Key Action 2, the establishment Strategic Partnerships and Knowledge and Sectoral Skill Alliances, enables companies and institutions to engage in structured, transnational partnerships and projects to facilitate the development and implementation of new innovative practices, encourage entrepreneurship, the exchange of knowledge and new teaching practices throughout Europe.
Depending on their aim strategic partnerships can last anywhere between 6 months to three years, while Knowledge and Sectoral Skill Alliances typically last between 2 to 3 years. Both are supported by large grants from the Erasmus+ fund.
Erasmus+ aims to establish 25,000 Strategic Partnerships, involving 125,000 institution/organisations, and overseeing nearly 300 Knowledge and Sector Skills Alliances, involving 3,500 education institutions and enterprises working together throughout Europe in the period up to 2020.
With a budget of €14.8 billion going into the 2014-2020 period, Erasmus+ seeks to encourage greater cooperation between European education and business in the hopes of increasing the skills and employability of students and the competitiveness of European economy.