Enhancing links between Romania’s foreign investment and startup funding

The pandemic caused a drop in foreign direct investment (FDI) in Romania in 2020, while a similar pattern was recorded in the amount of funding attracted by startups. While an increasing FDI volume could help local startups gain more visibility in the eyes of international investors, innovative businesses that are scaling up could generate a snowball effect of growing funding rounds.

By Ovidiu Posirca

European B2B startups produce more output relative to their funding levels

The health crisis triggered a dramatic 60 percent decline in FDIs last year, to EUR 1.92 billion, according to data from the National Bank of Romania. However, the swift economic recovery of the first half of the year has led to improvements in the fresh flows of foreign investment.

Growth is back on with GDP set to expand by 7.4 percent this year compared to 2020, which will help Romania fully cover last year’s economic contraction. This is already evident for FDIs, which climbed to EUR 2.4 billion in the first five months of this year, compared to EUR 758 million in the same period of last year.

“FDIs in local startups and technology companies could play a big role towards the growth of the local economy, especially since

COVID-19 has been a game changer for digital transformation. We are witnessing increased activity in the equity capital component of FDIs, where investors are looking to consolidate or acquire new assets to expand their business towards digital channels,” says Marius Nicolae, head of technology in strategy and transactions at professional services firm EY Romania.

The State of European Tech report notes that funding in the startup field fell by 60 percent to USD 315 million in 2020 compared to the previous year.

Startups are one way to attract fresh investment and create new jobs. Traditionally, investment promotion agencies (IPAs) and economic development organisations (EDOs) in each state can boost their efforts to increase FDIs during periods of downturn like the COVID-19 health shock.

Nonetheless, attracting a startup before it grows big can have a significant impact on the local economy.

For instance, advisory firm FDI Center points out that Berlin-based fashion e-commerce company Zalando grew to become the 10th biggest employer in the city over the last 12 years.

In Romania, UiPath, the first unicorn with Romanian roots, had 727 employees in Bucharest at the start of 2021. The company’s total headcount reached 2,863 across the world, according to data submitted for its Initial Public Offering (IPO).

Romanian organisations that promote investment opportunities inside the country could make use of some of the recommendations from the FDI Center, which can ease the process of attracting more foreign startups.

In late spring, Bunnyshell, a startup developing technology for cloud infrastructures, got EUR 1.1 million to expand its devops-as-aservice solution.

“The local availability of talent is key for attracting high-tech startups. This makes it important to position the location not just as an attractive place for investors, but also as an attractive place to live for an educated workforce.” Another recommendation is to focus on building the network with local universities, talent centres, venture capital funds, and corporate partners looking to cooperate with startups.

“Startups are a target group that feel at home online, so use the time when international travel is down to conduct digital marketing and online events aimed at startups. Lastly, they typically move faster in their business decisions than larger corporates, so be prepared to provide support quickly at the pace required by this important target group,” add representatives of FDI Center.

LOCAL FINTECH PLAYER ATTRACTS BIGGEST FUNDING ROUND OF THE YEAR SO FAR

FintechOS, the tech startup developing digital solutions for banking, financial services, and insurance players, got USD 60 million in a Series B funding round. The additional funding from local and international sources will support the startup’s accelerated expansion plans just three years after the founders secured a seed investment round. Since the beginning of 2021, other Romanian startups have raised funds to the tune of around EUR 1 million each. SeedBlink, an equity crowd-investing platform for startups, got EUR 1.2 million in a series A funding round from Catalyst Romania II.

Meanwhile, property management startup Milluu was able to raise nearly EUR 900,000 in just three months on SeedBlink. NEW INVESTMENT POTENTIAL IN B2B STARTUPS

Some Romanian startups that got new funding this year are developing products that can be used by other companies (B2B). In fact, this is a trend of the European market that can help startups gain a competitive edge over those in the US and Asia. A McKinsey report points out that European B2B startups produce more output relative to their funding levels—revenue and valuations per invested dollar are higher than in the United States— and Europe’s mature, regional ecosystem is fertile ground for B2B startup innovation and success. One of the secrets of this success is Europe’s cost base for relevant skills which are critical for startups.

“For example, several professional skill profiles critical to B2B startups (such as software developers) are often less costly in Europe than in many regions in the United States. Additionally, office rents in metropolitan locations in Europe are often lower compared with the startup hot-spot regions in the United States,” according to the McKinsey report.

Another one of Europe’s advantages is the fact that businesses across the continent still tend to follow similar and predictable rules.

This means that a venture can be grown more easily regionally or even globally without having to spend so much time and resources adapting the product to specific local markets. McKinsey analysts added that the need for innovation in Europe’s economy will further improve B2B startups’ conditions for growing into innovation champions. Romania’s favourable conditions for the accelerated growth of B2B startups could be another engine for attracting foreign investment.

Following the success of UiPath in the US, the local startup ecosystem got a dose of optimism and awareness regarding the potential of entrepreneurship to create a new generation of millionaires. As more startups have ambitious targets to become the next unicorn, the FDI landscape could also get a boost.

Romanian design industry pushing through challenging times

The design industry in Romania is relatively young, and it certainly needs support, as well as a good context that can foster development. Event organisers aren’t standing idly by, but powering through the difficulties and proving that creativity and innovation always win.

By Romanita Oprea

Andrei Bortun, The Institute

In the 9 years since the team at The Institute has been organising Romanian Design Week and Diploma, its representatives have certainly noticed a development: the product design scene has been more clearly defined and outlined, growing in a rather conceptual area, fashion and graphic design have also experienced major evolution, while architecture has always had a strong guild around it. However, according to Andrei Bortun, CEO at The Institute, there are still many unmet needs and aspects that could be improved: from the dialogue between producers or large companies and independent studios and designers to the education system and the relationship between the academic environment and the labour market, as well as issues related to production or distribution.

“I believe that today there is a closer dialogue between the different disciplines of design, a network that is beginning to translate into collaborations and interdisciplinary projects, and in the future, considering all the challenges and limitations of the local context, I expect the multidisciplinary approach to become more widespread, as it can turn these shortcomings into development opportunities,” Bortun said.

The Romanian design industry is experiencing continuous growth, as all the organisers of art and contemporary design events have significantly contributed to the education and growth of an audience that was almost non-existent 15 years ago, believes David Sandu, founder of Assamblage and curator of Romanian Jewelry Week. This constant growth was the result of the public’s ever-increasing appetite for quality design, originality, and the talent of emerging artists in the creative industry. For example, the Assamblage Art and Design Institute has had over 750 graduates since 2010. For David Sandu, this pandemic has confirmed the importance of interaction for most of us. “Anticipating the needs of the creative communities which we represent was the main force behind them and behind the launch of the Romanian Jewelry Week project, even before the pandemic. The first edition in 2020 was a marathon of finding new logistic, legislative, organisational, and public safety solutions in order to be able to hold a live event. We very much wanted it to happen, despite the huge effort it entailed, and we had great results. 6 days in 7 locations in Bucharest, over 150 designers who sent in their works from all over the world, and over 2,000 visitors. We hope the numbers in 2021 will be even higher and that soon we will be able to talk about a whole community that comes together during this week dedicated to jewelry,” Sandu said.

In addition, in the context of the opportu-

nities and contexts mentioned above, Bortun would like to mention Diploma, the only festival in Romania dedicated to the new generation of artists, architects, and designers. This fall will mark the eighth edition, and Bortun and his team are delighted with the large

number of registrations so far: more than 500, from 7 cities. The main rationale behind this event is providing a launch pad for emerging talents, who sometimes find it difficult to affirm themselves and their work and to shape a clear, strong voice to communicate with the public.

According to Andrei Bortun, the pandemic was a break, a period of paralysis for the entire industry, but probably also a period of calibration and re-evaluation of priorities,

with a focus on processes, resources, and objectives. Through discussions he and his team have had with many designers and studios, they’ve learned a lot about how this period has helped, in the sense that it represented or was perceived as a period of incubation, as a period of returning to processes, to essential elements, to discourse. “I believe that creative people have the great advantage of possessing a remarkable capacity for adaptation in general, more noticeable among designers, as they are inclined to turn limitations and constraints into solutions, as their discipline itself entails specific thinking in this regard. So, I think their adaptation process has involved a creative search and a return to their own practice,” said The Institute’s CEO.

On the other hand, Bortun thinks that the great challenge raised by the pandemic was one of a financial nature, because of the acute lack of professional associations, of a sincere and open dialogue between creative entrepreneurs and public administration representatives and between the public and private sectors. Bortun also believes that we all understand better than ever the role of solidarity, long-term strategies, systems, and a healthy local cultural creative scene that can cope with unforeseen situations. “I also expect to see more and more designers concerned about sustainability and resources, about the impact of products and processes on the environment in general, as well as about the importance of specific tools in shaping a more equitable future and more inclusive public policies,” added Bortun.

Moreover, as David Sandu noted, one mustn’t forget that this period has generated important insights and new communication, promotion, and online sales solutions. All these useful tools must be used on a larger scale, and they will definitely change the manner in which creative industries structure their strategies. Has any good come out of the pandemic though? David Sandu thinks that looking for advantages in disadvantages is an attribute of those who are constantly looking to learn, to adapt, and continue what they are already doing.

In turn, Bortun believes that any crisis or obstacle can also generate positive outcomes, but it is also important to see how we can overcome it together or go through it (productively or not). “I think we have a chance to rethink systems and to question our priorities and the things we want – from objects or products we might buy, from the people in our field or from society as a whole. However, I believe that this exercise of looking towards the future can only be done through dialogue and interdisciplinarity,” The Institute’s CEO argued.

ROMANIAN DESIGNERS ON THE INTERNATIONAL MARKET

What are our defining features in the international industry? Can one easily identify Romanian design nowadays? If we’re talking about the product design market, the fact that we have a few decades to compensate for compared to more developed markets and industries (see western or northern countries) is probably the biggest opportunity on the local market, as it has the chance to return to the craft, to the processes, to designers’ direct involvement in production, to small series and conceptual design in general (which asks questions and raises problems), in the attempt to find good solutions. But even that can be a form of adaptation, according to Bortun. And if we refer to graphic design, he thinks that in recent years we have witnessed the emergence of a new, fresh generation, which has offered many pleasant surprises. “Overall, the Romanian design market does not necessarily have specific features, but in an increasingly globalised world, I think that the only valid trend will be this alignment with the international dialogue and approach, to global concerns and themes,” said Bortun.

Meanwhile, the Assamblage representative noted that Romanian designers who are entering the international market are now dealing with the same issues faced by emerging designers and creatives from all over the world. Besides creativity and originality, it’s very important to be constantly present at industry events, specific to every niche. The big challenge being part of the international cultural and business environment. Since

2015, through Assamblage, Sandu has been trying to do exactly that, aiming to create a visible presence of Romanian designers at the most important global events for contemporary jewelry: London Fashion Week, Joya Barcelona, Prague Design, and Fashion Week, Milano Jewelry Week, etc.

Sports event communication during a pandemic

Even though the covid-19 pandemic is still present, 2021 is an important year for sports worldwide, with the Olympics taking place in Tokyo and, for Romania specifically, as it hosted several football games from EURO 2021, while the Women’s European Volleyball Trophy toured the country’s most important cities, giving fans a chance to see it up close and take pictures. Euro Volley 2021 will be co-hosted by Romania, Bulgaria, Serbia and Croatia.

By Romanita Oprea

Simona Otel, sports industry freelancer Iulia Niculae-Cuciurean, Romanian Football Federation (FRF) Alina Galeriu-Olteanu, Galeriu & Partners PR

As Romania has made changes to its legislation in order to begin recognising esports (electronic sports) and even organised the Esports Summit Bucharest in July, we should take a closer look at the communication of a sports event, especially during a pandemic: from strategy, ideas, and implementation to choosing the right channels and measuring results. Communication in sports marketing helps sports organisers attract participants and spectators to their sport or venue and helps raise revenue through sponsorship or investment.

What are the challenges of organising and communicating a sports event in 2021? According to Iulia Niculae-Cuciurean, marketing manager at the Romanian Football Federation (FRF), the pandemic period turned safety into the main concern, and this layer has influenced all aspects related to the planning of sports events. This is why sports organisations have decided to cancel fan zones and fan activations, rethink pre-match ceremonies and the player escort concept, remap stadium access and ticketing distribution, limit the number of suppliers, media, and staff for some areas during matches (players’ areas, press conference spaces, etc.), introduce disinfection hours or new access procedures for the public, and so on.

Sports industry freelancer Simona Otel thinks that 2021 was a very challenging year for sports. Many competitions were either rescheduled or held without spectators. The pandemic had an obvious impact on athletes, sports organisations, and fans. As an organiser, the main challenge was keeping the fans close to the team from a distance. Digital channels were obviously the way to go. “We were forced to re-evaluate our marketing strategy and rapidly adapt to the new context. Messages were no longer focused on the energy and vibe of a competition. The core of communication was about empathy, support, and the need to stay strong as we were all going through this together. Meanwhile, competitions were taking place without spectators and, perhaps contrary to initial expectations, live sports TV viewership went down compared to previous years. Sports consumers are driven by emotion. If you can’t live it and feel it from the stands, it’s all in vain,” Otel explained. She is currently a project manager at the U-BT Cluj-Napoca Basketball Club, but also has broad experience working in basketball communication in Spain and Romania.

For Alina Galeriu-Olteanu, managing partner at Galeriu & Partners PR, the biggest challenges were related to the uncertainty as well as the constant need to be ready to hit the restart button and reshape the entire plan. Now more than never, you simply need to operate with multiple scenarios right up to the date of the event and take all the variables into account. “Planning a successful event of any kind has always been a dance with uncertainty and has always relied on the organiser’s ability to find a clever way to prepare for everything that might go wrong, but lately the overall context has generated even more pressure to operate with a thorough analysis of worst-case scenarios. Health and safety regulations are much stricter now, to the point where meeting fans has turned into a highly challenging and problematic chapter as you need to keep everyone safe and limit interaction according to official regulations. Fans’ access to matches is also a highly questionable element in the strategy, since the situation can shift so abruptly that predictions do not seem to be enough every time,” Alina Galeriu-Olteanu noted.

THE POSITIVE SIDE

Looking at some of the positive aspects, Simona Otel believes that the best thing that happened for Romanian sports was the fact that they were forced to make a huge digital step. Everything around us is going digital, but sports seemed to be doing so very slowly, taking small steps in this direction. “During the pandemic, fans wanted to see more of their favourite team and have contact with their favourite players, while parents wanted to watch their kids playing, so sports organisations had to find ways to deliver the required content. Many clubs started to livestream games for the first time, exploring new digital platforms, extending their means of communication, and significantly growing their online presence. Home workout and video trainings using telecommunication technologies were also quite popular, especially in the first few months of the pandemic,” Otel added.

Moreover, Iulia Niculae-Cuciurean said that this period gave her and her team more time to develop strategies and look into the essence of things. As a result, they chose to focus on sports values and education and pay special attention to sports beneficiaries and to their partners, so they shifted to 365-day communication versus only communicating in the proximity of sports events, creating more digital content, allowing the public to see more behind the scenes, and focusing on fan engagement through campaigns like “Cupa vine la tine” or “Peluza Tricolora.” This year, the FRF launched 3 important platforms: Academia Nationala de Fotbal and Academia powered by FRF (educational platforms that contain courses and specialisation programmes for both professionals as well as those who want to work in the industry and the general public) plus the relaunch of impreunasuntemfotbal. ro – a platform dedicated to grassroots competitions that also contains lots of useful information for parents and kids who practice football.

“Another good aspect is the fact that the pandemic context allowed the public to look more towards eSports, as the eFootball National Teams raised their profile with a consecutive qualification at eEURO (the PES National Team reached the semifinals of eEURO in 2020, and this year it managed to reach the quarterfinals) and the FIFA National Team qualified for the 2021 eNations Cup (equivalent of World Cup in football), a tournament scheduled for August,” said the FRF marketing manager.

At a general level, there has been an evolution in the way people consume sports over the past few years, something that is well supported by digitalization and technology. Now, audiences tend to not just watch the match (either on TV or at the stadium), but to also stay connected with their friends, comment on different social media groups or platforms, and check statistics apps in real time. A small part of the audience is also using artificial intelligence to get the latest updates, watch replays or find out interesting things about the players or the teams, and this with the help of streaming platforms that have become more creative in delivering personalised content and integrating technology. TV is still king, but streaming platforms are expanding with every year that passes.

ALL ABOUT THE PUBLIC

But is the target audience more or less demanding than others? According to Alina Galeriu-Olteanu, in a way, sports fans are more demanding. There is a blend of national pride and emotional investment in a longterm relationship supporting certain VIP play-

ers from the national team, which makes fans feel entitled to harshly criticise any mistake and take ownership of each victory. “This puts heavy pressure on the players’ shoulders, and I would be very grateful if we could find a way to balance out all this energy coming towards them from the public. Perhaps over time the Romanian public will manage to find some maturity on this matter, because at times, fans seem to behave like little children being denied their favourite toy,” she said.

“I would say that the target audience is more emotionally involved, and this has many consequences. Sports marketing plays with strong emotions, and this is why the association with brands is so powerful. It also depends on who we are talking about: active fans, occasional fans, passive fans or fanatics. For instance, an active fan or fanatic may easily forget about a nice activation from the beginning of the match if their favorite team is losing, while an occasional fan might always remember the positive vibe, activations, and choreography of a match,” said Niculae-Cuciurean.

European startup funding skyrockets in first half of 2021

Despite the uncertain times, Romania’s tech startup sector is growing as expected

European funds raised USD 6.9 billion in the first half of the year, much more than they did in 2020, according to Refinitiv data. The first half of 2021 was great for most tech ecosystems in Europe in terms of financing raised. According to Overlooked data, in this period, French startups managed to raise EUR 5.1 bn, above the total amount in 2020. German startups raised EUR 7.7 billion while in Sweden, tech startups took EUR 6.2 billion from investors in just 6 months, more than double the amount raised in all of 2020.

There has also been a surge in the number of funding deals for startups and scaleups in the Netherlands: financing rounds of EUR 3.2 billion, an 60 percent increase over the whole year of 2020 (EUR 2 billion). Moreover, tech startups in Spain raised EUR 800 million in 6 months, also 60 percent above 2020 levels (EUR 500 million).

ROMANIAN STARTUPS GET MORE FUNDING BUT VALUES REMAIN LOW

Despite the uncertain times, Romania’s tech startup sector is growing as expected, as underlined by the total capital attracted by such startups this year. Based on public announcements, in the first six months of 2021, 60 investment rounds were closed by Romanian startups and by a few foreign startups which have Romanian founders but operate abroad, according to Activize data.

The total investment volume for this period was roughly EUR 82.2 million across 50 Most European countries experienced a solid rise in capital deployed to local startups in the first semester of 2021 based on the amount of funding raised compared to the total raised in 2020. Romania is no exception, as it has also seen an increase in funding, even though the value of investments is much lower than that of more advanced European countries.

By Claudiu Vrinceanu

rounds for startups based in Romania or with most of their employees in the country (even if the company is incorporated elsewhere), and about EUR 878.4 million were invested in foreign startups with Romanian founders (10 rounds), counted separately. By comparison, in the first half of 2020, there were 30 deals totalling approximately EUR 20 million.

Most investments this year stood between EUR 200,000 and EUR 1 million. EUR 1.5 million went into 12 rounds of up to EUR 200,000, EUR 14.1 million in 28 rounds between EUR 200,000 and one million, EUR 16.4 million in 9 rounds between EUR 1-3 million, and a single USD 60 million round was marked by FintechOS.

In general, the financing offered to Romanian entrepreneurial businesses was driven by the growing number of investment funds, by new crowdfunding campaigns, and by business angel investors’ increased interest in companies with high growth potential. In terms of sectors, health, gaming, deeptech, SaaS, and marketplaces were the most sought-after by investors, but businesses in sectors that experienced problems during the pandemic – such as hospitality, prop-tech or transports – have also started to recover.

Romania’s FDI inflows should be booming amid this year’s huge economic growth

The covid-19 pandemic has had an impact on foreign direct investment (FDI) worldwide. In 2020, investors were interested in target countries’ management of the pandemic as well as their social and political stability, labour supply, and cost competitiveness.

By Claudiu Vrinceanu

To generate sustainable and healthy economic growth, Romania must be perceived as a stable and attractive investment destination

Romania recorded the highest GDP growth in the European Union in the first quarter of 2021, but it still has challenges to overcome. The pandemic has had a substantial impact on global economic trends, causing changes in investment plans and changing factors that business leaders would take into account when assessing investment destinations. To generate sustainable and healthy economic growth, Romania must be perceived as a stable and attractive investment destination.

Generally, there is a reciprocal relationship between economic growth and FDI, and Romania should speed up the process of reducing disparities with other countries in terms of attracting foreign investments. According to studies, a 1 percent rise in FDI should increase economic growth by 0.015 percent. However, in recent history, there have been countries where higher GDP did not translate into more FDI, and where rising FDI did not result in economic growth – hopefully this will not be the case for Romania, a country with an impressive pace of economic recovery this year, following a 3.9 percent contraction due to covid-19 restrictions in 2020.

According to calculations made by Deloitte Access Economics, Romania and five other countries (Australia, China, Chile, South Korea, and Lithuania) were the only ones to record economic growth after the outbreak of the pandemic. Romania's economy in the first quarter of this year was almost 1 percent higher than pre-covid levels, similar to the cases of Australia and Lithuania. The highest performance was recorded by China, whose economy is 7 percent above pre-pandemic levels, followed by Chile, with 3 percent. Moreover, the Romanian government is betting that economic growth will exceed the 10 percent threshold in 2021.

But will foreign direct investments be able to keep up with the rapid economic recovery? So far, the answer remains unclear. Direct investments from non-residents in Romania amounted to EUR 2.43 billion, having increased by EUR 1.67 billion, from EUR 758 million in the first half of 2020. Moreover, the number of companies with new foreign capital established in Romania increased in the first six months of 2021 by 53.7 percent compared to the similar period of 2020, to a total of 2,573.

Romania now faces a trade challenge. FDI inflows in Romania decreased to USD 202 million in 2020 from USD 363 million recorded in 2019, according to the World Investment Report 2021. By comparison, FDI inflows in Poland remained steady at USD 10.1 billion in 2020 from USD 10.8 billion recorded in 2019.

Foreign direct investments flowing into Romania far outstrip investments flowing out of the country. According to UN data, Romania attracted more than USD 28.6 billion in foreign investments between 2015 and 2020, significantly more than the USD 1.8 billion that Romanian companies invested abroad during the same period. The recovery of this gap can also be achieved through a sustainable economic recovery.

Romania needs better online platforms to attract foreign workers and investors

Romania should have a more friendly attitude towards foreign workers and launch online platforms to streamline communications

Importing workforce from non-EU countries is a phenomenon that will get more intense in the coming years, because Romania has a significant shortage of qualified labour.

Over 91,000 foreign citizens from countries outside the European Union or European Economic are currently living in Romania. In the first half of the year, employment notices were issued for almost 20,000 citizens from these states by the Inspectorate for Immigration.

The most acute need for additional staff during this period is felt in the hospitality sector. The construction sector is also facing a shortage of labour, which is one of the causes of the recent rise in new housing prices. In this context, through strong government institutions and a coherent promotion strategy, Romania should have a more friendly attitude towards foreign workers and launch online platforms to streamline communications, in order to become more competitive among European countries. Currently, the country lacks an English-language online platform providing all the necessary information to foreign citizens who might be interested in either investing in the country or in working here.

Things are different and much more professional in other countries. For example, France has a newly refurbished website aiming to inform all sorts of foreign citizens willing to pack up and move to the country.

“Helping you to settle in” is the central message of the Welcome to France platform, developed by Business France with the aim of attracting international talent to the country. The platform’s message is smart and straightforward: "Talents are the core of businesses' strategies. Talent mobility is a key factor for the economy of States to measure their attractiveness."

Romanian officials could also design a similar webpage to help deliver information to a range of different groups: company managers, staff who take up international mobility opportunities, investors, human resources departments, startups, lawyers, relocation companies, etc. Interestingly, potential expatriation candidates to France can contact the Welcome Office's mobility specialists with any questions, at any time, through an online request form, and they will receive an initial reply within three working days. While Romania is about to experience a tremendous economic recovery, its growth plans might get stuck due to a complex problem that has been going on since well before the pandemic: adapting the labour force to the country’s economic needs.

By Claudiu Vrinceanu

Poland also has an official webpage which is part of the EU quality network: Your Europe. The page contains simple information like the fact that in Poland, you may look for a job independently by submitting a CV together with a cover letter to selected employers or through organisations and entities providing professional job placement services. The platform also promotes punctual information for international citizens in Poland: job offers are published mainly by district labour offices, the Voluntary Labour Corps, private employment agencies, the press, and web portals.

In the absence of other ideas, the local government could also take inspiration from business models launched by Romanian entrepreneurs. It can even work with recruitment and promotion platforms in the field of mobility. One example is tech startup 3minutesjob.com, a platform that connects employers with users aged 18-25 looking for a job internationally with the help of three oneminute videos. The platform is being used in over 100 countries. According to founder Andrea Adamo, the covid-19 pandemic has significantly impacted the labour market. Employers had faster access to employees, the recruitment process was more straightforward in many cases, and wage demands fell. Another good private sector example is Undelucram, the largest online community of employees in Romania. Undelucram is a regional network of online employer branding and recruitment platforms.