Description
In this such a detailed criteria with regards to cyprus the grant scheme for the enhancement of youth entrepreneurship.
III-10. DATA AND INSPIRING PRACTICES IN INCLUSIVE ENTREPRENEURSHIP POLICY
186 THE MISSING ENTREPRENEURS 2014 © OECD/EUROPEAN UNION 2014
Cyprus: The Grant Scheme for the Enhancement
of Youth Entrepreneurship
Description: The Grant Scheme for the Enhancement of Youth Entrepreneurship offers
?nancial support in the form of grants coupled with start-up and small business
management training to young people between the ages of 20 and 39 who seek to start
and develop their own businesses. Its primary aim is to alleviate unemployment among
graduates but it also supports women re-entering the job market (with an age limit of 55).
Problem addressed: The grant scheme aims to support business creation as one method
of addressing high youth unemployment (nearly 30% in 2012) and countering the career
mind-set of youth, which has traditionally been oriented towards jobs in the civil service
and the heavily unionised banking sector. These grants provide start-up capital to help
capable young people pursue new venture ideas that can generate jobs and open new
avenues of growth.
Approach: The scheme supports new business ventures in the ?elds of manufacturing,
e-commerce and services. Up to 50% of the start-up costs can be awarded, up to a maximum
of EUR 70 000 for production-based manufacturing activities and EUR 50 000 for services.
Both individual young entrepreneurs and teams are eligible for funding. Eligible start-up
expenses include machinery and equipment, training, promotion, and working capital.
Applications for the grants must contain a business plan that outlines capital requirements
and indicates how the grant would be used. The grants are conditional on participation in
entrepreneurship training which is co-ordinated and supported by the Human Resource
Development Authority of Cyprus. The scheme is co-funded by the Republic of Cyprus
and the European Regional Development Fund (ERDF) in the context of “Sustainable
Development and Competitiveness Program” framework. Between 2007 and 2013,
approximately EUR 16 million have been designated for the scheme through ERDF.
Impact: The scheme has helped launch 395 new ventures, creating approximate
1 000 new jobs. The majority of businesses created were in the ?elds of manufacturing
such as bakeries, small food factories, metal factories, e-commerce ventures and services
such as law and accounting of?ces, surgeries, nurseries, mechanics, and tourism such as
taverns, restaurants, bars, cafes and traditional small hotels.
Conditions for success: The provision of ?nance is backed-up with compulsory training
that increases the participants’ skill levels, which increases their chances of launching a
successful project with their grant.
Note by Turkey:
The information in this document with reference to “Cyprus” relates to the southern part of the Island.
There is no single authority representing both Turkish and Greek Cypriot people on the Island. Turkey
recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and equitable solution
is found within the context of the United Nations, Turkey shall preserve its position concerning the
“Cyprus issue”.
Note by all the European Union member states of the OECD and the European Union:
The Republic of Cyprus is recognised by all members of the United Nations with the exception of Turkey.
The information in this document relates to the area under the effective control of the Government
of the Republic of Cyprus.
187 THE MISSING ENTREPRENEURS 2014 © OECD/EUROPEAN UNION 2014
III-10. DATA AND INSPIRING PRACTICES IN INCLUSIVE ENTREPRENEURSHIP POLICY
Key inclusive entrepreneurship data
Figure 15.1. Entrepreneurship and self-employment data for Cyprus
% %
0
5
10
15
20
30
25
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
0
5
10
15
20
25
%
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
0
5
10
15
20
35
30
25
Overall (ages 15-64) Men (ages 15-64)
Women (ages 15-64) Young people
(ages 15-24)
Older people (ages 50-64)
Overall (ages 15-64) Men (ages 15-64)
Women (ages 15-64) Young people
(ages 15-24)
Older people (ages 50-64)
Overall
(ages 15-64)
Men
(ages 15-64)
Women
(ages 15-64)
Young people
(ages 15-24)
Older people
(ages 50-64)
Chart A. Unemployment rates, 2000-12 Chart B. Self-employment rates, 2012
Chart C. Self-employment rates, 2000-12
EU Cyprus
Sources: Chart A. Eurostat, Labour Force Survey, 2000-12; Chart B. Eurostat, Labour Force Survey 2012 ; Chart C. Eurostat, Labour Force
Survey, 2000-12.
12 http://dx.doi.org/10.1787/888933154788
From:
The Missing Entrepreneurs 2014
Policies for Inclusive Entrepreneurship in Europe
Access the complete publication at:
http://dx.doi.org/10.1787/9789264213593-en
Please cite this chapter as:
OECD/EU (2014), “Cyprus: The Grant Scheme for the Enhancement of Youth Entrepreneurship”, in The
Missing Entrepreneurs 2014: Policies for Inclusive Entrepreneurship in Europe, OECD Publishing, Paris.
DOI: http://dx.doi.org/10.1787/9789264213593-18-en
This work is published under the responsibility of the Secretary-General of the OECD.The opinions expressed and arguments
employed herein do not necessarily reflect the official views of OECD member countries or those of the European Union.
This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the
delimitation of international frontiers and boundaries and to the name of any territory, city or area.
You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications,
databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided
that suitable acknowledgment of OECD as source and copyright owner is given. All requests for public or commercial use and
translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for
public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the
Centre français d’exploitation du droit de copie (CFC) at [email protected].
doc_415203562.pdf
In this such a detailed criteria with regards to cyprus the grant scheme for the enhancement of youth entrepreneurship.
III-10. DATA AND INSPIRING PRACTICES IN INCLUSIVE ENTREPRENEURSHIP POLICY
186 THE MISSING ENTREPRENEURS 2014 © OECD/EUROPEAN UNION 2014
Cyprus: The Grant Scheme for the Enhancement
of Youth Entrepreneurship
Description: The Grant Scheme for the Enhancement of Youth Entrepreneurship offers
?nancial support in the form of grants coupled with start-up and small business
management training to young people between the ages of 20 and 39 who seek to start
and develop their own businesses. Its primary aim is to alleviate unemployment among
graduates but it also supports women re-entering the job market (with an age limit of 55).
Problem addressed: The grant scheme aims to support business creation as one method
of addressing high youth unemployment (nearly 30% in 2012) and countering the career
mind-set of youth, which has traditionally been oriented towards jobs in the civil service
and the heavily unionised banking sector. These grants provide start-up capital to help
capable young people pursue new venture ideas that can generate jobs and open new
avenues of growth.
Approach: The scheme supports new business ventures in the ?elds of manufacturing,
e-commerce and services. Up to 50% of the start-up costs can be awarded, up to a maximum
of EUR 70 000 for production-based manufacturing activities and EUR 50 000 for services.
Both individual young entrepreneurs and teams are eligible for funding. Eligible start-up
expenses include machinery and equipment, training, promotion, and working capital.
Applications for the grants must contain a business plan that outlines capital requirements
and indicates how the grant would be used. The grants are conditional on participation in
entrepreneurship training which is co-ordinated and supported by the Human Resource
Development Authority of Cyprus. The scheme is co-funded by the Republic of Cyprus
and the European Regional Development Fund (ERDF) in the context of “Sustainable
Development and Competitiveness Program” framework. Between 2007 and 2013,
approximately EUR 16 million have been designated for the scheme through ERDF.
Impact: The scheme has helped launch 395 new ventures, creating approximate
1 000 new jobs. The majority of businesses created were in the ?elds of manufacturing
such as bakeries, small food factories, metal factories, e-commerce ventures and services
such as law and accounting of?ces, surgeries, nurseries, mechanics, and tourism such as
taverns, restaurants, bars, cafes and traditional small hotels.
Conditions for success: The provision of ?nance is backed-up with compulsory training
that increases the participants’ skill levels, which increases their chances of launching a
successful project with their grant.
Note by Turkey:
The information in this document with reference to “Cyprus” relates to the southern part of the Island.
There is no single authority representing both Turkish and Greek Cypriot people on the Island. Turkey
recognises the Turkish Republic of Northern Cyprus (TRNC). Until a lasting and equitable solution
is found within the context of the United Nations, Turkey shall preserve its position concerning the
“Cyprus issue”.
Note by all the European Union member states of the OECD and the European Union:
The Republic of Cyprus is recognised by all members of the United Nations with the exception of Turkey.
The information in this document relates to the area under the effective control of the Government
of the Republic of Cyprus.
187 THE MISSING ENTREPRENEURS 2014 © OECD/EUROPEAN UNION 2014
III-10. DATA AND INSPIRING PRACTICES IN INCLUSIVE ENTREPRENEURSHIP POLICY
Key inclusive entrepreneurship data
Figure 15.1. Entrepreneurship and self-employment data for Cyprus
% %
0
5
10
15
20
30
25
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
0
5
10
15
20
25
%
2
0
0
0
2
0
0
1
2
0
0
2
2
0
0
3
2
0
0
4
2
0
0
5
2
0
0
6
2
0
0
7
2
0
0
8
2
0
0
9
2
0
1
0
2
0
1
1
2
0
1
2
0
5
10
15
20
35
30
25
Overall (ages 15-64) Men (ages 15-64)
Women (ages 15-64) Young people
(ages 15-24)
Older people (ages 50-64)
Overall (ages 15-64) Men (ages 15-64)
Women (ages 15-64) Young people
(ages 15-24)
Older people (ages 50-64)
Overall
(ages 15-64)
Men
(ages 15-64)
Women
(ages 15-64)
Young people
(ages 15-24)
Older people
(ages 50-64)
Chart A. Unemployment rates, 2000-12 Chart B. Self-employment rates, 2012
Chart C. Self-employment rates, 2000-12
EU Cyprus
Sources: Chart A. Eurostat, Labour Force Survey, 2000-12; Chart B. Eurostat, Labour Force Survey 2012 ; Chart C. Eurostat, Labour Force
Survey, 2000-12.
12 http://dx.doi.org/10.1787/888933154788
From:
The Missing Entrepreneurs 2014
Policies for Inclusive Entrepreneurship in Europe
Access the complete publication at:
http://dx.doi.org/10.1787/9789264213593-en
Please cite this chapter as:
OECD/EU (2014), “Cyprus: The Grant Scheme for the Enhancement of Youth Entrepreneurship”, in The
Missing Entrepreneurs 2014: Policies for Inclusive Entrepreneurship in Europe, OECD Publishing, Paris.
DOI: http://dx.doi.org/10.1787/9789264213593-18-en
This work is published under the responsibility of the Secretary-General of the OECD.The opinions expressed and arguments
employed herein do not necessarily reflect the official views of OECD member countries or those of the European Union.
This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the
delimitation of international frontiers and boundaries and to the name of any territory, city or area.
You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications,
databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided
that suitable acknowledgment of OECD as source and copyright owner is given. All requests for public or commercial use and
translation rights should be submitted to [email protected]. Requests for permission to photocopy portions of this material for
public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at [email protected] or the
Centre français d’exploitation du droit de copie (CFC) at [email protected].
doc_415203562.pdf