In 2009, the European Union initiated a new European mobility scheme entitled Erasmus for Young Entrepreneurs.
The aim of the initiative was giving new and aspiring entrepreneurs an opportunity to get first-hand coaching from experienced entrepreneurs running small and medium-sized businesses in any one of the EU Member States or in other countries forming part of the COSME programme (Competitiveness of Small and Medium-Sized Enterprises). The programme aims to help youths and entrepreneurs to attain and improve relevant skills for developing, managing and expanding their own business.
Erasmus for Young Entrepreneurs is a cross-border exchange programme which gives new or aspiring entrepreneurs the chance to learn from experienced entrepreneurs running small businesses in other countries. The exchange may last between one (1) and six (6) months, during which the aspiring entrepreneur stays with the experienced entrepreneur, helping the youth acquiring the skills needed to run a small firm. In this manner, the host benefits by receiving different perspectives on his/her business and by cooperating with foreign partners to learn about new markets. The European Union provides some financial support to the new entrepreneurs for their stay abroad.
Although the Erasmus for Young Entrepreneurs programme is similar to Erasmus+, as they both promote mobility, the programmes are different from one another as the Erasmus+ programme enhances student-to-university relationships whilst the Erasmus for Young Entrepreneurs focuses on business-to-business relationships.
Aims of the Erasmus for Young Entrepreneurs Programme
The Erasmus for Young Entrepreneurs aims to improve cross-border trade in Europe and entrepreneurial initiatives by facilitating exchange of knowledge, experience and networking amongst aspiring and experienced entrepreneurs by working alongside each other. The programme also aims to guide businesses to get over business and market obstacles within the European Single Market.
The objectives of the Erasmus for Young Entrepreneurs include:
- On-the-job-training for new entrepreneurs from experienced entrepreneurs running small and medium-sized enterprises (SMEs) in another participating country to improve and develop their business ideas;
- Exchanges of experience and information between aspiring and experienced entrepreneurs, including information on challenges to starting up and developing their businesses;
- Facilitating access to new markets and the search for potential business partners;
- Enhancing networking between entrepreneurs and between SMEs and developing commercial relations with other EU countries.
Management of the Erasmus for Young Entrepreneurs Programme
The Erasmus for Young Entrepreneurs programme is run and financed by the European Commission and operates across participating countries with the help of the local contact points to provide business support (e.g. Chambers of Commerce, start-up centres, incubators etc.). The programme activities are coordinated at a European level by the Support Office of the Programme.
