Erasmus for Young Entrepreneurs
Erasmus for Young Entrepreneurs is a programme that allows mutual collaboration between both experienced and new entrepreneurs, in order to promote business creation, as well as increase the success and transnational cooperation for businesses that are already implemented.
New entrepreneurs have the possibility to live in another country and work with a host entrepreneur. Together they will support each other’s project, foster knowledge and skills and mainly allow the new entrepreneur to put her/his ideas into practice back home.
New entrepreneurs can take part in the programme from the age of 18, as long as they are nationals or residents of a participating country in Erasmus For Young Entrepreneurs, which includes the 27 European Member States, Albania, Armenia, Bosnia-Herzegovina, Montenegro, North Macedonia, Serbia, Iceland, Turkey, UK, Ukraine, and Kosovo. The new entrepreneurs has to have a viable business plan or a business started less than three years ago.
Host entrepreneurs can take part in the programme as long as they have started a business more than three years ago in any field. This means that the host entrepreneur should already have experience and the capacity to give when welcoming new entrepreneurs into their company/ organisation.
The exchange can last between 1 and 6 months, and this period can be carried out at in a row or divided into different phases, but this division cannot excede 1 year, for example, during 1 year, it is possible to divide the 6 months into four periods. The possibilities of division in terms of time are several and everything depends on the need and availability of both entrepreneurs.
Regarding the number of hours of work per day, it depends on the agreement between entrepreneurs, since the new entrepreneur should have time to invest in her/ his business and. We advise you to agree on this matter during the searching phase.
Destinations and Support
The programme provides financial support for the new entrepreneur during his stay in the hosting country. This grant aims to support with travel, accommodation, food and other related costs while doing this exchange.
The monthly grant varies between countries and you can find it here. It is important to note that there is a possibility that it will not be enough, since in some regions the cost of living is quite high and the grant does not differentiate between the different cities.
Overall if the grant is not enough it will be necessary to seek alternatives and some host entrepreneurs are able to support with some costs, such as accommodation.
The application period runs throughout the year and, depending on the business phase of the new entrepreneur, it may be a little long, since it involves different actors and phases, however it is relatively easy to have the exchange approved.
First of all, it is essential to create an account on the Erasmus for Young Entrepreneurs platform bellow, complete the form, attach documents and choose a local contact point. We advise that the contact point is close to the area of residence, since it may be beneficial to have some meetings to improve the business plan. Some contact points do not allow the new entrepreneur to stay for 6 months (the maximum duration) and, in this case, before accepting a project with a shorter duration, it is worth switching to another contact point.
After the approval of the profile on the platform, the new entrepreneur can start to search and contact host entrepreneurs through the online database and, in case the new entrepreneur wants to collaborate with someone who is not yet register, but meets the criteria, such as having a business for longer than three years, it is possible to ask her/him to register as a host entrepreneur.
When confirmed by the new and host entrepreneur the intention to collaborate, both must agree on dates, hours of work, learning objectives and tasks to be performed. All these details will be stated in the commitment agreement to be approved by all parties involved, followed by the financing agreement.
After the stay abroad both entrepreneurs will have to fill in an evaluation form and the last month grant is transferred to the new entrepreneur.
Erasmus for Young Entreprenuers