Startup Accelerator Techstars Music Adds HYBE As New Investment Partner
Never heard of startup accelerators? Also known as seed accelerators, these programs offer the best and brightest startups everything from investment to connections with the help of funding partnerships with major companies. You may not have heard of it, but Techstars is one of the biggest startup accelerators around. Now, Techstars Music has announced they’ll be partnering with HYBE too.
Since 2017, Techstars Music has been bringing funding, mentorship, and networking opportunities to some of the coolest growing startups across the world. In 2020, for example, the music tech accelerator helped develop an AI tool that helps music companies take down deepfake content, a platform that helps artists create popups, and much more.
Techstars Music is able to do what they do thanks to investment partnerships with some of the globe’s biggest music companies, from Avex to Sony to Warner Music Group. Now, HYBE (formerly known as Big Hit Entertainment) is about to join their ranks too.
In an exclusive report for Rolling Stone, Techstars Music announced that HYBE will be joining the investment partner cohort from 2022 onwards. In a statement, HYBE Vision Lab‘s CEO Paul Sung Woo Choi revealed that the company is looking forward to supporting innovation, technology, culture, and entertainment. HYBE Vision Lab appears to be the company’s new division dedicated solely to venture capital (investment in startups).
We are looking forward to working with Techstars Music and the global community of music startups to grow and expand the global music business. We’re also excited to work alongside the other member companies to bring the world together through innovation, technology, culture, and entertainment.
— Paul Sung Woo Choi, HYBE Vision Lab CEO
As a Korean music company, HYBE has joined the program at a great time. As of this year, the Techstars Music managing director has pledged that the accelerator will make sure half of all the startups accepted into the program will have CEOs from diverse backgrounds (including women and ethnic minorities).
When we look at last year, it’s impossible not to acknowledge the gigantic social justice movement happening in culture… If our job as venture investors is to invest in companies solving problems for the global music business and we’re not acknowledging the role these communities play in the music business and the culture that it creates, we’re not going to get good returns as investors.
— Bob Moczydlowsky, Techstars Music managing director
The news comes just a day after Weverse Company officially invested in Fave, a new community app for superfans of various artists. Fave (which will allow fans to communicate with each other, make videos, trade in a marketplace, and “compete for clout and rewards“) is also part of the 2021 Techstars Music cohort.
— Fave ???????? (@Faveforfans) May 17, 2021
This investment is to discover new business opportunities and to act on them proactively. We look forward to using the synergy from FAVE’s know-how and technical skills in Weverse Company’s platform business.
— Kim Tae Ho, Weverse Company CEO