Marathwada Accelerator for Growth and Incubation Council (MAGIC), in collaboration with Tata Technologies Limited‘s CSR funds, has embarked on a significant initiative to foster entrepreneurship among students in tier 2 and tier 3 cities of Maharashtra and Karnataka. The project, named the Ready Engineer – Magic Startup (REMS) incubation program, has garnered substantial interest, with over 100 aspiring industrialists participating. From this pool, 17 student startups have been selected to receive support and funding to bring their ideas to fruition.
Under the REMS program, each chosen startup will receive Rs 50,000 in seed funding and incubation support to help translate their concepts into professional products and services. MAGIC will play a pivotal role by providing personalized guidance, mentoring, and co-working space at its office. The startups will also have networking opportunities within the ecosystem for promoting their products. As a part of the program, they will be allotted a dedicated booth in the Tata Technologic MAGIC Innovation Hub exhibition and gain access to various online seminars.
Siddharth Yawalkar, Head of the REMS project, expressed satisfaction with the positive response received in the earlier two editions of the project. He emphasized the integral role the project plays in Tata Technologies’ corporate social responsibility (CSR) activities, focusing on nurturing the entrepreneurial spirit among students. Ritesh Mishra, Director of MAGIC, highlighted the primary objective of encouraging engineering students to explore entrepreneurship. The initiative is carefully designed to assist students in transforming their innovative concepts into tangible and marketable products and services. By providing essential support, mentoring, and financial assistance, the REMS program aims to empower these budding entrepreneurs to navigate the challenges of starting their own ventures successfully.
The collaboration between MAGIC and Tata Technologies would play a major role in supporting startups in smaller cities, recognizing the untapped potential and talent that exists beyond major metropolitan areas. Initiatives like REMS not only provide a platform for young entrepreneurs but also contribute to the broader goal of fostering innovation and economic growth in these regions. The incubation support offered by MAGIC goes beyond just financial assistance, encompassing mentorship and networking opportunities crucial for the holistic development of startups. The booth in the Tata Technologic MAGIC Innovation Hub exhibition and participation in online seminars further expose these startups to a wider audience and potential collaborators, enhancing their visibility in the market.
As the REMS program unfolds, it is expected to not only fuel the aspirations of these student startups but also serve as a model for similar initiatives that bridge the gap between academia and entrepreneurship. Encouraging an entrepreneurial mindset among students not only diversifies career options but also contributes to the overall vibrancy of the startup ecosystem. The success stories that emerge from such initiatives have the potential to inspire a new generation of innovators and job creators in regions that traditionally may have been overlooked in the startup landscape.
