Music by Asia
Universal Music Group’s recently announced Accelerator Engagement Network has got its first Asian partner in the shape of SparkLabs. The accelerator’s SparkLabs Seoul and SparkLabs Taipei units will both work closely with Universal’s network to support music-based start-ups.
SparkLabs has a string track record with its accelerator graduates raising an average $3.5 million-plus. Plus 80% receive funding after the programme, while they also average over $500,000 in funds raised prior to entering the accelerator.
The SparkLabs accelerator network comprises SparkLabs Seoul, SparkLabs Beijing, SparkLabs IoT & Smart Cities (Songdo, South Korea), SparkLabs Taipei and SparkLabs Cultivate (Sydney), and it is not yet known whether the hubs outside Seoul and Taipei will be joining the Universal initiative.
The music giant launched the accelerator network in October aiming to work closely with entrepreneurial initiatives around the world to back music-tech outfits and contribute music industry expertise. Berlin-based Axel Springer’s Plug and Play, Belgium’s LeanSquare and US-based NYC MediaLab were the first accelerators to come onboard.