A business support project in the Umbria region of Italy has been helping young entrepreneurs gain valuable work experience and training in other European countries.
- 31 January 2014
The strength of ‘Ideas! New Enterprises!’ is that it allows people with an innovative business idea to gain work experience in a European context as well as to build networks which may become an asset during their entrepreneurial path. In addition to giving the opportunity to learn how companies are working in Europe, the project offers financial assistance to start-ups in their first year of activity, a highly risky period when young entrepreneurs often find it difficult to obtain financial resources.
In addition to gaining first-hand experience of doing business in an international environment, the Ideas! New Enterprises! project also provides young entrepreneurs with mentoring and professional business advice on marketing, communications and market analysis.
A wide range of sectors were involved in the scheme, from pharmaceuticals to tourism. Creativity, a high level of technological innovation and an environmentally-friendly approach were the main criteria in selecting candidates to take part in the scheme.
Of the 45 applications to take part in the scheme, 28 entrepreneurs under the age of 35 were selected and spent up to six months in companies and organisations in France, Spain, Germany, the United Kingdom, Belgium, Sweden, Denmark, Hungary and Poland.
Wide field of business activities
The host organisations in other EU countries included a wide range of businesses, research institutes, science parks and business incubators. During their traineeship, beneficiaries of the scheme received face-to-face mentoring with other support services via the Internet and conference calls.
The programme organisers helped to match applicants with potential European host organisations that monitored the trainee while abroad, evaluated the project during its various phases, assessed progress, and compiled a final report.
In addition to mobility grants to enable travel to other EU countries, the Ideas! New Enterprises! project also provided financial support to the young entrepreneurs after they had returned to Umbria, following their period abroad. This financial support helped with the cost of drawing up business plans and start-up costs, including the purchase or leasing of equipment, machinery or tools required for new production plants.
The programme was devised to address a high rate of youth unemployment in Umbria which in 2010 was running at 21 %. The programme was also conceived, at least in part, to address a steady decline in the proportion of young people in Umbria caused by changing demographics. This has in recent years led to Umbria having a far higher proportion of older people than most other parts of Italy and a far higher rate than the EU average.
The project achieved its primary goal of contributing to job creation in the region by boosting competitiveness and innovation. In total, nine new enterprises were successfully created at the end of the project, and all of these are financially sustainable.
Total investment and EU funding
Total investment for the project “Ideas! New Enterprises!” was EUR 550 000 of which the EU’s European Social Fund contributed EUR 236 280 from the “Umbria” Regional Operational Programme for the 2007-2013 programming period.