Posted on 11 February 2010
Massachusetts Institute of Technology (MIT)
The University of Wales has joined forces with Cardiff Business Club to offer the first travelling scholarship to help unemployed graduates develop their entrepreneurial skills.
The scholarship was formally announced at the Lord Puttnam Lecture on Monday and will give one graduate the opportunity to spend up to two weeks at the renowned Massachusetts Institute of Technology (MIT), where they will meet with different entrepreneurs, experts and academics to help develop their ideas for a new business.
MIT’s entrepreneurship programmes are amongst the best in the world, resulting in 25,800 active companies that have been founded by MIT alumni. These currently employ about 3.3 million people and generate annual world sales of £1.5 trillion, producing the equivalent of the 11th-largest economy in the world.
The Vice-Chancellor of the University of Wales, Professor Marc Clement, believes that this scholarship can create a precedent in supporting young people to achieve their entrepreneurial dreams:
“The University of Wales believes in bringing the best of the world to Wales and taking the best of Wales to the world. Through our links with MIT, we are thrilled to be able to offer this scholarship to one of our 2009 graduates.
“The job market is becoming increasingly difficult for young people and it is critical that we support their creativity, energy and enterprise in different ways. By giving one of our graduates the opportunity to widen their horizons at the world’s most entrepreneurial university, we hope that they will be inspired to come back and start a business here in Wales. More importantly, they will be able to pioneer an exchange of ideas across continents that can benefit the Welsh economy.”
The scholarship holder will, on returning from the USA, be fast-tracked onto the Graduate Enterprise Programme run by Venture Wales.
To qualify for the scholarship, applicants must be currently unemployed and have graduated in 2009 from one of the following institutions: Aberystwyth University, Bangor University, Glyndŵr University, University of Wales Lampeter, Swansea Metropolitan University, Swansea University, Trinity College Carmarthen, University of Wales Newport and UWIC.
All candidates will have to submit a 400 word statement on their business idea and how the travelling scholarship will help them achieve their entrepreneurial dreams. Those shortlisted will get the opportunity to pitch their ideas to a panel of judges with the successful scholarship winner being announced at the last 2010 Cardiff Business Club dinner with Lord Griffiths of Fforestfach on 12th April.
Further details of how to apply for the scholarship can be found by emailing innovation@wales.ac.uk or by calling 02920 376986
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For Press and Media information, please contact Joanna Davies, Head of Communications, University of Wales: media@wales.ac.uk Tel: 07534 228754
For more information about the Global Academy please visit the website: www.wales.ac.uk