Magic institute recognized as 'Leading Incubator in the State'

By Lokmat English Desk | Published: February 22, 2024 08:00 PM2024-02-22T20:00:08+5:302024-02-22T20:00:08+5:30

Recognition by Maharashtra State Innovation Society Chhatrapati Sambhajinagar: The Maharashtra State Innovation Society (MSInS),a nodal body working under the ...

Magic institute recognized as 'Leading Incubator in the State' | Magic institute recognized as 'Leading Incubator in the State'

Magic institute recognized as 'Leading Incubator in the State'

Recognition by Maharashtra State Innovation Society

Chhatrapati Sambhajinagar: The Maharashtra State Innovation Society (MSInS),a nodal body working under the state's Department of Skills, Employment, Entrepreneurship and Innovation, recently recognized Magic Institute as a ‘Leading Incubator in the State’ during its annual review meeting held recently. This achievement underscores Magic's consistent efforts in promoting entrepreneurship and innovation across Maharashtra.

Over the past years, Magic has demonstrably impacted the startup ecosystem in the state. They have organized over 300 workshops and seminars, guiding more than 16,000 individuals, including students, teachers, and aspiring entrepreneurs. Their dedication to fostering innovation has led them to validate ideas for 1,500 startups and provide special incentives to 400, incubating 90 of them within their own facilities.

Startups incubated by Magic have collectively generated a revenue of Rs 17 crore in the past year, creating employment opportunities for 750 individuals. Furthermore, Magic has provided seed funding to 55 startups and supported 18 in filing product patents. Their commitment to the cause is further evident through securing over Rs 1.79 crore in CSR funding and collaborating with 77 organizations across India to strengthen the startup ecosystem.

Magic aims to empower innovators, micro-entrepreneurs, and students in tier 2-3 cities, fostering a more inclusive environment for entrepreneurship. They also plan to collaborate with other major central government institutions and establish new incubation centers in collaboration with the state government.

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