Concept

Erasmus for Young Entrepreneurs provides practical and financial assistance for new entrepreneurs (NE) spending time in the business of experienced host entrepreneurs (HE) in other EU countries. New entrepreneurs travel to an experienced entrepreneur in another EU country and work with him/her for 1 to 6 months. The matching of the new entrepreneurs with the host entrepreneurs is carried out with the help of the intermediary organisations.

How does it work?

The process to identify, validate, implement and evaluate stays abroad comprises of the four following phases:

1.  Application phase :  interested NEs and HEs apply via an on-line registration tool and establish contact with the IO that they have chosen. The IOs responsible screen the entries and, once completed, accept them.

2.  Matching phase : the IOs facilitate contacts between accepted NEs and HEs and seek to make matches. Interested NEs and HEs can also search the Erasmus for Young Entrepreneurs database for appropriate partners and make suggestions to their chosen IO.

3.  Contracting and preparation phase : the parties involved (NE, HE, IOs responsible) reach agreement on the commitment to quality, business/work/learning plan, tasks, responsibilities, deliverables, financial conditions, legal implications, etc. and sign the necessary agreements. The Commission gives the final approval of the match. NEs and HEs participate in preparatory activities organised by the IOs responsible.

4.  Implementation phase : NEs and HEs complete the stay abroad – in accordance with their needs – in one or more phases and report on them. The IOs responsible monitor the quality of the activity and evaluate the results.

Duration

The stay abroad needs to be completed within an overall time span of twelve months and should total between one month and six months. Within this time span the stay may be divided into a number of shorter time slots (minimum one week per slot), which the NE actually spends at the HE's business.

Content of the stay abroad

Activities of the NE during the stay abroad may include:

  • Shadowing a senior host entrepreneur;
  • Market research and developing new business opportunities;
  • Project development, innovation and R & D;
  • Taking a fresh look at existing business operations;
  • Understanding SME finance;
  • Branding, sales and marketing of the HE's company;
  • Work on concrete projects from one or more of the above mentioned areas.