BACKGROUND
The situation
It is a fact that almost all start-ups begin with an innovative idea, but end up failing. Of course, that the most common reason that explains this fact is rationally related to inefficient financial management. The lack of business model together with cost issues and no financing/investor interest leads to a poor marketing strategy, a poor product and no cash. It seems that most entrepreneurs lack the knowledge and skills required to effectively develop and manage their company.
Start up a Start-up
Start-up companies are an essential part of European Commission priorities for the attainment of a sustainable and durable European economic growth. Specifically, they will have a leading role in the European Digital single market as underlined in the “Start-ups and the Digital Single Market final report”. After all, apart from delivering value to their customers, startups have a direct impact on the cities they make their homes.
Aim
Chase the vision
The B-CAPP project is dedicated to support new entrepreneurs in enhancing their financial management skills and knowledge required to successfully and effectively run and manage their businesses.
A world of knowledge will be available through an innovative training program focusing on financial planning, management concepts and practices.
After completing the course, you will have the power to create something from nothing!
Objectives
The specific purpose of the proposed project is to help entrepreneurs improve their skills and knowledge in financial management (e.g. Entrepreneurial Finance, Cash flow management & Basic accounting concepts, etc.) and smart use of ICT/e-Business for reducing operation costs and generating revenues (e.g. Cash flow automation tools, e-Tendering, eCommerce, etc.). The objective is to address financial management concepts in direct relation to the adoption of proven ICT practices and tools as smarter use of ICT drives revenues and reduces operating costs. Of course, sustainable financial management cannot be isolated from uses of ICT.
Products
The Financial Check Training Course
Τhe training course addresses entrepreneurs and individuals involved in the management of start-ups to support them in the acquisition of competences to become a “Financial Sustainability Manager”. The FCT course will be a hands-on training course with its modules directly addressing the learning outcomes of the Financial Sustainability Manager for start-ups ECVET profile.
The Financial Strategy Genie
The “Financial Strategy Genie” will develop personalised training pathways through testing the knowledge and awareness of start-ups about core financial concepts and proven ICT practices. This will help us to create personalised training plans composed of phases. The Genie will thus have an interactive and phased approach which will favour motivation and curiosity of the users, avoiding the approach of a traditional training delivery.
The Skills Retention Service
To complete the training, it is necessary to cover also the skills retention feature. All learners that have undertaken the training will go back to their workplace and start using their newly acquired skills and competences. The performance of each learner at the workplace under real conditions should be captured and used for improving future versions of the training program. At the same time learners should be able to assess their performance and also recap on things previously learned. This is where the skills retention course comes into play, to complete the offering and facilitate the sustainability of the training program through continuous improvement.
Impact
B-CAPP will support the in-service training and up-skill of the target groups. At the end of the project the expected results comprise:
- A set of competences and learning outcomes for the ECVET profile of the Financial Sustainability Manager
- A modular training course (FCT course) for instructor led (classroom based) and remote e-Learning but also skills retention functionality
- A Financial Strategy Genie facilitating personalized hands-on training on the adoption of proven practices for financial management and adoption of ICT processes and tools
- A skills retention service facilitated by a novel learning environment (B-CAPP LME) complementing the B-CAPP access to quality VET training on hands on financial management and the uptake of ICT by start-ups
- B-CAPP Academy as a first step for sustaining the training program past the funding period
