In response to challenges being faced by European businesses, the EU has created a number of funding programmes and support schemes.

Apart from assisting investments made by enterprises, support is also given to the development of soft skills of both prospective and existing entrepreneurs. To this end, the European Commission designed the Erasmus for Young Entrepreneurs Programme (EYE)

Similar to the Erasmus model developed under the Lifelong Learning Programme, individuals who are currently planning or have started a business in the last three years (new entrepreneur) can work with an experienced business (host entrepreneur) in another member state. The placement, which can be carried out in one of the EU member states, extends from one to six months. EYE gives individuals the opportunity to obtain invaluable experience in areas such as:

• Effective Planning;

• Financial and operational management;

• Development of innovative products and services;

• Sales and marketing practices.

Given the interconnected nature of today’s markets, EYE also creates the platform for exposure to different business cultures and networking with other European companies. The cross-border exchange period also provides participants with the opportunity to obtain first-hand experience of conducting business in markets throughout the EU.

Participation in EYE also holds advantages for host entrepreneurs. Established firms directly benefit from creating links with other firms whilst contributing to the development of new SMEs. This may result in the exchange of business ideas and future partnership prospects.

Moreover, EYE provides tangible evidence of the EU’s commitment to the development of new businesses, while facilitating access to related skills ensuring the sustainability of enterprises.

The Erasmus for Young Entrepreneurs Programme is an initiative by European Commission’s DG Enterprise and Industry. EYE is not connected to the Erasmus Programme, with the

latter forming part of the

Lifelong Learning Programme.

Further details on the programme, including application for prospective new or host entrepreneurs, are available on the EYE’s website – www.erasmus-entrepreneurs.eu or contact Meusac.

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Factbox

How does EYE work?

The programme is based on the involvement of a national contact point to assist in the building links between new entrepreneurs and existing entrepreneurs in participating countries. Another role taken on by national contact points is to guide potential EYE participants during the application stage and the answering of questions related to the programme.

Eligibility

All individuals and businesses can take part in EYE providing that the following criteria are met:

Aspiring or new entrepreneur

• Currently making plans on establishing a business based on a viable business plan

OR

• Launched a business within the last three years

• Permanent resident of an EU member state

Host entrepreneur

• Owner-manager of an established small or medium enterprise

OR

• Directly involved in entrepreneurship at SME Board level

• Permanent resident of an EU member state

Would you like to know more about how to benefit from EYE?

The National Contact Points in Malta are:

• Euromed Connect Cooperation Limited

• Koperattivi Malta

• Paragon Limited

The contact details of all three organisations are available on the EYE website.

Simon Grech is Executive

(EU Funding) Meusac