The Knowledge Exploitation Fund (KEF) provides financial assistance to allow Wales' Higher & Further Education institutions to develop their skills of staff and students, create a culture of entrepreneurship and innovation within their institutions, and transfer their knowledge to industry. The Entrepreneur Scholarship programme has been developed to support business start-up ideas from recent graduates who wish to establish their knowledge-based business in Wales.

Successful applicants whose business proposals show a fresh perspective and a real commitment to making the business work are awarded a personal allowance of £144.00 per week for up to 36 weeks (£5,184.00) as well as a contribution towards essential travel undertaken by a Scholar, and dependent care costs.

In order to qualify for a scholarship, the application must satisfy the following criteria:

-  the applicant(s) must have gained an award at NVQ level 3, equivalent or above within the last 3 years

-  the business must have been trading for less than six months

-  the business plan must cover a minimum period of three years

-  the business must demonstrate real growth potential - notably (a) the business is likely to employ others, and (b) the business can generate sufficient surplus to meet salary costs

-  the business must be based wholly in Wales

-  the business must be the applicant's main source of income and / or employment

-  the business must not fall into the categories of alcohol, agriculture, retail, lifestyle (e.g. writers, performers, artists) and professions (e.g. solicitors, doctors, surveryors)

 

The application for the allowance plus a contribution towards travel and dependent care costs is made on behalf of eligible applicants through an FE or HE institution.  Applications including a detailed business plan are made via the KEF Entrepreneurship Champion within the relevant institution and forwarded to KEF for assessment by external and internal business plan assessors. 

Successful scholars are able to access a whole network of support including qualified business mentors and support from a group of hundreds of similarly placed entrepreneurs.

Since the programme began in 2001 more than 360 individual scholars have been supported, adding more than £8.3 million to the Welsh economy in terms of gross sales (2003-04) and creating more thn 471 full-time positions. The number of companies with a value in excess of £101,000 has almost doubled in the period 2003-04 to 18 companies. More than 93% of scholars are still successfully trading after three years.

For further information on your local Entrepreneurship Champion please visit: www.projectdynamo.com then click on 'Post 16' then 'Support'.

For further information on the Knowledge Exploitation Fund please visit: www.wda.co.uk/kef or contact the Welsh Development Agency (WDA) on Tel: 08457 77 55 77 Email: enquiries@wda.co.uk