BR/07/2021

July, 2021 / Volume 25, Issue 6

www.business-review.eu

REAL ESTATE INDUSTRY REMAINS COMMITTED TO ROMANIA’S GROWTH

6

AUTOMOTIVE & IT SECTORS BECOME PILLARS OF NEW FDI IN ROMANIA

21

5G ON THE ROAD TO MASS MARKET

26

HOW ARTIFICIAL INTELLIGENCE CAN BOOST CREATIVITY

30

ARCADIA: 13 YEARS OF INVESTING INTO A HEALTHIER FUTURE

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

EDITORIAL 3

• Editorial •

REAL ESTATE

Anda Sebesi • Editor-in-Chief • 6 Real estate industry remains committed to Romania’s growth

COVER STORY

Towards a healthier future

I

10 Arcadia: 13 years of investing into a healthier future

n June, Business Review hosted the 16th edition of the

MAIN STORY

Business Review Awards Gala (BRA), the magazine’s flagship event that highlighted outstanding achievements in the local

business community in 2020. The event celebrates the companies,

14 Business

leaders, and entrepreneurs who show drive and initiative and achieve the best results in their class of business. Over the years,

champions take centre stage at BR Awards

it has gathered over 130 honorable jury members, over 550 of Romania’s most inspiring business stories, and more than 2,000 representatives of the country’s business elite.

Because 2020 was a very different year, this year’s edition of

MARKETING & ADVERTISING

BRA also had some distinctive features. It was for the first time when the majority of our award categories were built around a specific reality: covid-19. Additionally, almost all the categories

28 The future of marketing

highlighted the corporate sector’s capacity to adapt and adjust in

is multicultural

order to support the entire society in the effort of coping with the

32 The post-pandemic wave

pandemic.

in the marcomm industry

As the healthcare sector played a crucial role during the pandemic, working under extreme pressure due to the severity of the crisis, we are dedicating this month’s cover story to Arcadia

CITY

Hospitals and Medical Centres, the leader of healthcare services in northeastern Romania. Founded 13 years ago by Raluca and Dan Fiterman, the company was conceived from the very beginning as a multidisciplinary structure with integrated outpatient services, focusing on pediatrics, maternity, and surgery. Knowing that the local private healthcare system will soon reach maturity, the two entrepreneurs are planning solid investments that will provide complex solutions for Arcadia patients.

34 What’s on at Transilvania International Film Festival 2021

36 Ready for festivals?

38 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 | July 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

Romanian beer production market to resume growth in 2021

By Mihai Cristea despite the dramatic decline seen in the hospitality sector, local beer producers relied on the increase in domestic demand, and their plans proved realistic given the estimated

Antoanela Comsa is the new President of Gran Via Romania, after 11 years as the general manager of the Spanish-based real estate developer. With a career spanning over the last 20 years, Antoanela is one of the most well-known and appreciated managers on the Romanian real estate market. A graduate of the Bucharest Construction University, Antoanela is also the president of AREI (the Association of Real Estate Investors in Romania).

growth for the current year,” said Roxana Popescu, the Managing Director of KeysFin. In 2019, the top 10 players on the local market had a turnover of about RON 4.5 billion, representing 99.6 percent of the

The Romanian beer production market managed to overcome the covid-19 pandemic

page 5

4,455 employees in this sector, 3,963 (89 percent) worked at

The turnover of beer produc-

upward trend for the sector. The

one of the top 10 players in the

ers in Romania increased in

KeysFin report “The Romanian

industry.

2019 by 5.2 percent compared

beer producing market” shows

In 2019, the net result of

to the previous year and by 51

that this market might reach a

the market was about RON 344

percent from 2010, reaching a

new record level of RON 4.6 bil-

million, 85 percent higher than

record level of RON 4.5 billion,

lion in 2021.

in the previous year. In terms

according to KeysFin analysts.

Diana David is the new Managing Director of SAP Romania, the local subsidiary of SAP SE – a global leader in business software solutions. Diana David took over the position on June 1, 2021, and she will be based in Bucharest. She joined SAP Romania three years ago, as Key Account Manager for the public sector, previously having held various roles at Orange Romania, where she started her professional career 18 years ago. She has over 15 years of experience in sales, during which she has managed both private and public accounts, specialising in the public sector.

national turnover. Of a total of

“The Romanian beer produc-

of geographical distribution,

For 2020 however, specialists

tion market managed to over-

Bucharest is the leader with 83

estimate a decrease of about 1.6

come the covid-19 pandemic,

percent of the turnover of beer

percent, based on the monthly

posting a marginal decrease

producers in Romania, followed

data from the National Institute

compared to other industries

by companies registered in Il-

of Statistics, while 2021 is

that were severely affected by the

fov (14.5 percent) and Harghita

expected to bring a return to an

health crisis last year. Moreover,

(0.8 percent) counties.

Bosch and BASF smart farming joint venture gets global green light

By Mihai Cristea A 50/50 joint venture (JV) be-

The company will distribute

tween Bosch and BASF Digital

its Smart Spraying solution to

Farming to globally market and

initial markets in North America,

sell smart farming technologies

South America, and Europe. Its

from a single source has now

Intelligent Planting Solution is

received approval by all relevant

already commercially available in

merger control authorities. The

Brazil and Argentina and will use

JV has been registered as Bosch

the advanced digital agronomic

BASF Smart Farming GmbH.

intelligence of BASF’s xarvio

The company will distribute its Smart Spraying solution to initial markets in North America, South America, and Europe

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

NEWS 5

Romanian managers expect economy to grow above 2019 level this year

By Mihai Cristea Romanian managers are cer-

Monika Rajska-Wolinska will take on the Chief Executive Officer role at Colliers in Central and Eastern Europe, a region that includes Bulgaria, the Czech Republic, Hungary, Poland, Romania, and Slovakia, starting with August 2021.

Rajska-Wolinska has been promoted to CEO of the enlarged CEE region from her current role as Managing Partner of the Colliers business in Poland.

tain that in 2021 the Romanian economy will grow beyond its 2019 level, and that their companies will obtain higher turnovers this year than they did in 2019. These are the findings of an opinion barometer conducted among Romanian managers by EXEC-EDU, leader of the executive education market, the top segment of the training market.

“The pace of the pandemic has slowed down globally as well as locally, and Romanian

The high level of uncertainty in the pandemic required the adoption of a new management mode

managers are optimistic about

surveyed managers believe that

the health crisis, 81 percent of

the performance of their

the coronavirus pandemic didn’t

respondents say that processes

companies in 2021. It is not a

have the same negative impact

in their companies were auto-

coincidence that respondents

as the 2008-2009 crisis. The

mated and digitalized, while

are EXEC-EDU graduates who

high level of uncertainty in the

only 9 percent of companies

share certain characteristics

pandemic required the adoption

accelerated the digitalization

– they are efficient, agile, in-

of a new management model for

process during the 2009 crisis.

novative leaders who choose to

81.8 percent of respondents. For

keep learning, make decisions

comparison, in the 2009 crisis

conducted in May among man-

quickly and adapt to the new

only 50 percent of the manag-

agers from industries such as

reality,” says Oana Scarlat, CEO

ers surveyed changed their

retail, IT, oil and gas, gambling,

at EXEC-EDU. Asked about the

management model. In terms of

education, FMCG, banking,

economic consequences of

accelerating the process of digi-

agribusiness, courier, trans-

the health crisis, 68 percent of

talization in the economy during

port, consulting.

The EXEC-EDU survey was

crop optimisation platform to enhance zone-based seeding recommendations in the near future in Brazil. “We’ve reached another important milestone in receiving merger control approval and have made considerable progress in the past few months. We have established the new company together and continued to test our products successfully under different climatic conditions with various manufacturers,” says Florian Gwosdz, the joint Managing Director of Bosch BASF Smart Farming.

Utku Ogrendil has been appointed as CEO of PayPoint Romania. Ogrendil studied business administration at the University of Hartford and he has more than 15 years of experience in the financial-banking industry.

Over time, he has held various management positions at major banking institutions.

Mihaela Stroia has taken over as the new CEO & President of the Board at UNIQA Asigurari de Viata.

With an experience of over 20 years in the financial services industry, of which five have been spent on the UNIQA team, Stroia rejoins the Board of UNIQA after having served a previous mandate between 2017 and 2019. Before UNIQA, she worked at top companies in the fields of audit and financial consultancy, as well as in insurance and private pension fund administration.

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

6 REAL ESTATE

Real estate industry remains committed to Romania’s growth As the domestic economy is expected to see a strong recovery that could reach 6 percent of GDP in 2021, some of the biggest players on the real estate market say they have adapted to an updated demand structure that was shaped during the pandemic period.

Investors are positioning themselves so as to benefit from improved consumer sentiment, although recovery in the property industry remains uneven, with some segments gaining ground while others are still reeling from the effects of lockdowns.

By Ovidiu Posirca

Residential is one of the investment drivers in Romania's property market

the changes that have engulfed the

B

way in which real estate players have adapted

the biggest domestic and international real

Romanian property sector since the

to the new market reality, outlining some of

estate executives managing portfolios worth

onset of the pandemic, and we are announc-

the long-term trends shaping the future of

billions of euros.

ing the launch of two projects that will allow

the ecosystem comprising construction firms,

key market players to present their outlook

developers, and investors.

usiness Review has been reporting on

and emerging trends.

This year’s REALTY Forum will look at the

The high-profile guest speakers and at-

ship events, having brought together some of

The Business Review team is also working on this year’s Real Estate Guide, our exclusive editorial product that outlines transformative

tendees will discuss promising investments,

changes on the property market. The guide

EXCLUSIVE EVENT AND GUIDE

transactional and rental climates, as well as

outlines the business decisions made by lead-

Marking its 20th anniversary, Business Re-

market segments and areas that will be in

ing companies in the property industry and

view's REALTY Forum 2021 will take place at

high demand in Bucharest and regional cities

analyses the investments they are making to

an inflection point for the Romanian property

going forward. The forum, which will take

secure the profitability of their projects.

market.

place later this summer, is one of BR’s flag-

Real Estate Guide 2021 will include market

www.business-review.eu Business Review | July May2021 2016

COVER REALSTORY ESTATE14 7

moving interviews and features with strategic

reach similar levels as in 2020, of around EUR

expands our current offering with a high-

players in the real estate sector, including

10 billion.

quality medical hub, which will increase the

office, retail, industrial, and residential de-

The office sector, which has been dealing

location’s attractiveness over the long term,”

velopers. The guide will also present some of

with significant challenges regarding demand

the major trends impacting the future of real

for more than 15 months now, will continue

estate and the contribution of the industry to

to drive transactions in the Romanian capital

routines and the expansion of flexible work

economic growth and job creation.

and regional cities.

arrangements remain some of the biggest

While last year’s guide focused on the

In Bucharest, there is solid demand for

Dinu explains.

Recent changes to Romanians’ work

challenges for office developers. More em-

initial impact of the health crisis on the real

high-quality office space with added value,

ployees will return to offices as vaccination

estate industry, this year’s issue will look at

suggests Fulga Dinu, Country Manager for

rates go up and pandemic risks decline, while

strategic players’ development plans.

Operations at Immofinanz Romania.

a growing number of companies are approv-

INVESTMENT MARKET MARCHES ON DESPITE UNCERTAINTIES

tenants’ needs, with flexibility and commu-

“The office experience will be centred on nity playing key roles,” Dinu tells BR.

ing hybrid arrangements that combine office activities with remote work.

Dinu says that Immofinanz has been

The investment market has recorded a flurry

Immofinanz has been active on the

anticipating the hybrid work trend through

of deals since the start of the year and is esti-

transaction market this year. It took over

myhive, so it has already been delivering a

mated to exceed EUR 700 million in volumes

Bucharest Financial Plaza, an emblematic

flexible and tailor-made office solution and

by the end of 2021. However, this year’s per-

office building in the Old Town, and contin-

an overall upgraded office experience.

formance will be lower than 2020’s, when key

ued to attract tenants to its buildings. The

office transactions propelled the market close

newly-acquired project will be refurbished

of customisation, to provide tenants with

to the EUR 1 billion mark. In the first quarter

under the myhive brand, which enhances the

more flexibility regarding contract terms,

of this year, we saw new investment transac-

experience of tenants and provides additional

fluctuating office space needs, ‘all-inclusive’

tions worth EUR 73.5 million, down almost

spaces for the community.

rental services or relocations within the

“We are currently exploring another level

50 percent compared to the same period of

“This year we also closed a long-term

myhive portfolio. This product has already

last year, according to a report by real estate

rental contract with Provita Group, a leading

been implemented successfully in Vienna

consultancy JLL.

medical services provider that will occupy an

and Warsaw, and we are currently working

entire building in IRIDE Park, one of the larg-

on its implementation in myhive buildings

est office hubs in Bucharest. This partnership

in Bucharest,” says the Immofinanz country

Across Central and Eastern Europe markets, total investment volumes are set to

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

8 REAL ESTATE

manager. Deliveries of new office buildings will continue this year, with a stock of almost 256,000 sqm expected to hit the Bucharest market alone, according to JLL data. A slower return to offices combined with a significant volume of new deliveries could lead to a higher vacancy rate in some locations.

However, this could also help smaller firms that couldn’t normally afford a better office to get special lease deals and improve their employees’ work experience.

For PPF Real Estate, the positioning of its two office projects in central Bucharest meant that it was able to weather the health crisis better.

“For 2021 we expect a further increase in occupancy, aiming for a 2022 with only buffer spaces for existing tenants. Having finalised the refurbishment of our Metropolis lobby, Crystal Tower is now our main focus, where we will make some tweaks and changes to further improve the comfort and wellbeing of our tenants. We don’t acquire to wait and sell. We acquire to continuously improve, enhance, expand, keep, and maybe eventually sell. But our business model makes for happy tenants,” says Juraj Šaštinský, investment director at PPF Real Estate.

The company is analysing several scenarios for expanding its portfolio, and the investment director points to the fact that you can build a success story in Romania if you have a good product and a professional team. PPF Real Estate operates in Europe, Russia, and the US, so its investment benchmarks cover several markets.

RESIDENTIAL IS TRENDING The residential supply in Bucharest was affected on a small scale by the pandemic, with 3,450 new units delivered in Bucharest-Ilfov region in Q1, according to JLL data.

“Demand has been constantly growing over the past 15 months or so, despite the

with clients who see residential assets as a

percent year-on-year, according to an Imobili-

slight ramp-down the segment faced during

long-term investment that pays off,” Yitzhak

are.ro index that covers Bucharest and large

the first month of the lockdown last year.

Hagag, co-founder and shareholder Hagag

regional cities.

We’re seeing clients now looking for units

Development Europe, tells BR. Hagag is work-

located both in the city centre and outside

ing on several residential and office projects

to protect their capital as inflation risks are

this area, either to pursue a more gener-

in central and northern Bucharest.

starting to emerge across the globe. Locally,

ous space with a terrace or even a garden or

Demand is up for housing and asking

More Romanians could turn to real estate

the inflation rate could reach 4.1 percent by

because they feel that this is the right mo-

prices have been going in the same direction.

year-end, according to projections by the

ment to make a lifestyle upgrade and move

Average prices for apartments put up for sale

National Bank of Romania. Some buyers are

to a central area, but we are also interacting

stood at EUR 1,406 per sqm in May, up 4.3

interested in purchasing homes and securing

www.business-review.eu Business Review | July May2021 2016

COVER REALSTORY ESTATE14 9

a rent stream that is adjusted with the annual

land plots for future investments in green

inflation rate in order to protect their invest-

projects.

ments.

“Investors have seen the potential of

For developer P3, the favourable market conditions are also an opportunity to invest

Earlier this year, Star Residence Invest, an investment vehicle backed by Impact

in facilities and upgrade warehouses.

“Besides the park’s strategic positioning

apartments in sustainable, high-quality

that acts as a Real Estate Investment Trust

and the modern spaces we offer, we have

residential compounds located in accessible

(REIT), got listed on BVB’s AeRO market. The

added several additional features and facili-

areas, providing attractive yields. The pan-

company has a portfolio of apartments and

ties to P3 Bucharest A1, starting with passen-

demic outlined the fact that real estate is an

parking spaces that it rents for 5-year periods

ger and freight rail terminals, a self-service

appealing asset class,” Constantin Sebesanu,

for a gross annual yield of 11 percent. The res-

restaurant with a terrace, fast-charging

CEO at Impact Developer & Contractor, tells

idential units are located in one of Impact’s

stations for electric vehicles, accommodation

BR. More Romanians are also look-

projects in Bucharest. Although Romania does not have REIT legislation as of now and pension funds

ing to buy houses instead

are barred from investing

of just apartments, and

in real estate, pundits

developers are adapt-

spaces (currently under development), and soon an inspiring green area. Moreover, we are now undergoing the BREEAM certification processes, thus trying to offer more in terms of added value to both our clients and

ing their investment

say that we will see

our park. Sustainability is an integral part

strategies to capture

more developers

of our long-term vision, and it is a strategy

the projected de-

tapping into the

which we strongly believe pays off,” Sinziana

mand hike.

capital market to

Pardhan, managing director at P3 Romania,

fund their new

tells BR.

For instance,

investments.

Alesonor is invest-

For Reynaers

ing around EUR 110

Aluminium, the office

million in a green suburb

and residential segments

area in northern Bucharest.

Amber Forest will include over 500 green villas and 200 green apartments, developed on 31 hectares of land.

The developer has already sold 190 villas at a

drove demand and helped the company grow its turnover by 12

As for the wider market, the biggest expansions of existing projects and new deliveries are expected in Bucharest, Timisoara, and Craiova. These are some of the cities where companies need warehouses and significant logistics operations.

percent in 2020.

“This year began with a sense of uncertainty on the market, but we can already

RETAIL INVESTMENTS GO OUTSIDE BUCHAREST

see a process of gradual return,” said Daniel

Smaller retail schemes located in regional cit-

ingly concerned about their quality of life,

Popa, country manager of Reynaers Alumini-

ies are driving development activity this year,

comfort and safety, energy efficiency, and

um Romania. The most sought-after products

while Bucharest has only seen the opening

price of around EUR 200,000 plus VAT. “Those looking for a home are increas-

lower maintenance costs, no longer looking at the price per square meter alone, as they would

in projects under development were doors and windows, sliding doors, and curtain walls.

in the past,” Alesonor managing partner Alex Skouras tells BR. The Bucharest

STRONG DEMAND FOR INDUSTRIAL AND LOGISTICS PROJECTS Deliveries of new in-

(BVB) is also stating

dustrial and logistics

improved sentiment on the real estate market, especially in the residential field. One United Properties is

the year.

Around 156,000 sqm of shopping centres and retail parks are awaiting delivery in 2021,

Stock Exchange to benefit from the

of a new outlet centre since the beginning of

spaces slated for this year will exceed last year’s new stock figures as Romanians have started to rely on e-commerce and delivery

according to JLL. Immofinanz, which has several VIVO! shopping centres in Romania, says that the average footfall has recovered from last year’s decline.

“The visitor frequency in our STOP SHOP retail park in Botosani very quickly returned to the pre-crisis level. An important factor in these parks is the focus on low-cost convenience products, which are very popular with consumers in difficult economic times. This

going public in early July in one of the biggest

services for anything ranging from food to

concept has proven successful during the

Initial Public Offerings (IPO) in the history

clothes, toys, and gadgets.

covid-19 pandemic. Discounters benefit from

of the local property sector. The Romanian

JLL data shows that Romania’s modern

the increase in customers' price conscious-

developer has been one of the most active

industrial stock to rent reached 5 million

ness. Internationally, we want to expand our

players in the luxury residential and office

sqm at the end of Q1 and will grow by around

presence in the retail park segment,” Dinu

segments and continues to secure new

690,000 sqm by the end of the year.

explains.

10 COVER STORY

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

ARCADIA: 13 YEARS OF INVESTING INTO A HEALTHIER FUTURE With important investments so far, Arcadia Hospitals and Medical Centres is the leader of healthcare services in northeastern Romania. Founded 13 years ago by Raluca and Dan Fiterman, the company was conceived from the very beginning as a multidisciplinary structure with integrated outpatient services, focusing on pediatrics, maternity and surgery.

Knowing that the local private healthcare system is soon to reach maturity, the two entrepreneurs are planning solid investments that will provide complex solutions for Arcadia patients.

By Anda Sebesi

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

COVER STORY 11

T

he story of Arcadia Hospitals and Medical Centres began back in 2008, when Dan and Raluca Fiterman entered the healthcare services scene by opening the first Arcadia medical unit in Iasi – a centre specialising in high-performance medical imaging services. Back then, the imaging centre’s

portfolio focused on explorative medical services through magnetic resonance (MRI), computer tomography (CT), mamography, and ultrasound. “We wanted to develop a multidisciplinary structure with integrated outpatient services, focusing on pediatrics, maternity, and surgery,” says Dan Fiterman, the general manager of Arcadia Hospitals and Medical Centres.

Now the largest healthcare network in northeastern Romania, Arcadia was founded 13 years ago with the aim of providing support for patients, its founders say. “From the very beginning, our mission was to develop a medical system that would help the community, so we constantly invest in people and innovative technology to meet our patients’ needs,” says Raluca Fiterman, CEO, Arcadia Hospitals and Medical Centres.

According to Dan Fiterman, they’ve always focused on knowing and understanding the behaviour and needs of patients, as well as on analysing the structure and functioning of the private medical services market, being aware of the real demand for such services, and exploring market niches. With such clear positioning the two entrepreneurs quickly decided that the expansion of their business was the best option for them and for the local community. One year later, in 2009, they started the development of the future headquarters of the multidisciplinary hospital and the maternity hospital in a building with seven levels and a total area of over 11,000 sqm. In addition, a new hospital unit for interventional cardiology was developed in the same year. “We also reached an important milestone by implementing the quality management system,” says Dan Fiterman.

ARCADIA’S MEDICAL MILESTONES NOVEMBER 2010 – the first arthroplasties (prostheses) in the Arcadia Orthopedics-Traumatology Department - the first time such medical procedures were carried out in a private hospital in Moldova.

APRIL 2017 – for the first time in the region, 6 types of bariatric and metabolic surgeries are performed in Arcadia through a single incision - SILS. AUGUST 2017 – the first cystoscopic exploration of a 3-month-old baby, the first coblation tonsillectomy, a modern method of surgical treatment in the ENT field and a premiere for Arcadia.

In the same period, the network also marked a surgical milestone by performing the first pediatric laparoscopic splenectomy.

APRIL 2018 – the first IFD (Ileal Food Diversion) medical procedure against obesity in the region developed at the Arcadia Hospital. Another key event during this month was a national premiere in the Orthopedic Surgery department at Arcadia Multidisciplinary Hospital. An experienced team, led by the well-known German professor with Romanian origins Wilhelm Friedl, performed a complex surgery – the revision of a knee tumor prosthesis and reprosthesis with a modular tumor prosthesis "Rotating Hinge'' Mutars / Implantcast type, used for the first time in Romania.

MAY 2018 – the first post-traumatic splenic rupture operated on by using the laparoscopic method in the region.

SEPTEMBER 2018 – gastric mini-bypass performed by the Arcadia medical team for weight loss

purposes.

2020 – a regional premiere for the Arcadia Medical Imaging Centres, using two 3 TESLA MRI machines.

In March, Arcadia marked another first for Romania, in the obesity surgery area: the Gastric Sleeve with Transit Loop Bi-Partition procedure.

2021 - another medical premiere for the Arcadia Hospital (Interventional Radiology) – the embolisation of a splenic aneurysm.

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

12 COVER STORY

However, 2010 marked the beginning of more complex activity

As the medical services market is constantly evolving, with the

as Arcadia opened its headquarters in Iasi and started to operate as

private segment being at the forefront, the proper basis for market

a medical network with clinics and hospital services for both adults

development is the quality of services, the adoption and implemen-

and children. At that time, Arcadia owned a multidisciplinary clinic,

tation of innovative technologies, lifelong learning and a constant

an imaging centre a multidisciplinary hospital, and an interven-

transfer of expertise. “We do believe that system maturity is the

tional cardiology hospital, as well as a mobile medical service unit.

next step. Coherent investments are needed to provide patients

“With this structure, Arcadia was launched in June 2010 as the larg-

with complex solutions,” says Dan Fiterman.

est private provider of medical services in Moldova, featuring the

As for what differentiates Arcadia from other local medical ser-

first hospitals with this kind of infrastructure in the northeastern

vice providers, Raluca Fiterman says that from the very beginning,

region,” says Raluca Fiterman.

the two entrepreneurs have believed in multidisciplinarity and the

In response to the growing demand for outpatient services, in

need for an integrated system of services: from prevention to diag-

January 2013, the Fiterman family launched the Arcadia Sărărie Medical Centre, the second clinic to offer medical services in more than 20 specialties for both adults and children, in a building with 4 levels and a total area of about 1,200 sqm. Three months later, in April, they opened the Palliative Department.

Since 2017, Arcadia has seen intensive expansion at all levels: the inauguration of Arcadia Plastic and Aesthetic Surgery Centre (March 2017), the opening of a polyclinic with medical specialties for children and adults – Moara de Foc – with high-end technical equipment and a top medical team (June 2017), and the opening of the Arcadia Bucium Medical Centre (August 2017). These were followed by the inauguration of the Breast Health Centre (June 2018 – its innovative equipment includes the latest mammography tools with tomosynthesis and an ultrasonograph dedicated to dense breast tissue), the Arcadia Sf. Lazăr Medical Recovery Centre, which features technology that is unique for the region, the David System (September 2018) and the Nicolina Medical Centre (October 2018), the sixth Arcadia centre in Iasi.

Last but not least, the company launched its telemedicine service Arcadia Line in 2020, to respond to patient needs during the pandemic, as well as the Women's Health Centre, which offers a complete circuit of investigations and medical consultations.

MORE TO COME Currently, the Arcadia Healthcare Network has a complex infra-

nosis, treatment, and recovery. “We personalise medical solutions

structure comprising a multidisciplinary hospital, an interventional

at the highest quality standards for our patients, and we are con-

cardiology hospital, three medical imaging centres, a maternity

stantly developing new solutions. We set a standard and innovate in

hospital and six other medical centres. “Arcadia has a professional

order to properly take care of our patients and the community. The

medical team and premium equipment, two of the reasons why

network was developed under the principle of helping patients, and

over a million patients have chosen this health network from the

this is why Arcadia continues to be the healthcare leader in north-

opening of the first medical imaging centre,” says Raluca Fiterman.

eastern Romania,” says Raluca Fiterman.

Since 2008, the two entreprenereus have sustained significant

In the future, the company plans to continue investing based on

financial endeavours, while the investment needed to finalise their

solid data and analysis and to develop new services dedicated to

ongoing projects will exceed EUR 20 million this year. “In the im-

patients in the northeastern region and beyond. The founders will

mediate future, we plan to open the Arcadia Medical Recovery Hos-

continue to develop Arcadia projects, such as the new Medical Re-

pital which will include a robotic recovery base and revolutionary

covery Hospital, which is due to open this year. The hospital’s treat-

technology that brings major benefits for patients. The hospital will

ment base will be equipped with the latest available technology.

have 140 beds and give patients access to state-of-the-art technol-

“Arcadia is a system based on clear values, a platform that inter-

ogy and medical equipment,” Dan Fiterman adds. The company is

connects medical excellence, technology and people. Therefore, we

also carrying out an evaluation and analysis process to integrate an

treat patients with empathy and we give them the trust and support

innovative concept for an area dedicated to oncology, radiotherapy

they need. We focus on the real time needs of our team, our patients

and radiosurgery.

and the community,” Raluca Fiterman concludes.

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

ADVERTORIAL 13

Biofarm, 100 years of history in the pharmaceutical industry in Romania

T

he modern pharmaceutical industry

therapeutic areas, many of which are still leading

product portfolio, but also about responsibil-

dates back to the mid-1800s, when

their categories. Triferment, Anghirol, Colebil or

ity towards whole generations of consumers,

pharmacies started to expand their

Cavit are only some of the examples which stand

which has determined Biofarm to always

plant-derived medicine distribution services

proof of the undisputed outstanding quality

look towards the future before taking any

into the development of the first chemicals.

of the products and of the fact that passion

action and making any business decision.

At the beginning of the 20th century, the

to identify the best treatment solutions has

pharma industry developed globally, and

always been one of the core values of the entire

the most important investment in the local

Romania took the first steps in research

research and development team at Biofarm.

pharma industry over the past 30 years – a

through small enterprises.

Constant innovation and portfolio diversity

The centennial anniversary showcases

manufacturing facility built from scratch,

have always differentiated Biofarm from its

with modern installations and machinery,

in the pharmaceutical industry, these

competitors and have yielded significant results,

led by a team of specialists that are develop-

small enterprises merged and Biofarm was

which have fostered the company’s development

ing all the time.

established in 1921. This merger soon paid

over its 100 years of activity. The permanent

off, with Biofarm products having a major

updating of the core portfolio and the launch of

through continuous improvement, the

contribution to increasing the quality of life

new products in the fastest growing categories

Biofarm team works relentlessly to maintain

of Romanian patients in the ‘20s. Such prod-

in the industry have always made Biofarm stand

performance and innovation at the highest

ucts include Carmol, launched in 1928, which

out on the highly competitive pharmaceutical

level. They put their know-how and expertise

makes it the oldest and one of the best-know

market in Romania over the past 20 years.

to the service of good every day, in the new

In order to keep up with the fast growth

products of the company.

The mix between long-standing brands and innovations in emerging categories place

Dedicated to their mission to do good

labs provided with state-of-the-art equipment.

INNOVATION, THE COMPANY’S GROWTH DRIVER

Biofarm among the top companies in Consumer Healthcare and make it the undisputed leader of

meters and an annual production flow of

More than 90 years have passed since the

the following therapeutic areas: digestion, bile

over 30 million commercial units in the form

launch of Carmol and 100 years of continued

disorders, nasal decongestants, topical anti-

of tablets and capsules and over 10 million

activity for the company having its head-

rheumatics, venous insufficiency, anxiolytics,

liquid products, the new Biofarm plant

quarters on Logofătul Tăutu Street. 100 years

and hypnotics. The recent additions to Biofarm’s

significantly increases production and will

during which Biofarm’s mission to do good

portfolio hold important positions in their

facilitate expansion on new markets.

has materialized in each of its undertakings.

respective market segments, such as laxatives,

100 years during which care and responsibil-

hepatic medicines, bloating and antiflatulence,

driving force which has kept the Biofarm

ity towards the clients have always come to

vitamins for kids or sore throat.

business alive for 100 years and represents

With an area of more than 7,000 square

The genuine desire to do good is the

the starting point for the next era of innova-

the forefront. 100 years of constant innovations. 100 years during which Biofarm has

CONSTANT INVESTMENTS IN THE FUTURE

tion and performance in the pharmaceutical

launched hundreds of products in over 60

The company’s story is not only about a wide

industry.

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

14 MAIN STORY

Business champions take centre stage at BR Awards In June, Business Review hosted the 16th edition of the Business Review Awards Gala (BRA), the magazine’s flagship event that highlighted outstanding achievements in the local business community in 2020. The event celebrates the companies, leaders, and entrepreneurs who show drive and initiative and achieve the best results in their class of business. Over the years, it has gathered over 130 honorable jury members, over 550 of Romania’s most inspiring business stories and more than 2,000 representatives of the country’s business elite.

By BR Team

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

B

MAIN STORY 15

ecause 2020 was a very different year, this year’s edition

Ramona Jurubita, Foreign Investors Council President and Country

of BRA also had some distinctive features. It was for the

Managing Partner at KPMG as the President of the Jury. “I saw so

first time when the majority of our award categories were

much talent in every category that it was very difficult to pick a win-

built around a specific reality: covid-19. Additionally, almost all the

ner. The awards reflect the diverse ways in which individuals and

categories highlighted the corporate sector’s capacity to adapt and

organisations can contribute to society. I’m very optimistic about

adjust in order to support the entire society in the effort of coping

Romania’s future when I look at the list of participants in these

with the pandemic. “We actually turned a negative situation into an

awards,” says Ramona Jurubita, the President of the BRA Jury.

opportunity to award business success and achievement – and I am

Looking at the CSR category, Jurubita noted that the pandemic

glad to see that Romania has been able to generate high performers

was a massive shock to us all and it was natural for companies to be

in many sectors,” says Anda Sebesi, the Editor-in-Chief of Business

concerned with protecting their business and employees, so it was very encouraging to see that so

Review Magazine.

many of them didn’t just focus

It was also the the first time BR created a series of special

on protecting themselves from

awards that recognised some

the storm, but also understood

great achievements that were

their responsibility to the wid-

not included in our traditional

er community. The award was

categories. “We acknowledged

handed out by Ionut Georges-

long-lasting Romanian brands

cu, CEO at FEPRA Interna-

that have managed to become

tional. “At FEPRA, we manage

fresh and innovative; preserv-

packaging waste responsibility

ers of local heritage; out-

and sustainability, and we are

standing female leadership in

very honored to give out this

sectors dominated by men; and

great CSR award. I think that all

last but not least, Romania’s

the nominees deserve a round

potential to generate the next

of applause for their great com-

generation of young leaders,”

panies and projects. Let’s make

Anda Sebesi adds.

the world a better and cleaner place,” he says.

This year’s categories were:

Also in the CSR sphere was

Best CSR Initiative of the Year; Best Supporter of Healthcare

the award for the company

Services – Powered by Immo-

with the highest social impact

finanz; Employer of the Year

– which recognised companies

– Working Romania Champion

that showed an outstanding

– Powered by Superbet; Most

commitment to contributing to

Adaptive Business Model in

their communities alongside

2020; Innovator of the Year –

their business goals. Inevitably,

Powered by Bitcoin Romania;

healthcare was also a particularly important category

Executive of the Year; Excellence in Business – Powered by Apa Nova; Most Dynamic Company

this year. Healthcare workers and service providers have faced the

of the Year – Powered by Vtex; Entrepreneur of the Year; Company

double challenge of being on the front lines in the fight against co-

with the Highest Social Impact in 2020; Personality of the Year; and

vid as well as having to make sure that normal healthcare provision

four BR Special Awards: Most Enduring & Adapted Romanian Brand,

did not suffer.

Best Young CEO, Most Influential Female Leader in Real Estate, and Best Preserver of Urban Heritage.

This year’s jury included Lara Tassan Zanin, Head of the Romania

“Turning to the employers’ category, we must note that businesses faced massive challenges last year, and it has been good to see the huge efforts many have made to protect their employees,

Representation of the European Investment Bank; Marian Popa,

with leaders frequently putting their teams before themselves.

Managing Director at Globalworth Romania; Andrei Gemeneanu,

Not only did companies have to do their best to protect jobs and

Co-founder and Managing Partner at Morphosis Capital; Marius

salaries, but they also had to ensure that the sudden move to work-

Ghenea, Serial Entrepreneur and Business Angel and Managing

ing from home was as smooth as possible for employees,” Ramona

Partner at Catalyst Romania; Dragos Anastasiu, President of AHK

Jurubita says.

Romania; Irina Munteanu, CFO at Veolia Romania & Deputy General

She adds that adaptability has clearly been a critical attribute

Manager at Apa Nova; Mihaela Bitu, CEO at ING Romania; Fady

for all of us during these times, so businesses that had proven to be

Chreih, CEO at Regina Maria, the Private Healthcare Network, and

highly adaptable deserved to be recognised. “Likewise, innovation

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

16 MAIN STORY

has been very important during the pandemic period. Innovation represents future success, and it has been encouraging to see how many organisations have rolled out new products and services and invested in R&D,” adds the president of the BRA Jury.

She also mentions two other important categories related to business growth: Excellence in Business – which awarded long-term achievements, including building structures that can enable a rapid adaptation to changing market trends – and Most Dynamic Com-

Best Supporter of Healthcare Services Powered by Immofinanz

Winner: Regina Maria, The Private Healthcare Network

pany, which focused on 2020 performance and on how businesses managed to achieve great success despite the challenging economic context.

“In terms of awards for individuals, I was pleased to see so many talented people having made such important contributions to society and the economy. The Executive of the Year award was designed to recognise a leader who went beyond their normal activity of running a company. Of course we were interested in business acumen and innovation, but also in how the person had contributed to general economic growth. The Entrepreneur of the Year award focused on those who have been particularly successful innovators or who have led their enterprises on a path of strong growth. Finally, we included a special award for Personality of the Year – for a nonbusiness contribution to society and to our country,” concludes Jurubita.

According to Colin C. Lovering, Master of Ceremonies at the Business Review Awards Gala, “while many competitive countries stood still and waited, the Romanian business community took the time to understand and calmly react, and it continues to learn vital lessons from the rapidly unfolding events over the last 15 months. All of those unanticipated twists and turns triggered by each news announcement in turn generated many different opinions and actions and, in some cases, internal challenges.”

Fulga Dinu, Country Manager Operations at Immofinanz:

“I am very happy to support this category because healthcare is very important for me personally. Even before the pandemic, I was a big supporter of this sector, as I am a member of the board of trustees in Hospice Casa Sperantei and I try to get involved in medical services as much as possible. The pandemic has shown us all how important the healthcare sector is and how brave and courageous the people working in this field really are.”

Best CSR Initiative of the Year

Winner: Kaufland Romania

Georgiana Andrei, Sales Director at Regina Maria:

“This award goes to all of our doctors and patients and to the companies that have supported us.

Through their investments in subscriptions, they’ve really helped invest in online and offline healthcare facilities.”

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

MAIN STORY 17

Employer of the Year Working Romania Champion Powered by Superbet

Most Adaptive Business Model in 2020

Winner: Groupe Renault Romania

Winner: Autonom Group

Innovator of the Year Powered by Bitcoin Romania Alina Amza,

Winner: Teach for Romania

Group Wellbeing & Inclusion Director at Superbet:

“Superbet is the biggest employer in the Romanian gambling industry and I think we are the best employer in this sector because we operate based on one concept: being an employee-led organisation.

Our people are genuinely at heart of everything we do, and they shape all of our activities. Besides that, we work in a very agile manner which allows us to adapt to their needs.”

Reginald Ammons, Vice President for Business Development at Bitcoin Romania:

“There is no doubt that innovation will lift Romania up. For Bitcoin Romania, innovation is about helping people take incremental steps towards betterMaria Tataru, Marketing Manager at Autonom:

ing their lives. It’s about helping people understand

“I am very happy that our culture is being recognised

that change means the world going from the gold

as the foundation to the company's success.”

standard to fiat currency to a new digital standard.

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

18 MAIN STORY Bitcoin Romania is all about bringing innovation to regular people.”

Iulia Pielmus, CEO at Teach For Romania:

Executive of the Year

Winner: Iulian Stanciu, Executive Chairman eMag

“I am really grateful to see so much interest in educational projects and that the business community is giving us the chance to develop and implement such projects. I would like to dedicate this award to my fabulous team, my passionate teachers and alumnis from Teach for Romania, but even more to children from vulnerable communities who continue to come to school despite the difficult conditions.”

Most Dynamic Company of the Year Excellence in Business Powered by Apa Nova

Powered by Vtex

Winner: Laptaria cu Caimac

Winner: Lidl Romania

Cristi Movila, Country Manager at VTEX: Irina Munteanu, CFO at Veolia Romania and Deputy General Manager at Apa Nova:

“The pandemic crisis brought uncertainity at all levels and changed the rules of the game forever. We witnessed a unique moment in our existence and we have the opportunity to reset the economy based on solid principles of sustainability, because I think that green technologies and innovation will be major stepping stones for our future and for the progress of our society.”

“Until a few years ago, being dynamic only meant being able to adapt very quickly and to be ahead of your competition. Nowadays, being dynamic means both adapting and giving solutions to your customers ahead of time, and before they even know they need them.”

Adrian Cocan, General Manager at Laptaria cu Caimac:

“We are honoured by this award and I would like to dedicate this to my partner, to my team, and especially to our consumers.”

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

Entrepreneur of the Year

Winner: Dr. Wargha Enayati, Chairman Enayati Group

MAIN STORY 19

Company with the Highest Social Impact in 2020

Winner: She is Mom

Most Enduring & Adapted Romanian Brand

Personality of the Year

Winner: Valeriu Gheorghita, the coordinator of the national coronavirus vaccination campaign in Romania

Winner: CEC Bank, for becoming one of the leading banks in Romania by adopting innovative technologies and using its omni-channel business model to leverage its growth.

Gabriel Pralea, Network Director, CEC Bank

“CEC Bank is a well-known brand across Romania.

A few years ago, CEC Bank started to reinvent itself and to come closer and closer to its clients’ needs through mobility, speed, comfort, and access to digital products. This award shows that our efforts are being recognised by the market and also gives us a great responsibility for how we push forward this great Romanian brand.”

20 MAIN STORY

Best Young CEO

Winner: Andrei Brumaru, CEO of Carmistin, for contributing to the development of this company, which received one of the largest syndicated loans on the local banking maket last year.

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

of central Bucharest and old heritage buildings as our true mission, which we have been pursuing for some time now, and we will of course stay focused on this niche because we believe that the Romania’s historical heritage and architectural assets have to be preserved and honoured, and this is exactly what we are doing in our day-to-day work at Hagag Development Europe.”

Most Influential Female Leader in Real Estate

“Carmistin is an entrepreneurial company that operates in the agribusiness sector and for us it is very important to provide Romanians with food

Winner: Fulga Dinu, Country Manager for Operations at Immofinanz, for coordinating the development of Immofinanz Romania on the local office and retail segments and for enabling the company to record outstanding results last year.

of local origin. This is what we try to do every day.”

Best Preserver of Urban Heritage

Winner: Hagag Development Europe

“Real estate is still a male-dominated industry, but I believe that top performance can be achieved regardless of gender in any field, through solid professional training and managerial talent. We live in an age of equal opportunity, of tolerance, where gender Anna Cohen, Head of Marketing

or nationality no longer matter, and this means that

at Hagag Development Europe

strong, remarkable, and inspirational women have a

“We look at the renewal, revival, and rehabilitation

much better opportunity to make their voices heard.”

www.business-review.eu Business Review | July May2021 2016

COVER STORY FDI 21 14

Automotive & IT sectors become pillars of new FDI in Romania The automotive sector is now one of the strongest in Romania, and the areas that support it are attracting high levels of FDI in the post-covid economy. We can already begin to analyse some good news that came during the first half of 2021 in terms of new investments.

By Claudiu Vrinceanu

T

he starting point in the post-covid-19 economic recovery has been favourable: the automotive industry

accounts for 23 percent of manufacturing production in Romania (more than in the rest

Timisoara ranks among the top three cities in Romania in terms of foreign direct investment

of EU-CEE). Among the most important news of 2021 was the announcement from Ford, which said it would invest USD 300 million to

connected vehicles of the future. The new

produce batteries for electric vehicles in Ti-

begin building a new light commercial vehicle

location will extend and complement the

misoara. As part of its development strategy,

at its Craiova plant from 2023, as well as a

work being carried out by Porsche at its other

Dräxlmaier plans to invest 200 million euros

fully electric version of that vehicle starting in

Romania site, in Cluj-Napoca, which opened

in the e-mobility components factory over the

2024, marking a first for Ford in Romania.

in 2016 and currently has 250 employees.

next six years.

“Porsche Engineering’s tech operations in

“We will develop the project in several

TIMISOARA TAKES THE LEAD

Romania have been a great success story so

stages, and it will involve the construction of

More good news has come in recent weeks

far. The consistent growth with highly-skilled

over 40,000 sqm of production areas, ware-

from Timisoara, where three of the largest

function and software development special-

houses, and office buildings. Dräxmlaier will

auto manufacturers have announced expan-

ists in Cluj-Napoca motivated us to consider

produce electronic and high voltage compo-

sions or new investments. In fact, Timisoara

expanding to a second Romanian location,”

nents. The highlight is the future battery as-

ranks among the top three cities in Romania

said Dirk Lappe, the company’s Chief Tech-

sembly system for hybrid cars produced by a

in terms of foreign direct investment, ac-

nology Officer. With its high-tech environ-

premium carmaker that we will start in 2022,”

cording to the 2021 EY Attractiveness Survey

ment in both the academic and business

the company said.

Romania. Timisoara attracted 11 percent of all

environments, Timisoara was the obvious

The third piece of excellent news from the

FDI projects announced for 2021, after Bucha-

choice for this expansion. “Five years ago,

car industry came from the e-mobility sector.

rest (33 percent) and Cluj-Napoca (12 percent).

when we first came to Romania, we were im-

ZF announced that it would expand its hub

The first move came from Porsche Engi-

pressed by the creativity, flexibility, and rapid

in Timisoara and turn into a research and

neering, a technology service provider and a

learning ability of the people we met,” Lappe

development centre for electric mobility and

wholly-owned subsidiary of Porsche, which

added. “We are happy to further tap into this

software and hardware solutions for electric

opened a second tech location in Romania.

potential with a second location in the vibrant

vehicles.

With a new research and development site

city of Timisoara.”

in Timisoara, it is further expanding its innovation centres to develop the smart and

Furthermore, German automotive parts company Dräxlmaier will open a plant to

Over the next three years, ZF will triple the number of engineers it employs in Timisoara, with a hundred jobs added every year.

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

22 TECH STARTUPS

Tech Startups: Movers and shakers in the first half of 2021 Only five Romanian tech startups managed to raise more than a million euros from investors in the first six months of 2021. Nevertheless, these companies have had remarkable results this year, not even counting the success of UiPath’s IPO, an example that is already famous around the world.

Tech startups have a great potential to raise money from investors

By Claudiu Vrinceanu

FINTECHOS: EUR 51 MILLION

ing to expand the platform internationally

operations. Currently, the company covers

The largest venture deal came from Finte-

starting with the last quarter of this year

all continents with the help of an ecosys-

chOS, the global technology provider for

by establishing partnerships with lead-

tem of over 100 international partners.

banks, insurers, and other financial services

ing technology hubs in Europe. SeedBlink

companies, who raised USD 60 million (EUR

intends to shape Europe's technological

QUESTO: EUR 1.26 MILLION

51 million) in Series B funding. The round was

future by creating a platform that combines

The startup Questo, which has developed

led by Draper Esprit, a leading venture capital

the visibility generated by crowdfunding,

a mobile app through which users can

firm whose investments include Form3, IC-

the flexibility of angel investors, and the

explore different cities and tourist destina-

EYE, Revolut, Thought Machine, and UiPath.

structuring provided by VCs. Furthermore,

tions in a gamified way, has attracted EUR

Existing investors Earlybird Digital East, Gap-

it intends to set up an Advisory Board of

1.26 million in an investment round led by

minder Ventures, LAUNCHub Ventures, and

senior specialists in the region within the

Early Game Ventures, with the participa-

OTB Ventures also participated in the round.

next three months.

tion of Sparking Capital.

WHAT'S NEXT: The funds will mostly be used

DRUID: EUR 2.1 MILLION

WHAT'S NEXT: The financing will go to-

to cement the company's position in Europe

DRUID, a company specialised in the de-

wards the company's global development,

and the UK and fuel international expansion

velopment of intelligent virtual assistants

as it aims to expand the project to 200

to target financial institutions in Asia-Pacific,

(chatbots) for enterprises, has raised EUR

cities by the end of the year, mainly on the

Middle East and Africa, and North America.

2.1 million. The round was led by GapMind-

United States market.

This includes new offices in the US, Dubai,

er Ventures, with an investment of EUR

and Singapore, along with 120 new staff

1.85 million, while the rest of the amount

BUNNYSHELL: EUR 1.1 MILLION

members resulting in a 40 percent increase in

was invested by Early Game Ventures and

Bunnyshell is a startup that builds technol-

overall headcount.

private investors. DRUID thus becomes one

ogy for cloud infrastructure, allowing its

of the best-capitalised startups in Romania,

customers to install, monitor, and scale

SEEDBLINK: EUR 3 MILLION

having attracted total investments worth 5

cloud applications automatically, and it

SeedBlink, the fastest-growing platform for

million euros since its launch in 2018.

raised a new round of EUR 1.1 million in a transaction led by Early Game Ventures.

investment in technology startups in Europe, raised EUR 3 million in a Series A round, of

WHAT'S NEXT: A new round of funding is

which EUR 1.1 million were raised through

expected to close by the end of this year.

WHAT'S NEXT: The fresh funding will allow

equity crowdfunding.

Due to the strong demand for conversation-

the founders to accelerate expansion to in-

al solutions over the last year, Druid has

ternational markets and develop the global

continued to grow rapidly and expand its

network of partners.

WHAT'S NEXT: The management is look-

www.business-review.eu Business Review | July May2021 2016

ENTREPRENEURSHIP COVER STORY 14 23

Top 4 forces on the Romanian entrepreneurship scene Digitalization, the involvement of qualified founders with relevant professional experience, youth entrepreneurship, and more capital being made available to businesses will be key in the entrepreneurial environment’s healing process following the covid-19 pandemic.

By Claudiu Vrinceanu leading other successful startups, and the presence of highly specialised individuals on the product or development teams.

YOUTH ENTREPRENEURSHIP The appetite for entrepreneurship is growing among young people, with half of them saying that they would like to start a business.

The most wanted careers among young people also show increased interest in entrepreneurship and management, which rank first in their preferences.

The appetite for entrepreneurship is growing among young people

A MORE DIVERSE FUNDING SYSTEM FOR ROMANIAN STARTUPS AND SCALEUPS

HIGHER POTENTIAL FOR DIGITALIZATION IN THE CONTEXT OF COVID-19

AVAILABILITY OF EXPERIENCED FOUNDERS

The funding of Romanian startups has be-

Successful entrepreneurs tend to open their

come more sustainable and diversified lately.

The business environment is calling for

startups after the age of 40. International

The number of investors in Romanian start-

legislation to be updated so as to enable

studies show that the success rate of startups

ups and scaleups increased to 97 in 2020. The

and encourage the rapid adoption of cloud

with founders under 30 is half that of start-

pipeline of local and international ventures

technologies, which have a great potential to

ups established by people aged 50-60. In the

is no longer driven by a few small-sized

accelerate the digitalization process. The po-

collective perception, this age group may not

e-commerce companies and marketplaces.

tential for digitalization includes developing

be associated with the idea of a startup or en-

Instead, it shows a balanced mix of innova-

an acceleration package aimed at supporting

trepreneurship, but in reality, it often builds

tive ideas in FinTech, Biometrics, Blockchain,

software manufacturers specialising in the

successful businesses in the high tech field.

Robotic Process Automation, and HR-related

optimisation and automation of business

Moreover, in the covid-19 crisis, the number

solutions.

processes, whether in private companies or in

of experienced business professionals that

state institutions. The goal of the legislative

could become founders will increase due to

driven by its digitally solid workforce and

package proposed by ANIS (the organisation

turnarounds and restructuring processes.

diversity. International investors lead fund-

that represents businesses in the software

Representatives of the business envi-

Bucharest is the central hub in Romania,

ing initiatives, with only a few local Roma-

industry) is to obtain results in less than 12

ronment agree to maintaining conditions

nian funds participating in Series A+ rounds.

months by accelerating existing software

for granting startup financing, but only if

Besides the local funds investing in the

products on the market or supporting new

requirements like creating jobs or operating

ecosystem, we’re seeing a growing number of

investments that could generate short-term

for several years are waived, as they believe

international players scouting the Romanian

results, in both the private and public sectors.

that these conditions should be determined

tech market for investment opportunities.

The organisation recommends the implemen-

by the market, through aspects such as the

Due to the lack of locally-grown venture

tation of non-reimbursable co-financing to a

founders’ capital contribution, the presence

capital (VC) funds, most early-stage startups

maximum of 80 percent of the cost of eligible

of angel investors or venture capital funds,

are looking to join external incubators and

projects and up to EUR 100,000/project.

the founders’ experience in the field or in

accelerator programs.

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

24 GLOBAL TRENDS

Life after the pandemic: concern around online security and a drive for healthier lives Over the past year, the global coronavirus pandemic has wreaked havoc on the world, causing the biggest socioeconomic crisis in modern history. This has been accentuated in cities, engines of economic prosperity and connectors to smaller towns and communities, which have acted as corridors for the continued spread of the virus, according to Ericsson Consumer Lab’s “The Future Urban Reality” report.

By Aurel Constantin course of the pandemic have rendered all attempts at leading a normal life impossible.

This, in turn, has led consumers to drastically change their routines in the long run. For example, students performed 85 percent of their study hours online where possible, while over 50 percent of work hours were performed remotely by the global working population.

Though many professions have been unable to make the digital shift, remote work is expected to stay: one in four expect to continue working fully remotely after the pandemic. This increases even further to one in three among the working population Globally, one in two consumers express explicit concerns about climate change and pollution

T

in countries such as Thailand and Brazil. Similarly, university students also expect that over 60 percent of their study hours will be spent

he pandemic has laid bare the preva-

immediate task is to re-build societies, com-

lent inequalities and imbalances in

munities, and economies, and to shape new

urban areas and aggravated them

online in the next normal.

Mobility patterns will also change, but

opportunities for future urban landscapes

perhaps not in the way one might expect:

further by hitting marginalised and vulner-

to become more inclusive, resilient, and

one in four expect to switch their commuting

able groups in society the hardest. With an es-

equitable. Such preparedness would mean

methods to those with a lower environmental

timated loss of more than 3.6 million lives and

better access to critical societal functions in

impact, such as using public transport, biking

255 million jobs; around 120 million people

the event of future global crises.

or walking. However, many consumers take

falling back into extreme poverty; 170 million

The pandemic has also triggered new and

the opposite view, with their primary choice

children being left out of school for a year;

significant digital behaviour shifts in consum-

being car travel. Around 1 in 3 consumers

and – as the particularly hardest hit group in

ers, with more than ever before using online

believe they will increase the overall time

society – an estimated USD 800 billion in loss

platforms to manage numerous aspects of

they spend commuting and traveling short

of income for women globally, the mounting

daily life. Among the global online popula-

distances, with a 13 percent rise. This increase

challenges, sorrows, and hardships are many

tion, access to the internet has been a funda-

takes into account activities planned in the

and severe.

mental factor for maintaining daily activities

consumers’ home cities, such as strolling and

and keeping in touch with loved ones during

socialising.

Yet this pivotal moment encourages hope; as the world continues to navigate the ongo-

lockdowns and strict social distancing.

ing pandemic, the vaccine rollouts mean

ONLINE SHOPPING EVOLUTION

governments, businesses and citizens can

THE SHIFT TO REMOTE WORKING

Shopping is an area of dual purpose: a

look toward the future. A future where the

Fluctuating waves of contagion over the

pastime and social activity for some and a

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

GLOBAL COVERTRENDS STORY 14 25

practical necessity for others. Over the course

press greater worry about heightened stress

consumers have begun re-evaluating some of

of the pandemic, shopping in physical stores

levels. This concern is not only prominent

their fundamental behaviours going forward,

became challenging, and online shopping

among these particular group of consumers,

including their consumption.

grew to be a more attractive option. Before

but also among urban consumers in emerging

the pandemic, online shopping accounted for

markets.

Driven partly by environmental concerns, they are not necessarily looking to consume

around 34 percent of all consumer product

What’s more, the prediction about the

purchases globally, including fashion, tech-

future job market and a need to maintain up

many as half predict they will only shop for

nology, and home décor. During the pandem-

to three jobs at the same time is particularly

locally made products and locally grown pro-

ic, this rose to 53 percent.

held by adults who are already in the work-

duce. Furthermore, 56 percent of consumers

tries such as Argentina, Kenya, and Ethiopia,

force. Hence, around 60 percent globally

predict that local consumption will become

where growth of between 12 to 14 percentage

believe that holding a steady job will be even

a new future norm. Quarantine and social

points is expected.

more important in the future. This is a view

distancing, coupled with overall limits to

less, but to consume more locally. By 2025, as

Consumers predict online shopping will become a more common feature in the next normal for their shopping needs. While shopping in physical stores will still likely be a prevalent habit in the future, online purchasing is expected to account for 42 percent of all shopping activities. The most significant predicted growth in online shopping is among consumers in large cities, in coun-

shared both by working adults and young

physical mobility during the pandemic, have

shopping is becoming particularly evident for

people looking to enter the job market in a

underscored the value of breaking away from

consumers in urban areas where online shop-

few years.

long-standing routines.

The efficiency and convenience of online

ping previously had a lower starting point

The future is equally seen as a world of

However, with a future focused on new

before the pandemic. Aside from general

possibilities and a potentially challenging

experiences and enjoying life, consumers

shopping, groceries are another purchase

urban reality. The most prominent challenges

are also looking to increase a behaviour that

category and even this highly routine activity

such as security, safety, and stability are po-

seems at odds with their environmental wor-

is set to be handled online. Globally, consum-

tentially those where consumers have limited

ries: increased leisure travel. The challenge

ers estimate that one third of all their grocery

personal influence. Consumers are seeking

appears when leisure travel leads to an in-

shopping will be handled by online platforms.

to divide their attention in areas where they

crease in air travel, potentially also increasing

do wield influence: being present and

people’s environmental footprint in

PREDICTING THE FUTURE

outdoors for new experiences

While consumers see new opportunities on

and memories, while rely-

Globally, one in two con-

the horizon, there is an underlying worry

ing on various online

sumers express explicit

in their future predictions. The prominence

services and platforms

of worry is particularly reflected in the six

to manage the rest of

change and pollution,

most common predictions that consumers

their lives.

yet leisure travel is 20 percent compared

among consumers living in urban areas are

ENVIRONMENTAL CONCERNS

concerns with online security and a drive to

Even before the

lead healthier lives. The concern for online

pandemic, consumer

privacy comes against the backdrop of future

awareness and concern

lifestyles being further empowered through

around environmental

online services.

sustainability was on the rise glob-

the future.

concerns about climate

expected to grow by

express, irrespective of the size of the city they live in. The two most shared predictions

to pre-pandemic figures. Growth is expected at 25 percent among those consumers who do not have any environmental concerns. Today, consumers

ally. Climate change and pollution are now

are already aware of the negative environ-

pandemic, which has highlighted the need to

ranked as a top societal concern, illustrating

mental impact of air travel: around one in

maintain a healthy lifestyle. Consumers living

a perceived sense of urgency for the future

three consumers globally have expressed a

in smaller cities and towns, although equally

of the planet. With new challenges, norms

will to refrain from flying when traveling for

intent on leading healthier lives, are apt to ex-

and restrictions imposed by the pandemic,

leisure by 2025.

The concern for their health follows the

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

26 TECHNOLOGY

5G on the road to mass market For more than 18 months now, the world has been facing a crisis on a scale that defies belief. As countries around the world deal with different phases of the COVID-19 pandemic, it is clear that technology – and more specifically connectivity – increasingly supports many aspects of our everyday lives.

By Aurel Constantin fuelled by 5G technology has a key role to play,” says Fredrik Jejdling, Executive Vice President and Head of Networks at Ericsson.

Despite the uncertainty caused by COVID-19, service providers continue to switch on 5G and more than 160 have launched commercial 5G services. 5G subscriptions with a 5G-capable device grew by 70 million during the first quarter to reach around 290 million.

The report estimates there will be close to 580 million 5G subscriptions by the end of 2021.

Currently, Northeast Asia has the highest 5G subscription penetration, followed by North America, Gulf Cooperation Council countries, and Western Europe. In 2026, it is projected that North America will have the highest share of 5G subscriptions of all regions, at 84 percent. 5G subscription uptake To date, around twenty 5G networks have been commercially launched across CEE

T

is expected to be faster than that of 4G following its launch in 2009. 5G subscriptions are estimated to reach the 1 billion mark two years earlier than 4G did.

he resilience and diligence of the tele-

speed connectivity is virtually limitless. The

communication industry continues to

fact that more than 70 percent of all service

be evidenced by the striking numbers

providers are now offering fixed wireless ac-

gagement with 5G compared to 4G, as well

cess (FWA) services speaks to this need.

as the timely availability of devices from

in this edition of the Ericsson Mobility Report.

The speed of 5G uptake is far higher than it

As societies plan a return to a more normal

Key factors include China’s earlier en-

several vendors. By the end of 2026, Erics-

was for 4G, let alone 3G, and it is one more

situation after the pandemic, the need to

son 4forecasts 3.5 billion 5G subscriptions

sign of an industry that tirelessly continues

secure and invest in high-quality digital infra-

globally, accounting for around 40 percent of

to drive innovation and bring new technology

structure should be on everyone’s agenda as

all mobile subscriptions at that time. 4G will

to the market. So far, more than 160 commu-

a key component of economic recovery. It’s a

remain the dominant mobile access technol-

nications service providers have launched 5G

good thing, then, that the industry that can

ogy by subscription over the forecast period.

services and over 300 5G smartphone models

deliver on that need is already on its way to

During Q1 2021, 4G subscriptions increased

have been announced or launched commer-

doing so.

by approximately 100 million, exceeding 4.6

cially.

“The 20th edition of the Ericsson Mobil-

billion, equalling 58 percent of all mobile subscriptions.

Before the end of this year, we will have

ity Report shows that we have taken the next

surpassed half a billion 5G users across the

step in 5G technology in terms of accelerated

4G is projected to peak during the year at

world. However, the picture is a bit differ-

launches and expanding coverage in markets

4.8 billion subscriptions before declining to

ent when looking at the development on a

such as China, the US, and South Korea. Now

around 3.9 billion subscriptions by the end

regional level, where it is clear that it will take

is the time for advanced usage scenarios to

of 2026 as more subscribers migrate to 5G.

longer for 5G to be deployed and ready for

materialise and deliver the benefits of 5G.

The net addition of mobile subscriptions was

mass-adoption in some regions. Nevertheless,

Companies and societies are preparing for a

quite low during Q1 2021, at 59 million. This is

whether it’s 4G or 5G, the need for good, high-

post-pandemic world in which digitization

likely due to the pandemic and the associated

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

COVER TECHNOLOGY STORY 27 14

lockdown restrictions. India had the most net

about 20 percent annually through 2026.

additions (+26 million), followed by China (+6

Subscriptions for mobile PCs and tablets are

million) and Nigeria (+3 million).

expected to show moderate growth, reaching

kets such as China and South Korea have re-

around 450 million in 2026.

ported a positive impact of 5G subscribers on

on services providers’ financial performance.

Major service providers in leading 5G mar-

mobile service revenues and ARPU in 2020.

SERVICE PACKAGE TRENDS Service providers are continuously adapting

CENTRAL AND EASTERN EUROPE

At the end of the forecast period, the region

their service packaging towards consumers.

4G is the dominant technology in Central

is anticipated to have more than 1.4 billion

In addition to offering significantly higher

and Eastern Europe, and it now accounts for

5G subscriptions, equalling a 5G subscription

speeds, 5G subscriptions often contain larger

50 percent of all subscriptions. In 2026, 4G

penetration of 65 percent.

buckets or even unlimited data. As this drives

will remain the dominant technology and is

up usage, providers are also including limita-

expected to account for 65 percent of mobile

WESTERN EUROPE

tions, albeit soft ones, as a way to improve

subscriptions, while 5G subscriptions are

In Western Europe, 4G is the dominant access

monetisation. Daily allowances for unlimited

forecast to make up 33 percent. During the

technology, accounting for 78 percent of all

packages are appearing, with the option to

forecast period, there will continue to be a

subscriptions. 4G is predicted to decline to 27 percent and WCDMA/HSPA to only 3 percent of subscriptions in 2026 as users migrate to 5G. More than 60 service providers have launched 5G services across the region.

Further spectrum auctions in the 700MHz and 3.4– 3.8GHz bands were planned during 2020, but some were delayed, which will have a short-term impact on the

increase the allowance by a few GB at no cost,

significant decline in WCDMA/HSPA, from 36

deployment and coverage of 5G in the region.

using a simple text message each time.

percent to virtually zero, as users migrate to

5G subscription penetration is projected to

4G and 5G.

reach 69 percent by the end of 2026.

To date, around twenty 5G networks have

MOBILE BROADBAND SUBSCRIPTIONS ON THE RISE

been commercially launched across the

NORTH AMERICA

There are around 8 billion active mobile

region. Further spectrum auctions in the key

In North America, 5G commercialisation is

subscriptions today. Estimations show that

frequency bands like 700MHz and

this figure will increase to 8.8 billion by the

3.4–3.8GHz were planned for

end of 2026, of which 91 percent will be for

the end of 2020 and the be-

mobile broadband. The number of unique

ginning of 2021, some of

mobile subscribers is projected to grow from

which have been de-

5.9 billion in Q1 2021 to 6.5 billion by the end

layed. This will have

access (FWA). The

of the forecast period.

a short-term impact

introduction of

moving at a rapid pace. Service providers have launched commercial 5G services with a focus on mobile broadband and fixed wireless

on 5G deployment in

5G smartphones

affected countries.

supporting all three

mobile phone subscriptions. At the end of

NORTHEAST ASIA

already made 2021 an

2020, there were 6 billion smartphone sub-

In Northeast Asia,

scriptions. This number is forecast to reach

service providers continue

5G adopters.

7.7 billion in 2026, which will account for

to invest in 5G deployments

FWA will play a key role in

around 88 percent of all mobile subscriptions

to further fuel subscription growth.

at that time. Subscriptions for fixed broad-

A current focus area for service providers is

pandemic has exposed large gaps for educa-

band are expected to grow around 4 percent

to improve nationwide coverage. Meanwhile,

tion, remote working, and small businesses.

annually through 2026.

the rapid growth of 5G subscriptions, sup-

By 2026, more than 360 million 5G subscrip-

ported by an increased number of available

tions are anticipated in the region, accounting

5G device models have had a positive impact

for 84 percent of mobile subscriptions.

Smartphone penetration continues to rise, and subscriptions associated with smartphones account for about 76 percent of all

Fixed wireless access (FWA) connections are anticipated to show strong growth of

spectrum bands has eventful year for early

closing the digital divide where the

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

28 MARKETING

The future of marketing is multicultural The US demographic landscape has transformed; 129 million multicultural consumers now represent 40 percent of the population. At the same time, multicultural consumers have driven over 100 percent of US population growth over the last five years and are projected to drive even greater growth for the foreseeable future, while Hispanics in the US are set to reach the 111 million mark by 2060, according to the US Census Bureau.

By Romanita Oprea oneself,” said Cristina Blanaru, COO & founder at Digital Marker.

A study conducted by PQ Media on behalf of the ANA’s Alliance for Inclusive and Multicultural Marketing (AIMM) revealed that overall multicultural advertising and marketing spending totalled USD 25.9 billion in 2018.

Spending targeting Hispanics reached almost USD 18 billion, a 5.3 percent increase over the previous year and far ahead of the amount of spend aimed at African-Americans (USD 7.2 billion, up 6.1 percent) or Asian Americans (USD 722 million, up 7 percent). According to 2017 US Census Bureau figures, Hispanics comprise 18.1 percent of the overall population, while African-Americans make up 13.4 percent and Asians represent 5.8 percent.

Moreover, multicultural consumers comprise Cristina Blanaru, Digital Marker

A

almost 40 percent of the total US population, yet multicultural media investments make up only 5.2 percent of total advertising and marketing spending.

fter years of research and building

marketing refers to marketing efforts made

business cases for multicultural

to reach all consumers in a specific market;

marketing initiatives within Fortune

cross-cultural marketing refers to market-

2019” report also showed that there was

50 brands, Juanita Velez, Multicultural Mar-

ing efforts that capitalise on insights from

a clear opportunity for more marketers to

keting Expert and Founder of HYPE, defines

multicultural and general audiences through

engage multicultural consumers to drive

Multicultural Marketing as a niche within

shared points of connection in a specific

business growth. In what is perhaps the most

marketing growing a brand’s marketing goals

market, while international marketing refers

significant finding, multicultural media rev-

within a clearly defined ethnic/race-specific

to efforts made to reach international custom-

enue significantly under-indexes against the

audience such as Hispanics, African Ameri-

ers capitalising on cultural insights within

general population. Although 100 percent of

cans, Asian Americans, LGBTQ+ or perhaps

a country or region outside of the United

the total population growth comes from mul-

BIPOC and non-multicultural segments as

States,” added Juanita Velez for campaign-

ticultural segments, marketers are significant-

well. This automatically forces this team to

monitor.com.

ly underspending to reach these consumers,

be intentional about learning this target audi-

“We live in a world in which people from

The “US Multicultural Media Forecast

and conversely, decidedly overspending to

ence’s motivations, aspirations and purchase

different cultures find themselves being

reach non-multicultural consumers. Market-

drivers for the brand’s product or service.

blended together. Each have their own

ers should better leverage digital advertising

characteristics, sensibilities, ways of reacting.

to reach multicultural consumers and there

multicultural can take on a variety of defini-

And it is important for marketers to be aware

is an opportunity to have multicultural com-

tions, it is also equally important to differenti-

of and address common points, but also dif-

munication specialists work more in non-

ate multicultural marketing from other niches

ferences, which come from an underlaying

endemic media (i.e., general market media) to

that fall under the marketing umbrella as a

cultural divide, from colour perception to

help craft communications to appeal to both

profession: total market or general market

the style of reactions and ways to formulate

general market and multicultural audiences.

“And while we understand that the term

www.business-review.eu Business Review | July May2021 2016

COVER MARKETING STORY 29 14

BETTER EMOTIONAL CONNECTION

Young people tend to try to fit into dominant

evaluate marketing executions. The impor-

Multicultural marketing opens new roads

cultures as teenagers. However, when they

tance of this insight cannot be overstated,

for brands to engage with their consumers

start their own families, they often revisit

especially for Black and Hispanic consum-

outside the “majority audience.” It targets

their heritage. Consumers who identify as

ers. These segments are far more likely to

specific consumer segments based on ethnic

multiracial take on diverse cultural paradigms

talk about your ads, even if their respective

and socio-cultural patterns, building a deeper

and behaviours. It becomes hard to put them

racial/ethnic background isn’t the focus of the

emotional connection that increases the

into one marketing box. Thus, businesses

advertisement at hand.

chance of a conversion.

must change workplace dynamics, lifestyles,

To activate on the shared value of com-

and cultural references in their marketing ef-

munity connection, brands must therefore

forts,” Shane Barker wrote for bbntimes.com.

understand the power of authentically

According to Cristina Blanaru, in a society that blends together people of different descent, creating a mix of beliefs, approaches,

At the same time, as Barker further argues,

representing community across multicultural

and perceptions, marketers have to be skilled

the buying power of minorities is growing at

and other segments. For most brands, the

and diplomatic enough to consider all sides

a faster rate than that of white consumers, ac-

authentic representation of community and

and all perceptions and use them in their

cording to a UGA report. The reasons for this

family offers pure upside: not only does it

favour in their efforts to sell more products

include changes in demographics, entrepre-

result in increased activation of the target

to more diverse audiences. “The companies

neurial activities, and

have to demonstrate thorough knowledge of

increased educational

their consumers, regardless of the ‘box’ soci-

achievements. Brands

ety puts them in. To reach all groups, market-

fail at multicultural

ers must spot the common points and exploit

marketing because they

them, but they must also make use of ele-

unable to understand

ments of cultural divide. A warning though:

these groups and they

yellow might not trigger the same reaction in

cannot figure out that

Romania as it does in Denmark or Germany

a customer’s culture

and a red label could raise an eyebrow but not

affects their purchasing

open a wallet,” Blanaru noted.

behaviour.

Moreover, the Digital Marker representa-

“A multicultural

tive argues that target analysis and knowledge

consumer is more likely

is needed at all times. Of course, in a world

to buy products and ser-

where all races, colours, are mixed together

vices that reinforce their

more than ever, finding out what bring us

cultural roots. It’s one of

together and what sets us apart becomes

the reasons companies

increasingly important when it comes of com-

that fail to consider

municating and selling. And the brand hat

this receive backlash

hits the perfect mix and generates the most

or aren’t able to reach

reactions from all segments will be the one

their full potential. Brands that want to target

group, it also resonates with other segments,

to attract most customers. Converting that to

the powerful minority spending power must

who are drawn to the authentic representa-

sales… well, that’s another story.

change their strategies. They need to design

tion of segments, even if not their own.

messaging that appreciates the values and

At the same time, Cristina Blanaru thinks

COMMUNITY AND TARGETING

cultures of these minorities. Their messages

that creativity really has a place to shine in a

To survive, marketers must target all subcul-

should have an authentic appeal to influence

multicultural environment. Borrowing ideas

tures within their target audience. They need

behaviours and tastes,” Barker added.

from one culture and translating them for an-

to use appropriate and effective, culturally-

Research by Collage Group confirms that

other is a normal thing these days. “Keeping it

specific messaging campaigns. “You need to

community matters to pretty much everyone,

clean and neat and down to land’s law says is

start your marketing strategy with research

but data also reveals how community is expe-

also an approach. A genius touch of creativity

into the cross-cultural differences of all of

rienced and expressed differently across cul-

on top of all that is usually what makes the

your target audiences. It’s also essential to

tural backgrounds. In their 2020 Roundtable

difference. Brands should pay attention to all

involve different departments when craft-

Study, the Collage Group team learned that

potential customers, and that’s just common

ing personalised messages. This ensures that

multicultural Americans, especially Black

sense. Today, all customer targets include

they also understand how the differences

and Hispanic consumers, want to see com-

more categories with more unique features.

affect communication patterns and marketing

munities that look like their own represented

Take everything into consideration, pay at-

activities. Brands should not assume that au-

in advertising. Moreover, it is within their

tention, adjust when needed and you’ll be on

diences will take on the majority experience.

communities that these segments discuss and

the right path,” Cristina Blanaru said.

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

30 ARTIFICIAL INTELLIGENCE

How Artificial Intelligence can boost creativity According to a statement by Margaret A.Boden for sciencedirect.com, creativity is a fundamental feature of human intelligence and a challenge for artificial intelligence. AI techniques can be used to create new ideas in three ways: by producing novel combinations of familiar ideas; by exploring the potential of conceptual spaces; and by making transformations that enable the generation of previously impossible ideas. AI will have less difficulty in modelling the generation of new ideas than in automating their evaluation.

By Romanita Oprea exception. The most significant improvement is the ability to target specific consumers and cater to their specific tendencies. On the content side, we are witnessing the birth of a plethora of algorithms, art AI, music AI, curator AI, critic AI, script writer AI, etc. These algorithms are not yet sophisticated enough to replace a human specialist, but they are proving valuable as a template for inspiration and as proof of concept. AI will most likely continue to improve and change our industries in even more fundamental ways, so this is just the beginning of our AI journey,” said Mihai Cojocaru, technical & creative director at One Night Gallery & RADAR. In his projects he has seen perception changes in

C

Mihai Cojocaru, One Night Gallery & RADAR

the audience and even among artists to some extent. Cojocaru and his team have worked

One of the areas where artificial intelli-

with numerous artists who create in tradi-

a psychological property confined

gence has made the greatest contribution is in

tional mediums and who were initially a bit

to a tiny elite; it is rather a feature of

reativity is not a special “faculty” nor

enabling more people to express themselves

sceptical about using these technologies to

human intelligence in general. It is grounded

creatively, regardless of their skills in wielding

enhance their creations. However, they were

in everyday capacities such as the association

brushes and pastels. Artists will also find in-

convinced of the usefulness and potential of

of ideas, reminding, perception, analogical

spiration and new ideas through the eccentric

these tools after the first few uses, and the

thinking, searching a structured problem-

workings of AI algorithms.

resulting artworks serve as proof.

space, and reflective self-criticism. It involves

Moreover, as AdAge shows, creativity is an

“The audience always has a mix of curios-

not only a cognitive dimension (the genera-

inherently human endeavour. The imagery

ity towards novelty and a slight shyness about

tion of new ideas) but also motivation and

and psychology behind advertising is all

interacting with it. We’ve always strived to

emotion, and it is closely linked to cultural

predicated on how it will relate to consumers

deliver experiences with effortless interac-

context and personality factors.

on an emotional level, but that doesn't mean

tions and that are instantly captivating so

it can't benefit from a little AI ingenuity. An

that people can engage with the artwork

MAKING ART “MAINSTREAM”

integral part of creative strategies is personal-

in a very personal way. It's exciting to see

The interest in using AI algorithms to create

isation, but there's no need to manually pro-

people embracing these new experiences and

works of art is not new; it goes back decades.

duce multiple versions of the same campaign

integrating them in their expectations about

But recent advances in neural networks and

to test on varying audiences.

the art world. The general truth that older

deep learning has spurred innovation and activity in the field.

“AI is proving itself to be a revolutionary tool across all industries, and marcomm is no

generations are more aversive to change holds true for these technologies as well but with a

www.business-review.eu Business Review | July May2021 2016

difference: once the user experience and in-

ARTIFICIAL INTELLIGENCE COVER STORY 14 31

“Another important trend in advertising

from the completed Morgan movie for editors

terface is improved for a certain age or social

has been the shift towards an experience-

to patch together into the trailer—ultimately

group, the adoption rate tends to go up,” said

based format for establishing a brand pres-

reducing what could be a weeks-long process

Radar’s representative. He therefore believes

ence for their fans and customers. For this

to one day.

that it isn't so much about facing aversiveness

purpose, we’re seeing a big increase in the

to change as much as it is about making that

use of art and technology, more specifically

Advertising Accelerator, a new approach to

change understandable and useful to certain

through tech like virtual reality, augmented

dynamic creative optimisation for display,

groups.

In 2020, it launched the IBM Watson

reality and even artificial intelligence. New

video, and OTT. No lengthy manual setup or

On the other hand, the younger genera-

media art & technology enhance artistic

preset rules involved. Instead, the artificial

tions are growing up with these technologies

expression and allow users to engage in

intelligence will do the decisioning and de-

and new media art as the norm and they will

stimulating, immersive experiences that are

liver personalised, high-performing creative

be the drivers of the next cultural revolu-

more personal and rewarding than traditional

at scale. Accelerator leverages IBM Watson

tion and the bridge to the metaverse. “We

advertising media,” Cojocaru added.

machine learning to make sense of real-time

want to help them become fluent in art &

Moreover, according to EY, one thing is

consumer engagements and cookieless data

tech through our new education platform

certain: as customer expectations continue

signals to predict the best creative for each

FAR - Future Artistic Requirements. This

to shift, businesses will have to be ever more

user or household, helping you not only

programme offers scholarships in emerging

creative in meeting

tech and it is youth oriented. These are excit-

them. That’s one

ing times, and we should focus on expanding

need that will never

understanding, skills, and adoption if we

go away – and AI

want to be an active and relevant part of the

may well be a key

future,” Mihai Cojocaru added.

tool that can help enable a more effective

THE MARCOMM VIEW

creative response.

How much are AI and virtual reality changing

Only with the stra-

the way people see advertising and interact

tegic combination of

with it? When human creativity is combined

human understand-

with the enormous computational power

ing and technology

of AI techniques, we could push back the

empowering human

frontiers of our understanding of the world

enterprise will you

around us.

be able to create a truly effective, adaptive,

achieve campaign success but also uncover

creative organisation and succeed in solving

meaningful creative insights.

Rather than just being a faster way to analyse information, AI can become a stimulus

future challenges.

Communication is about understanding who is on the other side of the line and what

for more creative thinking about how to use

is the most relevant message that will lead

never even have considered. Creativity may

TOOLS. APPS. POWERING COMMUNICATION

be a uniquely human trait – but just as AI can

While AI can serve as inspiration in the

According to Mihai Cojocaru, AI is helping us

improve the efficiency of other systems and

creative process, it can also help with more

understand ourselves on a more fundamental

processes, so too can it optimise the creative

mundane tasks, especially in the digital field,

level, sometimes revealing truths and tenden-

process.

data by suggesting solutions humans may

to the desired outcome of the interaction.

where much of the behind-the-scenes work is

cies that we wouldn't think about on our own

“We think about AI as software that

far from glamorous. “It’s about the augmen-

and sometimes wouldn't even want to admit.

emulates human-like cognition. It’s really

tation of creativity. In the end, the human is

This expanding understanding will hopefully

just math at an enormous scale and it can be

really the one being creative, and it’s more

facilitate more efficient and sustainable ways

applied to an almost infinite number of use

about how can you get better efficiencies,”

of communication.

cases across every sector,” said Keith Strier,

said John Smith, Manager of Multimedia and

EY Global and EY Americas Consulting Leader

Vision at IBM Research.

“New media art is helping us appeal to new artistic aesthetics and expand the

In 2016, the IBM Watson cognitive plat-

cultural landscape in ways that reflect the

form was used for the first ever AI-created

reality of a tech-driven society and paint a

is most effective online right now, and on the

movie trailer for 20th Century Fox’s horror

digital canvas for our future requirements

receiving end people are getting a higher level

flick, Morgan. Led by John Smith, the project

and desires. This movement is allowing more

of customisation as ads are tailored for their

had Watson analyse the visuals, sound, and

creators to reach an ever-bigger audience and

specific interests and needs through the use

composition of hundreds of existing horror

benefit from increasing material support for

of big data and AI.

film trailers. Watson then selected scenes

their work,” Cojocaru concluded.

for AI. According to Mihai Cojocaru, advertising

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

32 ADVERTISING

The post-pandemic wave in the marcomm industry According to statista.com, the marketing and advertising sectors have always been fueling one another. Market analyses show that the global advertising industry is on the rise and projected to grow by 5.9 percent in 2021.

By Romanita Oprea

Tereza Tranakas, Oxygen

M

Hortensia Nastase, Lowe Group

Roxana Sava, Pastel

arketing and advertising research

vertisers, will be overtaken by digital media.

mean so many things for both businesses and

expert A. Guttmann, working for

Between 2020 and 2022, TV is forecast to gain

people. And, of course, this has wide-ranging

Statista, wrote that the global

only around USD 2.6 billion, while mobile

ramifications for the marcomm industry as

advertising market experienced some fairly

internet is expected to gain USD 48 billion

well.

turbulent times between 2000 and 2010,

in the same period. Most of major media are

seeing growth rates as high as 11.4 percent as

projected to see small gains in investments

unprecedented crisis which required a com-

well as lows reaching -9.7 percent during that

during the measured period, while newspa-

pletely different approach to communication.

period. However, since 2011 the situation has

pers and magazines are projected to lose 2.3

Consumer behaviour had the most significant

stabilised, and advertising spending growth

billion each,” Guttmann said.

shift and there was a realisation that the

remained on average at roughly five percent.

But how has the Romanian marcomm

In the beginning, we had to deal with an

pandemic had accelerated years of digital

But 2020 brought the coronavirus outbreak

industry been impacted by the pandemic?

advancement into a few months, which

and with it a significant drop in ad spend,

According to Talida Cristea, chief operat-

meant that marketing budgets had pivoted

again surpassing nine percent. According

ing officer at Kubis, we are living through a

to online communication. Before, digital was

to projections, by 2022 the industry will see

couple of the most difficult and uncertain

seen as an option; now it is at the heart of

expenditure growth return to around 4.8

years of our recent history – economically, so-

each interaction we have, and this will never

percent and is forecast to round up to nearly

cially, individually. The ongoing coronavirus

change. Still, digital was not the winner of

USD 650 billion in 2021.

pandemic is having an impact on every part

the pandemic as it was perhaps portrayed.

of our lives, from the places we can go to the

Compared to 2019, the digital market value

largest advertising medium in 2022, account-

“Not surprisingly, the internet will be the

way we spend our time, the priorities we set,

in 2020 went up by only 9.2 percent, which

ing for a little over 54 percent of global ad

and how we manage our money. We all have

shows just an average, consistent growth. In

expenditures that year. Television, which has

heard that we are progressing into a world

order to remain relevant, companies needed

been the undisputed favourite among ad-

that will never be the same again, which can

to do more than simply adapt their business-

www.business-review.eu Business Review | July May2021 2016

COVER ADVERTISING STORY 33 14

es. As a result, we’ve witnessed a leap from

noticed is that many of them are still cau-

will recover or they will reinvent themselves.

words to actions, active commitment, and

tious, less willing to take risks and think

Communication will play its role in inspiring

involvement,” said Talida Cristea.

long-term, going for safer, more tactical

and stimulating people to explore new pos-

approaches. It is only natural as long as things

sibilities. At many levels of the market there

believes we all suddenly faced a test of resil-

are so volatile and difficult to anticipate,”

is already a lot of effervescence and revived

ience and adaptability. Some of us were better

said Roxana Sava, group creative director at

energy to move ahead in new territories. And

equipped for it in terms of teams, client port-

Pastel. In Tereza Tranakas’s opinion, it’s obvi-

for an exploring spirit such as mine, this is the

folios, technical solutions or cashflow, while

ous that the industry as a whole experienced

ideal environment,” said Irina Pencea.

some were less prepared. But we all faced the

a drop last year both locally and globally, but

Roxana Sava believes that the impact of

same challenges of entire agencies working

it's on a good path to recovery. “Numbers are

the pandemic will permanently change the

from home, adapting our clients’ campaigns

starting to look better, business is picking up

industry. She doesn’t think that we’ll ever go

to the new needs overnight, mindset and

as brands are looking to make up for lost time

back to “the way things were.” Many changes

topics of people, pitching via videocalls,

and sales. However, what is harder to recover

are here to stay, such as hybrid work (from

solutions to problems, since this is part of our

is people’s mental health – the psychologi-

the office and from home), online presenta-

day-to-day job,” Irina Pencea added.

cal toll of the pandemic. Fatigue, burnout,

tions, digital-first thinking, addressing each

depression – employees as well as marcomm

niche target with personalised messages. All

relationships to each other, the relationships

professionals are feeling them. We have to

the tools and coping mechanisms that we’ve

between the essential forces – employer –

consider sustainable growth structures mov-

become experts in will remain in our lives.

talent – clients – workplace – industry – will

ing forward, as well as environments where

never be the same again. We had two essen-

people can develop in healthy ways,” said

ably lead to big-scale events again. We are

tial realisations: that we can also be produc-

Oxygen’s founder & CEO.

already witnessing them or taking part in

In turn, Irina Pencea, partner at Jazz,

and not seeing each other for many months yet finding ways to continue the creative collaboration that we all depended on.

“We all have Zoom fatigue and we are eager for a holiday in the sun.

We are all longing for parties and get-togethers. Some of us are looking forward to finally meeting new colleagues – whom they have only seen on a square on their computer screens – in person. But I think that we should stop and celebrate our huge achievement as an industry, our luck that as a creative industry we were better at finding lateral

“The most vital change has been in our

tive while working from the back garden and

Luckily, according to Tranakas, Romania

“Our hunger for human contact will prob-

them, remembering what they feel like and

that we are social animals, in desperate need

is seeing a more rapid recovery compared

trying to design them in a way that is as safe

of other people’s energy, inspiration, vibe.

to other more developed countries. For

as possible – another requirement that we will

Hence, two essential concepts have emerged

the marcomm industry, it will likely take a

keep seeing in our briefs,” Sava added.

as shapers of the marcom industry’s future:

couple more years for things to become stable

flexibility and organisational culture,” said

– which anyway is a more rapid recovery

who thinks that we are living in a new reality

Hortensia Nastase, Vice-president for Creative

compared to the 2008 economic crisis.

and we have to go with the flow and adapt.

Services at Lowe Group.

For those who have seized the opportunity

Her opinion is shared by Talida Cristea,

Covid-19 has changed most of the rules: it has

for reinvention, Irina Pencea would say that

accelerated the shift to digital channels; we

industry has reflected the impact on the busi-

the impact is reflected in a new way of doing

have been working from home for 16 months,

ness environment in general. And it was hard:

business, which will last until the next rein-

and now we will migrate to hybrid work.

budgets were cut, jobs were lost, office spaces

vention. The true impact lies in the lessons

Vaccinations will ease social interactions and

shrank from one day to another, and adjust-

we’ve learned about our expanded capabili-

will help us get back a part of our previous

ing to the new reality was quite an effort.

ties, our newly discovered talents, and our

lifestyle, but the impact has been so deep and

“It feels like clients are going through a

reinforced trust in each other as we went

widespread that we will feel it for many years

similar rapid learning process. What we’ve

through the challenge together. “Markets

to come.

After all, the impact on the marcomm

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

34 FILM

What’s on at Transilvania International Film Festival 2021 This year, the Transilvania International Film Festival (July 23-August 1, Cluj-Napoca), an event with a huge creative energy that has been running in the city of Cluj-Napoca every year since 2002, will mark its 20th anniversary. A record number of Romanian world premieres will take place this year, as well as a series of surprises such as the attendance of Sergei Polunin, one of the greatest dancers of all time.

By Oana Vasiliu The three films representing Romania at Cannes will all have their national premieres at Transilvania IFF. Included in the Quinzaine des Réalisateurs, Radu Munteanu’s Intregalde tells a thrilling and captivating story about the limits of generosity. Two shorts – Andreea Bortun’s When Night Meets Dawn and Andrei Epure’s Intercom 15/Interfon 15, selected in the Quinzaine des Réalisateurs and the Semaine de la Critique respectively – are among the 11 titles competing for the best Romanian short at TIFF. The Romanian Days Competition will feature 12 titles directed by young filmmakers, two of which – Poppy Field/Camp de maci

by Eugen Jebeleanu, a queer drama about a conflicted member of the police force, and

F

Unirii Square is going to be the hugest cinema hall in the country

Unidentified/Neidentificat, a thriller about an unsolved crime and an obsessed cop

or 20 years now, TIFF has been one of

while watching Sergiu Nicolaescu’s 1966 The

by Bogdan George Apetri – are also in the

the best cultural products Romania

Dacians projected on the mysterious alien

international competition for the Transilvania

has to offer to the entire world, not

monolith borrowed from Kubrick’s 1968

Trophy.

Candidates for best Romanian feature this

just to locals. Last year, it was the first major

2001: A Space Odyssey. It’s our way of saying

festival in Europe to take place in an offline

that TIFF itself landed like a UFO in the Cluj

year include Ruxandra Ghitescu’s debut Otto

format and it continues to surprise audiences

of 2002,” says TIFF Artistic Director Mihai

the Barbarian/Otto Barbarul, about a teenage

with its programme. Under strict restrictions,

Chirilov.

punk trying to deal with the suicide of his girlfriend, Daniel Sandu’s The Father Who

45,000 participants watched 159 films at 14

Moves Mountains/Tata muta muntii (Shang-

year’s 10-day festival programme will include

RECORD NUMBER OF ROMANIAN WORLD PREMIERES

some 150 features, live performances, talks,

Romanian Cinema is the highlight of the 20th

ligence officer in his 50s who finds out that

exhibitions, and special events for families.

edition of TIFF, with an impressive selection

his son has gone missing in the mountains,

“It’s a time of re-writing history (some-

of 45 Romanian productions — 32 features and

Andrei Hutuleac’s debut #dogpoopgirl (Best

thing historical films have always done any-

13 shorts – selected in this year’s programme.

Film at Moscow 2021), a tragicomedy inspired

venues in Cluj and its surroundings. This

way), and since any kind of time travel invites

13 feature films will have their world

hai 2021), an arresting story of a retired intel-

by a real incident, but also four documen-

anachronism, we dared to imagine a differ-

premieres during the festival, mostly directed

taries like Andrei Dascalescu’s Holy Father

ent, more playful, cinephile beginning to the

by newcomers who are ready to be discovered

(Sarajevo 2020) and Andra Tarara’s personal

festival: an ancient origin story like those told

by the audience and by the film industry. The

and moving Us Against Us/Noi impotriva

by Romanians themselves, but with Dacians

overall selection of the 20th edition compris-

noastra (Jihlava 2020), about her father who

eating popcorn out of Hungarian kürtőskalács

es more than 170 titles.

was diagnosed with schizophrenia.

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

Romanian Days will also feature films

FILM 35

Polunin’s eventful life, directed by Steven

Crow (directed by Ralph Fiennes), and Simple

from celebrated directors who have already

Cantor. Born in 1989 in Ukraine, Sergei Pol-

Passion (by Danielle Arbid). Known as the

been featured or awarded in major festivals:

unin became the youngest lead dancer in the

“bad boy of ballet” on account of his rebel-

Radu Jude’s Bad Luck Banging or Loony Porn/

history of the London Royal Ballet at only 19

lious style, his impulsive departures from

Babardeala cu bucluc sau porno balamuc

years old. Appreciated for his artistic genius,

renowned companies (including his first,

(Golden Bear at the 2021 Berlinale), Andrei

his phenomenal technique, and his hypnotic

from the London Royal Ballet, at only 21), and

Gruzsniczki’s No Rest for the Old Lady/După

stage presence, Polunin danced at the Bolshoi

his controversial statements, Polunin is the

40 de zile (Moscow 2021), and Marian Crisan’s

and the Stanislavsky Theaters, the Scala and

subject of a revealing documentary by Steven

Berliner (Moscow 2020). Like every year, TIFF

the Paris Operas, and is currently a perma-

Cantor, Dancer.

audiences will have the opportunity to meet

nent guest of the Bavarian State Ballet in

PARTNERSHIP WITH SAN SEBASTIÁN FOR ITS 20TH EDITION Spanish cinema will be celebrated at the 20th edition of the Transilvania International Film Festival in its “Spain Focus,” a wide-ranging program of special screenings, talks and masterclasses, industry initiatives, and exhibitions. The programme includes Carte blanche: San Sebastián, a strong selection of 10 recent Spanish films curated by the San Sebastián Romanian filmmakers not just after screen-

Munich. He also travels the world with shows

Festival selection committee. The feature

ings but also during TIFF Talks and Inspira-

produced by Polunin Ink, the dance company

film La hija de un ladrón (A Thief’s Daughter,

TIFF events.

he founded. In 2019, he led “Romeo and

Belén Funes, 2019) and the series Antidistur-

Juliet” with Alina Cojocaru. His most popular

bios (Riot Police, Rodrigo Sorogoyen, 2020),

DANCE SUPERSTAR SERGEI POLUNIN COMING TO ROMANIA

turn to date is David LaChapelle’s video for

as well as two titles from the RTVE Screen-

Hozier’s song “Take Me to Church,” which

ings: Explota explota (My Heart Goes Boom!,

Ballet superstar Sergei Polunin, believed to

gathered over 29 million views on YouTube.

Nacho Álvarez, 2020), and Sentimental (The

be the most talented dancer of his generation, will be in Romania for the first time at TIFF 2021. Fans will get the chance to see him on Thursday, July 29, at 8:30 PM at the Bánffy Castle in Bontida, in the special event Sergei Polunin Up, Close and Personal, which consists of the screening of Bolero, which adds new dimension to Ravel’s masterpiece by amplifying the dancer’s movements with visual effects signed by Teun van der Zalm and Sacré, based on Igor Stravinsky’s Rites of Spring and inspired by Vaslav Nijinski’s original vision, and choreographed

by Japanese artist Yuka Oishi. The day before,

In recent years, Polunin also worked

People Upstairs, Cesc Gay, 2020) are part of

July 28, at 7 PM, at the Students’ Culture

in films like Murder on the Orient Express

this year selection.

House in Cluj, the artist will meet the audi-

(directed by Kenneth Branagh), Red Sparrow

Tickets for all films and special events are on

ence of Dancer, the moving documentary on

(directed by Francis Lawrence), The White

sale at tiff.eventbook.ro.

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

www.business-review.eu

36 FESTIVALS Business Review | May 2016

COVER STORY 14

Ready for festivals?

In 2020, covid-19 wiped out most of the summer festival season. Only a handful of events were able to take place under strict social distancing guidelines. With a new green light from the government, organisers are more optimistic this summer and they’ve started to plan and announce new dates for their festivals.

By Oana Vasiliu

A

s the vaccination programme carries

pares to the experience of actually being

on, dozens of events are announcing

there, in the heart of one of Europe’s greatest

their line-ups and placing tickets on

natural areas, the Danube Delta, and watch-

sale, confident that fans would be allowed to

ing movies under the clear sky.

come together again. To help you plan ahead, here's a guide to the events that have been

SMIDA JAZZ FESTIVAL AUGUST 20-21, SMIDA, ALBA

announced so far.

TRANSILVANIA INTERNATIONAL FILM FESTIVAL JULY 23-31, CLUJ-NAPOCA

at the legendary Bontida castle as well as in the centre of Cluj. Festivalgoers can wander through 30 venues and attend more than 400 acts of live music, DJ gigs, and new media performances.

ANONIMUL FILM FESTIVAL AUGUST 9-15, SFANTU GHEORGHE, TULCEA TIFF was the first major film festival to

Smida Jazz Festival is an international event

take place physically in Europe during the

dedicated to contemporary and avant-garde

pandemic in the summer of 2020. The festival

jazz, built on the unique concept of blending

will celebrate its 20th anniversary with a new

adventurous music with the raw beauty of

summer edition. Committed as always to its

the Apuseni Mountains. For this edition, par-

mission to promote and support Romanian

ticipants can buy a blind pass, as the line-up

cinema, the festival’s programme this year

has not yet been communicated.

includes an impressive selection of 45 Romanian productions — 32 features and 13 shorts.

SUMMERWELL AUGUST 12-15, BUFTEA, ILFOV

ELECTRIC CASTLE AUGUST 6-15, BONTIDA & CLUJ-NAPOCA

Summer Well is one of the most popular music festivals in Romania and it will celebrate its 10th anniversary this year, after it was

As a way to adapt to the times, EC_Special

canceled in 2020. Until now, Summer Well:

will span over more days – 10 in total – and

The Limited Edition has confirmed the first international artists for this year’s edition:

will feature a higher number of venues and acts. Between August 6-15, the audience will

Much has been said and written about the

Woodkid, Balthazar, Modeselektor (live),

experience a powerful festival feeling, both

Anonimul Film Festival, but nothing com-

L’Imperatrice, Lola Marsh, and Fatoumata Di-

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

FESTIVALS 37

If they can no longer get an entire city to come to the park, they will take the festival awara. Moreover, local artists such as Golan,

across the city and the spirit of Central Park

The Kryptonite Sparks, Dimitri’s Bats, and Hip

with it. This year, the festival will take place

The public is invited to join a new, innovative

Hop La Feminin have also joined the line-up.

in four main venues – the Ethnographic Park,

three-day festival experience in the heart of

Iulius Park, and the USAMV Campus, with the

Bucharest, with the biggest names in elec-

fourth to be announced soon. All these places

tronic music. Bucharest will thus have its own

will operate throughout the festival and each

electro-festival from this year, and the lineup

will have its own special concept, as well as

includes John Newman, Carl Cox, Nervo,

jazzy music.

Tiesto, Alan Walker, and many others. 50,000

SIBIU INTERNATIONAL THEATRE FESTIVAL AUGUST 20-29, SIBIU

tickets are available for this event.

UNTOLD SEPTEMBER 9-12, CLUJ NAPOCA

ENESCU FESTIVAL AUGUST 28 - SEPTEMBER 26, BUCHAREST

The next edition of the Sibiu festival will take place between August 20-29, 2021 and it will have a double dimension: live and online. As a result of the incredible feedback of the in-

The 2021 George Enescu International Festival

ternational audience during FITS online 2020,

As one of the largest music festivals in Eu-

will unfold in Bucharest and several cities

they aim to continue this digital identity of

rope, Untold announced part of their lineup

across Romania, under the tagline “History

the festival, giving theatre lovers around the

in June, with Afrojack, Benny Benassi, David

Made with Love” to celebrate the extraordi-

world the opportunity to experience the out-

Guetta, Dimitri Vegas, Martin Garrix, Parov

nary things people can create when they are

standing performances of the contemporary

Stelar, and many others coming to the stage.

inspired by their love for music. It will be a

international stage.

Tickets are still on sale.

jubilee event and the longest in the Festival’s

JAZZ IN THE PARK SEPTEMBER 2-5, CLUJ-NAPOCA

SAGA FESTIVAL SEPTEMBER 10-12, BUCHAREST

history, as it will celebrate 140 years since George Enescu’s birth and the 25th edition of the Festival.

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

38 CITY

New in town

By Oana Vasiliu

From July 1, the Romanian government decided to ease more of the restrictions introduced in the country in the context of the covid-19 pandemic. Clubs and restaurants can now stay open until 2 am, at full indoor capacity.

I.C.Braileanu Blvd.), with a great overview over the old city centre, and Balkon (116 Calea Victoriei). Forager (16 Nerva Traian) is another newly-opened restaurant that offers a multi-disciplinary kitchen.

F

Try a live concert at Expirat Halele Carol

or cinema lovers, art films are going to be projected in a special series at Gradina cu Filme (7 Piata Lahovari),

Seeing History 1947-2007 (collective exhibi-

tion), YOU FEEL ∼ AND DRIFT ∼ AND SING. FROM ONE SCENE TO ANOTHER (collective

but also keep an eye on Muzeul Taranului

exhibition), Life Vest Under Your Seat (artist

Roman and Cinema Elvira Popesco. More-

Ana Adam), and Declined History (collective

over, film projections will take place every

exhibition).

Thursday at Rezidenta BRD (32 I.L. Caragiale),

Several streets in central Bucharest will be

within the CINEVARA #3: Worlds on the verge

closed to traffic on weekends until October 17,

of revolution event, which presents a selec-

including Kiseleff Boulevard and Calea Vic-

tion of 9 classic films made between 1939 and

toriei, between 11 AM and 11 PM. If you take

1997, jewels of international cinema that were

a walk on Calea Victoriei, you can check out

recently restored after considerable effort, to

exhibitions at the National History Museum,

give audiences a rich and diverse perspective

the National Museum of Art or the National

on world cinema.

Art Collections Museum. One of the surprises

Concerts and live gigs are planned at

celebrating 130 years from the artist’s birth,

Eminescu Amphitheatre, and Expirat Halele

at the National Arts Collection Museum. The

Carol, so you should check out their pages.

exhibition presents 50 sculptures by this in-

Unfortunately, the current lineups only fea-

novator of plastic conceptions and formulas.

ture Romanian music for the most part, but

The chosen works represent various stages

a series of international music festivals are

of creation, are made with various materials

going to take place starting in mid-July.

(gypsum, bronze and Carrara marble) and

tion season has opened with six new exhibitions: The Specter (artist Ciprian Muresan), Of love and other demons (artist Vioara Bara),

Bucharest from above at Naive

is the Oscar Han (1891–1976) exhibition,

Gradina Urbana, Arenele Romane, Mihai

The MNAC Bucharest Spring 2021 Exhibi-

Gradina cu Filme is always a good idea

are placed in chronological order within the themes structuring the exhibition.

On the food & drink side, two new rooftops have opened in Bucharest: Naive (36

Discover Gradina Urbana's schedule of events