Erasmus for Young Entrepreneurs: more than financial support

More than an exchange abroad

Erasmus for Young Entrepreneurs is a programme that allows a prospective or new entrepreneur to work with an experienced entrepreneur in another country for a period of one to six months. The aim is not a holiday exchange or paid work, but rather learning through practical cooperation.

The advantage is that you can learn how another company acquires customers, organizes work, develops products or services, and responds to market needs in practice. If you are thinking about entering a foreign market, you can get to know the local business environment better, research the market, and establish direct contacts. If you are at the beginning of your entrepreneurial journey, an experienced entrepreneur can help you verify your business idea and make it easier to implement.

At MPIK, we have already helped entrepreneurs join the program. Entrepreneurs from our environment have participated in exchanges in Austria and Denmark, among others. It has turned out that the benefits of the exchange depend most on clearly set goals. Therefore, before applying, answer a few questions: What knowledge do I lack? Which market am I interested in? What experience do I want to gain? What kind of company can help me achieve my goals?

Who can participate?

The program is intended for two groups:

• New entrepreneurs are individuals over the age of 18 who intend to start a business and have a prepared business plan, or entrepreneurs who have been running a business for less than three years.
• Experienced entrepreneurs are those who run a small or medium-sized business and have at least three years of entrepreneurial experience. In this case, they can host and mentor a participant and get the opportunity to exchange knowledge, have a fresh perspective on their business and learn about new markets. A foreign entrepreneur can bring different experiences, ideas and connections that open up possibilities for future collaboration. The role of the host is a mentoring one, not a regular employment one.

In addition to the 27 EU Member States, 12 European countries, members of the Single Market Programme (SMP), are participating: Albania, Bosnia and Herzegovina, Iceland, Kosovo, Liechtenstein, Moldova, Montenegro, North Macedonia, Norway, Serbia, Turkey and Ukraine. In addition, 4 other countries are exclusively involved as hosts: Canada, the United Kingdom, the United States and Singapore. New entrepreneurs must be resident in the EU or one of the other 12 European SMP Member States. For a new entrepreneur from Slovenia, this means the possibility of an exchange in any participating country, including the United Kingdom, the United States, Canada or Singapore.

How much is the financial support?

The participant may receive a financial contribution towards travel and living expenses during their stay abroad, especially accommodation. The support is calculated monthly and depends on the country in which the exchange takes place. According to the currently officially published scale, valid for exchanges starting in June 2024, it amounts to approximately 600 to 1,200 euros per month. For example, for Austria it is 1,000 €, for Denmark 1,200 €, for Germany 900 € and for the USA 1,200 €.

This does not necessarily cover all costs, so it is important to check the applicable amount for the selected country and also plan for any own financial participation. The amounts for exchanges starting in 2027 are subject to change.

How to get involved?

The application is made through the official website of the program: www.erasmus-entrepreneurs.eu . The new entrepreneur prepares a CV, a motivation letter and a business plan and selects a contact organization, which guides him through the process and helps him find a suitable host. They then agree on the objectives, duration and planned activities of the exchange.

There are currently five contact organizations operating in Slovenia: BSC Kranj, Technology Park Ljubljana, Poligon, University of Primorska and Regional Development Center Koper. Additional information is available at www.erasmus-entrepreneurs.eu .

According to information from BSC Kranj, applications can be prepared now, and exchanges within the new period will be able to begin on January 1, 2027. Therefore, it makes sense to think about your goals in good time and start looking for a suitable host.

If you are thinking about expanding your business abroad, looking for foreign business partners or just want to learn about foreign good practices, Erasmus for Young Entrepreneurs is one option worth exploring. At MPIK we can help you check if the program is suitable for your goals and find the next step. More information about MPIK support at www.rra-koroska.si/mpik .