Erasmus for Young Entrepreneurs helps provide aspiring European entrepreneurs with the skills necessary to start and/or successfully run a small business in Europe. New entrepreneurs gather and exchange knowledge and business ideas with an experienced entrepreneur, with whom they stay and collaborate for a period of 1 to 6 months. The stay is partly financed by the European Commission.
The general objective of Erasmus for Young Entrepreneurs is to facilitate exchanges of experience, learning and networking for new EU entrepreneurs by means of working with an experienced entrepreneur in another EU country.
The specific objectives of the programme are:
• On-the-job-training for new entrepreneurs in small and medium-sized enterprises (SMEs) elsewhere in the EU in order to facilitate a successful start and development of their business ideas.
• Exchanges of experience and information between entrepreneurs on obstacles and challenges to starting up and developing their businesses.
• To enhance market access and identification of potential partners for new and established businesses in other EU countries.
• Networking by building on knowledge and experience from other European countries.
New Entrepreneurs (NE)
NEs are defined as entrepreneurs in the early stages. This includes both nascent entrepreneurs, who are firmly planning to start their own business based on a viable business plan, and entrepreneurs who have recently started their own business (i.e. been in operation for not more than three years). Whether planned or already existing, the business can be in any sector.
NEs should be interested in contributing to the development of the HE’s business and making available their own business skills, as well as gaining useful know-how for their own business. NEs must demonstrate a sound educational and vocational background and a viable business idea.
NEs should also demonstrate vision, commitment, initiative and creativity. An NE candidate for the programme should also be able and willing to raise additional funds to cover the costs of the stay that exceed the EU’s grant.
Host Entrepreneurs (HE)
Host entrepreneurs are successful and experienced entrepreneurs (ideally owners of a micro or small enterprise) or persons directly involved in entrepreneurship at SME board level, applying the EU definition of micro, small or medium-sized enterprise.
HEs want to share their entrepreneurial experience and to benefit from the concrete contribution which an NE from another country will make to their business. HEs must be committed to work with the NE towards developing his/her entrepreneurial skills and know-how.
Erasmus for Young Entrepreneurs provides practical and financial assistance for new entrepreneurs (NE) staying with an experienced host entrepreneur (HE) in another EU country.
The typical activities in realising such stays include:
• Matching an eligible NE with an appropriate HE;
• Facilitation of contacts between the NE and HE by intermediary organisations (IOs) active in different countries;
• Coordination of the activities of the IOs by the Erasmus for Young Entrepreneurs Support Office (SO);
• Agreement of the parties involved (i.e. the selected NE, the HE and the IOs responsible) on the conditions for the stay abroad: the Erasmus for Young Entrepreneurs commitment, business / work / learning plan, tasks, responsibilities, financial conditions and legal implications;
• Duration of the stay abroad: 1 – 6 months, with the possibility to divide the stay into slots of a minimum of 1 week spread over a maximum of 12 months.
• Assessment and evaluation of the outcomes by the IOs responsible.