Financial and forecasting models for entrepreneurs Erasmus Project

Project Title

Financial and forecasting models for entrepreneurs

Project Key Action

This project related with these key action: Cooperation for innovation and the exchange of good practices

Project Action Type

This project related with this action type : Strategic Partnerships for vocational education and training

Project Call Year

This project’s Call Year is 2016

Project Topics

This project is related with these Project Topics: Recognition, transparency, certification; Economic and financial affairs (incl. funding issues); Enterprise, industry and SMEs (incl. entrepreneurship)

Project Summary

The project idea was raised from the shared experiences of project partners & analysis of the financial education sector. The project innovativeness was to create an agile toolkit, capable to support investment choices, through the development of basic but fundamental competences. In drafting the proposal, partners realized that to make responsible economic, financial & investment choices, micro entrepreneurs require more understanding of finance. In boosting financial literacy amongst micro enterprises, partners were confident that this would help sustain their survival and help them stay stable on the market and foster local economies. Growth would also support further employability.

The objectives that the INVEST project were to
– create a training model addressing the main topic of the financial literacy to boost entrepreneurs capacity of undertake responsible financial choices
– create training contents adapted on the needs of the target group and available online translated in all consortium languages, free to use
– create tools, instruments needed to develop financial competences through the use of edutainment methodology
– develop the transparency and recognition tools – ECVET in order to ensure transfer of competences and transparency of learning outcomes

The consortium partners represented the different aspects addressed by the project topic.
Partners revisited the project plan to consider the steps to be taken to prevent risks, or limit their negative impact. They identified the deliverables and steps required to meet the project’s goals :
-In depth assessment to highlight difficulties for the target group
-a training model addressing the main topic of the financial literacy to boost entrepreneurs capacity of undertake responsible financial choices
– training contents adapted on the needs of the target group and available online translated in all consortium languages, free to use-
-creation of the tools, instruments needed to develop financial competences through the use of edutainment methodology
– contents in the training tool to act a guidelines for microenterprises toward the implementation of financial investments and exploitation of products,
– development of the transparency and recognition tools –ECVET in order to ensure transfer of competences, transparency of learning outcomes and clarity for the learner.

The main results of the project were a training model addressing the main topic of the financial literacy to boost entrepreneurs capacity of undertake responsible financial choices with training contents adapted on the needs of the target group and available online translated in all consortium languages, free to use- creation of the tools, instruments needed to develop financial competences through the use of edutainment methodology- development of the transparency and recognition tools .The support tools have been translated into the language of business more comprehensible and adequate towards the needs of European smaller businesses.To ensure that entrepreneurs participated actively in the consultation process and in future utilise the toolkit, all proceeds have been translated into an additional 3 languages – Greek, Dutch and Italian .The partners in the INVEST project have reached the overall objective to ensure that
-younger entrepreneurs would consider this programme so as to contribute to their ambition of becoming entrepreneurs and motivate them to start a business.
-This programme does fine-tuned their financial management skills and transfer learning derived from their project participation into their business.
– This will result in improving the efficient and effective investments (i.e. Reducing risks, debts and improving financial awareness) and ensuring future sustainable investments plans, that will have a long-term impact on performance.
-find positive effects in relation to their personal skills (self-confidence, determination) related to conveying their business plans and seeking finance
The longer-term benefits of this project are that enterprises will, if following the programme, improve the effectiveness of financial investments within their businesses leading to improved productivity and/or performance. The transferred learning derived from participating in the project into their business, will result in investment rethinking and innovation, improve the efficient and effective investments ( reducing risks, debts and improving financial awareness) reassess future sustainable investments plans which will have a long-term impact on performance.A wide dissemination campaign including multiplier events has been implemented

EU Grant (Eur)

Funding of the project from EU: 299897 Eur

Project Coordinator

Mediterranean Bank Network & Country: MT

Project Partners

• EUROCREA MERCHANT SRL
• Finance & Banking, Associazione per lo Sviluppo Organizzativo e delle Risorse Umane
• STICHTING INCUBATOR
• AINTEK SYMVOULOI EPICHEIRISEON EFARMOGES YPSILIS TECHNOLOGIAS EKPAIDEFSI ANONYMI ETAIREIA
• MALTA BUSINESS FOUNDATION
• BRIDGING TO THE FUTURE LTD