NetMuST, the Networked Music Technologies project, a team composed by several elements from ADETTI-IUL and ISCTE-IUL, has recently presented its project at the MIT/ISCTE-Venture Competition Final Tracks ceremony. As a result from its participation, NetMuST has achieved the ‘Honorable Mention’ award in the IT & Web category.
As a result, NetMuST will not be able to achieve any of the monetary prizes that are part of the contest, but will continue to have the necessary support from the contest promoters to continue the development of its business project. NetMuST, as well as all of the others “Honorable Mention” prizes from other categories, have been invited to participate in the e-Teams II training of the contest, and will also participate in the e-Teams III program, that will take place in MIT. During these two moments, NetMuST will have the chance to present its project and find the necessary opportunities to improve it. Moreover, this entitles our project to access the VC ecosystem of MIT, in order to get the chance of obtaining some seed capital to further develop the project.
NetMuST will revolutionize the way digital music is distributed and monetized, through the enablement of desintermediation mechanisms in the music value-chain. NetMuST systems will open the music markets to non-commercial artists while offering to them the same revenue streams found in the commercial music industry. As such, it will be possible to empower small artists to reach a wider audience and at the same time, offer them a revenue channel that will be based on the real usage of its creations. Moreover, music business users will access a wider offer of music (and not the only ones that are offered by the commercial record companies) and be charged for its real music usage.
NetMuST would like to thank to all the organizers of the MIT/ISCTE-IUL Venture Competition event for all the effort put in production of such a successful event, and for helping making real some of the portuguese entrepreneur dreams.
Here are some of the pictures from the event: