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Icreate India

Join us to create MAGIC

Please contribute NOW since every Rupee of your contribution till December 31,2016, will be matched by another from a matching grant! 


Every one lakh Rupee in the MAGIC FUND will help up to 4 budding entrepreneurs each year in perpetuity. 

 

Who are the Supporters?

We gratefully acknowledge the generous contributions of the following individuals and organizations. Because of their contributions we have been able to create a corpus of Rs.16 lakhs as of December 2015. The contributors are listed alphabetically here:

  • Batul Amiji
  • DPK Engineers Pvt Ltd.
  • Harsh and Aruna Bhargava
  • Mukta and Narayan Kamat Trust
  • Urmila and Narottam Bhargava
  • Vimlesh Rani

What is MAGIC FUND?

MAGIC (Mentor and Angel Group of I Create) Fund is a donation based seed capital assistance fund. This fund has been created by I Create India through the generous contributions of many individuals and organizations. The focus is on providing hassle free and low cost access to capital to the aspiring entrepreneurs who have been trained by I Create and who have a viable business plan and an implementation strategy.

As the corpus of the MAGIC fund is created through donations, we are able to provide assistance without charging any interest. The recipients of the assistance are required to pay back the amount received as assistance as per agreed repayment plan together with a small service fee to take care of collection efforts and other related expenses.

 

Donations are utilized for providing seed capital assistance and not for meeting overhead expenses.

How MAGIC Fund Operates?

Corpus of the MAGIC Fund is operated by I Create India. It follows a very transparent process for disbursement and collection of assistance. Briefly:

  • After due diligence, I Create Center selects potential NGO partner for participation in the MAGIC.
  • An MOU is executed between the NGO partner, I Create Center and I Create India.
  • NGO mobilizes candidates for training by I Create Center. Selection of beneficiaries from among the candidates is done by I Create Center and an Aspiring Entrepreneurs Workshop (AEW) is conducted for these beneficiaries.
  • After the culmination of AEW, aspiring or budding entrepreneurs, who wish to work on their individual business plans, are mentored by I Create mentors.
  • Now that the Biz Plan is ready for “access to capital”, mentors will ascertain the appropriate scheme and channel and advise the entrepreneur.
  • Those seeking assistance from MAGIC will apply to I Create India – through the NGO and the I Create Center that was involved in mentoring. The application form (simple one-pager) and the Biz Plan (already completed) is forwarded to I Create India for dispensation.
  • Applications and accompanying business plans received by I Create India are reviewed and if found to be viable, decision to provide assistance is made. Quantum of assistance, repayment plan and other details are discussed with the applicant entrepreneur and agreed to. Once agreement reached, disbursement is immediate.
  • Decision about non-approval of any request is also conveyed immediately.
  • NGO partner and the concerned I Create Center  follow up and collect the repayment  as per schedule and deposit the same in I Create India Bank Account designated for this.

Why MAGIC Fund?

Access to capital is one of the crucial aspects of Entrepreneurship Development. To start an enterprise one certainly needs to have an idea that is technically feasible and commercially viable. After ascertaining that idea is both feasible and viable, aspiring entrepreneurs work on and develop their Business Plan and start their quest for capital.

This is when most of them get frustrated. There are many government schemes (both state and central) but the bureaucracy is daunting to these people. Micro Finance Institutions are willing to lend money; but their interest rates and structure are usurious when compared to the rate of return the micro enterprises can hope to achieve. With these options of access to capital, the aspiring entrepreneurs hit a brick wall and slowly lose their confidence and desire to start a micro enterprise.

Need, therefore, exists for a hassle free and low cost alternative of providing access to capital to the aspiring entrepreneurs who have a viable business plan and an implementation strategy.

I Create India has created a revolving seed capital assistance fund – known as MAGIC (Mentor and Angel Group of I Create) – to assist budding entrepreneurs at grassroots level with returnable financial assistance. This has been possible through the generous contributions of many real Angels. We hope to attract more of them and keep the fund growing.

Your desire to help disadvantaged members of society progress economically through entrepreneurship route is a noble one. 

Upcoming Events

  • National Business Plan Competition (NBPC) on January 28th, 2017 at Goa.
  • Leadership Meet on January 29th, 2017 at Goa.

Magic Fund Beneficiary

  • MAGIC (Mentor and Angel Group of I Create) Fund is established to help I Create trained Aspiring Entrepreneurs with Seed Capital Assistance. This is a donation based revolving fund.
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