This summer Zdeňka Procházková, a student at the Czech Technical University, won't have to spend her days working as a life guard at the Prague–Podolí swimming complex to earn money to support herself while studying.

That's because she recently won a scholarship from the GE Foundation Scholar-Leaders Program. Procházková and 11 other winners were honored at a ceremony at the U.S. ambassador's residence in Prague May 16.

"Right now, I've got no idea what to expect, but I'm quite excited," Procházková said.

In its second year in the Czech Republic, the program selected 12 university students on the basis of their outstanding academic records and extracurricular activities. The winners, all in their second year of study, will receive 1,000 euros ($1,290/28,210 Kč) a year for the remainder of their time at university. They'll also participate in annual summer networking and informational seminars in Budapest and get the opportunity to shadow a General Electric Co. (GE) executive at the office.

"This scholarship is designed to develop the participating students' leadership potential, and to contribute to the development of an internationally competent work force in the Czech Republic," said Christopher Medalis, director of the European office of the Institute of International Education (IIE), which launched the program in cooperation with the GE Foundation in Hungary in 2003. It was expanded to Poland in 2004 and the Czech Republic in 2005.

"In addition," he said, "the summer seminars in Budapest will serve as a forum for Czech, Polish and Hungarian students to forge their own international network."

To date, 89 Scholar-Leaders from Hungary, the Czech Republic and Poland have taken part.

More than money

The program was introduced here in the fall of 2005 at five universities: the Brno-based University of Technology, the Czech Technical University in Prague, the Czech Agricultural University in Prague, Masaryk University in Brno and the Technical University of Ostrava.

Second-year students in economics, management, engineering and technology are eligible. The application requirements are straightforward, says Markéta Tejklová, a student at Prague's Agricultural University who was one of last year's winners.

"All I had to do after spotting a poster about the GE Foundation Scholar-Leaders scholarship was write a motivation letter and secure two letters of recommendation," she said.

The program stands out from others, say representatives of GE and IIE, because it isn't just about money.

"It's unique because it is more than just a scholarship program that only gives money to students," said IIE Program Coordinator Valéria Szabó. "It gives them the opportunity to gain some insight into the life of a major corporation," through the summer seminar and executive shadowing. "There is knowledge transfer as well."

Leslaw Kuzaj, GE's regional executive for the Czech Republic, also pointed out that participants aren't committed to future work for GE.

"GE does not sign a contract with the students and no job promises are made to the winners," he said. "This can lead to internship and employment opportunities, but there is no requirement or promise."

GE nevertheless benefits in terms of future recruitment, IIE's Szabó said.

"Students learn some details about GE, so the chances are somewhat greater that they will want to work for" the company, she said.

Preparing students for business

Alice Punch, managing director of executive search firm Korn/Ferry International, said these types of scholarship programs are important because they help give students business skills they might not learn at school.

"Universities tend to lose touch with real business requirements," she said. "The fact is that just a few Czech universities prepare students for modern business challenges. Most of these skills are developed through on-the-job training. Corporations invest considerably in developing local management talent."