Entrepreneurship is a vital part of the economic development of the economy at the national and local levels. It creates more jobs and is of better quality. But entrepreneurship is not easy, it is risky, and thus many feel intimidated in starting their own business.
The Erasmus for Young Entrepreneurs wants to make entrepreneurship more accessible and feasible for young aspiring entrepreneurs.
Let’s see what the program does and how it can make those aspirations a reality.
The Erasmus for Young Entrepreneurs
The idea behind the Erasmus for Young Entrepreneurs is to help them acquire the entrepreneurial skills they need to open and run their own businesses. It improves their expertise and facilitates cross-border knowledge and experiences among entrepreneurs.
The program allows aspiring entrepreneurs to spend time next to experienced entrepreneurs who run their own businesses in one of the 27 EU Member States, the UK, one of the COSME countries, or the Overseas Countries and Territories.
The new entrepreneurs have the option of staying 1 – 6 months abroad with a host entrepreneur to learn on the job and network.
How to participate in the Erasmus for Young Entrepreneurs
To participate in the Erasmus for Young Entrepreneurs interested parties, the new entrepreneurs (NEs) and the host entrepreneurs (HEs) need to go through a process of four steps:
1. The application phase
Both NEs and HEs need to start off by submitting their application online, where they need to select an Intermediary organization. This organization will, later on, assess their application and provide feedback on their eligibility to participate in the program.
2. The matching phase
During this phase, the accepted parties will have access to the online catalogue of all NEs and HEs that have been selected to participate in the program. Both NEs and the HEs can go through the profile to find the perfect match for them.
3. Contracting and preparation phase
When there is a match between a new entrepreneur and a host entrepreneur, they need to come up with an activity plan with the help of their intermediary organization. This plan will be an online document highlighting the objectives and expectations for the exchange, their responsibilities, tasks etc which they all have to sign. During this phase, the NE will also sign a financial agreement with their IO on the conditions for their financial assistance.
4. The implementation phase
This is the phase in which the NE, and the HE come together to complete the stay abroad and fulfil their objectives and commitments. At the end of the stay, both NE and the HE complete a compulsory questionnaire to evaluate their collaboration. The new entrepreneurs can only participate once in the Erasmus for Young Entrepreneurs programme.
How you can benefit from the programme
New entrepreneurs
As a new entrepreneur, you will gain on-the-job experience in a small or medium-sized business in another Participating Country. This will facilitate the effective start-up of your firm or strengthen your existing one. You can also get access to new markets, international cooperation, and prospective opportunities for collaboration with foreign business partners.
Host entrepreneur
As a host entrepreneur, you might profit from a motivated new entrepreneur’s fresh ideas for your firm. He could have specialized talents or expertise in an area you don’t know much about that might complement yours.
