Black Founders Programme
The Black Founders Programme is an accelerator targeted at pre-seed or seed stage, Black-founded companies creating innovative products and services...
The FutureScope Black Founders Programme, an initiative to support the next generation of UK entrepreneurs and startups in digital entertainment, is launched today by Sony Music UK and Digital Catapult, the UK authority on advanced digital technology.
The Programme will help level the playing field for Black founders of early-stage startups by improving their access to networks and resources needed to raise startup funding. Over the course of 16 weeks, it will provide up to 10 startup founders with tailored masterclasses and workshops to help increase their investment readiness and provide them with bespoke mentoring from entertainment and advanced technology experts. The programme will also provide networking opportunities to support their business growth journey.
Digital Catapult has supported thousands of early stage businesses in their growth journeys through its flagship FutureScope programmes. This new initiative is specifically designed to provide positive impact for Black founders who are exploring advanced digital technologies (such as 5G, artificial intelligence / machine learning, virtual and/or augmented reality, distributed ledger technologies, or quantum) within the field of digital entertainment, including music, arts, entertainment and gaming.
The FutureScope Black Founders Programme is being run in collaboration with Sony Music UK’s 4th Floor Creative, forming the latest step in Sony Music’s wider strategy to promote both innovation and social justice in the music ecosystem. Sony Music UK already has partnerships with several landmark programmes in this space, including those supported by its Global Social Justice Fund.
The Programme will be supported by ‘Musiio by SoundCloud’ and will feature engagement from startup experts and investors from Kinhub, Sure Valley Ventures, and FOV Ventures, alongside mentorship from digital entertainment specialists at Sony Music Group, and deep tech expertise from Digital Catapult’s technologists.
The economic – and cultural – value of the UK’s world-leading digital entertainment industry is undisputed: according to the Department for Culture, Media and Sport, the creative industries contributed £115.9 billion to the economy in 2019. Figures published by the British Film Institute in February 2023 showed a record £6.27 billion invested in UK film and TV production, research published by UK Music stated that the music industry contributes £4bn to the UK economy, employing 145,000 people, and data from UK Research and Innovation showed that the UK games industry contributes £2.87 billion to the economy and supports nearly 50,000 jobs.
However, research from Atomico – an international investment firm – found that 62% of Black founders have found it increasingly hard to raise venture capital, 77% of Black founders disagreed that the European tech system is fair, and only 38 Black founders received venture capital funding between 2009 and 2019, just 0.24% of the total sum invested.
