I was really lucky in February to drop by the coolest accelerator I’ve ever heard of – Project Music in Nashville.
At an old brick transit garage in the heart of Nashville, two cohorts of music-related startups have been held, mentored by business leaders in one of the hottest music markets in the world. The focus is not, as you’d expect, on country music. It’s on any startup that could disrupt the music industry.
As a writer, something that fascinated me is that the latest cohort is being held in tandem with a complementary program called 1440, which is for startups looking to disrupt the publishing industry. Nashville also has a vibrant publishing industry.
Read my USA Today Story on Project Music
These accelerators draw applicants from around the world, and one of founders I met while reporting on Project Music was Kam Lal of Montreal, who’s startup Notetracks was going through the music Program. Lal and his girlfriend had been watching the TV series Nashville and thought the city looked cool. When he learned there was a music-based accelerator in the city he applied and was accepted.
“It’s the music environment,” said Lal. “If I had known it had been here a long time ago, I would have been here a lot sooner.”
Two-year-old Notetracks has developed a platform that lets musicians record music, analyze it and make notes for one another. The company released the $9.99 app last year, and it is being used by more than 1,000 musicians and producers.
Lal is a member of the second cohort. The first cohort took place in winter 2015, and its eight teams each received $30,000 in funding in exchange for 7% of their company.
Cohort 2 features a core of seven teams, including representatives from Ukraine and Canada, with each receiving $47,000 for a 7% stake. A local non-profit also joint the program but did not receive funding.
One thing that is really cool about Project Music is the role of the local business community in launching and sustaining the program. The Country Music Association and local businesses were and are major sponsors. And all the investment came from private investors in the Nashville business and music community.
There are two lessons for Atlantic Canada in Project Music. First, this is how to get traditional businesses to back startups. And second, Project Music is a living example of how to use the indiginous culture of an area to spark new technology. It's something we should look at more.