“Mentoring for youth entrepreneurship support”, No: LLI-147

Project problem

Lithuanian and Latvian border regions face with the similar problems of high level youth unemployment and low level of youth entrepreneurship. These problems lead to the emigration of young people to other countries or more viable cities of the country. The main reasons of low young entrepreneurship in the border regions are:

  1. young people have neither initial financial nor social capital and are afraid of failure;
  2. young people lack idea development methods and good examples, which could stimulate to start the business;
  3. young people are not confident and they lack experience of business development;

Main objectives of the project

The general aim is to show the border region youth that Business can be simple if you have an idea, a good team for idea development, some support from professionals/mentors, and general knowledge on business processes.

To create BONUS open business motivation model for mentoring activities support.

Project activities

  • Mentors network creation;
  • Innovators competition;
  • Business and entrepreneurship support model BONUS LT-LV;
  • Innovation platform;
  • Cross border youth business leaders events.

Mentors network creation

The task of the activity – to create and develop the cross border network of the qualified mentors, ready to support youth entrepreneurship and cross border business.

Not less 20 mentors will be involved in the project activities. There will be a possibility for other experts to join the network during the project and after it will end.

Innovators competition

Young Innovators teams consist of pupils and students of high schools, vocational (16-18 years old) will be created. A common objective will be assigned for all Teams participating in competition – to produce demandable product at minimal cost, using the border region operating industrial companies low-value raw materials (raw waste).

Business support model BONUS LT-LV

Business and entrepreneurship support model BONUS LT-LV will be created in order to have a sustainable motivation tool for border region business companies to be active in entrepreneurship development activities in a role of the mentor, shearing experience, technical base or providing low value materials and expertise. For these entrepreneurship development initiatives business companies will collect BONUS. The collected bonuses later could be changed into the business support services provided by research institutions, experts/consultants, business support institutions, local municipalities, etc.

Innovation platform

The aim of the activity – to create the web based instrument for communication in the initiation phase of the innovation and cross border business. The platform will allow to present project deliverables in one place and communicate/search partners, investors, ideas

Cross border youth business leaders events

The task of the activity – to create the team of the trainers able to present information related the Neighbors country business environment and cross border business management skills.

Total projects budget size is 523 818, 29 EUR. Out of them co-funding of European Regional Development Fund is 445 245, 53 EUR.

This Project is Partially Funded by European Union

Interreg V-A Latvia–Lithuania Cross Border Cooperation Programme 2014–2020