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
The Women of Coca-Cola HBC Romania: inspiring growth and nurturing potential
Being a leader is a constant challenge in
leaders is to focus on people’s talents and skills.
ideas come when least expected. I believe an
every organization, especially during the
Discover their strengths and guide them to
essential strength of a leader is the ability
last few years when trends and behaviors
achieve their potential. When you are empower-
to trust its team. Trusting them and their
changed at accelerating pace. Generations
ing them, their confidence and motivation will
capabilities to make decisions requires offer-
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
paths mean different things for employees.
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
relevance, while empowerment had become
a pandemic that transforms our working
Hoffman, Marketing Manager at Coca-Cola HBC
the fuel for growth.” Alice Nichita, Public
habits, remaining an inspirational and trust-
Romania.
Affairs and Communication Manager at Coca-
ful leader is the key to keep a team united and motivated.
Coca-Cola HBC Romania is the leader of the beverage industry in Romania and its success
Cola HBC Romania. Coca-Cola HBC Romania ranked as the
relies on its people. Their stories are writing the
local sustainable leader for 5 years in a row,
respect for my team’s work, they are all
company’s history and drive its growth. In such
according to the independent study by The
amazing people. In our industry, innova-
competitive industry, leaders play an essential
Azores and the company’s commitments for
tion and creativity stand as a solid base for
role.
the years to come are very ambitious. When
“I have tremendous appreciation and
our success. Thus, in order to maximize my
“For my team, I believe autonomy is the key
it comes to gender balance, their commit-
team’s potential, I must lead in a way that
for performance and growth. Our organizational
ment is for 50% of its management positions
ensures everyone to speak freely, have their
culture is built on trust, appreciation, diversity
to be held by women, by 2025. In 2020, this
views heard and be inspired. There are two
and inclusion. My leadership approach is build-
percentage was at 46%. Alice Nichita and
key aspects that build the solid base for
ing a solid and trustful environment inside my
Mihaela Hoffman offered two examples
a team: the organizational culture of the
team, where each member is an expert in his
of the company’s vision on growing their
company and the general working environ-
area. When they feel empowered and confident
teams and achieving full potential. And when
ment created within each team. Adapting to
on their skills and knowledge, there is more room
organizational culture is built on authentic-
external changes becomes easier when team
for creativity and valuable ideas. And because we
ity, appreciation, diversity and inclusion,
members trust each other and work together
are on a continuously learning journey, I like to
inspiring and empowering those around you
for a common purpose. My advice for future
challenge my team with debate. Some of the best
gets much easier.
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.
