For those that are starting a business, knowledge is vital. New business owners would be well advised to take every opportunity possible to speak and spend time with those that have real experience of what it takes to start up and maintain a successful new company.
Erasmus for Young Entrepreneurs is a great opportunity for new entrepreneurs to spend time with and learn from experienced business people. Stephen Mitchell, finance director and company secretary at Sheffield Chamber of Commerce and Industry explains more about the project.
What prompted the development of the scheme?
It's a project funded by the European Commission, aimed at developing entrepreneurs in each country and sharing best practice across borders. By facilitating a cross-country and cross-culture experience, entrepreneurs will develop a wider and broader skill set.
Who is eligible to take part?
Anyone who is keen on establishing a business and has a relatively certain business concept, right up to anyone who has been trading as an entrepreneur for up to three years. Similarly, host businesses of any description are welcome as we are looking for companies that would like to host one of the new entrepreneurs for their secondment.
What do you hope experienced and new entrepreneurs will get out of the programme?
Entrepreneurs will receive in-depth mentoring advice from an experienced businessperson in a sector in which they are interested, in an overseas market. Not only does this widen business knowledge, develop technical skills, cultural awareness and business networking opportunities, it's a great opportunity to discuss aspirations and hopes with someone who has been there and done it.
What are the main objectives?
To stimulate entrepreneurship levels, by facilitating a network of cross-boundary relationships that will continue to exist once the secondment process is complete. This will open up the network for best practice transfer and future globalisation opportunities.
How many applications have you had so far and is there any limit on the number of entrepreneurs who can take part?
There is a finite budget for the project as a whole so we would encourage as many entrepreneurs and host businesses to apply as
soon as possible to take advantage of this opportunity. Across the network of participating organisations I understand that there are already hundreds of applications.
When do applications have to be made?
The programme can be up to 18 months long so there is plenty of time to get the application in.
What is the easiest way for entrepreneurs to apply?
Go to www.erasmus-entrepreneurs.eu and sign up there. You will be directed to the organisation closest to you that can offer the support you will need throughout the project.
Is every country in the EU signed up for Erasmus?
Not every country has an organisation within it working on this project. However, organisations throughout Europe that are working on Erasmus will do their best to find a host business for you should you want to go to a country that does not have its own partnership already established.
What happens after I apply?
The programme starts with registration, where we will match you with potential host businesses. Once the match has been established, if you choose to undertake the secondment you will receive appropriate briefing, help with developing a business plan and support while you are overseas.
What are the maximum and minimum time periods that the partnerships can run for?
Partnerships are aimed at allowing the entrepreneur to spend up to six months abroad, with a minimum time period of three months. The time overseas does not have to be spent all in one go.
How much funding can entrepreneurs apply for?
Depending on the country where the entrepreneur wants to go, there are varying amounts of money available to offset some of the costs incurred. Any funding available is on the basis of reimbursement of costs so entrepreneurs will need to submit expenses, receipts and the like.
Will there be any personal costs to entrepreneurs and businesses that take part in the scheme?
Depending on the amounts incurred and the country visited, the funding available may cover all of your costs. However, you may find that there are some costs that the money available doesn't cover.
Do those that take part have to provide feedback to the EU, such as submitting reports?
We will keep in close contact with you throughout the length of the programme so make the feedback process as simple as possible, but essentially, yes, we will require feedback. Taxpayers fund this scheme so we have to ensure that we are offering a good service, improving where we need to, and getting value for money.
Are there plans to make this a yearly scheme?
Hopefully. This is currently a pilot project but if it is a success we are hopeful that there will be more funding available in the future.
For more information visit www.erasmus-entrepreneurs.eu
