The business across the entire globe was badly hit several years ago by the financial crisis and some countries are still recovering. In these difficult times, the ambition of some young people to start their own business is a risk on the verge of insanity. In many cases these people, instead of becoming entrepreneurs, become victims of their own dreams. “Never stop following our dreams!”, most successful people advise. Is that possible in times of financial crisis?

Yes, it is quite possible. Bulgaria’s Ministry of Economy and Energy launched the project entitled Technostart which is to encourage young entrepreneurs and newly established student’s companies. EUR 200,000 is to help the implementation of nearly 20 business plans. Petko Ivanov who studies at the University of National and World Economy in Sofia is also working on this project. He joined the Technostart project after winning the Student of the Year contest in the category Social, Industrial and Legal Science. He was awarded a three-month training course at the Ministry of Economy and Energy. His duties are linked with the promotion of the initiative in the social networks. Petko Ivanov told Radio Bulgaria how this Bulgarian ministry would encourage youth projects:

“The project enables students and PhD students who have an innovative business idea to apply for a free financing worth EUR 10,000. Thus, we give the opportunity to people with no experience gain practical skills and knowledge.”

One has to be a student, a PhD student or a 2013-2014 graduate with a bachelors or master’s degree in order to apply under the Technostart project. Ideas from the processing industry, the IT sector and the science field are to receive financing. Another important requirement reads that the applicants must invest 10% of the total amount in advance, so they can show commitment to the business idea. Could the requirement of own capital obstruct the business of the young entrepreneurs?

“The money must be found when the application is approved, so young people can receive the rest of the financing. However, we specified that these 10% could be either a financial, or a material asset. In other words, the applicant could declare for example a portable computer worth EUR 1,000. In my view, most students would be able to apply under these requirements.”

Although the initiative of the Bulgarian Ministry of Economy and Energy was launched recently, many people have already shown interest. The project is open for Bulgarian and foreign nationals who study at Bulgarian universities. Petko tells us more about the business plans of the applicants:

“The ideas are mainly linked with the IT sector, because it is very successful at present. It is easier to start a business in this field, because the development of software, web applications and various hardware products does not require such a huge financing. The ideas from the It sector prevail, although many different ideas appear at the application”.

What are Petko Ivanov’s personal interests and aspirations?

“I participate at the Together in Class non-governmental organization which aims at improving education at school through sending young people lecture in a different, innovative way. I would like to start my own project which would be a kind of an education platform. The site will contain various video lessons, lectures and a system which tests the knowledge and the competence and automatically adjusts the difficulty level according to the users’ competence. It enables everyone to work at his own pace and directs people to fill their knowledge gaps.”

In Petko’s view the key to success is hidden in the good team, rather than in money. He expects the education platform to be launched next year.