Here, Billboard presents 10 indie innovators who are taking risks and reaping the rewards. Click here to read more information about each innovator.

Take one venerable punk band, add a pioneering social networking site, throw cash from a text messaging service in to the mix and what do you get? Quite possibly the most successful monetization of free music to date.

Tom Windish
When Tom Windish formed the Windish Agency in 2004 in Chicago after years with the Billions Corp., he was seeking independence and the freedom to sign whichever acts he was interested in.

Diana Reyes
Regional Mexican singer Diana Reyes is not the first major Latin artist to do things independently. But in recent years, no other woman-or man, for that matter-has achieved independence so successfully in the Latin sphere after splitting with her label.

In the old days of dance music retail, DJs paid upwards of $6 for a domestically produced 12-inch and $10 or more for a more exclusive import. Today, Beatport-the download site started by a group of friends in Denver that is credited with singlehandedly saving the dance music business-employs a tiered pricing structure. The site charges $1.49 for back catalog content, $1.99 for new releases and classics and $2.49 for exclusives. All content is available in 320kbps MP3 format, as well as 192kbps M4A for an extra $1. Its customer base, estimated at 70% professional DJs and 30% casual fans, bears the higher costs gladly.

Just a few blocks west of the sprawling office buildings housing Yahoo, Universal Music and Sony BMG Music Entertainment in Santa Monica, Calif., a new company is setting up shop in decidedly more modest accommodations.

Matt & Kim
Dance punk duo Matt & Kim might have sold only 6,000 copies of its self-titled 2006 Iheartcomix release, according to Nielsen SoundScan, but its music has been featured in a flurry of ads ranging from Virgin Mobile in Canada to the trailer for the DVD release of Academy Award-winning film "Juno." Additionally, a two-page print campaign
from Converse made by New York agency Anomaly uses a picture of the two, and, on top of their current campaign, Matt & Kim have a red Converse shoe scheduled to debut this fall.

Ian Montone
In the year-end issue of this magazine, we predicted that the Shins would sign to a major label now that their contract with Sub Pop had expired. But the band's manager, Ian Montone, has a different plan. "We anticipate that James Mercer and the Shins will self-release their next record through James' label called Aural Apothecary," he says.

Last Gang
Last Gang Records is less a label than it is a music business depot. The Toronto-based company has its hands in publishing, licensing,multiformat releases, management and legal, pushing forward-thinking, progressive dance and alternative acts.

In a mobile space that proves generally hostile to the independent world, Wind-up Records has succeeded brilliantly.

Fool's Gold
Thanks to acts like Kid Sister, independent label Fool's Gold is making inroads in monetizing hipster-hyped music. The label was co-founded in April 2007 by DJ Nick Catchdubs and Kanye West's DJ, A-Trak, and has since grown to a roster of 15 artists whose active touring habits are perfect for keeping the party going.

Click here to read more information about Billboard's 10 indie innovators who are taking risks and reaping the rewards.