Record Industry Innovation Prize

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.

To what end?

Now that you have a catalogue of activities, here’s the important question: why?

When you do all of these things that you do, what is it you are trying to ultimately achieve? Why do you do what you do?

So you’re working on an album? You’re writing songs? You’re mailing out CDs? You’re planning a tour? To what end?

Most people don’t have any idea of what it is they’re working towards. They generally have a pretty clear idea that they need to get from the rung of the ladder that they’re currently on to the next rung up, but very few stop to think about how tall that ladder is, and which wall it’s leaned against.