New Entrepreneurs

Who can participate

An aspiring entrepreneur can be considered as a new entrepreneur if:

• He is firmly planning to start up a business, based on a viable business plan
• He has started a business of his own within the last 3 years.

The (future) company or activity can be in any sector. There are no age limits.
However, the aspiring participant in the program must also:

• Be a permanent resident in one of the Participating Countries;
• Have a concrete project or business idea, reflected in a business plan;
• Be motivated and committed to collaborate during his stay with an experienced entrepreneur from another Participating Country;
• be prepared to contribute to the development of the host entrepreneur's business and make your skills and competences available;
• Be ready to complement the program funds as needed to cover the costs of his stay abroad.

Benefits for the new entrepreneurs

Active participation in the Erasmus for Young Entrepreneurs Program offers aspiring entrepreneurs access to a wide range of benefits, unique opportunities helping them to successfully start up or run their own business:

• Up to six months of stay with an experienced entrepreneur in another participating country; in this period the young professional gains important knowledge directly and first hand on a wide range of areas such as: marketing and sales, financial accounting, customer relations, business finance etc. It is a very good opportunity to improve his own business plan.
• Building self-confidence and skills: know-how or sector-specific knowledge, technical and management skills.
• Opportunities for collaboration with other entrepreneurs and the development of cross-border business relations;
• Networking and building strong relationships, which can be useful for mutual consulting, business referrals and for finding business partners abroad.
• Insights into different cultural and organizational settings and how companies function in another participating country.
• Insights into different cultural and organization settings in another participating country.
• Improved language skills.

Activities and responsibilities

As a new entrepreneur in the Erasmus for Young Entrepreneurs Program, you will have the following tasks and responsibilities:

• Draft and sign a "Commitment to Quality” which ensures the smooth working relationship between you and your host entrepreneur. Among others, it sets out the objectives of the stay and a proposed plan of activities during the stay;
• Sign an agreement with your local contact point for the payment of the grant for your stay, specifying the tasks, responsibilities, financial conditions and legal implications of the project within the agreed timetable;
• Submit a feedback questionnaire after your stay abroad, describing the work performed, the skills and knowledge you acquired and the benefits of the exchange on the development of your own business;
• Contribute to a successful and productive stay.

Together with your host entrepreneur, you will decide which activities you will carry out during your stay. They can include:

• Shadow and work with your experienced host entrepreneur;
• Conduct market research and develop new business opportunities;
• Participate in projects of entrepreneurship development, innovation and research & development;
• Improve or sharpen your business finance;
• Discover the branding, sales and marketing strategies of the host entrepreneur's company.

Financial support

The financial support to new entrepreneurs contributes to travel and subsistence costs during the visit. The grant is paid by the local contact point chosen by the new entrepreneur (registered in the online application). The new entrepreneur and his local contact point sign an agreement which determines the funding granted during his stay, and how it will be paid in practice (e.g. partial payment at the beginning of the stay, monthly payment, etc). The financial support is calculated monthly and reflects the overall living costs of the country of stay.

The monthly payment per country of stay can be consulted in this table.