Image
European Network for Early Warning and for Support to Enterprises and Second Starters
Published on 23 May 2018
Greece
This is the good practice's implementation level. It can be national, regional or local.
About this good practice
The overall objective is to promote entrepreneurship & growth of SMEs across Europe. A key element is to create strong framework conditions for businesses across sectors that can help them face key challenges, including managing a crisis, dealing with bankruptcy & getting a 2nd chance. The project is: 1) Promoting policy development & implementation of innovative policy measures relating to bankruptcy & 2nd chance by establishing a "European Network for Early Warning and for Support to Enterprises & 2nd Starters". The Network includes key organisations, experts, policy makers & stakeholders from all EU member states. The Network will be continued after the finalisation of the project (2019). 2) Apply a proactive approach to helping entrepreneurs & company owners by identifying & contacting companies in distress using the available means in the form of data bases and networks. It is also developing & testing an innovative data-driven method to identifying companies in distress using machine learning & big data, which will set the future standard for identifying & helping companies in distress 3) Helping companies in distress by setting up Early Warning mechanisms providing advisory & support services to companies in distress in four target countries: Spain, Italy, Poland & Greece. The results & learning points from the target countries are being used for inspiration & in particular to promote & support the implementation of Early Warning mechanisms in other European countries.
Resources needed
The total budget earmarked for the co-financing of projects is estimated at EUR 3,800,000.00 in project level.
700 Greek companies that will participate voluntarily offering the needed resources.
700 Greek companies that will participate voluntarily offering the needed resources.
Evidence of success
The project is running since the end of 2016 and it is warmly welcomed by the Greek stakeholders and organisations.
Until May 2018 it has succesfully supported more than 100 enterpreneurs all over Greece. Their support is organised mostly with one on one meeting and technical audits, in order to operate in a proactive way, by implementing new and innovative methods to identify companies in danger.
More results and evidence of success will be added in time during REBORN project.
Until May 2018 it has succesfully supported more than 100 enterpreneurs all over Greece. Their support is organised mostly with one on one meeting and technical audits, in order to operate in a proactive way, by implementing new and innovative methods to identify companies in danger.
More results and evidence of success will be added in time during REBORN project.
Potential for learning or transfer
The issues addressed have 2 critical dimensions that makes the project as being strongly potentially interesting for other regions to learn from: a. To develop & implement support services for SMEs in difficulties. This early warning, prevention & crisis support is very crucial as it can either avert a bankruptcy or mitigate the effects of a crisis. However time factor is very important as an early recognition of the problem can lead to better & efficient risk management, by restructuring business. However, even in cases of non-viable companies experts can help in the close down procedure so the negative effects for the owner, the employees & creditors are minimized b. To encourage a 2nd start for the entrepreneurs. Second face several psychological, social & financial difficulties, so it is crucial to build a friendly “system” for them. Furthermore 2nd starters are considered to be better entrepreneurs as they usually create more viable companies with better & more stable jobs
Further information
Website
Good practice owner
You can contact the good practice owner below for more detailed information.
Organisation
Small Enterprises’ Institute of the Hellenic Confederation of Professionals, Craftsmen, and Merchants (IME GSEVEE)
Greece
Anatoliki Makedonia, Thraki
Contact
Strategic Planner - RIS3 Specialist - Urbact Lead Expert