To some extent that's what some of the more independent-music-oriented record labels are: front the capital and sometimes the recording expertise to put out and promote records, along with providing mentorship and connections, for musicians the label's owners think look promising, in genres those owners care about and have strong connections in.

For example, you might call this a list of the "startups" that Kill Rock Stars has invested in: http://killrockstars.com/artists/moreartists.php. As with tech startups, the big wins are where a lot of the money comes from; e.g. Elliott Smith's records pay for a large proportion of KRS's operations.