402 startups registered: 17 student-led ventures
Chhatrapati Sambhajinagar : Marathwada Accelerator for Growth and Incubation Council (MAGIC) has emerged as a vital force for local startups, injecting Rs 1.6 crore into 26 ventures over its first year of operation. This impressive disbursement reflects MAGIC's commitment to fostering innovation and entrepreneurial growth in the region.
A total of 402 startups registered with MAGIC, showcasing the immense potential within Marathwada. Through a combination of government grants and corporate CSR initiatives, MAGIC has successfully supported 26 startups, including 17 student-led ventures. The organization leveraged the Startup India Seed Fund scheme, a flagship programme of the Indian government, to empower 6 startups. Additionally, two MAGIC-backed ventures emerged victorious in the MSME Idea Hackathon, demonstrating the incubator's effectiveness in nurturing promising ideas.
To ensure meticulous selection of seed fund recipients, an independent committee comprising senior entrepreneurs, government officials, educational institution representatives, and startup mentors has been established. Each startup pitches its concept to the committee, and funding is disbursed in tranches based on evolving needs and progress.
Seed funding of Rs 50,000 to 17 student startups
Recognizing the crucial role of student entrepreneurs, MAGIC collaborated with Tata Technologies Limited's CSR project on the Ready Engineer – Magic Startups (REMS) initiative. This programme aims to bridge the gap between student ingenuity and market viability in Tier 2 and Tier 3 cities across Maharashtra and Karnataka. Over 100 budding entrepreneurs participated, with 17 student startups ultimately selected for incubation support and seed funding of Rs 50,000 each, totaling Rs 8.5 lakh.