MAGIC to invest Rs 1 crore in its initiatives

Aurangabad, June 27:

The MAGIC, a Business Incubator & Accelerator, Section 8 Company ( Not For Profit), will invest Rs 1 crore for supporting the startups. For meeting the expectations of the startups connected with MAGIC, many new initiatives and programmes programs are planned and are being executed during the year 21-22. Now, four full-time team members are managing MAGIC activities led by a CEO. It has a strategic tie-up with Marathwada Auto Cluster for the promotion of Innovation and Entrepreneurship. It is now conducting its activities at the bigger premises of Marathwada Auto Cluster, Waluj. In the post-Covid-19 period, more than 100 startups are getting mentoring support and guidance from experts virtually. For executing the expansion plans, funds are being raised through various sources such as corporate partnerships, sponsorship , CSR support, government grants and others. New strategic partnerships / tie-ups with Startup Ecosystem Partners in India and abroad are evolving by signing MoUs with them. With increase number of startups connected with MAGIC is also expanding its pool of mentors, domain, experts and business Coach in its network. During last one year, MAGIC team has proactively participated in the Capacity Building Programmes hosted at National and International level for meeting the incubator growth and expansion opportunities. Many new initiatives and programs are planned and are being executed this year, the sources said.