Sormlands Sparbank is a local savings bank covering about 120 000 inhabitants in our region.
Young Entrepreneur started in 2010 and has been running for 6 years. Young people aged 16-25 start their own small business over
three summer months (June-August). A maximum of 60 young entrepreneurs participate each year in the program, and in total we have
had about 240 participants. Some start their businesses alone and some with one or more partners.
They apply to Young Entrepreneur by presenting their business idea and a jury of employees from Sormlands Sparbank and a local
Jobs&Society branch decide who will participate in the program. If youare accepted, you will get the services you need from the
bank along with 2 000 SEK per person. During the summer they get continuous coaching from a mentor and are invited to seminars on
different topics such as “Taxes” with the Swedish Tax Agency, “Economics”, “Marketing” with the local newspaper and so on. All
participant are insured during the program.
The participants compete in different categories, with prize ceremonies on two different occasions. One will be held in the middle
of the summer, awarding best website, logo and highest turnover. At the end of the program there is a banquet and prize ceremony
awarding best company, best entrepreneur and best annual report.
At the end, they get to decide whether to restart their business as a real company or not. The annual report is mandatory to
terminate their bankservices.
Our conclusion of the program so far is that about 30% of all participants have chosen to restart their business as real companies
at the end of the program.
Having more companies in our region is beneficial for all inhabitants, which in turn also benefits the local savings bank. We also
have a network of young entrepreneurial people who likely will start more businesses in the future.