FINANCEn_LAB Digital Simulator for Entrepreneurial Finance
Digital Simulator for Entrepreneurial Finance
FINANCEn_LAB
The project is implemented under the Erasmus+ Programme, in the Higher Education sector.
KA226 - Partnerships for digital education readiness
Competition: Call 2020 Round 1 KA2 - Cooperation for innovation and exchange of good practices, Erasmus+ Programme
Project title: Digital Simulator for Entrepreneurial Finance
Project number: 2020-1-ES01-KA226-HE-095810
Acronym: FINANCEn_LAB
Implementation period: 01.03.2021 – 28.02.2023 (24 months)
Project consortium:
- FUNIBER Fundación Universitaria Iberoamericana, Santander, Spain – project leader
- Jan Kochanowski University in Kielce
- Universitatea „Alexandru Ioan Cuza” din IașiRomania
- tvw GmbH, Germany
- Fundación Centro de Investigación y Tecnología Industrial de Cantabria, Spain
- Universidad de Valladolid, Spain
Project budget: EUR 287 945.00
JKU project team
dr Ana Kaminska – factual manager of the project
Faculty of Law and Social Sciences
e-mail: ana.kaminska@ujk.edu.pl
phone 41 349 66 35
dr Joanna Rudawska
Faculty of Law and Social Sciences
e-mail: joanna.rudawska@ujk.edu.pl
Beata Banach-Rząca – administrative coordinator
Department of Exchange and International Cooperation
e-mail: bbanach@ujk.edu.pl,
phone 41 349 72 67
Project description
The goal of the FINANCEn_LAB project consists in education concerning entrepreneurship and financial knowledge as well as skills through fostering entrepreneurship among students and trainees in vocational education by increasing the availability of practical training in finance and entrepreneurship. The project works in favour of an active attitude among young people so that they are able to turn their ideas into entrepreneurial action.
With an increasing number of established enterprises, the complexity of the financial system is increasing, not only at national but also at international level, and with it a large proportion of people in European societies lack financial literacy, including a proper understanding of the necessary financial concepts. It also prevents many young entrepreneurs from successfully applying for funding from national and international projects, and constitutes a barrier in managing own finances and hinders a proactive approach to finance.
FINANCEn_LAB addresses key issues and challenges for entrepreneurship education, emphasises the importance of a good strategy at national and regional policy level, emphasises teacher training and assessment of entrepreneurial skills in terms of young people at the threshold of their independent living and careers. The project also aims to promote entrepreneurship in education as one of the key competences necessary to design and take advantage of tools to support the development of the entrepreneurial spirit. It promotes personal development and active citizenship, increases employment opportunities, and is important in the face of the changing labour market as a result of the COVID-19 pandemic.
The project's main objectives include:
- developing and implementing effective tools that will enhance entrepreneurial and financial knowledge and develop the ability to make sound financial decisions,
- developing training cycles concerning important financial skills for entrepreneurs, including budgeting, planning, and liquidity management,
- shaping the skills to make strategic decisions in terms of finances and investments taking into account a company's global vision,
- expanding cooperation with banking entities and other financial institutions,
- creating a solid basis and conditions for mutual understanding and cooperation between entrepreneurs and banking and financial operators.
Target groups
- University students as potential entrepreneurs
- academic staff in higher education institutions
- entrepreneurs
- bank employees, so-called business angels, private investors, and other financial entities
- entrepreneurship trainers and mentors
- authorities of higher education institutions
- politicians, representatives of public administration
Tasks
The outcome of the project will consist in a digital simulator for developing financial and entrepreneurial skills – an innovative tool dedicated to students, young entrepreneurs, their teachers, and trainers. The project consortium will develop a series of innovative training and courses based on teaching materials for self-learning in finance and entrepreneurship. These will include dynamic scenarios, solving tasks, simulation games taking a practical approach and using the participants' creativity to develop their key competences and skills in terms of finance and entrepreneurship such as budgeting, fundraising, investing or liquidity management. The innovative nature of the project consists in the application of artificial intelligence for education in social and economic terms. The results of the intellectual work will also include a report with recommendations for financial and entrepreneurial actors, which will help, for example, to strengthen the interaction between various types of investors and improve public actors' support activities for young entrepreneurs.
The international Digital Simulator for Entrepreneurial Finance project FINANCEn_LAB on the part of Jan Kochanowski University involves lecturers from the Faculty of Law and Social Sciences. Organisational and administrative support for the project is provided by the Exchange and International Cooperation Department.
