BR/03/2021

CRISIS AVERTED IN REAL ESTATE SECTOR AS INVESTMENTS CARRY ON

March, 2021 / Volume 25, Issue 2

www.business-review.eu

6

FIVE OPPORTUNITIES FOR ROMANIA’S R&D ECOSYSTEM

21

ONLINE SHOPPING IS HERE TO STAY

26

CORPORATE VENTURE CAPITAL GROWING STEADILY DESPITE PANDEMIC

28

OUTSTANDING WOMEN ROCKING THE BUSINESS WORLD

www.business-review.eu Business Review | March 2020

EDITORIAL 3

• Editorial •

REAL ESTATE

Anda Sebesi • Editor-in-Chief • 6 Crisis averted in real estate sector as investments carry on

COVER STORY

Rocking the business world

G

8 Outstanding women rocking the business world

ender equality is one of the key drivers of effective management, regardless of industry. While there are fields

RETAIL

like social entrepreneurship and agribusiness where this

balance could be achieved sooner than in others, the trend is pretty clear: gender equality is being encouraged in an increasing number

26 Re:Focus on

of businesses and sectors, so we’re seeing more women rising to

eCommerce, Retail & Logistics: Online shopping is here to stay

C-level positions or corporate board membership.

This is why Business Review is dedicating this issue’s cover story to the outstanding women who are rocking the Romanian business world. We sat down with several women with top jobs in

ENTREPRENEURSHIP

different areas of business, from both the public and private sectors, to discuss the challenges women face as they rise to leading positions and the unique contributions women leaders can bring to

28 Corporate venture capital

a company’s ecosystem.

growing steadily despite pandemic

According to the fifth edition of the Gender Equality Index (2020), issued by the European Institute for Gender Equality (EIGE), with 54.4 out of 100 points, Romania ranks 26th in the EU.

30 SPAC frenzy edges closer to Romania

The country’s score is 13.5 points below the EU average. The same source shows that since 2010, Romania’s score has increased by

CITY

only 3.6 points.

Perhaps surprisingly, Romania has quite a large number of women in C-level positions, but there are many business areas in need of improvement in terms of gender equality. For example, of all executive management positions in the banking sector, only

34 The new creative

roughly 30 percent are held by women, even though more than

business popping up in Romania

half of economics students are women. And since the financial

36 High hopes for

sector is no longer as appealing as it was 20 years ago, when it was seen as a top career choice, gender equality in this field will likely continue to lag behind other sectors.

festival fiends

38 What’s new in town?

EDITOR-IN-CHIEF: Anda Sebesi JOURNALISTS: Aurel Constantin, Mihai Cristea, Romanita Oprea, Oana Vasiliu CONTRIBUTORS: Ovidiu Posirca, Sorin Melenciuc, Claudiu Vrinceanu COPY EDITOR: Anca Alexe PHOTO EDITOR: Mihai Constantineanu PHOTOS: Dreamstime ART DIRECTOR: Raluca Dumitru PUBLISHER: Bloc-Notes Media Network ADDRESS: 82-98 Calea Grivitei, 1st floor, Hotspot Workhub, District 1, Bucharest, Romania SALES MANAGERS: Radu Fireteanu, Alexandra Rosca MARKETING & SALES MANAGER: Luiza Luca PRODUCTION: Dan Mitroi DISTRI­­BUTION: Eugen Musat EXECUTIVE DIRECTOR: George Moise GENERAL MANAGER: Catalin Alistari USA MANAGER: Oana Molodoi FOUNDING EDITOR: Bill Avery EMAILS: editorial@business-review.eu, sales@business-review.eu, events@business-review.eu SUBSCRIPTIONS on Manpres Distribution Business Review is a member of Fwei

Publicație auditată pe perioada Apr 2015 - Mar 2016

ISSN NO. 1453-729X

www.business-review.eu Business Review | March 2021

4 NEWS

WHO’S NEWS BR welcomes information for Who’s News.

Submissions may be edited fo­­­r length and clarity.

Get in touch at mihai.cristea@business-review.eu

Demand on Bucharest office market to rise by 20-30 percent this year

By Aurel Constantin cination campaigns will soon allow authorities to lift some of the restrictive measures.

After a year when companies assessed the impact of remote work through internal analysis or specialised consultants, they are now starting to rethink their

Laurentiu Duica has been appointed Senior Vice-President at Avison Young.

He will join the team in March and will contribute to consolidating the company’s position in the industrial and logistics sector. Duica has 17 years of experience on the Romanian real estate market and he is specialised in the administration of complex logistics, production, and development projects, having assisted transactions totalling more than 250,000 sqm.

Amanda Zhang is the new CEO of MercedesBenz Romania. The former Senior Marketing and Communications Manager took over the CEO position from Martin Schulz on March 1, 2021. She has previously played important roles in Japan’s Sales Market Management team, in putting together the Product Management and Marketing team in the Europe Region and, since 2016, in devising a Product Management and Marketing c ompetence centre based in two locations in Europe.

page 5

space needs.

“The beginning of this year brought an even higher volume of activity compared to the beginning of 2020, when almost no one could foresee the major impact of the pandemic. We are

In 2020, transactional volume on the office segment decreased by 40 percent, to 237,000 sqm

currently working on projects under construction of more than 70,000 sqm in Bucharest

The demand for office spaces

percent, to 237,000 sqm, due to

and regional cities, for some

in Bucharest will increase by

the COVID-19 pandemic forcing

of the largest corporations on

20-30 percent in 2021, given

most companies to adopt remote

the market, which are aware

that a significant part of the

work on a large scale, postpon-

of the favourable moment to

biggest tenants have exceeded

ing decisions with a medium

renew their contracts, whether

expectations and are actively

and long term impact by as long

through renegotiations, con-

evaluating options for space

as possible. 2021 started with

solidations, restraints or even

optimisation, according to

different premises, given that the

extensions of spaces,” says

Cushman & Wakefield Echinox

global number of COVID-19 cases

Bogdan Bogatu, Office Agency

consultants. In 2020, transac-

has halved compared to the end

Director at Cushman & Wake-

tional volume decreased by 40

of 2020, and the progress of vac-

field Echinox.

Embracing digital could increase Romania’s GDP by 16.5 percent

By Aurel Constantin A new report titled “Digitalisa-

commissioned by Vodafone and

tion: An opportunity for Europe”

conducted by Deloitte, looks

has found that the increased

at the five key factors – con-

digitalization of Europe’s services

nectivity, human capital, use of

and value chains over the next

internet services, integration of

six years could boost Romania’s

digital technology, and digital

per capita GDP by 16.5 percent,

public services – measured by the

as well as increase productivity

European Commission’s Digital

by 16.7 percent. The research,

Economy and Society Index

For Romania, increasing its 2019 score by just 5 points would boost GDP per capita by 0.89 percent

www.business-review.eu Business Review | March 2021

NEWS 5

Szallas.hu merges with Travelminit.ro

By Mihai Cristea Szallas.hu, the largest online

Mihai Patrulescu will lead the Investment Properties department at CBRE Romania. With a strong financial background, Patrulescu will bring a different approach, having worked on complex projects involving financial analysis and project management for large real estate portfolio deals. He is replacing Gijs Klomp, who held the Head of Investment Properties role for two years.

hotel reservation platform in Hungary, merged last year with the Romanian hotel reservation platform Travelminit.ro.

The process began two years ago and was accelerated in 2020, despite the pandemic crisis and general uncertainty in the global tourism industry.

In the two years of transition, the partners have invested approximately EUR 1 million in technological solutions, expanding the property database, and marketing campaigns.

“Our goal is to transform Travelminit.ro into the number one player on the hotel

Travelminit.ro will become the number one player on the hotel reservation market in Romania

reservation market in Roma-

tourism businesses, we used it as

hu in Hungary, Hotel.cz and

nia and to continue to give

a pivot and accelerator, having

Spa.cz in the Czech Republic,

Romanians the opportunity to

managed to increase our market

and Noclegi.pl in Poland. The

book chalets, guesthouses or

share by at least 50 percent and

group’s goal is to become the

hotel rooms by reflecting the

grow our property database by

largest regional platform of

local users’ needs. Through

over 3,000 hotels and guest-

this kind and focus on the local

this merger we have access to

houses in Romania,” said the

needs of hoteliers and tourists.

extensive experience in the

co-founders of Travelminit.ro,

area of online reservations as

Ferenc Rigo and Laszlo Buzo-

largest hotel reservation plat-

well as financial resources to

gany. The Szallas.hu Group also

forms developed in Romania

develop the platform. While

owns other reservation platforms

and it is exclusively dedicated

the crisis put a brake on many

in the region, such as Szallas.

to the Romanian market.

Travelminit.ro is one of the

Jacques-Edouard Gueden has been named EVP and President of EMEA Operations at Xerox, having been serving in the role on an interim basis since the end of September.

Gueden, a 32-year company veteran, has held various leadership positions of increasing responsibility in sales and marketing during his tenure.

Most recently, he served as president for France, Belgium, and Luxembourg. Before that, Gueden was senior vice president of EMEA Business Operations and Marketing.

(DESI), and argues that even modest improvements can have a big impact.

For Romania, increasing its 2019 score by just 5 points, from 36.5 to 41.5, would boost GDP per capita by 0.89 percent and productivity in the long term by 4.3 percent. However, if the digital allocation from the EU recovery package were concentrated in areas that could allow Romania to aim towards a DESI score of 90 by 2027, the country’s GDP could increase by as much 16.48 percent.

Gijs Klomp is the new Head of Business Development in Romania at CTP. Klomp has extensive knowledge of the industrial real estate market, where CTP owns and manages a marketleading 1.5 million sqm portfolio. Klomp’s main task in his new role will be expanding the portfolio to over 2 million sqm by the end of 2021. He will also work with CTP’s M&A team, which targets a 10 million sqm portfolio by 2023.

www.business-review.eu Business Review | March 2021

6 REAL ESTATE

Crisis averted in real estate sector as investments carry on In the last quarter of 2020, Bucharest recorded transactions of office spaces totalling 77,000 square metres, the highest quarterly value of the year, thus bringing the annual transaction volume to approximately 237,000 sqm, according to real estate consulting company Cushman & Wakefield Echinox.

By Aurel Constantin proximately 2.95 million sqm, while another approximately 150,000 sqm are occupied by owners. Projects making up a total area of 350,000 sqm are currently under construction, scheduled for delivery in 2021 and 2022.

In this context, the contractual office space vacancy rate is 12.5 percent, with a significant difference between class A (9.7 percent) and class B (20.7 percent) spaces. Until the end of last year, office use remained relatively low, with less than half of employees going to the office regularly, given that most companies continue to operate in remote or hybrid systems.

“In the current context, we will see a challenging start to the new year for office space owners, who need to adapt their buildings to convince employees that they can return to the office and work in a safe space from the health perspective,” said Madalina Cojocaru, Office Agency Partner at Cushman & Wakefield Echinox.

MARKET VALUE GREW IN 2020 The Romanian real estate investment market grew in 2020, despite the pandemic, and closed the year with a total value of investment transactions of almost EUR 900 million, which represents almost 8.5 percent of the EUR 10.4 billion investment volume recorded by the six largest countries in Eastern Europe, The most important office project completed in the last quarter of 2020 was One Tower

C

Colliers writes in its latest “CEE Investment Scene Q1-Q4 2020” report. Romania almost

ompared to the previous year, the

a leasable area of 24,000 sqm, part of the One

doubled its share in the region’s turnover

transactional office area decreased by

Floreasca City mixed project. Total deliveries

over the previous year and jumped into the

39 percent, while the share of renewal

of new office spaces in 2020 reached 155,000

big leagues, coming in below Poland and the

contracts increased from 21 to 45 percent. The

sqm, a 46 percent decline from 2019.

Czech Republic, but above Hungary, Slovakia,

most important office project completed in

The commercial (intended for lease) stock of

and Bulgaria.

the last quarter of 2020 was One Tower, with

office buildings in Bucharest amounts to ap-

2020 confirmed Romania’s potential to

www.business-review.eu Business Review | March 2021 May 2016

COVER REALSTORY ESTATE14 7

punch above its current weight at the regional

completed in 2020 or due to be delivered

Transylvania, but also in some southern parts

level. In a difficult pandemic year, when

until 2023. National Real Estate Cadastre

of the country.

Poland, the Czech Republic, and Hungary all

Agency data reflect a residential sales volume

saw year-on-year declines in volumes, Roma-

that grew by 19 percent in 2020 compared to

logistics market, but there have been some

nia, Slovakia, and Bulgaria all experienced

2019, despite a two-month freeze during the

slight changes from one year to another in the

positive trends. Overall, volumes in 2020 de-

lockdown period.

sense that more new warehouses are being

clined by 24 percent compared to 2019, with

According to the analysis, the area attract-

“Bucharest remains the heart of the local

developed outside Bucharest – and 2020 was

ing the most quality projects is the northern

no exception,” says Vlad Mustata, Industrial

part of Bucharest, with its sub-markets Barbu

Agency Associate at Colliers. Bucharest con-

including Romania – is the fact that at least so

Vacarescu – Floreasca, Aviatiei, Pipera, Ba-

tinues to lead demand as well, having gener-

far, we haven’t seen a material shift towards

neasa, Expozitiei, and Sisesti – Straulesti.

ated over 70 percent of all leasing deals, with

the year closing at about EUR 10.4 billion.

“A particularity of the region as a whole –

distressed sales, as most are either long-term

Timisoara and Craiova following at a great

owners or waiting for things to settle down.

INDUSTRIAL AND LOGISTICS FACILITIES

distance. FMCGs accounted for one third of

This is a bit of a departure from the 2009-2010

The “pandemic year” turned out to be a

total demand, with just Carrefour and Profi’s

recession and could suggest that the subse-

bumper year for the industrial and logistics

3 leasing deals, which were among the big-

percent) and away from the more challenged

segments, with total demand increasing by

gest of the pandemic year, totaling 200,000

Retail and Hospitality sectors (12 percent).

a staggering 72 percent over 2019, to nearly

sqm. The second and third places – logistics

784,000 sqm of leasing deals. A large part of

and retailers – were not far apart from each

INVESTMENT IN RESIDENTIAL PROJECTS

this demand came from retailers, including

other (over 20 percent market share for each),

In the context of the COVID-19 pandemic

FMCGs, expanding their presence nation-

though in a lot of instances, 3PL tends to

and with the amount of time spent at home

wide, as well as various companies, not just

serve the retail sector to a significant extent.

having increased in the past year, together

pure e-commerce players, looking to branch

As such, it would be safe to say that consum-

with the increase of Romanians’ purchasing

out in the online sales segment, according to

er-oriented industries generated at least two

power, the Bucharest residential market is

the annual report released by Colliers.

thirds of demand in 2020. For comparison,

quent recovery could be much swifter. Romania’s more generous yield gap, coupled with depressed yields for other types of assets, bode well for local assets in the coming years,” said Laurentiu Lazar, Managing Partner at Colliers Romania. The office sector was dominant all over the region in 2020 in terms of transaction activity, with a share of 41 percent of the total volume of investments, followed by industrial and logistics spaces which are up significantly as investors are diversifying into this seemingly COVID-proof sector (32

undergoing an effervescent period. Devel-

The overall stock of modern industrial

automotive generated one third of the 2019 demand.

opers operating in Bucharest are investing

and logistics facilities in Romania reached

a total of EUR 1 billion in middle & upper

5.7 million sqm, up by over 0.5 million sqm

class housing projects, which improve living

compared to the previous year, and there is

sqm of new developments in 2021, as new

standards in the capital city, according to a

still significant room for growth compared to

supply is needed both to account for the

Bucharest Real Estate Club (BREC) analysis

other CEE countries.

robust demand and to replace a significant

titled “The New Face of Bucharest.”

Romania remains one of the more un-

Developers are promising over 0.6 million

stock of older warehouses which are not

dersupplied markets among the major CEE

up to par with current technical and safety

ment volume, which includes all sub-seg-

countries, having roughly half of the ware-

requirements. Colliers consultants point out

ments of the Bucharest real estate market,

house stock on a per capita basis compared to

that speculative developments, which were

reaches EUR 3.5 billion, with the residential

Poland and a quarter of the Czech Republic’s.

halted during 2020 amid elevated uncertain-

sector – middle & upper class quality projects

Bucharest accounted for around half of all

ties, should come back to life and matter

– accounting for a total of EUR 1 billion, across

delivered space and the rest was scattered

much more – possibly as much as 20 percent,

60 projects included in the analysis, either

throughout Romania – mostly in cities from

double the share seen in 2019.

According to BREC data, the total invest-

8 COVER STORY

www.business-review.eu Business Review | March 2021

OUTSTANDING WOMEN ROCKING THE BUSINESS WORLD Gender equality is one of the key drivers of effective management, regardless of industry. While there are fields like social entrepreneurship and agribusiness where this balance could be achieved sooner than in others, the trend is pretty clear: gender equality is being encouraged in an increasing number of businesses and sectors, so we’re seeing more women rising to C-level positions or corporate board membership. BR sat down with several outstanding women from different areas of business, from both the public and private sectors, to discuss the challenges women face in top executive positions and the unique contributions women leaders can bring to a company’s ecosystem.

By Anda Sebesi

www.business-review.eu Business Review | March 2021

COVER STORY 9

A

ccording to the fifth edition of the Gender Equality Index (2020), issued by the European Institute for Gender Equality (EIGE), with 54.4 out of 100 points, Romania ranks 26th in

the EU. The country’s score is 13.5 points below the EU average. The same source shows that since 2010, Romania’s score has increased by only 3.6 points (– 0.1 points since 2017).

Perhaps surprisingly, Romania has quite a large number of women in C-level positions. “Stats show that boards with more seats occupied by women are associated with increased financial performance and shareholder value. Usually, women face more challenges than men in ascending to board positions in the private sector, where wages are higher. In Romania, the gender pay gap is 3 percent, much lower than the EU average of 16 percent, but this stat is actually misleading because it includes the country’s large public sector, which is dominated by women (e.g. teachers),” says Anca Dragu, the President of the Romanian Senate.

She adds that leadership has no gender, and a leader can always achieve his or her goals through engagement, motivation, and professionalism. “I really felt appreciated during my time in C-level positions and this motivated me to turn my professional goals into achievements. In fact, while I worked in the private sector, I was part of a board where half the members were women. In my political party, PLUS, I am a member of the main ruling body – the National Bureau – where 4 out of the 7 members are women.”

Along the same lines, Adina Nanu, Director of Human Resources and Transformation and member of the board at Auchan, says that board membership was offered to her and that it had not been one of her career goals. She adds that she doesn’t believe gender should ever be seen as an advantage in certain jobs. “I believe only in determination, focus and hard work.” Nanu highlights the fact that about 68 percent of all positions at Auchan are currently held by women, and 40 percent of store managers are women.

According to Ramona Dumitru, Communications and Public Affairs Director at Veolia Romania, gender balance is a key aspect of effective management. “As for how C-level executives are being treated based on their gender, I can’t say I’ve noticed that many differences. Of course, the occasional unconscious bias or stereotype still exists, probably more often in some cultures or places, but what I focus on is the action being taken to address these types of issues.

Gender diversity is strongly correlated with both profitability and value creation inside a company, therefore the case for improving women’s access to C-level positions has never been more compelling,” Dumitru argues. She adds that women are far more involved in decision-making processes and have more seats at the table than they did before. “Diversity and closing the gender gap are not just a couple of KPIs that someone needs to check at the end of the year.

They are stepping stones towards creating a work environment that nurtures performance, innovation, respect, solidarity, and inclusion.”

Obviously, no one starts their career in a C-level position. You must be smart and work hard to get there and stay in the position for as long as you want to. A challenge most women professionals must

www.business-review.eu Business Review | March 2021

10 COVER STORY

deal with is making the best out of both worlds – being a successful

tracks progress. Nonetheless, there is still a long road ahead in

professional as well as a good mother. And female executives all

many aspects, particularly in the digital world. As our present and

over the world are doing their part to redefine working motherhood

future are increasingly digital, we need to ensure that women and

and no longer have to choose which part of their legacy to focus on.

girls occupy their fair share of this sector and are encouraged to

“When analysing and studying the epitomes of success, hard

contribute towards its growth. The EU Gender Equality Strategy

skills like technical expertise, empirical experience, analytical

adopted this year sets out key actions for the next 5 years, to

thinking, and in-depth knowledge seem to be fundamental, and

step up the work towards equality, and we need to see it be

mostly attributed to men, although this does not mean that men

fully implemented to ensure that women and men can be free

lack soft skills. To women’s advantage, hard skills like the ones

and that they will thrive and lead,” said Helena Dalli, European

I mentioned above can be easily and fairly claimed alongside a

Commissioner for Equality, at the end of last year.

roster of soft skills: self-motivation, attention to detail, resilience, networking, communication, collaboration, critical thinking – in

POWER DRIVING PROGRESS

short, emotional intelligence (EQ),” says the Veolia Romania

Improved gender equality in decision-making is the main driver

representative. According to Ramona Dumitru, the latest research

of progress in the EU. The power indicator, which measures the

shows that women usually score very high on EQ tests, and this

engagement of women and men in decision-making in areas like

can be linked to the fact that women-led teams are highly engaged.

politics, economics, media, research, and sports accounts for 65

“This approach to transformational leadership and management is

percent of all progress in the Index since 2010, yet with a score of

strongly rooted in encouraging and motivating teams to partake in establishing both the company’s and the team’s

53.5 out of 100, it remains the lowest scoring domain. The biggest improvements have occurred in the private sector,

purpose, as well as heightening the sense that

largely due to the improved gender balance on

everybody is contributing to the prosperity of the

company boards. Belgium, Denmark, Germany,

company or organisation they work for,” she

Italy, the Netherlands, Finland, Sweden, and the

concludes.

UK have company boards where almost a third of members are women. France is the only

HOW DO THINGS STAND IN THE EU?

country with over 40 percent. While these

The Gender Equality Index has been widely

countries have been helping to boost the score

recognised for its contribution to monitoring

in this regard, the rate of change will soon slow down unless other countries start catching up.

progress on this metric in the EU. The Index covers a range of indicators in areas such as work, money, knowledge, time, power, and health. It also integrates two additional factors: violence and intersecting

SEGREGATION HOLDS US BACK One of the biggest problems holding back gender equality is

inequalities. The indicators are closely linked to EU targets and

segregation in both education and work, meaning a concentration

international commitments such as the Beijing Platform for Action

of either women or men in certain subjects or jobs. Despite efforts

as well as the 2030 Agenda for Sustainable Development and its

to tackle this issue, such as special initiatives to encourage women

Sustainable Development Goals (SDGs).

to study science, engineering or ICT, segregation has actually

With a score of 67.9 out of 100, the EU is at least 60 years away

increased since 2010. In the EU, only two out of ten ICT jobs are held

from reaching complete gender equality, if things continue at

by women, while the care sector lacks men, as they make up just

their current pace. The latest Gender Equality Index from the

15 percent of workers in nursing, midwifery, and personal care in

European Institute for Gender Equality (EIGE) found that the EU was

health services.

improving by just half a point each year. Among the bloc’s Member States, Sweden, Denmark, and France have kept their top spots. The

THE DIGITAL WORLD AND THE FUTURE OF WORK

awards for the highest improvements went to Italy, Luxembourg,

The 2020 Index had a special focus on the effects of digitalization

and Malta, with each having gained around 10 points since 2010.

on the working lives of women and men. Women face a slightly

But Greece, Hungary, and Romania are lagging behind the rest. “We

higher risk of being replaced in their jobs by robots and are

have seen small, steady gains year on year, but this time we have a

underrepresented in developing artificial intelligence, digital

reason for concern. The coronavirus pandemic poses a serious threat

start-ups, and high technology products such as space crafts,

to gender equality progress, which we cannot afford. More than

optical fibres, lasers, and microchips. Overall, men dominate the

ever, policymakers will need to use the results of our Index to design

development of new technologies across the EU.

inclusive solutions that promote gender equality in our society, both during and after the pandemic,” said EIGE director Carlien Scheele.

“Gender equality must be sought in all areas of life for all

Interestingly, the expansion of work organised through online platforms is reproducing traditional gender inequalities such as the gender pay gap and gender segregation. For example, men are more

Europeans – regardless of their gender – to reach their full potential.

likely to work in software development or food delivery, whereas

The Gender Equality Index is a crucial tool in this quest as it

women work more in online translation or domestic services.

www.business-review.eu Business Review | March 2021

12 COVER STORY

From Wall Street to real estate Having had the opportunity to work in both real estate and banking – two fields where executive roles tend to be dominated by men, Fulga Dinu, Country Manager for Operations at IMMOFINANZ Romania, is lucky enough to have seen many of her professional dreams come true.

F

By Anda Sebesi

ulga Dinu studied

and fully dedicated team,

financing and

which she has and truly

investment at the

appreciates, as well as by

City University of New

putting in a lot of hard

York, from which she

work and commitment,

graduated summa cum

things that naturally de-

laudae. Her life’s dream

rive from the passion she

was to work on Wall Street,

has for her work.

and it quickly came true:

Talking about gender

she started her career in

equality in the real estate

investment banking at

sector, Dinu says that com-

JP Morgan. In 2001, she

pared to the early 2000s,

returned to Romania and

when she started out in

developed the real estate

this field, there are many

financing department at

more women in top posi-

HVB Bank, at a time when

tions, especially in Eastern

the market was just start-

Europe. “However, real

ing to take shape. She then

estate is still a male-dom-

became Country Manager

inated industry, but I be-

at Eurohypo AG, a bank

lieve that top performance

that was part of Commer-

can be achieved regardless

zbank and specialised in

of gender, in any field,

real estate financing. This

through solid professional

move allowed her to grow

training and managerial

along with the market and

talent. We live in an age

be involved in high-profile

of equal opportunity, of

projects on all segments,

tolerance, where gender or

from office to residential,

nationality no longer mat-

retail, and logistics.

ter, and this means that

At the beginning of

strong, remarkable, and

2018, she took over as

inspirational women have

Country Manager Op-

a much better opportu-

erations at IMMOFINANZ

nity to make their voices

Romania. “This change

heard,” she adds.

came naturally in my

While she admits that

professional development, confirming my constant need for trans-

the banking and real estate industries are rather conservative and

formation and development. At the moment, my career is meeting

predominantly masculine, Fulga Dinu strongly believes that solid

all my expectations, especially because I have moved to the ‘other

knowledge and strong managerial skills are key to every woman's

side’ of the business, taking on the role of investor, which allows

success. “A good professional cannot hold a top management role

me to deepen my understanding and adopt a much more detailed

without the skills of foresight, planning, coordination, and control.

view of the business,” Dinu says. However, she thinks that this level

A top manager must be able to take responsibility and make impor-

of performance can only be achieved together with a highly skilled

tant decisions, carry out in-depth analysis, be creative, and very

www.business-review.eu Business Review | March 2021

COVER STORY 13

importantly, always work to motivate and inspire the team they

tive, understanding, and empathetic than men. We can therefore

lead,” the Immofinanz executive argues.

see why feminine traits are becoming strengths in today’s business

Dinu also points out that even though it may be challenging for a woman to work in a business sector dominated by men, gen-

world. Emotional intelligence is essential in understanding both people and markets, as well as in communicating effectively.”

der doesn’t really matter as long as an individual’s professional approach demonstrates competence and efficiency. “I’ve never

BIG CHALLENGES LEAD TO BIG REWARDS

thought that I might have been treated differently if I were a man.

As a top executive, Dinu says that making sure that she makes the

It just so happens that my professional path has taken me through

right decisions and that she can live with them afterwards is the

areas which have traditionally been male-dominated, namely bank-

biggest challenge she faces. “I’ve always believed that any decision

ing and real estate. However, being a woman was never a problem

is better than no decision,” she explains. Then there is the challenge

for me; on the contrary, I believe that in my line of business, it can

of keeping a balance between professional and personal matters. “I

actually represent an advantage,” Dinu notes. “In fact, I started to

want these two essential components of my life to harmoniously

openly express my opinions and make my voice heard and listened

intertwine, and more often than not, that’s what happens. There are

to very early in my career,” she adds.

very demanding periods at times, when I dedicate myself almost entirely to my career, but family restores my balance and gives me

FEMALE LEADERSHIP ON UPWARD TREND

the strength to move on.”

Dinu highlights the fact that her great perfor-

While Dinu says she has never felt treated differ-

mance as a leader has derived from building

ently as a top executive due to her gender,

a wonderful, fully dedicated team. “I

she acknowledges the fact that salary discrepancies sometimes still exist

have always counted on the people

between men and women. But the

in my team, whom I respect and

good news is that we’ve been

am very proud of. Mutual trust,

seeing a rise of the woman-led

honesty, and loyalty are all at

business community, both

the foundation of this beauti-

locally and internationally.

ful team of mine.” She notes

There is a growing number

that her leadership style in-

of exceptional business

volves always being close to

women, real professionals

people on the team, always

who make very good manag-

approaching them with a

ers and create extraordinary

smile, and shielding them from stress and tension as

things. These women are

much as possible. Asked about

getting the respect they truly

the most difficult moment in her

deserve and are wonderful

career, the IMMOFINANZ Country

examples for us all. “In today’s busi-

Manager puts it simply: “I generally

ness world, I am happy to see women

believe that any difficult moment can be

bringing creative perspectives, ideas, and

overcome by making the right decisions at

innovative experiences that lead to better

the right time. However, people management is to

decisions in companies, takes a great deal of courage for them to make themselves heard, but this is essential, because

me one of the hardest and sensitive things to handle, so I put extra

women certainly have a lot of important opinions and ideas to share

effort and care into it.”

with the world, and they can definitely make the world a better place,” Dinu argues.

According to the IMMOFINANZ representative, any woman

FAMILY ROLE MODELS Fulga Dinu’s mother and her grandmothers were role models who

who holds not only a C level position but also an A level one, can

inspired her both personally and professionally. “My mother helped

transform intrinsic traits such as multi-tasking, analytical think-

me become the person I am today. I learned something important

ing, vision or planning into professional advantages. Women can

from each of them and looked up to them while I was growing up.

be much more analytical in certain contexts, but they are also more

They were all strong women, but sensitive at the same time, they

emotional at times. But skills that are traditionally associated with

always stood up for themselves, expressed their opinions, and were

women like empathy, empowerment, emotional intelligence, and

extremely dedicated to their families. They showed me how to be

instinct-based action are now considered valuable in business. “For

dignified, but also how to make compromises when I need to. They

example, women are viewed as better able to manage people and

also taught me not to miss out on opportunities, and this helped me

situations during stressful times and they are thought to be better

find my path not only in my career, but also in motherhood,” she

positioned to manage a crisis because they tend to be more intui-

concludes.

www.business-review.eu Business Review | March 2021

14 COVER STORY

The first woman in charge of the Romanian Senate With a background in economics, having worked as a central banker and later as a macroeconomist, Anca Dragu is now the first woman to ever hold the Presidency of the Romanian Senate. She sat down with Business Review to talk about what it has been like holding such a position as a woman, the biggest challenges she has faced in her career, and how she was able to overcome them.

T

By Anda Sebesi

hroughout her career, Romanian

rocket science; it’s only about balance and

Senate President Anca Dragu has

self-confidence,” she says.

made constant efforts to gain more

Asked whether she had a woman as a role

knowledge and take advantage of the few

model, Anca Dragu says that she looks up

opportunities that an emerging economy

to both men and women, including histori-

and young democracy like 1990s Romania

cal figures from national and international

had to offer for young women like her.

history, but also people in her life who have

She started her economic studies at the

inspired her professionally. Her strongest

beginning of the 90’s, began her career as

personal values are tenacity, honesty, and

a central banker, and later became a ma-

respect for others. “I’ve been inspired by

croeconomist. “Working for international

teachers in primary and secondary school,

institutions in macroeconomics and eco-

by colleagues, and by family,” she recalls.

nomic policy, I was able to learn about many

As for the most challenging moments

economies across the world, understand

of her career as a C-level executive, Dragu

the role of structural reforms in sustainable

says that joining a new company and

and inclusive growth and sectorial policies,

departing from a job are always difficult.

as well as observe best practices. This gave

“But in between, in my last role, I had to

me a good overview of economic systems and reform and it offered

go through the pandemic and the lockdown together with my team.

me the chance to develop skills that I could use to lead international

Staying close to the members of my team during the pandemic was

teams and bring harmony into diverse groups,” says Anca Dragu.

a huge challenge. I felt my colleagues’ need to be understood and

In reality, the number of women involved in Romanian politics is quite small. However, Anca Dragu has never felt discouraged by her fellow senators or party members during her political experience, and her collaboration with all colleagues in the Romanian Senate and Parliament has

appreciated from a distance. I offered them my support, I organised one-to-one discussions, online meetings with influencers and trainers, all aimed at boosting their confidence and preventing feelings of loneliness and lack of trust.”

For her, maintaining thought indepen-

been based on mutual respect. “My

dence and having the strength to act as

belief is that we can educate people

a voice of reason while constructively

around us and encourage open-mind-

challenging opinions were some of

edness regarding a gender-balanced

the biggest challenges she faced

professional environment by sending

in her C-level roles. Building and

the right message and adopting the

integrating a new team structure,

right attitude, so I have been acting

transforming an organisation and get-

accordingly. As the President of the Senate, I see it as my duty to be a role model and empower women who might want to get involved in politics, but may feel discouraged by social pressure or stereotypes.”

She thinks that women in our country can be successful political leaders and have a strong family at the same time. “It’s not

ting it to go from working in silos to a cooperative/matrix workstyle, generating a “one team, one goal” attitude, and implementing major economic projects that would have a positive impact in a short period of time were among Dragu’s most important achievements as a C-level professional.

www.business-review.eu Business Review | March 2021

COVER STORY 15

The secret to success: never back down from a challenge The transition from journalism to communications was a significant step forward for Ramona Dumitru, Communications and Public Affairs Director at Veolia Romania, setting the foundations and teaching her valuable lessons for her current role.

R

By Anda Sebesi

amona Dumitru’s profes-

sional environment.” Dumitru

sional journey began in

points to the fact that the last 50

the world of journalism,

years have been defined by a great

where she worked for the most

transformation of the labour force,

reputable business newspapers on

with more women having risen

the market. She made the switch

to senior, C-level positions inside

to the ever-evolving field of com-

a large number of organisations

munications in 2003 and she was

and business sectors that had

fortunate to work with top PR and

traditionally been reserved for

advertising agencies and learn

men – serving as evidence of the

the ropes alongside top figures of

changing role of women in society.

the Romanian and international

“I think that every time a woman

industry. “This trained me for my

sets her mind on something in her

current position as Communica-

professional life, she should do

tions and Public Affairs Director at

everything in her power – within

Veolia Romania. I joined the team

reason – to achieve that goal. And

in a C-level position in 2017, and since then I have been in charge of communications for all seven Veolia companies operating in Romania,” Dumitru says.

Traditionally, water and energy are perceived to be very maledominated sectors. However, Veolia promotes and honours diversity, innovation, and social responsibility. “Gender equality is a top priority for the Veolia Group and through training, mentoring, and development programmes, our culture encourages women to develop and nurture their talents and helps them achieve their professional

she should never feel the need apologise for her ambition,” she argues.

She adds that translating the technical vernacular that in some cases may be inaccessible for many of the company’s customers into more friendly, easy to read language was a challenge that Veolia Romania addressed by always maintaining an open dialogue with the communities it served. At the same time, it adopted internal communication strategies and tactics to create a healthy, cohesive, inspiring, and productive work environment. “Once you learn how to

goals. I have been a first-hand recipi-

actively listen and successfully com-

ent of this benefit working for a com-

municate the company’s vision and

pany like Veolia and have personally

mission in an assertive, yet sympa-

experienced this type of support,”

thetic manner, your job is almost

she explains.

done.”

But how did she manage to succeed in a sector dominated by men? “I am a very ambitious woman, so I try to meet any challenge with tenacity, an intuitive strategic approach, and an authentic sense of self-confidence. Thanks to my resilience and innate communication skills, I was able to overcome the difficulties and limits that came with working and growing as a woman in such a challenging profes-

Asked about her biggest achievements as a C-level executive at Veolia Romania, Dumitru says that the fact that the company has an impact on so many lives comes with a high level of responsibility for its leaders. “Our communication campaigns always include strong education and responsibility components, and I am grateful that this is being recognised by the industry as well.”

www.business-review.eu Business Review | March 2021

16 COVER STORY

A woman thriving in a man’s world Lara Tassan Zanin, Head of the EIB Group Representation in Romania, believes that we must make the most of the chances life gives us. She talked to Business Review about her professional experience in a world dominated by men and by senior experts who were usually much older than her.

L

By Anda Sebesi

ara Tassan Zanin’s profes-

tution in the technical experts’ de-

sional journey started some

partment and later moved through

20 years ago, when she

several other positions. “I was

started to work for a development

very young when I joined the EIB,

agency reporting to the Italian For-

and there weren’t many women

eign Affairs Ministry that operated

around at the time. But what I

in Central and Eastern Europe.

liked the most was that even the

Back then, the institution was

most experienced engineers would

looking for a young engineer with

ask for my opinion. Everyone

an appetite for finance. “I have

mattered, every kind of experience

always been interested in large

mattered. I found a very open and

complex infrastructures, from

multicultural professional envi-

both a technical and a financial

ronment that helped me flourish in

perspective. I wanted my projects

the years that followed.” For about

to become reality, so I was always

a decade she has been in C-level

inclined to find the money to

positions, first in the EIB Constitu-

implement them and acquire fi-

ency at the EBRD Board in London,

nancial engineering skills. I think I

then as Head of the EIB Group Rep-

was lucky enough to find the right

resentation in Ankara/Turkey, and

job, which allowed me to develop

now in a similar role in Romania.

in both directions,” Tassan Zanin recounts.

A SECTOR DOMINATED BY MEN

In 2006, after eight years at

Tassan Zanin says that there is

the agency during which she had some great achievements and

no gender equality in the finance industry, whether we’re talking

received the first CEI Award assigned to a staff member, she decided

about public or private lenders, and official data support this view.

that it was the right moment to move on, as she wanted to further

“Of all executive management positions in the banking sector, only

develop her career. “Back then, my boss told me: ‘You are pushing

roughly 30 percent are held by women, even though more than half

too hard. You need to move into something bigger’.” So she looked

of economics students are women. And unfortunately, the industry

around and found three places where she thought she might want to

goal right now is not even getting to 50 percent women in leading

work: the European Investment Bank (EIB), the World Bank, and the

positions, but to a mere 35 percent.”

European Bank for Reconstruction and Development (EBRD). She

But what are the reasons behind this gap? As Tassan Zanin puts

applied for positions at all three institutions, and finally decided to

it, just like we see in other situations, whoever holds the major-

go for the EIB.

ity tends to want to preserve it because it brings certain benefits,

“I went where the big money was, and still is. At the EIB you

and the financial sector is no exception. “It is simply a matter of

need to have international experience and a mix of skills including

comfort. Men have been dealing with men since they were kids.

relationship building; you have to be a team player, but also to have

The financial industry is a very competitive environment, with

initiative. The recruitment process was quite difficult, because back

lots of ambitious, brilliant people. They face a lot of challenges, so

then the EIB’s philosophy was that when you join its team, you join

they don’t feel like adding a new one by bringing on more women,

it for life, and the institution must make sure that it hires the right

because that may require them to adopt a different way of doing

person.” Lara believes that she entered a highly professional world

things,” says Zanin.

through the EIB and has never had any regrets about this move, as it has been a very rewarding journey. She started her work at the insti-

According to the EIB executive, since the financial sector is no longer as appealing as it was 20 years ago, when it was seen as a

www.business-review.eu Business Review | March 2021

COVER STORY 17

top career choice, there are sectors where gender equality will

good use in sectors where men hold the majority. “Women have an

be achieved sooner, including social entrepreneurship and agri-

innate capacity to be both verbal and non-verbal. They also have a

business. “These are sectors where women can take on leading

higher level of risk aversion, because they need it in everyday life.

positions, become entrepreneurs, and make great strides towards

As for role models, Tassan Zanin says that when she started her

gender equality.” Still, she points out that Romania’ situation is

professional journey, she looked up to Eleanor Roosevelt. “I ad-

particularly challenging, because less than 20 percent of businesses

mired her because she had an outspoken stand for equality, regard-

are led by women. Within two to three years of graduating from

less of race, social class, or gender. She leveraged her privileged

university, many women disappear from the labour market as they

position of US First Lady to convince the UN Assembly to adopt a

decide to start a family and have kids. “The challenge for Romania

standard of basic individual rights for nations around the world,

is creating child-care facilities to support women in re-entering

protecting the rights of every individual, everywhere. I have many

the labour market and encourage them to work towards leading

such women as role models in my life, because they were uncon-

positions within their companies.” In addition, she says that in

ventional and created opportunities for other women. This is what I

Romania, as well as in other southern regions in Europe, failure in

find most inspiring about them, as I wouldn’t be able to advance the

entrepreneurial ventures is socially more accepted for men than

gender equality agenda on my own.I can though contribute to it by

for women: the latter fear that such failure would put into question

enabling other women to fight for equality in sectors where they are

their reputation as positive female figure in their families.

still underrepresented and underpaid.”

COMPETENCE, ASSERTIVENESS, AND CHARM

TURNING CHALLENGES INTO RESULTS

Asked how she coped with the challenge

Since she has always been working in

of working in an industry dominated by

male-dominated environments where

men, Tassan Zanin says that in her

she was usually younger than the

case, it comes down to a mix of three

senior experts, Lara Tassan Zanin

factors: competence, assertiveness,

has needed a lot of strength to rise

and charm. While she developed

to the top of her field. One of her

the necessary hard skills quite

biggest challenges was getting the

early on, assertiveness and charm

EIB to endorse the “No Diversity,

came into the picture much

No Panel” initiative by which the

later, through her work in difficult

European Commission used to

environments like Turkey. “Being

pursue gender balance in confer-

assertive is actually very important.

ence panels. “It took me and my col-

Once you know what you are doing or

leagues perseverance and influencing

saying, you have the right to speak up

skills to get the support needed by the

and be listened to. As for charm, I became

relevant internal services at the Bank and

aware of this dimension while I was growing as a professional. Male colleagues would often place me on the front lines to convey delicate messages to governments.

Though competence and assertiveness may come first, charm helps you convey difficult messages in a way that your counterparts can accept them more easily.”

According to Lara Tassan Zanin, there are two important things

the final approval of our governing body.’’ Now we have even a bigger challenge ahead of us: making sure that the initiative is respected and there is diversity in everything we do.”

But challenges didn’t stop here for the Head of European Investment Bank Group Representation in Romania. While the EIB has been one of Romania’s top financing partners for many years now,

that should be acknowledged in order to reduce the gap between

its efforts do not always get the deserved visibility in the domestic

men and women holding top executive positions, namely the dif-

market, so Tassan Zanin has had the difficult task of maintaining

ferences between their communication styles and breadth of focus.

her staff’s morale, to make up for the lack of public recognition and

“The more women are aware that they communicate differently,

eventually unjustified bad press. “I have been advocating for higher

the easier it will be for them to hold on to their emotional angle,

visibility for the EIB, because the greatest difficulty comes from

which is very important in building relationships and very helpful

the discrepancy between what we do in Romania as an institution

in negotiations. They don’t need to sacrifice their emotional side;

and what we are perceived to be doing.” In addition, during her

they can actually use it as a resource. Furthermore, while men are

tenure so far, she has made an effort to address some of her staff’s

generally more niche-oriented, women tend to always have an eye

biggest frustrations, with great results. “Team unity is much better

on the bigger picture.’’

than it was when I first came to Romania. After all, interpreting and

Women who hold C-level positions must be resilient and persistent. Nevertheless, they have some advantages that can be put to

exploiting culture diversity in order to deliver results is one of the key drivers of my role here.”

www.business-review.eu Business Review | March 2021

18 COVER STORY

From managing products to enriching people’s careers With vast experience in the retail sector, Adina Nanu, Director of Human Resources and Transformation and member of the board at Auchan Retail Romania, sat down with Business Review to take us through her professional journey so far, pointing out that skipping steps is not a good idea if the aim is to build a healthy career.

A

By Anda Sebesi

dina Nanu has been

appointed Interim Director of

with Auchan ever since

Human Resources and Trans-

the French retailer

formation, and from December

first entered the Romanian

1st onwards, she took over the

market 15 years ago, and by

role on a permanent basis, and

that time she had already spent

also became a member of the

six years working in the retail

Auchan board.

sector. Nanu has therefore

Acknowledging the fact that

been present at every stage of

women are generally associ-

the company's development in

ated with HR roles, Nanu says:

Romania, having taken on chal-

“I don't think there are rational

lenges in several business areas,

reasons for this, just like I don't

which enriched her experience

think there are rational reasons

and gave her the energy to

why a woman couldn’t take

move forward, even in delicate

on any role in a company; and

moments. “I started out as a

the same can be said for men.

Buyer and then I continued as

I believe that an acceleration

Private Label Manager, overseeing the building, development, and

of gender diversity would bring many benefits to HR practices, as

implementation of private labels in Auchan. Later, I continued in

well as to other areas of business,” she argues. Speaking about her

roles like Purchasing Group Coordinator and Brand and Quality Director,” she recalls.

Four years ago, she transitioned from managing products to managing people, thus beginning her career in HR. “Working in Human Resources was an old dream that came true at a time when

position as a member of the Auchan board, Nanu adds: “I haven’t given much thought to the fact that most of my colleagues on the board are men. I see myself as an equal member of the team, and I’ve never felt like they perceived me otherwise." As for the challenges she has faced as a C-level executive, Nanu

I had almost forgot about it. I am

says that the main challenge was to

convinced that change is sometimes

believe that the decisions she made

healthy, including in one’s profes-

at a certain point were the best in

sional path – it helps you gain a new

the given context, with the data she

perspective and develop further. In

had. “Another inherent challenge in

addition, a person with a solid back-

such a role is knowing that your deci-

ground in a particular field can often bring added value to an entirely new line of work. This kind of move can benefit both the company, bringing fresh vision and new approaches, as well as the person, because they can take on different responsibilities and face completely new types of decisions,” Nanu says. In the summer of 2020, she was

sions are about people and that they can decisively impact their lives. But the greatest reward is knowing that my decisions can make people’s lives better, and that is my main goal in this role – to make their lives as good as possible, and guide their professional development based on their merits,” the Auchan executive concludes.

www.business-review.eu Business Review | March 2021

ADVERTORIAL 19

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Being a leader is a constant challenge in

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gaps began to be more evident and career

grow. To do so, you need to be able to learn,

ing them space. Trust means to sometimes

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un-learn and re-learn. We are all work in prog-

let go of control. Micromanagement is losing

And when above all daily challenges, we face

ress and each experience is a lesson”, Mihaela

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the years to come are very ambitious. When

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“For my team, I believe autonomy is the key

it comes to gender balance, their commit-

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www.business-review.eu Business Review | March 2021

20 TAX

Romania’s tax system: a SWOT analysis Like most countries in the region, Romania has a strong demand for foreign direct investment (FDI) to support its post-COVID-19 economic recovery. We take a look at the latest trends regarding foreign direct investment in our region and how they could influence Romania.

By Claudiu Vrinceanu An increase in taxes would not necessarily result in increased state revenues after a crisis like COVID-19

STRENGTH: STABLE TAX RATES Tax stability and predictability are key for any country looking to attract investments. Coun-

to provide more transparency and better tax

which will be strengthened and, according to

tries with longstanding tax practices are able

collection from all taxpayers. Essentially, an

government representatives, will also attract

to remain attractive because any investor can

increase in taxes would not necessarily result

specialists from the business and IT sectors.

make long-term business plans and rely on

in increased state revenues, especially after

fixed tax rates and predictable fiscal changes.

a crisis like COVID-19 when companies are

In Romania, direct tax rates (income, profit)

already burdened, but improving current

THREAT: BUDGET DEFICIT COULD LEAD TO A WIDENING TAX BASE

are indeed stable, which is a strong point in

tax collection practices and encouraging vol-

Even if the government's estimation of the

a SWOT analysis of the current fiscal system.

untary compliance through bonus schemes

2021 budget deficit has dropped to 7 percent

The single income tax rate (10 percent), social

for good payers could boost state budget re-

of GDP from 9 percent in 2020, this year’s

security contribution (10 percent CASS, 25

venues," says Angela Rosca, Managing Partner

target is ambitious and the pressure on the

percent CAS), corporate tax (16 percent), divi-

at Taxhouse.

budget will be high, which could generate

dend tax (5 percent), and standard VAT rate (19 percent) will remain unchanged in 2021,

debates around the introduction of new taxes.

OPPORTUNITY: POLITICAL MAJORITY ALLOWING ANAF REFORM TO BEGIN

The Fiscal Council claims that achieving fiscal

As for the political element, the business

is not possible, and that the tax base must be

WEAKNESS: ANAF UNREFORMED AND NOT DIGITALIZED

environment foresees that, at least for the

expanded. More specifically, the specialists

next few years, the country will be led by a

argue, tax exemptions must be narrowed. "It

A major weak point of Romania’s tax system

governmental coalition which will allow the

is difficult to imagine budget consolidation

lies in the fact that the National Fiscal Ad-

Fiscal Agency’s reform to accelerate. Beyond

being achieved in the 2021-2024 period with-

ministration Agency (ANAF) still hasn’t gone

digitalization and IT solutions, the process in-

out a significant increase in state revenues.

through a much-needed reform and digitali-

volves a “change management” project, with

This could come from improving collection

zation process, even though this has been a

essential components like human resources,

efficiency, broadening the tax base, eliminat-

topic of discussion for many years now.

training, and motivation. A first step towards

ing exceptions and loopholes that reduce the

has already been taken: creating a specialised

amounts paid by some taxpayers, firmly com-

investors unanimously approve of current

department – the Information Management

bating tax evasion and unfair tax competition,

tax rates, which should be bundled with the

Unit – dedicated to supporting and accel-

and optimising tax rates," says Fiscal Council

digitalization and modernisation of ANAF

erating the digitalization of the Tax Office,

president Daniel Daianu.

according to the governing parties’ agenda.

“Romanian entrepreneurs and foreign

consolidation through spending cuts alone

www.business-review.eu Business Review | March 2021 May 2016

COVER STORY R&D 21 14

Five opportunities for Romania’s R&D ecosystem BR takes a look at five major opportunities arising in 2021 for Romania’s Research & Development ecosystem, which is built upon a set of key institutions and frameworks that the country must develop further in order to see good results in the R&D field.

By Claudiu Vrinceanu Romanian government on the measures necessary to meet the “Good governance of the national or regional smart specialisation strategy” condition.

EU CYBERSECURITY CENTRE IN BUCHAREST One of the big opportunities of 2021 is the fact that Bucharest will host the EU Cyber Centre, the first European agency to be based in Romania. Bucharest has “an extraordinary cybersecurity ecosystem, an impressive number of ICT specialists and innovative tech companies, connectivity to the highest standards, and a diverse, dynamic, and prosperous international environment,” and Romania has already put a national system in place with the purpose of operationalising One of the big opportunities of 2021 is the fact that Bucharest will host the EU Cyber Centre

the centre.

THE NATIONAL RECOVERY AND RESILIENCE PLAN (PNRR)

mania was on the last place of the European

THE GROWTH OF THE IT&C SECTOR

Innovation Scoreboard in 2020, with a gap of

Romania’s IT&C sector could continue its

One of the most important opportunities for

over 68 percent from the EU average. As for

growth in 2021, so the Software and Services

Romanian research and the local business

digital transformation, although it is a crucial

Industry Employers’ Association (ANIS) notes

environment is the National Recovery and

EU priority and the Regulation provides for

that the local IT industry’s objectives for

Resilience Plan (PNRR). The government

an allocation of at least 20 percent in National

Digital Romania in 2025 are for the sector’s

released in July a first version of the National

Digital Plans, an allocation of only 2.3 percent

value to rise to 10 percent of GDP from the

Plan, a document that mainly focused on

was initially proposed for the effective digi-

current level of about 6 percent, and to create

principles and less on specific projects.

talization of the Romanian public sector (700

the largest information technology hub in

million), a value that could be higher in the

Central and Eastern Europe in terms of its

next version of the PNRR.

companies’ total valuation. The develop-

In September 2020, the European Commission issued strategic guidelines for

ment of the high-tech ecosystem is a strategic

the implementation of the Relaunch and

direction of economic growth for Romania.

a guide on how Member States should design

THE BUCHAREST-ILFOV REGION’S 2021-2027 SMART SPECIALISATION STRATEGY

their national plans to benefit from funding

In 2020, we saw the first working version of

cial intelligence (AI) can provide Romanians

from the Mechanism budget. The deadline

an analysis of the economic, research, and

with competitive jobs, a higher quality of life,

for submitting recovery and resilience plans

innovation potential of the Bucharest-Ilfov

and better public services. To achieve these

is April 30, 2021. An allocation of 275 million

Region Smart Specialisation Strategy (RIS3

goals, however, we need concrete and well-

euros (0.9 percent) is proposed for research

BI). It was developed based on the European

targeted measures, which could accelerate

and development in Romania’s initial plan,

Commission’s RIS3 Methodology and the

the country’s digital transformation in the

an amount that could increase given that Ro-

March 2019 Memorandum approved by the

coming years.

Resilience Mechanism and is due to publish

Digital technologies, innovation, and artifi-

www.business-review.eu Business Review | March 2021

22 ADVERTORIAL

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www.business-review.eu Business Review | March 2021

24 TECH

5G frequency spectrum tender to finally happen in 2021 Last year was very important for the telecommunications industry, as it proved the essential role connectivity plays in our everyday lives. But even though Romania has one of the best networks in Europe, there are still many things left to do to make sure that our digital infrastructure remains in good shape.

By Aurel Constantin number of rural connections, much higher than that recorded in urban area connections (+1 percent). Internet traffic surged by 33 percent, with a monthly average of 41 GB per inhabitant. Based on the number of fixed internet connections registered in H1 2020, RCS & RDS held a market share of 55 percent, the Telekom group had 20 percent, and other providers added up to 25 percent.

The number of mobile internet connections decreased by 2 percent, after a 9 percent fall on the prepaid card segment. However, the number of 4G connections remained unchanged at 1.2 million. Total mobile internet traffic grew by just 12 percent in H1 2020, taking the average monthly mobile internet traffic per inhabitant to 4.6 GB. Based on the number of active mobile internet connections in H1 2020, Orange held a market share of 38 percent, Vodafone had 25 percent, and all Romania had 5.5 million fixed internet connections at the end of June 2020

A

other providers totalled 37 percent.

After several semesters of upward trends, revenues in the telecom sector decreased by 4

ccording to the latest data available

call duration. Even fixed telephony traffic

percent in H1 2020, but remained above RON

from the National Regulatory Author-

increased (+17 percent) after a steady, years-

8 billion (almost EUR 1.7 billion). Mobile tele-

ity for Communications (ANCOM) in

long downward trend. “However, revenues

phony generated 39 percent of total revenues,

the first half of 2020, Romania recorded the

from electronic communications decreased

followed by fixed and mobile internet (30

highest half-yearly growth of fixed internet

by 4 percent,” said ANCOM Vice President

percent), TV retransmission (14 percent), and

traffic (+33 percent) since 2015, and at the

Eduard Lovin.

other services (17 percent). Vodafone and the

same time, the lowest half-yearly increase

Romania had 5.5 million fixed internet

Telekom group each held a market share of

of mobile internet traffic (+12 percent). Rural

connections at the end of June 2020 (+3

25 percent, Orange had 24 percent, and other

fixed internet connections went up by 7

percent half-yearly), three quarters of which

suppliers totalled 26 percent.

percent, compared to only 1 percent in urban

were very high speed connections (minimum

areas. The data also suggest that these trends

100 Mbps). The fixed internet penetration

5G ACTION DELAYED

continued into the second half of the year.

rate per 100 households was 66 percent

5G technology is expected to lead to higher

(76 percent in urban areas and 53 percent

business productivity and efficiency, which

cant drop in the number of prepaid cards

in rural areas). The gap between urban and

will be worth USD 1.3 trillion in the global

(-9 percent), accompanied by an increase in

rural has been narrowing in the pandemic

GDP, according to the PwC report “The

voice traffic (+12 percent) and an increase in

context, with a 7 percent growth rate in the

global economic impact of 5G. Powering Your

In mobile telephony, there was a signifi-

www.business-review.eu Business Review | March 2021 May 2016

COVER STORY TECH 25 14

Tomorrow.” “PwC’s projections show that

spectrum should be allocated in even

have heard of 5G expect to begin using this

5G technology, used in conjunction with

greater quantity and from different bands,

technology within the next 2-3 years. That is

investments in artificial intelligence (AI) and

the amount of money obtained from the sale

why we have launched Bite-sized 5G – a web

the internet of things (IoT), can raise the

of the spectrum should be as high as possible,

page available to everyone who is interested,

potential to rethink business models, offer

and last but not least, the spectrum made

providing objective and verified information

quick and efficient services, and create new

available to the operators should be clean,

about the new mobile technology,” Eduard

products, with gains expected to accelerate

without any interference. For the successful

Lovin added.

in 2025 as 5G-enabled applications become

implementation of 5G, we consider it es-

more widespread. Those opportunities will

sential to meet 4 requirements: a wide radio

said they were passionate about technology,

also bring risks, so it is essential to review the

spectrum, enough fiber for connecting anten-

14 percent experienced technophobia, and 49

way in which cybersecurity is approached, for

nas, access to infrastructure, and security

percent were neutral about it. Respondents

the safety of all users: consumers, companies,

of networks and services. The four mobile

identified mobile phones, mobile phone

technologies, is among the institution’s main

networks in Romania currently use 770 MHz

antennas, and high-voltage power lines as

priorities this year.

to provide services, the 5G auction targets

the main sources of electromagnetic (EMF)

another 350 MHz, practically a 50 percent

radiation. They point to increasing internet

COM aims to finalise the tender documenta-

increase in the radio spectrum for mobile

speeds, the emergence of 5G, and the corona-

tion and begin selection procedures to award

communications," Eduard Lovin said at an

virus pandemic as the main reasons behind

usage rights for the radio spectrum available

online conference last month.

their concerns about radiation. At the same

While 37 percent of surveyed respondents

and society,” said Mircea Bozga, Risk Assurance Partner at PwC Romania.

Unfortunately, the highly anticipated 5G spectrum tender was delayed because of the pandemic.

Mobile operator Orange managed to cover the entire city of Bucharest with 5G connectivity through the frequency spectrum it already owns, but other than that, we saw very few new developments.

ANCOM has announced that it would hold the auction this year.

According to its action plan for 2021 holding the tender for the rights to use frequency bands, which will allow the implementation of new

By the end of this year’s third quarter, AN-

in the 700 MHz, 800 MHz, 1500 MHz, 2600

Even more recently, the government

MHz, 3400-3600 MHz frequency bands for

announced that would pass a bill to allow

of information in Romania on the possible

the provision of public networks and broad-

ANCOM to move on with the auction. It will

effects of radiation are television or radio (64

band electronic communications services.

address security issues as well as how non-EU

percent), various websites (54 percent), dis-

companies may be able to access the available

cussions with family or friends (40 percent)

technology and services.

or social networks (39 percent).

Furthermore, the Authority will initiate a market consultation process in order to determine the national electronic communications

time, the study shows that the main sources

“5G commercial services were launched

market’s interest in purchasing usage rights

5G AWARENESS IS GROWING

by operators on the Romanian market in the

for 5 G frequencies.

ANCOM also conducted a survey to under-

first half of 2019 using the frequency usage

stand how people perceived 5G technology.

licences for the radio frequency spectrum in

million for the state budget by organising the

“Amid the growing interest in new technolo-

the 3.4 - 3.8 GHz band they already owned,

radio spectrum auction that will allow com-

gies and electromagnetic (EMF) radiation,

which had been awarded following the

munications operators to widely implement

we have conducted a survey to understand

auction organised by the Authority in 2015.

the new 5G technology, according to ANCOM

citizens’ perceptions and degree of knowl-

ANCOM issues technology-neutral licences,

data.

edge on these topics. One of the findings was

meaning that the provision of electronic com-

that only a quarter of respondents knew that

munications services is not bound to using a

a success, all operators on the Romanian

EMF levels are continuously measured in Ro-

certain technology,” ANCOM vice-president

market should submit bids, the auctioned

mania. Furthermore, 55 percent of those who

Bogdan Iana explained.

The government could earn over EUR 700

"In order for the auction to be considered

www.business-review.eu Business Review | March 2021

26 RETAIL

Re:Focus on eCommerce, Retail & Logistics: Online shopping is here to stay The COVID-19 pandemic hit us quickly and unexpectedly, turning 2020 into a very challenging year. Businesses were forced to adapt to the “new normal” within a very short time, with companies in the retail sector having experienced some major changes, as we learned from speakers at the 2021 edition of Business Review’s Re:Focus on eCommerce, Retail & Logistics conference.

By Aurel Constantin the problem of transport by using different delivery sites. “There are solutions for every problem. It’s true that Romania doesn’t have good infrastructure, but there are ways to go around it. We are part of a group that understood this problem and came up with the EasyBox solution. If we must waste some time going to Iasi, for example, we gain it back by grouping up several parcels. We do Next Day delivery in several big cities in Romania. In Bucharest, over 30 percent of orders are delivered to an EasyBox, and the numbers are high in other big cities as well,” said Robert Berza, the General Manager of Fashion Days. eCommerce grew by more than 30 percent in 2020 compared to the previous year

“

Ensuring that the increased order volumes could be processed by staff in a timely man-

Metro has been seeing negative results

to a growth in online shopping. “Online retail

ner was a major concern for Hervis Sports

due to the pandemic’s severe impact on

grew significantly compared to 2019. The

Romania. “This was the biggest challenge for

the hospitality industry. Players in this

crisis forced our customers to push as far into

us, at least in the first stage of the pandemic.

sector had to rethink their business models

the future as possible all costs related to logis-

Online orders have grown exponentially, and

and adapt to new market conditions,” said

tics, delivery, storage, and anything else they

no one had expected such a large increase

Irinel Popescu, Retail Director at Metro Cash

could postpone,” said Geanina Ungureanu,

in sales volumes. Then there were issues on

& Carry Romania. However, Metro’s strategy

Senior Asset and Leasing Retail Manager at

the logistics side, with suppliers, as well as

has not changed as a result of the crisis. “Our

Immofinanz.

difficulties in terms of order processing. I

eCommerce grew by more than 30 percent

don’t think any retailer was prepared for such

businesses and local entrepreneurs. From this

in 2020 compared to the previous year, with a

a huge rise in online sales,” added Catalin Poz-

point of view, our approach has not changed.

40 percent growth in the number of new on-

darie, the CEO of Hervis Sports Romania.

We are always looking for new solutions to

line customers, many of whom will continue

In the long term, it is important to understand

support both retail and hospitality busi-

to shop online after the pandemic ends.

that online sales will not be able to replace the

goal is to provide support to independent

in-store experience. “The online channel re-

nesses. We are still pursuing multichannel and we have three major areas where we are

DELIVERY PROBLEMS

mains important, but it will be one of several

implementing this strategy: developing the

The biggest issue around online shopping is

important sales channels,” Pozdarie noted.

La Doi Pasi franchise, increasing delivery and

related to delivery times, as the poor state

The 2020 experience proved that eCommerce

logistics services, and digitalization, in which

of our roads is slowing couriers down. “We

could not cover all the lost sales from the of-

we’ve invested a lot during this period, both

launched Next Day Delivery in Poland, but

fline channel, despite all the growth recorded

for reseller customers as well as for hospital-

deliveries in Romania still take 2-3 days. In-

online. “We saw that people had been eager

ity customers,” Popescu added.

frastructure is a big problem,” argued Raluca

to return to physical stores in the May re-

Radu, Country Manager at Answear Romania.

opening, when customers came back in very

Some retailers have found ways to solve

high numbers,” Pozdarie concluded.

While general stores have remained open, many others have had to close down, leading

www.business-review.eu Business Review | March 2021 May 2016

COVER BUSINESS STORY 27 14

Creative industries in bloom in Cluj-Napoca and Iasi The Cluj Cultural Centre recently launched the Work Upside Down project, calling for artists who are interested in imagining the future of work. Ten of their proposals will be selected and financed with up to EUR 6,500 each.

By Romanita Oprea the Cluj Cultural Centre in

London. We wanted to talk with them, then

partnership with the Civic

one thing led to another, and they ended up

Innovation and Imagination

being consultants for our programme. They

Centre, a part of the Cluj-

have been not only an inspiration to us but

Napoca City Hall.

also a great help in developing our tools and

“We want to continue developing our programmes

this journey of creating virtual programmes,”

in a digital format and to

Andreea Bercan explained.

assess their impact on the

T

mindset for what would be expecting us in

But Cluj-Napoca and Bucharest will not

cultural and creative indus-

be the only Romanian cities to develop

tries in Cluj-Napoca. At least

important projects for the creative industries

five successful sustainable

this year. FEPIC (the Federation of Creative

projects in which creativity,

Industries Employers) is looking to develop

entrepreneurship, and tech-

the first hub dedicated exclusively to the

nology come together will

creative industries in Iasi, in partnership with

be developed in the Culture-

the City Hall. The “Creative Hub” cultural

preneurs programme, but we

project, conceptually named Iasi Creative

would be more than happy

Space, aims to create a temporary uncon-

to have more than five.

ventional space with a national opening and

he Work Upside Down initiative is part

We’ll also look for ways to replicate the pro-

international connectivity. The hub will bring

of the Cluj Future of Work project and

grammes, take them further, and introduce

creative industries into a space that can sup-

financed by the European Regional

them to different academic institutions, in

port young artists with the help of entrepre-

Development Fund through Urban Innovative

order to maximise their impact,” said Andreea

neurs in those industries and support art in

Actions. It aims to generate public conversa-

Bercan, the manager of Culturepreneurs.

all its forms. With the coronavirus pandemic

tions that will be accessible to a wide audi-

The Cluj-Napoca-born programme for

having impacted the cultural sector much

ence and mediated through artistic experi-

the creative industries was inspired by

more strongly than it did others, the FEPIC

ences, all on the subject of the future of work.

Foundervine, a London-based organisation,

initiative comes as a helping hand in getting

which to date has built and run multiple suc-

back to an active cultural life, in a city which

future of work through inter-disciplinary

cessful virtual and physical accelerators for

is internationally famous for the names it has

approaches or through visual arts, media arts,

London’s burgeoning startup scene, catering

brought to the field.

show arts, music, literature, etc. Interactive

to founders that would not have the chance

and/or immersive formats are encouraged,

to build their businesses without the right

tries in Iasi a space that will facilitate direct

especially innovative approaches such as

funding, network, knowledge, and mentor-

contact, exchange of ideas, practice, skill

narrative installations, sensorial experiences,

ing. “In the beginning of 2020, we carried out

development, and so on. The space will

role play, fictional object design, and time

an international search for programmes that

connect known players with creative young

capsules. Works developed within the project

targeted entrepreneurs in different fields,

people and innovative startups, with the

will be presented during an exhibition in

mostly in the creative and cultural industries,

goal of developing innovative products with

Cluj-Napoca, between October 1 – November

and Foundervine was one that stood out.

tremendous added value, as well as educa-

30, 2021. The call addresses all Romanian

They have developed their virtual accelerator

tive cultural valences and experimentation

and European artists. Cluj Future of Work is

programme based on existing frameworks

abilities. All of the above result in a long-term

a project initiated by the Cluj-Napoca Urban

that were adapted to the current environ-

investment in the Iasi-based community,”

Innovation Division, which was created by

ment and they have had massive success in

said FEPIC President Irina Schrotter.

Artists are encouraged to imagine the

“We want to give the creative indus-

www.business-review.eu Business Review | March 2021

28 ENTREPRENEURSHIP

Corporate venture capital growing steadily despite pandemic Investment in startups by European corporate venture capital (CVC) funds reached a new record of EUR 19.4 billion in 2020, despite the challenges posed by the global pandemic.

Entrepreneurs looking to take their startup global could sign deals with CVCs as part of a bigger funding deal that includes regular VC funds, but they should be aware of certain limitations that a partnership with a corporation might impose.

By Ovidiu Posirca order of 10,000 cars from UPS, which will help the company grow faster, while also building up UPS’s zero-emissions fleet. In the past, the startup had obtained CVC backing from carmakers Kia and Hyundai to develop its own cars.

Meanwhile, Salesforce Ventures participated in online events platform Hopin’s USD 125 million funding round. Since the beginning of the pandemic, the UK-based startup grew from 20 to 300 employees and reached a valuation of EUR 1.8 billion.

Some CVCs tend to act very similarly to traditional VCs, according to Dan Mihaescu, founding partner of GapMinder VC. This involves targeting startups with high potential for growth and global scaling on an independent basis, participating in multiple rounds alongside traditional reputable VCs, keeping exit routes open, maintaining typical ways of operating inside a VC ecosystem, and holding on to traditional VC terms.

“A startup with good technology and a product that can grow regionally should exSuccessful CVCs can speak to their return on innovation, not just their return on investment in a startup

C

plore and consider the opportunity of growing together with a large regional corporate,” Mihaescu told BR. In 2020, tech dominated the CVC invest-

orporations have built divisions to

alone, over 1,300 VC deals with a CVC compo-

ment market as large corporations wanted

work as competitive VC funds and

nent were inked in Europe.

to fill gaps in terms of employee skills and innovative tools needed to secure future

boost innovation in their ranks.

Startups are betting on new ideas right from

TECH LEADS CVC FUNDING

growth. The changes brought by the health

their founding phase and entrepreneurs are

In fact, corporates are more likely to invest

crisis had an impact on the way people work,

aiming to disrupt the status quo in vari-

in startups that align with their research and

shop, and entertain themselves, and large

ous industries, be it banking, healthcare or

development efforts or complement existing

firms are working to internalise the new

transportation. However, corporations and

operations, according to a PitchBook report.

trends and gain a competitive edge over the

startups can also sit at the same table, and

London-based Arrival, an electric van

coming period.

strategic transactions have been growing in

startup, got an investment from the VC arm

volume over the past few years. Just last year

of delivery giant UPS. The firm got a massive

“This is why we have been seeing even more activity in terms of CVC investments,

www.business-review.eu Business Review | March 2021 May 2016

ENTREPRENEURSHIP COVER STORY 14 29

particularly in those areas where challenges

next few quarters, according to PitchBook

or internal processes to help enable fast

brought by social distancing are bigger, such

analysts.

decision-making, meaning that a startup

as banking and finance. CVCs are continuing

Ghenea of Catalyst Romania says that

investment can be approved within days, not

to seek out and invest in promising fintech

CVCs are generally not motivated by im-

weeks, according to a report by professional

startups or early-stage projects. Conversely,

mediate and direct returns for investors, but

services firm EY.

others have reduced their CVC operations,

rather by a more general strategic thinking.

especially in areas that have been heavily

“Entrepreneurs should also expect that

As the economy recovers and interest

rates remain low, corporations might speed

affected by the pandemic, such as hospitality

when – and if – they receive equity funding

up their efforts to finance or acquire innova-

and travel,” adds Marius Ghenea, managing

from a CVC, they will actually be working

tive, digital or technology-enabled business-

partner at Catalyst Romania.

with a corporate that made a strategic invest-

es, according to George Ureche, M&A leader

ment in their startup, even if it was through

at PwC Romania.

Last year, local funds were the most active while foreign investors were more cautious,

its venture arm, and this could narrow the

as they decided to wait out and see how the

startup’s ability to enter other strategic part-

local economy would fight the crisis. Small

nerships,

to medium-sized transactions were the norm

for obvious

in 2020, as it was mainly local entrepreneur-

reasons,

ial companies that attracted financing, says

usually

Dragos Petre, partner and CFO at Morpho-

related to

sis Capital. The fund invested in two local

conflicts

healthcare chains.

of inter-

The local economy is dominated by small

Companies have over USD 7.6 trillion available in cash and marketable securities,

est. Also,

and medium-sized companies with less than

when a CVC

250 employees and turnovers below EUR 50

comes in,

million, with the owners of these businesses

entrepre-

usually looking for growth financing.

neurs are left with a

CORPORATE FUNDS’ INVESTMENT STRATEGY

more lim-

The funding profile of CVCs is set to expand

of exit op-

further this year, as corporates in e-com-

tions for the

merce, online entertainment, and remote

following years,” Ghenea tells BR.

working tools flourished last year and had

ited range

Compared to regular VCs, successful CVCs

while investment funds have accumulated USD 1.7 trillion. A portion of these funds

enough financial room to invest in startups.

can speak to their return on innovation, not

could be funnelled towards startups that are

Corporations in these sectors will continue

just their return on investment. Moreover,

trying to fix some of the problems caused by

dominating CVC investments for at least the

CVC funds generally have some autonomy

the pandemic.

www.business-review.eu Business Review | March 2021

30 ENTREPRENEURSHIP

SPAC frenzy edges closer to Romania The influx of billions of dollars into blank-check companies (SPACs) has upended investment markets in the US, where funding deals involving startups and mature private firms soared to USD 83 billion in 2020. Several SPACs are emerging in Europe too, and Romanian entrepreneurs might consider this path if they’re thinking of taking their startup public.

By Ovidiu Posirca

Blank-check firms sound promising to entrepreneurs who want to exit their startup or raise more money

I

n the US, new SPACs, also known as

SPACs due to its advanced stock exchange

acronym for a type of investment that is not

Special Purpose Acquisition Companies,

market. For instance, billionaire Bernard

really that new; investors have been build-

have already generated USD 48.1 billion

Arnault is reportedly getting ready to launch

ing special investment vehicles for decades

in gross proceeds since the beginning of 2021.

a blank-check company focusing on financial

to help them securely and efficiently finance

The average deal value stood at over USD 330

services in the Dutch capital.

startups.

SPAC FEVER IS NOT NEW

necessarily linked to an initial public offer-

ing to gain traction in Europe. Amsterdam

Marius Ghenea, managing partner at Cata-

ing (IPO), but in recent years, we have seen

has been touted as the best market to launch

lyst Romania, says that SPAC is just a new

a number of such vehicles being launched

“Initially, these special vehicles were not

million, according to spacinsider.com.

Meanwhile, such initiatives are just start-

www.business-review.eu Business Review | March 2021 May 2016

ENTREPRENEURSHIP COVER STORY 14 31

through public offerings, although typically

2005 and is slated to go public this year.

NASDAQ or NYSE. Therefore, it is probably

the bulk of their investors are secured pri-

Since its creation, the company has raised

more cost-effective for European companies

vately, before the IPO is launched,” Ghenea

USD 2 billion from investors and its valuation

to stick to the traditional IPO route,” says

tells BR.

climbed to a record USD 35 billion with the

Dragos Petre, partner and CFO at Morphosis

last funding round.

Capital.

In short, a SPAC goes public after raising

Mihaescu says that only 11-13 percent of

“However, US-based SPACs may be ac-

company. The acquired company, which can

startup exists are done through IPOs and this

tively looking towards the European market,

be a startup or a firm that has been in busi-

figure continues to fall as entrepreneurs are

searching for tech companies with the poten-

ness for a longer time, replaces the SPAC on

able to tap into private equity and venture

tial to make their mark on the US exchange.

the stock exchange and allows investors to

capital funds for longer.

This might become even more tempting in

funding from investors to buy an emerging

buy its shares. If the SPAC doesn’t make an

The local capital market still must develop

the context of the highly-anticipated UiPath

acquisition, usually within 2 years, investors

and convince more startups that it can pro-

debut on the New York Stock Exchange,

get their money back.

vide funding for entrepreneurs to scale up

which will surely direct the attention of US-

operations. Ghenea of Catalyst Romania says

based funds to the CEE startup scene,” Petre

appealing to entrepreneurs who want to exit

that we are already seeing informal attempts

adds.

their startup or raise more money for future

to create such financial resources in an IPO

development. Such financial vehicles give

framework for future opportunistic acquisi-

4 billion, belongs to William Ackman, who

private companies quick access to public

tions in Bucharest, but this is not yet happen-

made a fortune in the hedge fund industry.

markets, particularly during times of market

ing through

instability, and help open the door to perma-

blank-

nent capital.

cheque

The principles of blank-check firms sound

“The merger process with a target company may be completed in as little as three to

firms.

“We

four months, which is substantially shorter

don’t see an

than a typical traditional IPO timeline,”

immediate

George Ureche, M&A Leader at professional

opportunity

services firm PwC Romania, tells BR.

in Romania

This year, investments by SPACs will

To date, the biggest SPAC IPO, worth USD

for this kind

mostly target companies working on electric

of instru-

vehicle charging infrastructure, power stor-

ment but, in

age, and healthcare technology.

an informal way, this

DO SPACS MATTER FOR ROMANIA?

type of fun-

Romania’s stock exchange was upgraded to

draising is

emerging market status last year, but there

usually carried out on the backbone of exist-

Going public through a SPAC was a boon

is still a long way to go before funding tools

ing or newly-listed public companies, which

for Virgin Galactic, whose shares more than

like SPACs can capture investors’ interest.

is a slightly different structure, but in some

doubled in 2020. For sport-betting firm Draft-

Romanian firms listed on the Bucharest Stock

cases also aimed, like SPACs, at opportunisti-

Kings, the merger with a public SPAC lifted

Exchange had a market capitalisation of EUR

cally acquiring private companies – not nec-

its shares by more than 300 percent.

22.1 billion in January 2021. Smaller firms can

essarily having clear synergies with parent

Last summer, electric vehicle startup

raise funds in private placements of shares

companies, but using the money they raise

Nikola went public after merging with a

on the AeRO.

from the public market,” Ghenea explains.

SPAC. Its shares peaked in June 2020 at

“I think SPACs are still a bit theoretical

Musicians, athletes, and actors have

around USD 80 and closed the year around

for Romanian startups right now. Most of

jumped on the SPAC bandwagon alongside

USD 15. The startup was accused of exagger-

these startups are in a different stage, from

seasoned investors, and the popularity of

ating claims about its technology.

product-market fit to building sales chan-

such financial vehicles continues to grow.

nels,” Dan Mihaescu, founding partner at

Most of the action is in the US, with Central

companies will be welcomed enthusiastically

GapMinder VC, tells BR. Looking back at

and Eastern Europe seeing much less activity

by the European investment community. But

trends of the past 20 years, we can see that

of this kind.

there are plenty of big believers in the idea,

startups tend to go public later on, when

“I don’t think that the SPAC model is going

It's still early to say whether blank-check

including Peter Atwater, founder of research

they are more mature and predictable. For

to become popular in the CEE or in Romania,

firm Financial Insyghts, who told the Wall

instance, robot process automation startup

primarily because the IPO process in our re-

Street Journal: “If you don’t have your own

UiPath was founded in Bucharest back in

gion is not as costly and lengthy as it is on the

SPAC, you’re nobody.”

www.business-review.eu Business Review | March 2021

32 DIGITAL

Pandemic boosts Romania’s e-commerce and digital growth According to an eMarketer study, global online sales will total USD 6.5 trillion by 2023, and Romania is among the best countries where one could open an online business, ranking 39th out of 99 countries in a recent study.

By Romanita Oprea same rate, and this will further boost other territories such as Data & Analytics or SEO. In general, the media market will go through a recovery phase in 2021, driven by rising digital ad spend, but also by the stabilisation of TV ad investments, which still hold the largest media share,” Andronache argued. In turn, Raluca Berceanu, regional business director at MRM//McCann, says that if she were to point to at least one good thing to come out of this pandemic, it would be the fact that we jumped headfirst into digital transformation.

Whether it was commodity companies that needed to connect people’s data to bulletproof security systems overnight or even pawn shops that Georgiana Dragomir, Grapefruit

T

Raluca Berceanu, MRM//McCann

strived to collect payments online while physical access was restricted, we all faced one big challenge – doing

he success of online businesses also

commerce platforms as it helps estimate the

as much business as we used to while our

leads to major gains in other sectors

market’s demand for products. Price tracking

clients were not leaving their homes.

which are closely related. Many of the

software is also heavily used, with Romanian

“We are now seeing a plethora of online

99 countries here online businesses are most

online businesses always trying to offer better

implementations of day-to-day business

successful are located in Europe. However,

prices then their competitors, which creates

practices, and while we’re still hoping to ‘go

entrepreneurs in these countries must pay

a healthy competitive environment. Al-

back to normal’ after restrictions are lifted,

rather high corporate taxes, so the high in-

though online retail took off due to COVID-19,

we all assume that none of these investments

ternet coverage and speed are among the top

obstacles still remain, with many potential

will have gone to waste. In short, online busi-

factors contributing to the growth of online

customers still distrustful of online shops.

ness is here to stay. And in this post-pandemic

businesses in these places. Like in any other

Dragos Andronache, head of digital at

hunger, being smart and nimble about how

country, the experience of starting an online

United Media Services, noted that e-com-

we sell and offer consulting online is key.

business in Romania has its ups and downs.

merce soared in 2020 as the pandemic accel-

What we all discovered last year was that

Thanks to their online expertise, Romanian

erated the adoption of digital tools. As physi-

every company should be an online company.

companies today are accessing markets that

cal locations closed down, sectors like retail

Those who can’t sell remotely and are still

were difficult to reach in the past and they’re

and restaurants shifted focus to their digital

waiting for things to return to what they were

using online marketing tools to identify their

assets. “We can easily say that in less than 10

like before will eventually shut their doors,”

target markets and implement strategies to

months, this pandemic led us to do what we

she added.

reach them, in order to grow.

normally would have achieved in a minimum

Collecting customer data during shopping sessions has proven useful for Romanian e-

of two years. From a digital perspective, the

GUIDED BY THE FUTURE

growth of e-commerce will continue at the

Taking a look at what might happen in 2021,

www.business-review.eu Business Review | March 2021 May 2016

Berceanu of MRM//McCann believes we’re

COVERDIGITAL STORY 33 14

Taking it further, Berceanu argues that in

of businesses shifting budgets towards

slowly moving towards the end of our 7 stages

2021, every pitch should be a digital pitch.

the digital approach, but mostly because

of grief experience that came after we lost

“All partnerships should be built on honesty

the agency has expanded its expertise into

most of what we knew about marketing.

and fairness, with data science to study the

emerging areas as the years went by. Sensing

holistic customer journey and digital integra-

that the digital sector is shifting towards a

Georgiana Dragomir, any product or service

tions to provide business continuity in times

certain direction is something that every good

adoption curve always has its laggards –

of unprecedented change,” she added.

specialist should be able to do, but the true

According to Grapefruit managing director

people who refuse to adopt something new

What about the digital media and advertis-

power comes from developing these skills

unless they’re left with no choice. And the

ing industry? According to Dragos Andro-

before they even become “a thing”: preparing

pandemic has given this type of people no

nache, digital media saw an overall increase,

for the storm before it hits. “It’s what we did

with video and programmat-

years ago with the digital B2B practice. While

ic as the main growth driv-

we were the number one agency in terms of

ers. Other areas such as pod-

creativity and activation, we also enhanced

casts or programmatic audio

our capabilities for always-on, nimble, and

are also starting to gain

effective operational offerings for managed

momentum and we expect a

services and field marketing implementation.

significant further growth in

Therefore, when regional clients asked for

2021. “The pandemic blurred

large scale operational models, we were ready

more of the lines between

to deliver. And 2020 came with challenges

traditional and digital media:

of many kinds. It wasn’t our business that

more people are listening to

was hit, but the way our partners viewed the

online radio, reading news

future – from asking for campaigns and plat-

on digital newspapers or

forms with clear briefs, many turned to asking

watching their favourite

for digital business coaching. From asking

movies and TV shows using

for digital communications and tactics, they

video streaming services.

turned to asking for the digital re-engineering

Our main focus was to

of their go-to-market strategies,” Raluca

deliver high quality and

Berceanu said.

personalized services to our

other option than to adopt digital services.

“But this happened on both sides, not just for

Everyone expected digital to thrive. “But

partners, and even higher

I believe that digital being a separate practice

efficiency, but at the same

is finally dead. There is no digital practice

time we managed to start

that happens entirely away from business, so

new partnerships, mostly

what we saw in 2020 was a shift from niche

with companies in the e-

agencies and consultancies and digitally-led

commerce industry,” Andronache explained.

2020 turned out to be a year of growth for

service providers to a more holistic approach, where the digital function should stay for

customers; companies that were refusing or

Grapefruit, as the user experience & digital

good. We’re now seeing big corporations

postponing the adoption of digital tools were

agency based in Iasi and Bucharest doubled

internalising very complex digital ecosys-

forced to invest in them last year. There was

its employee count, added new clients to its

tems, consultants talking about e-commerce

plenty of improvising in 2020, as companies

portfolio, and embarked on some complex

and data science, brand agencies thinking

developed new platforms and functionalities

new projects. “Surprisingly, we saw continu-

digitally first. And this is a natural evolution

in a rush to adapt their services to the con-

ous growth despite the difficult context. Bud-

towards a universal digital understand-

text. Companies are going to have to decide

gets for digital services increased and we had

ing. But then there’s us – the agencies that

which digital services to continue to invest in

more revenue coming in across most areas.

were born in digital but grown into business

and which ones were developed in a rush, are

We also witnessed an incredible boom of the

re-engineering consultants. We used to call

not sustainable, and should be terminated,”

digital industry. With all eyes stuck to digital

ourselves Digital Industry specialists, but

said Dragomir.

screens, of course companies wanted to move

we’ve turned into Business Coaches for total

towards their customers. If customers are

digital transformation. All our clients used to

over we will all go back to “normal” as we

on digital channels, brands’ communication

do online advertising, but how many of them

knew it, Dragomir thinks that won’t be the

will move to those channels,” said Georgiana

also did business online as well, using fully

case. The accelerated digitalization that oc-

Dragomir.

integrated systems, data, and processes?”

As for the idea that once the pandemic is

curred in 2020 changed the way we expect companies to serve their customers.

MRM//McCann has been on a growth path for several years now, and not just because

MRM//McCann’s regional business director concluded.

www.business-review.eu Business Review | March 2021

www.business-review.eu

34 CREATIVE INDUSTRIES Business Review | May 2016

COVER STORY 14

The new creative businesses popping up in Romania With the vaccine campaign steadily advancing in Romania, businesses are seeing a renewed glimmer of hope. Some say that state aid schemes have helped out local entrepreneurs, whereas others argue that the worst is yet to come as they expect a financial crisis to start in the coming period. Business Review talked to the owners of some newly-opened businesses in the creative sector to find out how they were feeling about the future.

By Oana Vasiliu

Popia brings on a new flower concept

Manuela Silica offers another approach for home decorations

POPIA: A NEW FLOWER SHOP CONCEPT

to properly manage our starting budget for

considering the fact that the Slovenian model

Popia is new contemporary floral design

the business and make sure that the project

was replicable and that used cooking oil is

brand, born out of the founders’ desire to

would have a long life. One of the solutions

one of the most neglected types of waste in

offer an alternative to the classic flower shop,

we decided to implement in this context was

Romania, I concluded that we should have

both in terms of designs as well as in the way

to offer more preserved botanicals, in order to

an OilRight business in our country as well.

flowers are delivered to customers. They also

limit the financial losses we would incur due

OilRight collects used cooking oil – especially

create floral sculptures for contemporary

to the perishable nature of our products.”

from individual households – and turns it into

spaces or special designs for intimate gather-

In 2021, the founders of Popia are planning

ings, with most of their flowers carefully

to expand their network of permanent pop-up

foraged from local plains and valleys.

locations, to increase their community, and

ecological, fragrant, completely non-toxic candles,” the entrepreneur explains.

The investment for the business came

get more personally involved in preserving

from a European programme, and accord-

pop-ups in Bucharest, through partnerships

local botanicals.

ing to the founder, the main challenge lied

with coffee shops, artisanal bakeries, and

Flower orders can be placed at

in purchasing the necessary equipment and

concept stores, which tend to get custom-

www.popia.ro.

setting up the production space. “Due to

“Our flowers are available in permanent

the pandemic, we were not able to travel to

ers who are constantly looking for simple

Slovenia as we had planned, nor were our

bouquets as artistic gestures and we’d like

OILRIGHT CANDLE SHOP: A SOCIAL BUSINESS THAT HELPS THE ENVIRONMENT

everybody to have access to such manifesta-

OilRight co-founder Roxana Damaschin-Tecu

with the setup. We moved online, but it's not

tions of beauty,” says Ana-Maria Magureanu,

wanted to open a social business in Timiso-

the same, especially when we’re dealing with

co-founder and CEO of Popia.

ara that would have a positive impact on the

technical issues,” Roxana adds.

but meaningful products. We think of our

In terms of their experience of starting this

environment and employ people from vulner-

colleagues there able to come and help us

The OilRight business will expand this

business, Carmen Stanciu, co-founder and

able groups. “I learned about the OilRight

year, as they’ve already collected over a tonne

CCO of Popia, points to the challenge of stick-

model several years ago, when it was already

of oil, but there are concerns regarding the

ing to the business plan: “It was quite difficult

operating in Slovenia. Analysing the criteria,

number of candles that can be sold. But there

www.business-review.eu Business Review | March 2021

CREATIVE INDUSTRIES 35

to gather all my ideas, open a new Instagram account, and have the courage to express myself. (…) At the end of July, I officially gave FIOR a sense. This was followed by ready-towear concepts that could be purchased as a finished product as well as custom concepts and a series of options for highly personalised products. Customers have said that I use the brush to express the human soul,” Loredana explains.

In terms of challenges, she says that she gradually discovered that regardless of the wider context, people need stories to be told Goodies to consider: Naramza jams

Roxana Damaschin-Tecu from OilRight

in different ways. “I choose to paint them on shirts, in a sensual, minimalist, but bold way.

And once we started, things gradually connected, the energy kept growing, and people

have increased during the pandemic.

NARAMZA: ARTISANAL JAMS FOR THOSE WITH A SWEET TOOTH

Non-toxic candles can be bought from

Good news for food lovers: a new brand is

to wear a personalised shirt,” Loredana adds.

www.oilright.ro.

popping up on the Bucharest market called

is hope, as statistics show that candle sales

seemed more and more receptive and excited

Naramza, an old Romanian word name for

THE DEC: YOUR ONLINE HOME DECORATIONS STORE

oranges. Co-founder Nadire Omer has been

For products created by young Romanian

decided to turn it into a real business.

artists, you may want to check out TheDec, an

making jam for seven years, and now she’s Asked about the biggest challenges of this

e-commerce platform for home decorations.

endeavour, Nadire says: “It was difficult to

“As I allowed myself to actually consider the

find financing for the kitchen equipment,

idea and expand on it, I realised that there

then the branding gave us some palpitations,

were many talented Romanian artists and

but everything turned out perfect in the

designers who lacked a place where they

end”. With a legal authorisation on its way,

could share their creations, especially during

the people behind Naramza are about to start

times like these. Having worked in advertis-

making a living out of their hobby. “We plan

ing myself, I’ve had the chance to meet many

to launch an online store, where you’ll find

talented people whom I befriended, and

the citrus and exotic fruit-based products

after talking to some of them, I decided to

we’re making during this period. We are in

provide a canvas for their work. Together we

talks with several grocery stores, cafes, and

developed affordable products that combine

bakeries, and I hope to get our products on

practicality with design,” Manuela Silica says

their shelves as soon as possible”.

about her business approach. In terms of

To find out more about Naramza jams,

challenges, Manuela explains: “My objective

follow @naramza.ro on Instagram.

was to offer high quality, beautiful products, while also supporting local artists, so I’ve had

FIOR: A SPECIAL TOUCH ON FASHION

to make sure that everyone had something to

In a few words, FIOR means painting on

gain from this partnership.” In 2021, TheDec

clothes turned into a business, which artpre-

wants to encourage people to find their good

neur & painter Loredana Munteanu brought

vibes. “An important point of focus this year

to life after the lockdown. “After a cycle of

hand-painted shirts to be displayed in some

will be ceramics, an area in which we want

strong emotions, in June 2020, I instinctively

concept stores, but she’s also planning to

to invest by acquiring production equipment

bought new brushes and colours for textiles.

create some photo and video campaigns to

and materials, so we may begin to create all

I really wanted a nicely painted beach shirt. I

tell the story of FIOR. She’d also like to open

our pieces in-house and have full control over

wore it at the seaside, and the shirt ended up

a space that people could visit to try on the

quality. Delivering products that I trust will

making waves. After positive feedback from a

shirts and get to know each other.

last is crucial to me,” the entrepreneur adds.

number of friends, acquaintances, and people

To get your own personalised shirt,

Check out their products on www.thedec.ro.

on social media, a good friend encouraged me

follow @wear.fior on Instagram.

For 2021, the artpreneur would like her

www.business-review.eu Business Review | March 2021

www.business-review.eu

36 CULTURE Business Review | May 2016

COVER STORY 14

High hopes for festival fiends Although statistics aren’t looking very encouraging for the entertainment industry, some Romanian festivals have already announced dates and partial line-ups for this year. With the pandemic still ongoing, Business Review went behind the scenes with organisers from Timisoara and Cluj-Napoca.

By Oana Vasiliu

Jazz in the Park covid edition

A

third of musicians could be forced

feasibility of gatherings of thousands of peo-

LOCAL FESTIVALS’ APPROACH

to leave the industry due to the

ple, partly because we don’t know how many

Business Review talked to the organisers of

financial losses caused by the

individuals are going to be vaccinated by the

JazzTM in Timisoara, Jazz in the Park in Cluj-

coronavirus pandemic, according to a report

beginning of summer and how the pandemic

Napoca, and the Transylvania Film Festival

cited by NME. The research was conducted

will evolve until then. To summarise, large

to find out how they were planning to handle

by the Musicians’ Union, who are calling on

gatherings are unlikely to happen anytime

their events.

the UK government to provide greater as-

soon, neither in Romania nor abroad.

JazzTM festival director Norbert Tako says

Along the same lines, we recently got

that “realistically, we're prepared to have re-

Although the data refers to the UK scene, we

some sad news from Celine Dion’s com-

strictions in place this year as well, and we're

can be certain that things aren’t any better in

munication team, telling us that all her 2021

not that optimistic about standing and free

Romania.

concerts would be cancelled as well. Her

roaming audiences. Apart from that, our art-

Bucharest performance had been resched-

ists, team members, and collaborators are all

told festivals have bravely announced their

uled for July after it got postponed for a year

looking forward to it.” JazzTM has already an-

first confirmed artists, as well as their 2021

in 2020. It sold out immediately after it was

nounced that the legendary Herbie Hancock

dates, followed by other organisers who have

announced, and now the over 50,000 tickets

would perform at this year’s festival, which is

postponed or redesigned their events in an

purchased by fans have to be either returned

due to take place on July 2-4, 2021.

attempt to create a real festival experience.

or kept safe in the hopes that Celine Dion will

sistance to those affected inside the industry.

In our country, the Electric Castle and Un-

But authorities are yet to decide on the

eventually perform on a stage in Romania.

Asked about his biggest concern, Tako explains that he expects international flight

www.business-review.eu Business Review | March 2021

CULTURE 37

Alin’s

organised, with proper safety measures and

biggest con-

an audience that was willing to follow all the

cern is that

rules at every screening.

Romanian

This year, TIFF will celebrate its 20-year

authori-

anniversary, so the plan is that this edition be

ties might

at least as successful as last year’s. “Realisti-

choose to

cally speaking, if we were able to do it in

keep tough

2020, when there were even more uncertain-

restrictions

ties, making TIFF the first major event in

in place,

Europe to take place physically with strict

and not

security measures, there is no reason why

because

we couldn’t repeat the experience this year,”

they’ll still

says Florentina Ciuverca, Communications

be truly

Manager at TIFF.

restrictions and border crossing regulations to

necessary, but because they will make the

be an issue. On the issue of sponsors, he says:

situation easier to handle. The good news,

where cinemas will be open and screenings

“We are pretty fortunate to have longtime

however, is that the festival seems to have

will be allowed to take place indoors, albeit

partners supporting us throughout this roller

plenty of sponsors lined up: “I don’t know if

with audience limits as required by law, and

coaster, but the pandemic has had a major

this is true of other events, but our sponsors

authorities will decide to follow most other

impact on most businesses and our spon-

are amazing. We had their support last year in

European states and allow public events with

sors have not been spared. Moreover, most

our smaller initiatives, and it seems like most

over 500 people to take place. “The outlook

of them have also supported health-related

of them will be backing us this year as well.

is better in any case, because we have all

projects during this time.”

In fact, we may have some new sponsors as

the know-how from the previous edition,”

well.”

Florentina adds.

JazzTM organisers want their fans to “be excited that things are starting up again, but

Asked

also make sure to follow all the regulations

how the

that will still be in place.”

public

Alin Vaida from Jazz in the Park, an event

could help,

that takes place across several parks and pub-

Alin Vaida

lic spaces in Cluj-Napoca, is more realistic:

said: “I

“We’ve been planning since November 2020,

really hope

but unfortunately our plans are based on

that people

assumptions, not certainties. This is already

understand

risky, so we’ve decided to keep it real in terms

our effort

of our commitments. But this doesn’t mean it

of bringing

can’t turn out great.”

together

The Jazz in the Park organisers are assum-

For TIFF, the optimistic scenario is one

communi-

ing that they’ll be under the same types of

ties and

restrictions as last summer. “If they end up

artists and

being lighter, we’ll adapt. And even though

that they don’t just attend Jazz in the Park

venue capacities will be limited, if we have

because it’s free or because they just want to

plains that “the TIFF audience has been with

multiple venues, our festival’s overall capac-

eat and party. (…) If our audience really wants

us for 20 years and we feel their devotion

ity will still be quite large. Our aim is to have

to help us, we need them to listen to us, to

at every edition. We know they are looking

at least 25,000 visitors in total,” the festival

stick around, to follow us; we want them to

forward to TIFF 2021, based on all the mes-

director explains. Alin also notes that smaller

maintain interaction and give us constant

sages we’re receiving – many of them even

events have that “special something” that

feedback. It’s weird to say this, but we actu-

plan their holidays around the festival dates

make them great. “And in this context, jazz

ally need their attention right now. Because if

– and last year’s edition was a breath of fresh

is a genre that will help us a lot. We can find

we get it, then this concept we believe in will

air for them, a glimpse of normality they all

great musicians in any country, so we will

be proven to be relevant, and all of our effort

needed. We will start selling tickets as close

focus on states from which travelling to Ro-

will make sense.”

to the beginning of the festival as possible, so

As for the festival audience, Florentina ex-

The Transylvania International Film Festi-

they will be able to support us by coming to

in Cluj. We will play by the rules as we always

val (TIFF) was one last year’s very few events

see good movies and joining us to celebrate

do, while trying to be as creative as possible.”

to gather a large audience. It was impeccably

20 years of TIFF.”

mania will be easier. We can do lots of things

www.business-review.eu Business Review | March 2021

38 CITY

What’s new in town?

By Oana Vasiliu

24, and all 100 episodes will be made available for people to watch at home on www. hektomeron.com, in a 25-hour marathon.

For cinema lovers, Happy Cinema, Cinema Elvira Popesco, Romanian Peasant Museum Cinema, Eforie Cinema, and Cinemateca Union are all open for the public. There are not many movies playing, due to the uncertainty around how long cinemas will be able to stay open amid the pandemic’s ups and downs. Distributors can’t afford to bring international productions to the silver screen and risk another shutdown that won’t allow anyone to see those films.

Even so, the film “Berliner” directed by Not to be missed at the National Museum of Contemporary Arts

Marian Crisan had its Romanian premiere on February 24. It tells the story of a high-profile politician running for the EU Parliament who meets a tractor driver and they team up to campaign in a small Romanian town.

The Romanian Opera, the Radio Hall, and the Romanian Athenaeum are all open, with concerts available both online and offline for music aficionados.

Until March 28, the National Museum of Contemporary Arts (MNAC) will host seven exhibitions, to point out that museums can contribute to social resilience in times of crisis. Visitors can see works of art the museum

Check out Hektomeron, the daily online theatre provided by the Marin Sorescu National Theatre in Craiova

W

ith the pandemic still in full

English subtitles. It was inspired

swing, the local cultural scene

by the Decameron, Giovanni

continues to struggle as authori-

Boccaccio’s collection of novel-

ties remain unable to make any predictions

las, written over 650 years ago.

that could help cultural operators plan out

The project will stage the

their events. But some venues are still open,

book’s 100 short stories reflect-

so let’s take a look at what’s happening this

ing the state of today’s world,

month.

where isolation, fear, and death

has bought in their attempt to help out the local art scene. Over 120 works have been

Some theatres have opened up for the

are just as present as they were

public at a capacity of only 30 percent, while

when the Decameron was writ-

cinema chains are still closed due to all the

ten in the immediate aftermath

uncertainty. An interesting theatre project

of the Black Death that struck

can be found online, thanks to an initiative

Florence in 1348. The project

by the Marin Sorescu National Theatre in

brings together 100 directors

Craiova, which has filmed a performance of

from 100 different countries. The final story

purchased, in one of the largest investments

the Hektomeron and added Romanian and

of the Hektomeron will be broadcast on April

ever made by the museum.