EU-XCEL specifically targeted real deficits in the skillsets of young entrepreneurs, and delivered this impact though an action focused programme that closed the gap between mere intentions and actual entrepreneurial activity. Such action focused training has increasingly been recognised in entrepreneurship research as more effective in stimulating business creation. EU-XCEL provided aspiring ICT entrepreneurs with a learning environment wherein the strengths of both formal and informal educational experiences could lead to real and rapid improvements in entrepreneurial capabilities. Specifically targeted were the areas of co-founder matching, ideation and idea screening, modelling and validation, adapting to real market conditions though pivoting, and effectively pitching for venture capital. All five areas were engaged both conceptually and practically over the course of the scum week, with deeper engagement being required over the 12 week virtual phase of the programme.
In addition, and with EU-XCEL’s commitment to tackling the challenge of European youth unemployment in mind, the development of transferrable and market relevant skills was another key outcome of the programme’s first cycle. Personal skills were developed through the flexibility and adaptability demanded of participants as focus shifted to different aspects of the startup process (i.e. from ideation to research to validation). Interpersonal skills were enhanced through the culturally diverse and interdisciplinary quality of the teams, as well as the emphasis on presenting skills. And finally, self-management skills were cultivated though the planning, problem-solving, and prioritising required of each team member as they carried out their varied responsibilities for the group. An important impact of EU-XCEL was the support of such personal growth in the interests of creating a vibrant, flexible, and proactive young workforce in the European Union.
A further priority of EU-XCEL was fostering an Entrepreneurial Eco-System in Europe and raising awareness and perception of ICT entrepreneurship among young people in Europe generally. The application process revealed that a large majority (77%) of these aspiring entrepreneurs were willing to relocate in other EU countries to start a business. However, the actual experience of working with other nationalities amongst participants was minimal. EU-XCEL addressed this absence of European-wide entrepreneurial networks in a number of ways. Firstly, 100% of EU-XCEL participants founded a new startup with entrepreneurs from at least three different countries. EU-XCEL changes the search horizons of Europe’s young entrepreneurs by cultivating a European-wide perspective on entrepreneurial opportunities.
