MAGIC: 38 startups in the pitching round, 16 will be selected for the final round
Aurangabad, May 12:
The national level ‘Innovate For India Challenge 2022 (IFIC 2022)’ organised by the Marathwada Accelerator for Growth and Incubation Council (MAGIC) for the new entrepreneurs has received participation from 334 startups from 24 States across India. In all, 38 startups were shortlisted for the next rounds.
In the evaluation rounds held on May 7-8, 38 startups working in 12 subjects presented their concepts and products. For this round, 20 experts from various fields have evaluated the presentation of startups for Magic.
Maithili Tambolkar, convener of the competition and director of Magic, said that applications were invited from startups at the IFIC 2022, Pre-revenue and revenue stage. The innovation challenge has received a great response from startups across the country, with 38 startups selected in the preliminary round that will perform in the pitching round. Out of these, 16 pre-revenue and 8 revenue level startups have been selected. He said that the final round will be held on May 21 online.
The winners of the competition will receive a total prize money of Rs 5 lakhs, along with incubation and other support at the Magic Institute. “The competition promotes innovative startups working in various sectors, which are development-oriented, job-creating and have the potential to contribute to the creation of intellectual property for the nation,” said Sunil Raithatha,director, Magic.
Last year's competition was based on the concept of a self-reliant India. Through the three Innovation Challenges held so far, the winning startups have been awarded Rs 15 lakh by Magic and various facilities including incubation.