A lot of young people avoid starting a company because they are afraid of failure. This is the reason Prince Daniel’s Fellowship was launched. The vision is to help promote a more favourable culture for entrepreneurship and a more accepting attitude to risk-taking and failure. The objective is for more young people to have the courage to start a business, and to promote the development and growth of young entrepreneurs.
The project includes a Mentoring Programme for young entrepreneurs as well as visits to upper secondary schools and higher education institutions where well-known entrepreneurs and Prince Daniel bring young people into the discussion on entrepreneurship. The project also arranges an annual networking event, Prince Daniel’s Entrepreneurship Day.
Ever since the financial crisis in 2008 the fear of failure as a trend has grown and is now at a level of around 40 percent of the population. This prevents many from taking the plunge into entrepreneurship (Global Entrepreneurship Monitor, 2016).
Inspiration from the business community
Young people are inspired by good examples and role models. The project has therefore selected a group of prominent entrepreneurs to participate and provide inspiration. Involvement in this project enables these individuals to share their own experiences, inspiration and concrete tips to encourage and embolden young people to start a business.
Mentoring Programme for young entrepreneurs with growth ambitions
The Prince Daniel’s Fellowship Mentoring Programme for young entrepreneurs is aimed at stimulating the growth of young enterprises. Giving start-ups the right conditions in which to grow is crucial for Sweden’s future.
The Mentoring Programme gives a select group of driven entrepreneurs the opportunity to receive support and business development help for two years from a hand-picked mentor from the Swedish business community. Alongside the mentoring aspect the project arranges company field trips, lectures and other activities to encourage the young entrepreneurs to take the next step in developing their business.
In autumn 2017 11 new companies were accepted into the Mentoring Programme.
The next application period for the Mentoring Programme will start in spring 2019.
Inspiration trips to schools and universities
Talking about what it means to be an entrepreneur and how to realise a business idea is important so that more young people will make their entrepreneurial dreams a reality. With three of our inspiring mentors, Prince Daniel and IVA visit a number of upper secondary schools and higher education institutions every year in Sweden to give lectures and have conversations about entrepreneurship.
Prince Daniel’s Entrepreneurship Day
Every year a hundred or so driven young entrepreneurs are invited to Prince Daniel’s Entrepreneurship Day, which is held at IVA in Stockholm. The purpose of the event is to inspire young entrepreneurs, build networks and to share experiences of being an entrepreneur. Past speakers at the Entrepreneurship Day have included Martin Lorentzon, Cristina Stenbeck, Filip Tysander and Niklas Zennström.
The project’s Steering Committee consists of Marcus Wallenberg (Chairman), HRH Prince Daniel (Honorary Chairman), Marshal of the Court, Karolin A. Johansson, Carl Bennet, Johan Skarborg and Johan Weigelt, (IVA).
Project Manager: Jenny Nordlöw (IVA)
The Royal Swedish Academy of Engineering Sciences is running the project in cooperation with HRH Prince Daniel, with support from Ingvar Kamprad and the banks Handelsbanken, SEB and Swedbank.