Under My Wing - Supporting Graduate Entrepreneursh..
Under My Wing - Supporting Graduate Entrepreneurship
Start date: Oct 1, 2012,
Entrepreneurship drives innovation, competitiveness, job creation and growth. It allows new innovative ideas turn into successful ventures and can unlock the personal potential of individuals. Research shows that Europe does not exploit its entrepreneurial potential when compared to America. About four million more young people were out of work in 2010 than at the end of 2007, and the youth unemployment rate for OECD countries had risen to almost 19% by mid-2010. On average, this is the maximum level experienced in the past 25 years.Addressing the current problems requires place-specific, cross-sector responses involving different local players as part of wider local development strategies. The critical role played by start-ups and young businesses in driving economic development and job creation is increasingly understood. Consolidating entrepreneurial skills in young people can benefit local economic development by creating a powerful cadre of future local business and civic leaders.Research conducted indicates that, in some countries, up to 50% of graduates plan to set up their own business in the future with students completing degrees in the more creative subject areas more likely to set up a business than students taking more business oriented courses of study. Graduates surveyed have highlighted raising finance; dealing with business issues; having the appropriate business understanding; and having the know-how to run a business as the biggest challenges that lie ahead.UMW will develop a bespoke entrepreneurship curriculum addressing the needs of graduates; a business development curriculum that supports the acquisition of a wide range of essential skills; a business immersion model that places potential entrepreneurs in real-life micro-enterprises to help them develop an understanding of the business environment; a pedagogic framework and induction programme for each actor within the partnership model proposed;a trans-national mentoring framework.
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