SMES : ERASMUS FOR YOUNG ENTREPRENEURS SHOWS STRONG TRACK RECORD.

• Position: Brief article

A year after being launched, Erasmus for Young Entrepreneurs(1) presented an assessment of its first phase, on 24 February. Sixty stays abroad have already been completed, another 500 are planned by June 2010 and 1,300 applications have been accepted.

Financed by the European Commission (3 million for the first phase and 5 million for the second phase), the project forms part of the Small Business Act for Europe, which supports SMEs. It allows young entrepreneurs - persons who are planning to set up their own business or have started their own business within the last three years - to learn from an experienced entrepreneur who is running an SME in another EU member state. Erasmus for Young Entrepreneurs provides practical and financial assistance ranging from 500 to 1,000 a month.

Christian Weinberger, policy adviser at DG Enterprise and Industry, said that this type of Erasmus meets a dual objective: it enables new...