For Maltese who are thinking of starting an own business, or have recently done so, and for local entrepreneurs who are already running a successful business and would like to expand it to new markets, or get fresh ideas for it, the European ‘Erasmus for Young Entrepreneurs’ programme could be a great opportunity. It can provide a European business network and financial support to help exchange knowledge and expand local business. Malta Enterprise and Stiftelsen Europa Institutet facilitate these exchanges between Malta and Sweden.

Erasmus for Young Entrepreneurs is an exchange programme which gives entrepreneurs who intend to start a business, or have recently started one, the chance to learn from experienced owners of small businesses in other European Union countries. The exchange of experience takes place during a stay with the host entrepreneur, for a period of 1 to 6 months, which helps the new entrepreneur acquire the skills he/she needs to run a small firm. The host benefits from fresh perspectives on his/her business and gets the opportunities to cooperate with foreign partners or learn about new markets. The stay is partially funded by the European Union. Malta Enterprise is a local contact point for this programme and in partnership with Stiftelsen Europa Institutet from Sweden, focuses to assist these exchanges between Sweden and Malta. 

A host entrepreneur can participate in the programme if he or she is the owner-manager of a small or medium enterprise or a person 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.

A host entrepreneur will benefit from the exchange by having the opportunity to work with a new entrepreneur who can contribute to the business with innovative views, new skills and knowledge; having a "fresh eye" on the business, and specialised knowledge that the new entrepreneur may have. Also the host entrepreneur can learn about foreign markets, find increased network openings, expand business opportunities and engage in cross-border activities.

 

A new entrepreneur can participate in the programme if he or she is firmly planning to start a business, or if he/she has an existing business not older then last three years. The company or activity can be in any sector and there is no age limit for the entrepreneur. 

 

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. He or she can be introduced to business areas such as: marketing/sales, financial accounting, customer relations and business finance whilst building self-confidence and skills in sector-specific knowledge or know-how, technical and management skills. Opportunities for collaboration with other entrepreneurs as well as networking and building of strong relationships; insights into different cultural and organisational settings and how companies function in another European Union country and improve foreign language skills.

The activities that a new entrepreneur will carry out during his or her stay can include: job shadowing of the experienced host entrepreneur; conducting market research and develop new business opportunities; discovering the branding, sales and marketing strategies of the host entrepreneur's company.

The consortium of Malta Enterprise and Stiftelsen Europa Institutet has been selected by the European Commission and will guide interested entrepreneurs throughout their exchange: helping with application, helping with establishing a successful relationship with a suitable entrepreneur as well as providing the answers to any questions. Malta Enterprise will assess the application process and once a candidate is accepted, it helps finding an adequate counterpart in Sweden for the exchange. The financial support to new entrepreneurs contributes to travel and subsistence costs during the visit. The agreement determines the funding granted during the stay, and how it will be paid. The financial support is calculated monthly and reflects the overall living costs of the country of stay.

 

For more information about this programme please contact Mr Pedro F. Alvarez at Malta Enterprise on telephone number 2542 3214 or by email on pedro.alvarez@maltaenterprise.com.