New Delhi, May 22 (IANS): HT Media Ltd and North Base Media, an international investment firm, launched Mediahack.in, an innovative accelerator program aimed at fostering a new generation of digital media companies, an official statement said here on Friday.

Mediahack.in will identify and support entrepreneurs who want to build leading-edge, original content and advertising-related technology businesses in India.

"Mediahack.in will invite entrepreneurs to apply to participate in the accelerator starting this summer. Successful applicants will spend several months on the program, interacting with each other and leading media and technology thinkers from around the world," the statement said.

"They also will receive an initial investment of up to $100,000 to convert their great ideas into fast growing and world changing businesses," it added.

"Mobile and social platforms are transforming the way billions of people consume news around the world. Nowhere is that more evident than in India, where more than 500 million people will have access to the internet, many for the first time, in the next few years," said North Base Media co-founder and managing partner Marcus Brauchli.

"We want to help the next generation of entrepreneurs create the platforms, products and technologies that will bring news and information to those new audiences. We hope to provide media entrepreneurs in India our expertise so that they can scale up to be global businesses," he added.

"Media is one of the most exciting sectors in India today. I am therefore delighted that we at HT in partnership with NBM; are going to provide a platform which will encourage media entrepreneurship in India," said HT Media's CEO Rajiv Verma.