More than 200,000 secondary school students across the European Union have started their own ‘mini companies’ through various national and local programmes, a new report has revealed.
In what could signal a windfall for Europe’s economy and boost employment, research from the European Commission (EC) found that 20% of students in the 82 student company programmes go on to start their own businesses after completing school.
Some 15% of secondary schools across the EU 25 and Norway take part in the programmes, and the EC’s report calls on member states to dramatically increase their participation rates.
“If we want to create more jobs, Europe needs young people who are prepared to take risks and start up their own company,” said Günter Verheugen, vice-president of the EC.
“By teaching entrepreneurship at school, mini-companies give students a head start. I would like member states to do more to promote these projects in school and tackle the bureaucratic obstacles that prevent mini-companies from thriving.”
Mini companies help young people acquire basic business skills through experience with real economic activity, the report said. The point is for students to decide on a product or service, develop a business plan and raise capital.
Students have set up mini companies that sell vibrating pillows as alarm clocks, mood reflectors to increase road safety for children, a multifunctional key to change studs in horseshoes and even boat washing services.
Students sell their products and services, and at the end of the school year their company goes into liquidation.
The EC’s small business envoy, Maive Rute, said the programme is a ‘major incentive’ for schools, educational authorities, business and public authorities.
Everyone involved must invest more in such schemes, she said.
