- Seed Funding: $25,000
- Accelerator: May 2 – August 11
- Demo Day: August 11
- Post-Acceleration: August 11 – November 18
Deadline: March 1 / Notification: April 1
Superstar mentors (literally), unparalleled business and technical assistance, and a touch of investment capital -- all in the birthplace of modern music? You get the most fertile ground for building the future of the music industry.
Start MMT is the cornerstone of a bold effort to advance music industry technology, creative talent, and music entrepreneurs forward. Start MMT is a high-growth music startup accelerator platform that attracts entrepreneurs from around the world to build innovative new business models to transform the music business. Operated in partnership with Start Co., a globally recognized venture development organization, Start MMT provides not only investment capital, but also business and technical partners, business and music industry mentors, as well as the programming and pressure to advance new music technology businesses from raw idea to product launch in just 100 days.
Start MMT takes advantage of the Start Co.’s expertise in startup acceleration and combines investment capital with the right mix of business and technical assistance to build new ventures. Through an application and due diligence process, up to 5 startups will be selected to participate.
Accelerators help transform first time founders and their raw business concepts into startup companies that are able to attract the capital and talent required to increase their prospects for achieving commercial success.
At the beginning of Start MMT, the participants will receive a detailed orientation and background training sessions. After the initial orientation period, the program takes on three lines of effort: Discovery, Delivery, and Dollars. On a high level these phases ensure that the startup founders know what they are truly supposed to build, then build it, after which they figure out how to scale it up. The program culminates with Demo Day where the startups pitch their new startups and potentially receive more funding to continue working on them through the post acceleration phase.
During the Discovery phase Start MMT will set the intensity level for the participants and get them discovering the market they are entering. It is preferred that they refrain building products/services during this period. During this phase, the teams also meet with prospective mentors and finalize mentor participation. This process forces the founders to get conflicting advice from smart people while simultaneously calling into question their previous assumptions about who their customer is and what their product or service should look like. It is likely that during this phase the teams will fundamentally change their product and market focus -- or pivot -- with these new insights.
With the customer, features, market, and price hypotheses thoroughly researched, the next 30 days of the program focuses on delivering results. During the Delivery phase the teams will apply the knowledge they have acquired to create prototypes, products, and services. The teams will now be demonstrating their prototype products regularly both internally and to potential customers. They will refine their products and services with this continuous feedback.
Once the product or service is built and refined, the teams will switch to the Dollar phase to work on how they can scale up their startup rapidly. While simultaneously working to get paying customers using their products or services, the teams begin building and testing their investment thesis. Refinement of pitches in preparation for Demo Day becomes especially important now that many of the unknowns of the startup have been eliminated.
At the conclusion of the 90 Day program, Demo Day is where all the teams present to an audience of community leaders and funders. After the formal presentations, the startups will receive feedback on their business ventures and exchange with community members.
The Consortium MMT is a 501(c)(3), non-profit organization whose mission is to develop a viable music industry in Memphis for the future; this is accomplished by providing a structured learning environment, enriching and equipping our talents with proven tools to build the next generation of commercially successful music professionals & entrepreneurs.
Start Co. is a nationally recognized nonprofit 501(c)(3) venture development organization based in Memphis, Tennessee, that relentlessly builds founders and companies, promoting entrepreneurship for everyone with a focus on digital startups. Start Co. is a member of the Global Accelerator Network and aims to advance Memphis’ economic growth through entrepreneurship. The organization is supported by partners including American Airlines, Archer Malmo, Baker Donelson, The Marston Group, Mosaik Solutions and Softlayer (an IBM company).