The Programme will ensure continuity with initiatives and actions already undertaken by the Entrepreneurship and Innovation Programme (EIP), building on the results and lessons learnt. While many successful features of the EIP will be continued, management of the Programme will be simplified to make it easier for entrepreneurs and SMEs to benefit from it.

The Programme will support complement and coordinate actions by the Member States. It will specifically address problems of a transnational nature which, by means of economies of scale and demonstration effect, can be more effectively addressed at the European level.

As a result:

• The access to finance will be easier for entrepreneurs and Small and Medium-sized Enterprises (SMEs).
• Self-employment and business development will be targeted by this programme as important sources of growth and job creation.
• Member States will be in a better position to maintain the competitiveness of their industrial basis, increase the number of their entrepreneurs, and raise their employment rate.

Who are the main beneficiaries?

• Entrepreneurs, in particular in SMEs, will benefit from an easier access to funding for development, consolidation and growth of their business.
• Citizens who want to become self-employed and face difficulties in setting up their own business, for instance young entrepreneurs.
• Member States’ authorities (at national, regional and local level), which will be better assisted in their efforts to elaborate and implement effective policy reform. In particular, they will benefit from EU-wide reliable data and statistics, best practice and financial support to test and scale up sustainable solutions for improving global competitiveness.

Impact of the Programme for the Competitiveness of enterprises and SMEs

The Programme is expected to contribute to an increase of the EU GDP of €1.1 billion per year.

The Enterprise Europe Network is expected to assist 39,000 companies with partnership agreements, resulting in 29,500 jobs created and/or safeguarded, helping to launch 900 new business products, services or processes per year and contributing to € 200 million additional turnover for assisted enterprises per year.

Access to finance will be easier for entrepreneurs, in particular those willing to launch cross-border activities, resulting in an expected increase of €3.5 billion in additional lending and/or investment for European enterprises per year.

What happens now?

The Commission proposal will be discussed by the European Parliament and by the Council, who will have to find an agreement and adopt the Programme. The Programme should start on 1.1.2014.

Source: http://ec.europa.eu/cip/cosme/index_en.htm

Further information:

• Download the leaflet and the factsheet
• Read the press release (30/11/2011)
• Download the text of the Commission proposal for COSME 
• Commission proposals for the Multiannual Financial Framework 2014-2020