Entrepreneurs and SMEs truly form the backbone of our European economy for today and the future. For example, 85% of new jobs in Europe are created by micro-enterprises, while SMEs accounted for 67% of total employment and 58% of gross value added (GVA) in 2012. Nonetheless, starting a business still implies a lot of challenges, ranging from burdensome administrative procedures and a lack of easy access to funding to acquiring the necessary hard and soft skills to manage and grow all sides of a business. As 50% of new businesses still fail in their first five years in the European context, companies can do a great deal in building resilient and viable economies by equipping entrepreneurs with the right know-how, skills and infrastructure.
The initiative will help young European business leaders of tomorrow turn their dreams into reality. Through the Brilliant Young Entrepreneurs initiative Hyundai will provide financial support to those participants developing business plans with strong potential to become ‘real’ businesses. 15 start-ups from 14 participating countries will have the opportunity to benefit from the investment provided by Hyundai.
Each year, a start-up is selected from each country as the national winner, receiving a €15.000 investment. At the grand finale, one team has the chance to win the coveted Hyundai Award, together with €15.000 funding.