Magic Wand is the new acceleration program promoted by the Italian business incubator Digital Magics and dedicated to the Fintech and Insurtech sectors.
Magic Wand is the new acceleration program promoted by the Italian business incubator Digital Magics, (listed on Aim Italia of Borsa Italiana), and dedicated to the Fintech and Insurtech sectors. The program is addressed at early stage startups that are developing innovative business for financial and insurance market, with scalable models able to face with international competition.
The ‘Magic Wand’ model follows the one already adopted by the best incubation and acceleration programs worldwide, such as PlugandPlay and StartupBootcamp, which collaborate with large companies and create a bridge between these and the startups.
Magic Wand is also born in partnership with important players in the Italian financial and insurance sectors, involved in the selection, mentorship and project development phases. These are BNL BNP Paribas Group, Credito Valtellinese, Ersel Investimenti, Innovation Center of Intesa Sanpaolo, Innogest, Poste Italiane, SellaLab, SisalPay, Reale Mutua Assicurazioni and UBI Banca.
«Magic Wand is the first of a series of acceleration programs, the result of a development strategy that rewards startups proving to deserve a privileged growth path» said Layla Pavone, CEO of Digital Magics for Industry Innovation. «This is essentially a fast track, created in partnership with the companies that support the project, reserved for those who through 6 months of work and, above all, steady commitment, will be able to achieve target and KPIs that will measure their progress».
The deadline to apply for the first batch of startups to accelerate was December 8th. Among all the business ideas submitted, 10 projects will be selected to receive a first grant of 5 thousand euro and will begin a six-month acceleration process (from January 2018) at the Milan headquarters of Digital Magics.
The startups will be followed by a Program Manager who will support projects and partners in the development of the project and by mentors of Digital Magics team, with regular meetings to follow the growth, develop and improve the business model up to the go to market.
At the end of the first two months of acceleration, a second selection will be made, in relation to the results achieved. The six best startups that will complete the six-month acceleration program, will be selected. The finalist startups will receive a second grant of 15 thousand euros, will be leaders of an exclusive event in which the most important Italian and international investors will participate and will have the opportunity to be part of Digital Magics incubator, starting a high profile path.
Digital Magics, Neva Finventures (Intesa Sanpaolo Group), Innogest and SellaVentures (Banca Sella Group) have also decided to reserve the possibility to invest in the finalist startups of “Magic Wand”, which at the end of the acceleration process will have achieved set targets and KPIs.