We all heard about Erasmus Entrepreneurs grants for students and the international experience young people can gain through this program, but what if you already finished your studies and you’re planning to start your own business?

Well, good news! There is another program that might help you gain that international experience you have ever dreamed of. At the same time, it helps you properly prepare for your future entrepreneur career. Even if it’s not very well known, Erasmus for Young Entrepreneurs is a very good program that supports young entrepreneurs from various European countries to gather and exchange knowledge, creating business ideas with an experienced entrepreneur, with whom they will stay and collaborate for a period of 1 to 6 months. The stay is partly financed by the European Commission.

What are the requirements of the program?

  • Being an aspiring entrepreneur firmly inclined to start a business or an entrepreneur who has been running their own business in the last 3 years (there is no age limit).
  • Having a concrete project or a business idea described in a business plan.
  • Being a resident of one of the 36 partner countries participating in the program (including Liechtenstein, Norway, Macedonia, Iceland, Montenegro, Turkey, Albania, Serbia, or Israel).

If you’re eligible for Erasmus for Young Entrepreneurs and you are ready to prepare for the international exchange, let’s see which are the actual steps you should take in order to obtain the grant:

Application Steps

  • Get in touch with an IO (intermediate organization) from your area of residence. Ask them about the program and if they have sufficient financial funds. They are the ones giving you the scholarship. It depends on them how many months of financial support you can get for your exchange. The IO will support and help the NE (new entrepreneur), which will be you in this case, during the whole process. In this link there is the list of all IOs.
  • Start preparing your application documents (curriculum vitae, motivation). Describe your business idea in the form of a business plan, detailing organizational, technical, financial, and competitive aspects.
  • Read carefully the Registration Guide for Young Entrepreneurs.
  • Register via the online form and submit your CV and business plan.
  • Once you get the acceptance of your IO, you can select a host entrepreneur from the database of entrepreneurs registered in the program. The choice will depend on the sector you want to pursue for your business.
  • Start building a relationship with a new or host entrepreneur abroad. You have two options:

a. You suggest to your local contact point a new or host entrepreneur with whom you are already in contact

or

b. You look for a new or host entrepreneur in the online catalogue with the help of your local contact point.

  • Reach an agreement with your host organization that specifies details about the work and learning process (dates, activity plan, and objectives of the exchange). Then submit this detail to your local contact point.
  • Sign the Commitment of Quality online, which should be digitally signed by all partners involved in the relationship (NE, HE, IO, HIO).
  • Wait for the final response from the European Commission. As a new entrepreneur, you should equally conclude a funding agreement* with your local contact point.
  • Start your stay abroad: 1 to 6 months with the possibility of dividing the stay into weekly slots (providing the time span does not exceed a total of 12 months).

* The financial assistance will be provided in several payments, according to the agreement signed with your local contact point. The scholarship varies depending on the country of destination.

Erasmus Entrepreneur’s Benefits

Erasmus Entrepreneur

Now that we have clarified who is eligible for the program and the steps for the application, let’s talk about something even more important: the advantages of the program.

It is clear that staying up to six months with an experienced entrepreneur in a different culture will help you gain first-hand knowledge about a business start-up in various areas such as marketing/sales, financial accounting, customer relations, business finance, etc.

Moreover, you will also have the opportunity to improve your business plan and enhance your entrepreneurial skills.

Furthermore, an international business exchange will help you build self-confidence, improve language skills, gain insights into different cultures, understand organizational settings and business environments, and learn how companies function in another country. Most importantly for your future entrepreneur career, it facilitates networking and building strong relationships, which can be useful for mutual consulting, business referrals, and for finding business partners abroad.

So, now that you know almost all the things about Erasmus Entrepreneurs, if we managed to captivate your attention and you want to find out more about the program, just visit the official site of the program on this website.

If you are interested in doing an Erasmus Entrepreneur Exchange, don’t hesitate to create an account on www.Trainingexperience.org. We are here for your questions. TX can help you find the perfect host company abroad without any costs involved. Find out more details here.

Erasmus entrepreneurs