51% of young Europeans would like to start their own business. But very few of them actually take the plunge. Without adequate preparation, the adventure can be quite risky. The Erasmus for Young Entrepreneurs (EYE) program, managed by the European Commission, allows new entrepreneurs to receive first hand guidance during 1 to 6 months. In practice, this means the European new entrepreneur spends time in a SME based in another EU country and learns from an experienced entrepreneur. Spotlight on a program designed to make starting a business easier.
Who can take part in the Erasmus for Young Entrepreneurs program?
To take part in theErasmus for Young Entrepreneurs program you must:
- be a new entrepreneur, which means having a serious business start-up plan or having started your business within the last 3 years,
- be a permanent resident in one of the EU member countries,
- have work experience and a clearly defined project, reflected in a business plan,
- be willing to engage in developing the host entrepreneur’s business by sharing your knowledge and skills,
- be prepared to contribute to the costs of your stay abroad.
How to take part in the EYE program
There are several steps to applying to the EYE program.
1. Gather all the requested documents: resume, cover letter and business plan.
2. Complete the online form and upload your documents.
3. Wait for a reply: within 2 week, you will receive an email containing information about your application status.
4. Has your application been accepted? Get in touch with a host entrepreneur abroad. Your local contact point (entities selected by the European Commission, located in most EU countries) can provide support.
5. Sign the Erasmus for Young Entrepreneurs Commitment. This agreement will be signed by all the involved partners.
6. Sign the financial agreement with your local contact point.
Once the exchange program comes to an end, you must send a final report describing your experience to the local contact point.
What financial support do the young entrepreneurs receive?
Each EYE program participant receives a monthly grant whose amount varies between €560 and €1,000, depending on the country of destination. The entrepreneurs must provide the local contact point with proof of expenses. In the event the expenses were lower than the amount of the grant, he will need to pay back the excess.
Use the Erasmus for Young Entrepreneurs program to get ready to run your own SME business and explore foreign markets!
To find out more about the EYE program:
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