Project Music startups unveil ideas to industry leaders
Project Music, the first-of-its-kind music tech accelerator program, introduced its first class of entrepreneurs on Thursday to an auditorium full of potential investors and music industry heavyweights in Nashville.
Shepherded through the Entrepreneur Center's accelerator program, the eight music-focused technology startups unveiled their concepts and pitched their products in a slickly produced event at the CMA Theater inside the Country Music Hall of Fame and Museum.
The startups covered a wide range of ideas -- from an app that dramatically improves the audio quality of music played through a smartphone, to a program that turns a night of karaoke into a digital, social media experience.
On one hand, the startups represent an existing community in Nashville of young music tech companies that have debuted to exciting, but varying results. But on the other hand, Project Music and its debut class of entrepreneurs represents something more ambitious -- a chance for Nashville to lead the way in offering new ideas to spark the flatlining music industry.
The program was launched through the Entrepreneur Center in partnership with the Country Music Association and with about $300,000 seed money from nine local companies. At the event's onset, the crowd was informed that the eight startup firms have already combined to raise $1.5 million in investment capital.
Music industry heavyweight Joe Galante led the way in getting the program off the ground and helped the Entrepreneur Center put Project Music in motion. The startups received mentoring by leaders in Nashville's music and technology sectors such as Flo | Co founder Mark Montgomery.
"We're making an investment in the future by fostering innovation and embracing creativity today," John Esposito, president of the CMA board of directors and president of Warner Music Nashville, said to the crowd before the presentations began.
"Now with my record label hat on, I'm excited to watch the presentations because I'm counting on you to save our collective (butts)."
Story continues after photo
Project Music Director Robbie Goldsmith said there are two goals of the accelerator program, which he touted as the only one in the world focused solely on music and technology.
"The first one is to plant the flag in Nashville as the future of music-tech industry," Goldsmith said. "The second is to get these companies funding so they can hire and retain our talent to create economic growth in our city."
Ear.IQ, a smartphone app, will allow listeners to hear music as it is intended to be heard, according to its co-founder Stephen Davis. He said the app has potential licensing partners in streaming services and in hardware companies like automakers and headphone companies.
The app calculates an individual's unique hearing traits, decompresses an audio file and dramatically improves a song's overall quality. Davis, who provoked oos and ahs from the crowd when he demonstrated the technology, said the young firm already has a letter of interest from Nissan to improve the audio quality of music played in their vehicles.
KaraoQ turns karaoke into an interactive, social media-based experience through a free app that allows DJs and performers to choose their song, know when it's their turn to sing and pay fees to jump to the front of the queue. CEO and founder Michael Amburgey said the company would make its money by taking a percentage of tips and bump fees paid to the DJ, but also capitalize on drink deals and sponsorships targeted at karaoke lovers.
Reach Nate Rau at 615-259-8094 and on Twitter @tnnaterau.