Sony Music UK has partnered with Digital Catapult, a non-profit digital technology organisation, to offer support to Black founders of startups in digital entertainment.

The FutureScope Black Founders Programme is designed for entrepreneurs who are exploring advanced technologies such as 5G, artificial intelligence, machine learning and augmented reality within the entertainment sector.

The programme will take place over 16 weeks and provide 10 founders with masterclasses, resources and mentoring from entertainment and technology experts. The programme will also offer networking opportunities to support business growth.

According to research by international investment firm Atomico, 62 per cent of Black founders have found it hard to raise venture capital. The study also found that only 38 Black founders received venture capital funding between 2009 and 2019, just 0.24 per cent of the total sum invested.

Other groups taking part in supporting the scheme include investors from Kinhub, Sure Valley Ventures and FOC Ventures.
Commenting on the news Justin Cross, director of innovation practice at Digital Catapult, said that the programme addresses the structural challenges that Black founders face in the tech ecosystem.

“Digital Catapult has a 10-year track record of helping ambitious founders build on their entrepreneurial success and go on to succeed in the real world,” he said. “Access to a network – of peers and experts – is crucial for understanding how to grow sustainably, pitch your product or service to the right people, and consider what that scaling journey actually looks like, for you and your business.”

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