very pleased to see the continued expansion of the UMG Accelerator Network to the vibrant start-up community in Australia and we’re looking forward to working with MAP and UMG Australia to help new digital music start-ups thrive.”
Others in the UMG’s Accelerator Engagement Network, MAP are Axel Springer and Porsche (Berlin), NYC MediaLab (New York), Sparklabs (Seoul and Taipei), LeanSquare (Belgium), China Accelerator (Shanghai), LINCC (Paris) and The Music Den (Toronto).
Each year MAP selects 10 teams to take part in the five-month Start-up Accelerator.
They receive mentoring from some of Australia’s sharpest business minds, as well as access to a global network of advisors, channel partners and investors, and $20,000 in funding (with no equity taken) to help them accelerate their start-up growth.
MAP also offers a range of additional programs and events to the broader start-up ecosystem.
These include the Velocity Program (a part-time program for early stage founders), the Franklins (a female-founders network), the Master Class series, and a range of signature events including the University’s premier entrepreneurial event, the Melbourne Entrepreneurship Gala.