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I just posted the seed of an idea in Music Think Tank, and I’d be really interested to hear what you think about it. Head on over and have a read.

Essentially, the idea is that the Record Industry should offer a cash prize to the most innovative and successful new online music business startup. Moreover, tech entrepreneurs who enter to compete for that prize should be exempt from royalties for two years while they grow their business and prove their concept.

Other than that – no real rules. I think it would probably be a mistake to impose upon the technologists criteria such as ‘it should be about streaming’ or ‘retail models only’. The idea is to cast the net wide in order to generate new ideas that will grow the industry. But I’d love to hear your thoughts on it.

It’s a hypothetical, but I do like the idea. I’ve called it The Record Industry Innovation Prize. I’d love for you to jump in with your comments.