Do you have a brilliant business idea? Are you a newly established entrepreneur? Would you be interested in expanding your company with fresh ideas?

Then you need look no further than the Erasmus for Your Entrepreneurs programme (www.erasmus-entrepreneurs.eu), a mobility initiative co-financed by the European Union.

This programme, which is organised by Malta Enterprise, offers new entrepreneurs the possibility to work for up to six months with an experienced entrepreneur in another EU country.

These exchanges take the form of ‘mentorships’ whereby both the new as well as the host entrepreneur benefit in various ways. Through the collaboration with experienced entrepreneurs the individuals will benefit from achieving new and relevant skills about will help them set up their own business.

On the other hand, the experienced host participant would benefit from fresh perspectives on their own business whilst also getting the opportunity to cooperate with foreign partners or learn about new markets.

The entrepreneurs may also decide to extend the collaboration with new entrepreneurs after the end of the exchange period. In this manner, the programme stimulates entrepreneurship, competitiveness, internationalisation and growth of start-ups and established SMEs in the EU. It also contributes to the transfer of know-how and building of management skills essential for the running of an SME.

Who can participate?

New entrepreneurs eligible to participate in the programme are those who firmly plan to start a business or otherwise have an existing business that is not older than three years, irrespective of their personal age or the sector in which they operate.

A host entrepreneur can participate in the programme if he or she is the owner or manager of an SME or directly involved in entrepreneurship at SME board level; has experience running a company for several years; and is willing to act as a mentor by sharing knowledge and experience with a new entrepreneur from a different European state.

Malta Enterprise said that it can guide interested entrepreneurs helping them with the application process, finding and establishing a successful relationship with a suitable entrepreneur, as well as answering any questions.

It will also provide financial support to whom participating in the programme, (partly) covering travel costs to and from the country of the stay and subsistence costs during the visit, which may last between one and six months.

Benefits for new or aspiring entrepreneurs:

Active participation in the Erasmus for Young Entrepreneurs programme offers aspiring entrepreneurs access to a wide range of benefits to help successfully run or start a new business:

Up to six months stay with an experienced entrepreneur in another European Union country to gain first-hand knowledge about business start-up in a wide range of areas such as: marketing/sales, financial accounting, customer relations, business finance etc. You will also have the opportunity to improve your business plan;

Building self-confidence and skills: sector-specific knowledge or know-how, technical and management skills;

Opportunities for collaboration with other entrepreneurs and the development of cross-border business co-operation;

Networking and building of strong relationships, which can be useful for mutual consulting, business referrals, and for finding business partners abroad; Insights into different cultural and organisational settings and how companies function in another European Union country;

Insights into the business environment of another European Union country Improved language skills.

Benefits for host entrepreneurs:

As a host entrepreneur participating in the programme, you will benefit from the exchange by having the opportunity to:

Work with an energetic and motivated new entrepreneur who can contribute to your business with innovative views, new skills and knowledge;

Benefit from a “fresh eye” on your business, and specialised knowledge that the new entrepreneur may have and that you do not master;

Act as a coach or mentor;

Learn about foreign markets, expand your business opportunities and engage in cross-border activities;

Interact with entrepreneurs from other EU countries and get opportunities to collaborate with them;

Network and build strong relationships, which can be useful for mutual consulting, business referrals, and for finding business partners abroad; Improve your language skills.

The large majority of host entrepreneurs enjoyed the experience so much that they decided to host other new entrepreneurs afterwards!

For more information contact Malta Enterprise on euinitiatives@maltaenterprise.com or on tel: 2542 0000 or visit the official Erasmus for Young Entrepreneurs programme website: www.erasmus-entrepreneurs.eu.

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