U.K. independent label V2 has established a £15,000 ($29,655) Master's Degree scholarship to help further the careers of potential future music-industry executives.

The scholarship, part of V2's 10th-anniversary celebrations this year, has a July 31 deadline for applications.

The scheme will finance the winner's tuition fees for the Music Business Management MA degree at London's University of Westminster starting in September, and the holder's living allowance.

Aimed at music-industry staffers seeking to boost their future prospects, the scholarship follows a series of recent lectures delivered by V2 executives at the six-year-old MA course.

John Kennedy, chairman/CEO of IFPI, is among the degree's supporters.

The university, which also offers a BA degree in Commercial Music, is scheduled to launch a standalone music department called the Westminster Centre for Commercial Music (WCCM), and its own label.

The WCCM will comprise the MA course, the BA degree, plus a Bachelor of Music in Commercial Performance, a BA in Music and Infomatics, and an MA in Audio Production.

Senior WCCM lecturers include Keith Harris, a director at U.K. labels collecting society PPL and Stevie Wonder's U.K. manager, while hit-maker Pete Waterman, urban-music entrepreneur Russell Simmons, and Pink Floyd's Dave Gilmour will be among visiting lecturers.

Until now, the music courses had been part of the university's Media, Art and Design department.