October, 2021 / Volume 25, Issue 9
www.business-review.eu
SUSTAINABILITY 2.0: DIVERSITY AND INCLUSION
16
THE EXPANSION OF REAL ESTATE WELLBEING
28
RECRUITING BOUNCING BACK IN COMMUNICATIONS INDUSTRY
30
PANDEMIC ECONOMY BOOSTS LOCAL PROPTECH NICHE
34
IN PURSUIT OF A SUSTAINABLE FUTURE
www.business-review.eu Business Review | October 2021
EDITORIAL 3 COVER STORY
• Editorial •
Anda Sebesi • Editor-in-Chief • 6 In pursuit of a sustainable future
MAIN STORY
The pursuit of sustainability
A
16 Sustainability 2.0: Diversity and Inclusion
INTERVIEW
s Environmental, Social, and Governance (ESG) standards are being highlighted on the corporate world’s sustainability agenda, it is clear that equality, diversity, and inclusion
(ED&I) – from gender-balanced leadership and executive roles to equal opportunities regardless of race, sexual orientation or ethnic-
23 Making a commitment
ity - will be at the core of the next generation of businesses. But
to sustainable agriculture
even more important is the fact that companies that have already set up a clear ED&I strategy or are in the process of adopting such policies will have a much better chance to experience sustainable
MARCOMM
growth in the future. With many companies making the shift from corporate social responsibility to sustainability, in Romania and worldwide, business communities will need to set the foundations of a sustainable future for the coming generations. This is why, with FEPRA’s support, Business Review organised the Environmental & Sustain-
30 Recruiting bouncing back in communications industry
ability Summit (a Zero Emissions event) last month. A sustainable community needs access to local products, green agriculture, organic food, nature-based solutions, and a healthy circular
CITY
economy. At the same time, it must implement smart city solutions, eco-friendly transportation, and sound waste management
36 On screen: ten years’
policies. Producing more with less and having a smaller impact on
worth of Wild Romania footage turns into major documentary
the environment is the responsibility of both individuals and companies. Last but not least, the recent rise in the prices of oil, gas, and power has shown us how vulnerable we all are in the face of disruptions on the energy market and how important it is to have sustainable energy production and consumption.
37 Diploma’s creativity takes over Bucharest
38 Cultural calendar
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 | October 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
First ZARA store in Romania reopens, launches brand’s new global image By Aurel Constantin generous, with windows which are decorated to harmoniously combine with the interior, offering customers the opportunity to easily identify the latest collections. The new ZARA
Daria Marinescu has been appointed as Head of Marketing at FREE NOW in Romania to lead the company’s local marketing strategy. Daria has more than 14 years of comprehensive experience in both media and marketing agencies and corporate teams such as PRO TV, Nokia, and Provident. She graduated from the National School of Political and Administrative Studies in Bucharest and holds a Master’s degree in Business, Management, and Communication.
concept, featured at the Plaza Romania store, is available only in the brand’s other flagship locations, abroad. Sustainability is also an integral part of Inditex group’s strategy, and the new concept
The new concept introduces a more refined approach to the shopping experience
page 5
brand sells Join Life items from biodegradable materials such
Through the reopening of
reopening, introduces a more
as Modal, Tencel, Lyocell, bio
its store in Plaza Romania,
refined approach to the shopping
cotton, cashmere, linen or jute,
international fashion brand
experience and a higher focus on
using manufacturing processes
ZARA premiered its new global
products.
with as little impact on the
concept on the local market,
Luiza Domnisoru has joined the Revolut Romania team as Head of Communication on the local market. In the past 3 years, she coordinated Communications & CSR activities at Digi Group. With a Bachelor’s Degree in Journalism from the University of Bucharest and a Master’s in Communications and Public Relations from SNSPA, Luiza Domnisoru is an experienced professional with over 20 years of proven expertise in the communications and public relations field as a journalist, public relations and corporate communications strategist, media relations specialist, and event strategist and organiser.
reflects this commitment. The
Furniture complements the
environment as possible. The brand also selectively
bringing customers a com-
design, with organic shapes and
plete and surprising shopping
neutral colours. Lighting plays
recycles waste and gives cus-
experience, as well as a design
a major role in staging the space
tomers the option to donate
that combines the influences
and highlighting the innovative
items in the Take Back contain-
of art deco with sustainability
concept. Interior décor elements,
er installed in all its stores. The
and eco-friendly elements.
made of wood and stone, also
Plaza Romania store was Zara’s
The new concept, inaugu-
emphasise this renewed identity.
first in the country, opened in
rated in Romania with this
The store’s main entrance is
2004.
Affidea | Hiperdia invests EUR 2.7 million in new state-of-theart Medical Centre in Cluj By Mihai Cristea Affidea Romania, the local sub-
ment of EUR 2.7 million. In addi-
sidiary of the European leader
tion, the new Affidea | Hiperdia
in imaging, outpatient, nuclear
Centre is diversifying its range of
medicine, and cancer treatment
services in the medical imaging
services, announced the launch
and lab medicine segments and
of the new Affidea | Hiperdia
becoming the first Affidea centre
Medical Centre in Cluj, the
in Cluj to also provide medical
company’s largest centre in the
consultation services, covering
county, following a total invest-
14 specialties.
The total investment in the centre was EUR 2.7 million
www.business-review.eu Business Review | October 2021
NEWS 5
Interbrands Orbico becomes largest consumer goods distributor in Romania
Joao Brigido has been appointed as Manufacturing Director for the Philip Morris Romania factory. Brigido joined the Philip Morris Portugal team in 1999. Since then, he has held positions in PMI-affiliated companies in several countries, including Operations Director for Philip Morris South Korea and Philip Morris Brazil. In 2019, he was appointed as Operations Director at Philip Morris Philippines.
By Newsroom This month, Interbrands Orbico
future in the FMCG
became the top player on the
and Beauty indus-
Romanian FMCG distribu-
tries. We bring value
tion market, once the merger
through our digital
with parent group Orbico is
and logistics solu-
completed. The company
tions, through a very
will now bring customers an
wide range of qual-
integrated portfolio of over 200
ity products, and
brands and 12,000 products
a vision based on
in categories such as tobacco,
performance. The
perfumery, household, food,
main benefits of the merger come
flows and logistics capabilities,
and non-food.
from using synergies to their full
and the implementation of
potential, in order to develop and
new business models related to
folio partners include Philip
improve services, modernise pro-
conventional distribution.
Morris, Procter & Gamble,
cesses and systems, streamline
At the same time, it will
Bolton (Rio Grande), Lindt, Kel-
logistics capacity, and maximise
continue to prioritise meeting
logg’s (Pringles), Duracell, Fater
the potential of distribution
its employees’ needs, so that
(Ace), Klintensiv, Dalli (Bonux),
channels for all portfolio brands,”
the company’s approximately
Tchibo, Wella, Coty, Converse,
said Ioana Boghenco, the General
2,000 employees are be able to
Revlon.
Manager of Interbrands Orbico.
benefit from new specialisation
Interbrands Orbico’s port-
“Our mission is to bring
The company will target three
and professional development
value to our people, partners,
major development directions
opportunities, both locally and
customers, consumers, and
in the near future: the launch of
regionally, in order to continu-
society, offering complete
a digital business-to-business
ously motivate the organisa-
solutions that are ready for the
platform, the automation of
tion.
Alina Bulgariu is the new Financial Vice President of Ursus Breweries. She also joined the executive team on October 1, 2021. Alina has more than 25 years of experience in the FMCG industry. She started her career at Coca-Cola HBC, holding various positions in the Finance department, then moved to Japan Tobacco International as Finance Manager and later became Finance Director. In 2007, she took over the CFO role at Altex, and for the last 13 years Alina has been part of the Intersnack board, where she also held the position of CFO.
“The Affidea Group currently owns a medical hub – a portfolio of 3 high-performance clinics in Cluj-Napoca – representing a total investment of over EUR 10 million euros. By upgrading and expanding the new Centre, we’re consolidating our leading position on the imaging segment, while responding to the need for private medical services by developing the consultation and laboratory analysis segments,” said Razvan Predica, Country Manager at Affidea Romania.
Robert Jasinski is the new managing director of Danone Romania, which produces and distributes fresh dairy and plant-based products, and Nutricia Romania, which manages the company’s baby food and clinical nutrition products. Before this announcement, Jasinski had been the managing director of Nutricia Romania.
www.business-review.eu Business Review | October 2021
6 COVER STORY
IN PURSUIT OF A SUSTAINABLE FUTURE
The pandemic has taught us that caring for the environment is the key to a good life. A sustainable community needs access to local products, green agriculture, organic food, naturebased solutions, and a healthy circular economy. At the same time, it must implement smart city solutions, eco-friendly transportation, and sound waste management policies. Representatives of companies that are highly involved in local communities talked about the way we can create a better, more sustainable life for ourselves at Business Review’s Environmental & Sustainability Summit, a Zero Emissions event organised with the support of FEPRA. By Aurel Constantin
www.business-review.eu Business Review | October 2021
S
COVER STORY 7
ustainable solutions are already in place or are being imple-
deployed with very little evaporation. “Spraying water is a method
mented in several industries. For example, there are ways to
that is still being used today, but this mode of irrigating wastes
make agriculture sustainable and to make sure that our food
water through evaporation, and that water never even touches the
and water are used more efficiently in order to cover the needs of a
plant. As such, we are deploying new techniques to direct the water
growing population. “Over the last 10 to 15 years, we’ve really shifted
into the canopy and we are reaching 80 percent efficiency, which is
from an intensive model of growing crops to a more environmen-
very good. But the next step involves drip irrigation, which means
tally-friendly and highly-optimised way
installing some pipes in the soil in order to
of producing every crop in the world. The
maintain moisture levels. This is the best
idea is to produce more with less and have
method, with an efficiency of 95-98 per-
a smaller impact on the environment. It
cent, allowing us to use the exact amount
is our responsibility as individuals and as
of water that is needed, at the root of the
companies to achieve that goal,” said Remi
plant,” said Rami Dei-Tos of Bayer.
Dei-Tos, Row Crop Seeds Production Lead
Weather prediction is also very impor-
at Bayer.
tant in the context of sustainability, as
The pursuit of sustainability in agricul-
knowing exactly when it will rain helps
ture leads companies to find solutions to
you significantly reduce water waste. “It
grow better crops while using less water
is pointless to irrigate while it is raining;
and fewer fertilisers. “When farmers learn
you’re just washing the water away.”
that they can obtain better crops by using
It goes without saying that such an ad-
these solutions, they obviously begin to
vanced water management system doesn’t
adopt them. So far, our network of farmers
come cheap. The initial investment can
has been very supportive of such solutions and they are fully on
be substantial, but the benefits are immediate. “The cost of water
board,” said Dei-Tos.
will never stop growing, so in the end the investment will be offset.
Bayer has come up with a way to use less water in irrigation
We were the first ones to launch a system like this, but we hope to
systems and it is helping farmers implement the solution, either
implement it at global level and offer solutions at lower costs. So
directly or through partners. “The technology allows farmers to see
far, we have been supporting farmers in this direction. We are not
exactly when a plant needs water and how
promoting irrigation for the sake of irriga-
much it needs, instead of just using esti-
tion, but as something that can be helpful
mates. If we want to go into detail, we can
for the farmers, even if they operate in a
map out the soil to figure out which parts of
good climate. There’s never enough rain,
the plot retain more or less water. We can
so irrigation will help increase production,”
then adjust irrigation so that we only use
Dei-Tos explained.
water when and where it is needed. We are
The biggest problem with rainfall is
making massive investments in these types
that it doesn’t always happen at the right
of irrigation solutions,” the Bayer represen-
time. If we look at the same crop before
tative explained.
and after irrigation, we’ll see that the yields
Water is an essential element for the
are completely different. “You get about 8
beer industry as well. Agricultural irriga-
tonnes without irrigation and 13-14 with
tion systems are complex and expensive,
irrigation, so the profit obtained by farmers
and though water management may be
is much higher. In the end, it is sustainable
simpler in a factory, it still raises many challenges. “Through our
and brings more value to farmers. This is the role we can play as a
water management system, used water gets treated and re-enters a
company,” Dei-Tos added. “We are working with our partners to
new production process, so it doesn’t go into the sewer. That's how
deploy this water management system. So far, we have implemented
we manage to use as little water as possible. We have some clearly-
it on almost 10,000 ha, another 10,000 ha with an irrigation system,
established targets and our goal is not to waste any water at all. We
and almost 1,000 ha with dripping irrigation or adjusted irrigation
try to recover all the waste that results from the entire production
systems. This is all being done here in Romania, with Romanian
chain so it doesn’t end up in the garbage. At the end of last year, we
farmers.”
were able to reach our zero waste goal as we recovered all the waste, including yeast, which we dried and used as animal feed,” said Alex-
LOCAL, SUSTAINABLE FARMING
andra Barroso, Legal and Corporate Affairs Director at Bergenbier.
To have local farmers producing every type of crop, Romania needs to update its legislation. One of the problems encountered by beer
IRRIGATION VERSUS RAINFALL
producers in the past was the fact that they couldn’t find enough
Agriculture also benefits from technologies that allow water to be
hops in Romania, so they had to rely on imports. “The problem
8 COVER STORY
www.business-review.eu Business Review | October 2021
wasn’t that Romanian farmers didn’t want to produce more, but that
sustainable communities. On the other hand, we have the new de-
they faced various legislative impediments. The Romanian Brew-
velopments that we are planning, which will meet all the sustainabil-
ers’ Association also includes producers of raw
ity criteria we are committed to from the very
materials, and one of its greatest achievements
beginning,” said Constantin Sebesanu, CEO at
was that it managed to obtain the legislative
Impact Developer & Contractor.
changes needed to produce more hops. That
“I am often asked whether sustainability is a
also helps reduce costs, because when you
trend or a fad; I say it's a must. We need to cre-
import a lot of materials, prices increase along
ate viable communities and improving people’s
the chain,” Barroso noted.
lifestyles is not something that we even need
Other entities are also committed to show
to push, because it’s coming up anyway. We
farmers how they can turn to 21st century agri-
just need to stay one step ahead of it. We have
culture. “Our mission of Ateliere Fara Frontiere
just conducted a survey inside the Greenfield
is to integrate into the labour market those
Baneasa community and one of the questions
who are able to work, but find it difficult to find
asked during a focus group was about how
jobs for various reason. Organic agriculture is
people had experienced the pandemic inside
quite complicated, as it requires both major
Greenfield. About 85 percent responded that
investments and a large workforce,” said Lorita
the only place where they would have wanted
Constantinescu, Deputy Director at Ateliere Fara Frontiere. “It is
to live during this period was their home in Greenfield, which was
important for people to understand what organic agriculture means,
extraordinary to hear,” Sebesanu added.
which is why we organise visits to the farm,” she explains.
“Building sustainable communities is not easy. Our focus must be distributed to sev-
Ionut Badica, Project Manager at Sol si Su-
eral crucial elements, from mobility to waste
flet, argued that “increasing the natural fertility
management, from the near-zero emissions
of the soil is a key component in positive agri-
buildings we are planning to the BREEAM
culture, and without that efficiency we cannot
Excellent standards we are looking to imple-
talk about positive agriculture.” And since there
ment. At Greenfield Baneasa, we just got the
are no positive farming courses in schools, Sol
permit to implement geothermal energy that
si Suflet started an internship programme at
will not only cut down on carbon emissions but
their farm.
will also reduce costs and turn us into a more affordable community. We are also probably
SUSTAINABLE COMMUNITIES
the first real estate developer to have built a
Green agriculture and water management sys-
public school and a public garden inside our
tems are just a part of a sustainable community.
community. A year ago, we also brought public
“We all know that communities play important roles in our lives. Our
transport to Greenfield Baneasa: there are two lines that were intro-
entire activity is split between communities, whether we’re talking
duced in order to reduce traffic within the community. We are also
about friends, families, offices, neighbourhoods
planning to add a magnetic train. Imagine how
or artistic communities. Having a sense of com-
much time our residents are saving by having
munity unites and it definitely makes our ten-
a school there, how much more quality time
ants feel better, as it gives them the opportunity
families can spend together instead of sitting
to connect with people with similar values and
in traffic. And this actually reduces traffic in
preferences. We experience the need to create
the entire city, not just in our community,” Con-
and develop strong communities even more
stantin Sebesanu explained.
during this period, thus the need to communicate more with tenants and provide them with
FINANCING GREEN PROJECTS
access to amenities like multimodal football
Financing green projects in Romania is the job
courts, outdoor gym activities, and outdoor
of both commercial banks and public institu-
spaces when they can work or relax and feel
tions, which are complementing each other.
safe,” said Antoniu Panait, Managing Director at
“We invest our money in strategic sectors
Vastint Romania.
where commercial banks are not yet ready to
“There are two ways in which we develop large and sustainable communities. On one
invest because of commercial risks or various other factors, but also because unlike us,
hand we have communities that we started years ago, such as our
commercial banks are profit-driven. Our financing is actually very
core project Greenfield Baneasa, which need to be transformed into
competitive; we are the cheapest solution on the market in terms of
www.business-review.eu Business Review | October 2021
COVER STORY 9
financing and we also provide longer tenures. You can repay a debt
tics at ING Bank Romania, said that commercial banks are commit-
over a much longer time compared than you would to a commercial
ted to financing sustainability projects. “Transportation, mobility,
bank. Usually when we support the public sec-
and automotive are sectors of interest for us as
tor, in this case communities, municipalities or
a bank, both globally and locally. And making
counties, we can go up to 40 years, depending
these sectors sustainable, including from a
on the economic lifecycle of the project. When
credit portfolio perspective, is of the utmost
we support the private sector, considering the
importance. We are globally committed to
type of investments we are involved in, the
reducing the carbon footprint of the lending
cyclical nature of business, and the depen-
portfolio that we have committed towards
dence on the market, we can only go up to 12-14
these sectors, in line with the provisions of
years,” said Lara Tassan Zanin, Head of the EIB
the Paris Agreement. We are on track with this
Group Office in Romania.
strategy (through the Terra project), and the
”The EIB has a history of more than 25 years in Romania and it is contributing to an average of 1 percent of GDP every year, meaning around EUR 1.3 billion, of which half goes to the public
progress is published on the bank's website,” said Huma. “We are very interested in getting involved in these types of projects, and we would also
sector and the other half to the private sector. In the public sector it's
like to see as many projects as possible in Romania that encourage
a mix of national agencies, supporting education, transport, energy,
the sustainable development of both the automotive sector and
and all other sectors to which we can contribute. In the case of the
the transportation/mobility industry. In order to see more projects
private sector, we support both large corpora-
in transportation and mobility, it would be
tions and SMEs, through intermediated lending
helpful to first set up a legal framework to help
via commercial banks,” Lara Zanin explained.
project development and implementation, and
But it is not easy to find green projects in which to invest. Why is that? “The first and most important answer is related to the politi-
we are really looking forward to that happening,” Adrian Huma added. ING Bank recently launched a green loan
cal commitment. You know better than I do that
for the acquisition of electric and plug-in
there is a high rotation rate at the government
hybrid cars, with a special interest rate that is
level, in both the central and local offices, while
2 percent lower than the market standard and
the projects the EIB tends to support usually
with very light qualification conditions: no
require long-term financing, which means a
advance, no CASCO insurance, no leaving a car
long-term commitment to prepare the project,
key at the bank; clients only need an invoice
implement it, and take it to the very end. When ministers change three times a year, it's hard for us to maximise our potential in this country, because we have to start from scratch every
from the dealer to certify that the car they are purchasing is an electric or hybrid plug-in. “I think the first condition to integrating green cars into a smart
time and reconfirm commitment from the top,”
city is having those green cars and having that
Zanin noted.
smart city. The number of green cars around us
“The second source of difficulty comes from
is growing, but the total number is still small,
planning, and I think this is very relevant to
for various reasons, including high costs and
the topic of sustainable communities. There
lacking infrastructure. We also have a chicken
is no commitment to planning, especially to
or egg-type dilemma here. The more devel-
urban planning. When we talk about sustain-
oped the infrastructure, the more people will
able communities, we talk about a multilayer,
choose to buy such cars, and vice versa. If
multidisciplinary type of planning which goes
there are enough cars, then more investments
from energy efficiency to sustainable mobility
will be made in infrastructure projects,” Huma
or other related technologies that can benefit
concluded.
from this type of investment. Now, more than ever, if you want to build sustainable commu-
The Environmental & Sustainability Summit
nities, you need to have smart planning and to
was organised by Business Review with the help
remain committed to it,” the EIB representative
of Gold Partners Bayer, Bergenbier, Impact
argued.
Developer & Contractor, ING, and Vastint; Silver Partners BRD Groupe Societe Generale, CMS,
TRANSPORTATION AND MOBILITY
EY, Garanti BBVA, Restart Energy; Event sponsors Dentons and Volta;
Adrian Huma, Sector Head for Automotive, Transportation & Logis-
and Sustainability Partner FEPRA.
www.business-review.eu Business Review | October 2021
10 COVER STORY
Energy sector ready for transformation The recent rise in the prices of oil, gas, and power has shown us how vulnerable we all are in the face of disruptions on the energy market and how important it is to have sustainable energy production and consumption. The industry needs new investments in green energy projects to prepare the electric grid of the future, which should be able to support large-scale charging infrastructure for electric vehicles, while companies need to adopt sustainable practices and build better waste management systems. All these crucial topics were covered at Business Review’s Environmental & Sustainability Summit, a Zero Emissions event organised with the support of FEPRA. By Aurel Constantin
“
The Romanian energy sector is in the middle of a complex
Officer at Restart Energy. There is a lot of interest in renewable en-
transition period, which is why I consider ‘stable’ to be a
ergy projects in Romania right now. The trend has accelerated over
relative term, and I think ‘evolving’ would be more appropri-
the last year and a half and it is expected to go even further due to
ate. To meet environmental targets and the needs of the economy,
US and European green initiatives. “In line with this trend, Restart
our energy sector must accelerate its transition to more sustainable
has around 550 MW’s worth of solar projects in various stages of
production sources, better software integration, and smart grid de-
development and we will begin activating them next year,” Bargau
velopment. These elements will provide more energy and autonomy
added. The transformation of the Romanian energy sector may
for Romania in the future,” said Valentin Bargau, Chief Investment
cause social issues, as some people could lose their jobs or be forced
www.business-review.eu Business Review | October 2021
COVER STORY 11
to find new ones. Nevertheless, the transition to greener power pro-
But we have to move fast to develop projects that are aligned with
duction systems will happen, with the help of European funds.
the EU objectives outlined in the Green Deal and Fit for 55 plans.
“The energy transition will be a long process, and it will not
“The best news is that yes, we have the technologies to reach 100
be easy. And if things aren’t done in the proper way, it could also
percent green electricity. And what’s more, they are becoming
be very painful. I see three challenges that need to be addressed:
cheaper and cheaper. We have always believed that clean energy
funding, social issues, and technological barriers. When it comes to
was more expensive than ‘dirty’ energy. We have wind, solar power,
funding, the energy transition (like any other transition) comes with
geothermal, biofuels, hydropower, storage, and, of course, hydro-
a cost. For the Romanian economy, which is dealing with signifi-
gen. The more we use these technologies, the cheaper they will
cant budget imbalances, getting the money will be a real challenge.
become,” Velescu explained.
But at the same time, we have a great opportunity: about EUR 80
“The prices of wind and solar power have declined exponen-
billion are waiting for us in Brussels and our only job is to take this
tially, to levels that nobody had anticipated. Since 2010, these prices
money and use it correctly,” said Catalin Velescu, General Manager
have fallen by 90 percent, and the process will continue. Today,
& Founder at Volta Grup.
solar and wind are the cheapest ways to produce energy in new
If Romania manages to tap into these European funds, about EUR 10 billion – or 5 percent of GDP – will be available every year.
capacities almost everywhere in the world. From Mexico to Chile, from the UK to Spain, we’ve seen bids of 2 cents/kwh for solar and
"Europe’s goal of becoming the first carbon neutral continent by 2050 requires a huge effort from the business environment, public authorities, and the financial system, through a holistic and collaborative approach. In this equation, the role of banks is essential if we take into account the fact that addressing the risks of climate change alone, requires a volume of public and private investment of about EUR 60 billion over the next 10 years,in Romania," Iuliana Tiba, BRD - Groupe Societe Generale
www.business-review.eu Business Review | October 2021
12 COVER STORY
wind energy generation,” the Volta Grup representative added.
“Hydrogen should also rise as a worthy power source, with sta-
But we are still experiencing increases in electricity prices. “We
bility being its biggest advantage. During the last years, the debates
expect the price of electricity to remain volatile, so it is difficult to
on the use of hydrogen have evolved considerably, and the connec-
make an accurate prediction, but
tion between hydrogen and re-
I believe that the price of energy
newable energy has been put into
in general will continue to grow,
a broad context. To this extent,
due to various factors – political,
it is known that hydrogen may
economic, and geopolitical. It is
lead to the growth of the renew-
time for us to realise that the green
able energy market and boost the
transition has a cost and that this
discovery of renewable solutions.
cost will be reflected by future
There are various ways to ensure
energy prices,” Velescu argued.
the supply of clean hydrogen, but Romania currently lacks a regula-
RENEWABLE ENERGY PROJECTS
tory framework regarding the use
The importance of renewable
of hydrogen in electricity produc-
energy projects has never been
tion. According to its Recovery
higher, as they could allow us to
and Resilience Plan, Romania
no longer depend on natural gas
intends to develop a National
imports or prices. “These projects
Strategy for Hydrogen, based on
(including hydro projects) are
which the legislation required for
crucial to the sustainable energy
investments in this field would be
transition. In 2020, renewables
enacted,” Vlasceanu said.
accounted 24 percent of Romania’s total energy consumption, and the government has set a 30.7
MEETING NEW CO2 STANDARDS
percent target for 2030. This can be achieved through a further
The European Union is planning a significant reduction in CO2
development of renewable energy sources, up to a total installed
levels for the coming years, but it will not reach its targets easily.
capacity of 7 GW,” said Elena Vlasceanu, Counsel at Dentons.
“The EU has done pretty well so far, having met its previous target
“At the same time, in order to achieve fully green power produc-
(i.e. -20 percent by 2020) ahead of schedule. The Union’s estimates
tion, there are a number of techni-
indicated a 32 percent reduction
cal challenges to overcome (not
by 2030 based on current and
only in Romania’s case, but also
planned reduction measures,
in highly developed countries like
which is clearly not enough if
Germany), one being the balancing
it wants to achieve a 55 percent
of the National Electricity Grid.
reduction. This will require ad-
But in order to reach such target,
ditional efforts and resources and
the grid has to be refurbished and
more significant changes in the
upgraded to a smart grid, while the
transport and other difficult-to-
fluctuating power production from
abate sectors. However, consider-
RES (Renewable Energy Sources)
ing what has been achieved so
should be stored or somehow
far and the commitment demon-
balanced in order to match the
strated by the European Commis-
stability of conventional sources.
sion and Parliament so far, we can
The storage of green energy in
be reasonably confident that the
batteries or other storage solutions
EU has a good chance to achieve
is also a path to the future. Until
its more ambitious targets,”
these problems are solved, the EU
explained Massimo Bettanin,
aims to use gas and nuclear power
Partner at EY Climate Change &
as transitory sources, as they pol-
Sustainability Services in Central
lute less than other conventional
and Eastern Europe.
sources such as coal and oil,” Vlasceanu explained. The development of green energy projects also needs to be
“Romania is in a very good position to achieve its CO2 targets. As per the Integrated National Energy and Climate Plan, a 50 percent
analysed in the context of the European Green Deal, which aims to
reduction compared to 1990 levels is targeted by 2030 (page 49).
transform the EU into the first climate neutral continent by 2055.
This plan was approved before the Green Deal, at 10 percent above
www.business-review.eu Business Review | October 2021
COVER STORY 13
the EU’s initial 40 percent target, and it will need to be updated to
from their customers and consumers. Moreover, in the long run, it
match the Green Deal. Also, Romania is among the EU countries that
is also a question of survival for many businesses, in the context of
depend most on coal/lignite for electricity production. Phasing out
an expected transition to a green and inclusive economy.
lignite has significantly contributed towards CO2 reduction and will
“Banks are ready to finance responsible companies or projects.
continue to do so. The recently
Europe’s goal of becoming the
approved Recovery and Resilience
first carbon neutral continent by
Fund has clear milestones for
2050 requires a huge effort from
phasing out lignite,” said Bettanin.
the business environment, public authorities, and the financial
FINANCING GREEN PROJECTS
system, through a holistic and
The transition will need to be
collaborative approach. In this
carried out at the company level.
equation, the role of banks is es-
Turning into a sustainable busi-
sential if we take into account the
ness, which includes economic,
fact that addressing the risks of
environmental, and social objec-
climate change alone, according
tives, involves a process of internal
to a recent report on green financ-
transformation that includes
ing from the National Committee
rethinking relationships with sup-
for Macroprudential Oversight,
pliers and consumers, making cus-
requires a volume of public and
tomers aware of the need for an
private investment of about EUR
efficient use of natural resources,
60 billion over the next 10 years,
a reduction of the ecological
in Romania. Our role is to par-
footprint, as well as accounting for potential changes in consumers’ preferences and demands.
ticipate in this economic effort, design new financial products, finance businesses that are meeting
“It may involve investments in innovation, new technologies, in
requirements, but also disseminate good practices and accompany
the acquisition or development of new skills or support services for
our clients in this process of transformation. Activity in this area is
defining transition strategies or compliance with new requirements.
still in the early stages, and there are also big challenges ahead for
All this generates cost for the company, but long-term commitments
both banks and companies,” said Iuliana Tiba.
may be reflected in cost reduc-
Commercial banks are
tions (due to low consumption of
providing financing solutions
natural resources or low prices),
for sustainable businesses and,
the emergence of new sources of
according to ING Bank, clients’
income (e.g. from the recovery of
openness can be demonstrated
waste or by-products, the creation
by the high number of financing
of industrial symbioses, etc.),
deals closed in the first 6 months
the penetration of new market
of the year. “There is certainly
segments or geographical areas or
an appetite, and the demand can
obtaining a competitive advantage
only grow from here. In the first 6
and better positioning on the mar-
months of 2021, we brokered 133
ket. It is difficult to quantify the
sustainable deals at the group lev-
costs associated with an organisa-
el, more than we brokered over
tional transition towards a sustain-
the whole of 2020,” said Claudiu
ability agenda, but there are cer-
Sabau, Head of Client Coverage at
tainly benefits for a company that
ING Bank Romania.
adopts such a model,” said Iuliana Tiba, Environmental, Social, and Positive Impact Financing Director at BRD Groupe Societe Generale. According to Tiba, research has shown that reducing “cost-to-
Sustainability was seen as rather “exotic” until recently, but lately it has become a recurring topic in talks with clients. “To provide an analogy, we can think of a high speed train that has just left the station and it’s starting to
impact” leads to increased profitability, stronger resilience, and
accelerate, but it’s going to take some time before it reaches cruising
higher financial attractiveness. Worldwide, ESG (Environmental,
speed. Companies that don't take this seriously may find them-
Social & Governance)-focused companies have not only seen higher
selves in the unfortunate situation of no longer being able to finance
returns, but stronger earnings growth, dividends, and recognition
projects or refinance existing debt on their balance sheet a few
14 COVER STORY
years from now. Sustainability is not something that happens overnight and it’s not always black or white, as certain sectors will be
www.business-review.eu Business Review | October 2021
Romania is lucky to be a member of the European Union, which is pushing us towards sustainability and a circular economy. “The
impacted more than others. At ING
best indicator is the way Romanian
we strongly believe in a collaborative
citizens see the circular economy
approach where we stay close to our
and address environmental and
clients, we provide constant advice,
social issues in this area. Last year,
and facilitate their transition to a less
FEPRA and ISOP conducted a study
carbon-intensive business model
to find out how citizens perceived
through the financing we provide,”
certain market realities, and it turned
Claudiu Sabau explained.
out to be a very interesting study, albeit a bit difficult to understand. It
STOPPING RESOURCE WASTE
was about 200 pages of analysis on
Big changes are underway, being
demographics and other indicators,
driven by both European authori-
but the result was overwhelming,”
ties and by consumers wanting to
Georgescu said. In recent years, is-
be more environmentally-friendly.
sues like waste management, clean
“We’ve built up an economy using oil & gas and natural resources
air, and green cities have started to attract a lot of interest from
and promoting unlimited consumption. The period we are entering,
citizens, many of whom are looking to get more involved. “This
however, is one when we are becom-
study showed us that citizens were
ing aware of the fact that resources
actively involved, and not just at a
are finite,” said Gus Schellekens,
theoretical level. One of the ques-
Partner and Head of Sustainability
tions was whether Romanians were
for EY Climate Change & Sustainabil-
willing to pay more for certain
ity Services at EY Romania.
products that are indeed sustainable,
“Consumer attitudes will change
organic, green, and a large share of
attitudes among economic opera-
respondents said yes. There’s still a
tors. It may seem like a small thing,
long way to go from saying you’d do
but it is very important” said Ana
something to actually doing it, but
Radnev, Head of Finance at CMS
we’re starting to see more and more
Romania. But change will not come
products on supermarket shelves
easy. “We're in a paradigm where
that are organic, have reusable
we're trying the same things that
packaging, use less plastic or more
haven't worked for the last 20 years. We keep hoping that local
glass. And the more such products appear on the shelves, the more
authorities will start seeing the world differently overnight, that
consumers will be demanding them,” the FEPRA CEO argued.
they’ll build a separate waste collec-
“There's another important thing
tion infrastructure overnight, that
to note here, which Romanians need
they’ll begin to access European
to understand as well. What are the
funds that are no longer available,”
real costs of a product? Are all costs
argued Ionut Georgescu, CEO at
included in the products we buy?
FEPRA.
The answer is categorically no! If we
“At the moment, I think that
took into account all the costs and
Romania just needs a bit of will – and
environmental impact of a product,
when I say will, I am referring to
we would better understand the
entrepreneurship. There are com-
impact of our consumption – a cup
panies that want to see more than
of coffee is a very good example
what is happening right now and I
for this exercise. Dozens of litres of
think that at this time, Romanian
water are consumed for a small cup
entrepreneurs should imagine a
of coffee. Water is used for irrigation,
system in which we, as corporations
by people picking the coffee beans, in
and as entrepreneurs, could get in
the washing process, in the produc-
direct contact with citizens who are
tion process, and so on. It all adds up
both consumers and waste generators and try to redesign our waste
to dozens of litres for a single cup of coffee. Hundreds of litres for a
management practices,” he added.
T-shirt, hundreds of litres for a piece of meat,” Georgescu noted.
16 MAIN STORY
www.business-review.eu Business Review | October 2021
SUSTAINABILITY 2.0: DIVERSITY AND INCLUSION With Environmental, Social, and Governance standards being highlighted on the corporate world’s sustainability agenda, it is clear that diversity and inclusion – from gender equality in boardrooms and executive roles to equal opportunities regardless of race, sexual orientation or ethnicity – are at the foundation for the development of the next generation of businesses. Last month, Business Review hosted Inspiring Voices #EqualFuture, an event that approached hot topics such as gender-balanced leadership, gender equality, and empowering women, bringing together representatives of companies with the best track records for diversity and inclusion. By Anda Sebesi
www.business-review.eu Business Review | October 2021
MAIN STORY 17
A
ccording to the European Institute for Gender Equality (EIGE), the persistent gender imbalance among key decision-makers in large corporations and financial institutions
remains a cause for concern. Despite continued political and media attention, pressure from shareholders, and an increasing body of knowledge showing the performance benefits of gender-balanced decision-making, women remain substantially under-represented in corporate boardrooms. The same source says that in October 2020, the share of women on the boards of the largest publicly listed companies registered in the Member States reached 29.5 percent. France is the only Member State in which the largest listed companies have at least 40 percent of each gender at board level. Belgium, Italy, and Sweden all have around 38 percent women, while women account for at least one third of board members in Denmark, Germany, the Netherlands, and Finland. By comparison, out of 27 EU member states, Romania is ranked 23rd when it comes to the presence of women on boards of companies, with only 12.8 percent. Only seven Member States have taken legislative action to address the gender imbalance in boardrooms through the adoption of a national gender quota that sets a minimum proportion for the under-represented gender: France and Italy (40 percent), Belgium and Portugal (33 percent), Germany and Austria (30 percent) and, most recently, Greece (25 percent). The Netherlands will likely join this group if it adopts the current legislative proposal for a 33 percent gender quota applicable to the supervisory boards of listed companies. The legislation underpinning a national gender quota typically provides a time scale for compliance that allows companies to deliver change within the normal cycle of board renewals, meaning that change is progressive rather than instantaneous. In addition, less than one quarter (23 percent) of the largest companies in EU Member States have at least 40 percent of each gender among their board members, and nearly one in five still have all-male boards. In Bulgaria, Estonia, and Hungary, the boards of more than half of the companies in the EIGE sample do not have any women members. “Back in 2011, France adopted a law that imposed a specific share of women in boardrooms, and companies listed on the French stock exchange were required to achieve this goal by 2017, otherwise they would either be penalised or delisted. The law was applied for both French companies and their subsidiaries in other countries. As a result, companies started to encourage women to join their boardrooms and developed gender-balanced leadership policies. This phenomenon spread to other companies and across the society, so people today perceive it as normality,” says Virginia Otel, Co-president at PWN Global. She also gives the example of Sodexo, where women make up 60 percent of the board, a figure that the company is now looking to rebalance. According to Otel, out of 27 EU countries, Romania ranks 25th on women’s participation in boardrooms. “I think that if women, men, companies, and governments all make an effort to support this approach, things could change rapidly. There needs to be a concerted effort,” she argues.
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18 MAIN STORY
Along similar lines, Ana Dumitrache, Country Head at CTP in Romania, admits that companies must be required to have a balanced
…AND THE LOCAL REALITY According to Perry Zizzi, president of the Romanian Diversity Cham-
gender representation in their boardrooms.
ber of Commerce (RDCC), Romania has
“This could never come as a natural step,”
managed to avoid the worst excesses of its
she says. Virginia Otel shares Dumitrache’s
former communist neighbours. In addition,
opinion, pointing to international studies
we have not witnessed any rolling back of
that show that it would take 200 years to
women’s rights or municipalities declaring
reach gender equality if companies weren’t
themselves to be LGBTQ+-free zones, as we
legally obliged to reach specific targets.
have sadly seen in other countries, including some of our neighbours.
THE INTERNATIONAL CONTEXT…
“Indeed, diversity and inclusion have
According to the World Economic Forum’s
started to turn into reality for organisa-
(WEF) 2021 Global Gender Gap Report,
tions in Romania in recent years, in both
which has monitored progress towards
small enterprises and large corporates. The
gender parity worldwide since 2006,
younger generation, having been signifi-
Western Europe is the region with the
cantly exposed to western culture, is not
narrowest gender gap (77.6 percent so far), having further improved
only comfortable with equality, diversity, and inclusion (ED&I), but
this year. North America (76.4 percent) is ranked second, with an
demands it,” Zizzi says. He also notes that, as PwC’s Global Diversity
average score five points below Western
& Inclusion Survey shows, the main goals of
Europe, followed closely by Latin America
diversity and inclusion in the workplace are
and the Caribbean (72.1 percent), and the
to attract and retain talent.
Eastern Europe and Central Asia region
Speaking about retaining talent among
(71.2 percent). The East Asia and Pacific
women, Virginia Otel of PWN Global says
region is approaching the 70 percent mark
that there are many women who perform at
(68.9 percent), more than a full point ahead
their highest potential in mid-management
of Sub-Saharan Africa (67.2 percent), which
positions in Romania, but if they are not
is followed by South Asia (62.3 percent)
offered further career growth opportunities,
and the Middle East and North Africa, the
employers will lose their talent. “There are
region with the widest gap (60.9 percent).
companies that have specific policies for
Regional performances also differ in terms
women on boards or in top management
of speed of convergence towards gender
positions. But in general, both at the Euro-
parity, and each region appears to be on a different trajectory, pro-
pean level as well as in Romania, just 20 percent of executive posi-
gressing at a slightly different pace toward parity between 2006 and
tions are held by women. This is why our initiatives aim to accelerate
today. According to the same report, Romania – part of the Eastern
gender-balanced leadership.”
Europe and Central Asia region – ranks 88th out of 156 countries
PWN has developed several programmes that help women ad-
included in this year’s edition of the Global
vance to different positions more quickly or
Gender Gap Index.
improve their skills to develop their careers.
But the Eastern Europe and Central Asia
“We have a mentorship programme where
region lags behind Western Europe not
both men and women from different indus-
just in terms of the size of the closed gap,
tries voluntarily help women participants
but also in terms of the pace of progress.
advance their careers. Over seven editions
Despite just a five-percentage point dif-
of this programme, we’ve gathered over
ference, the estimated time to close the
450 mentees and more than 300 mentors,”
gender gap is 134.7 years in Eastern Europe
says Virginia Otel. Last but not least, PWN
and Central Asia, more than twice that of
has also a programme which is meant to
Western Europe (52.1 years). Within the
increase women’s participation in board-
region, there is considerably less disparity
rooms as well as one designed to empower
compared to others. Overall, 20 of 26 countries in this region have closed at least 70 percent of their gender
new female entrepreneurs. Virginia Otel makes another reference to France, where a new
gaps. Ten countries in this region have improved their scores by
initiative regarding women’s access to executive positions is cur-
at least 1 percent over last year, and only four of 26 countries have
rently in the works. “Women having access to executive positions is
shown a decline of more than 1 percent, with Romania showing the
a matter of social equity and economic impact. Companies come up
greatest decline (2.4 percentage points).
with such policies to change the current mindset because they are
www.business-review.eu Business Review | October 2021
MAIN STORY 19
aware of a series of studies conducted by international consultancy
it does in other markets, but the truth is that ED&I policies have
companies which show that gender-balanced leadership significant-
already been adopted by many companies operating here. We have
ly increases the profitability of the business
members that have successfully introduced
sector.”
ED&I programmes for their employees and
To illustrate her point, Otel quotes a
customers and others that are just begin-
McKinsey study that shows that a gender-
ning the ED&I journey and doing so enthu-
balanced leadership makes a crucial dif-
siastically,” Zizzi adds. Along with other
ference in the EBITDA of two companies
big events on ED&I, RDCC is in discussions
operating in the same sector. “The company
with a well-known university to join forces
with a gender-balanced leadership posts an
for training and potentially the first ED&I
EBITA that is 20 percent higher than that of
degree programme in the region.
a counterpart that doesn’t adopt a similar approach, because of a better decision-
FEMALES TAKING THE LEAD IN TECH
making process and a higher quality of
According to Eurostat, the European
corporate governance,” Otel notes, adding:
Commission’s statistics office, Romania
“Males have a natural inclination towards
ranks second among European countries
higher risks, while females holding management positions can miti-
when it comes to the share of women working in the tech sector (26
gate these risks and bring long-term sustainability for the company.
percent). “Although this is good news, it is clear that this figure still
Last but not least, it is about reputation,
leaves a lot of room for development. But
especially in the context of implementing
we are seeing positive change in the tech
Environmental, Social and Governance
sector, as an increasing number of women
standards.”
are embracing a career in this field,” says Alina Soare, People Experience Manager at
DIVERSITY AND INCLUSION FOSTER MOTIVATION
Endava Bucharest. She adds that 35 percent
According to a recent study conducted by
while in Romania their share reaches 40
the Romanian Diversity Charter and MKOR
percent. “Another good sign is the fact that
Consulting, over 70 percent of Romanian
we have gender parity across entry level
organisations strongly believe that employ-
positions. This shows that we are witness-
ee motivation and job satisfaction increase
ing change and that men and women will
when the work environment is diverse and
of Endava’s global employees are women,
be equally interested in the tech sector
inclusive, and that adopting and managing D&I practices have a
in the future. It also means that we have to be actively involved in
major impact on business growth.
trying to increase the number of female workers in this field,” Soare
Of course, Romania still has a long way to go before it reaches an optimal level of diversity and inclusion in comparison to other Euro-
argues. She also notes that the share of women working at Endava has remained constant over the last few years. “It is very important
pean countries. Human resources depart-
to avoid slipping into the other extreme,
ments are often not trained or sufficiently
into positive discrimination.” Positions
funded to be able to promote D&I. “Indeed,
like Chief Information Officer (at the global
one of the reasons that we founded the
level), Group Head of Data Delivery or
RDCC was to support HR departments striv-
Group Head of Development are being held
ing to improve ED&I within organisations,”
by women today.
says Zizzi. Another initiative that the RDCC
Furthermore, the company recently
supports would mandate the collection of
launched its official diversity and inclusion
disaggregated data so that the actual effects
(D&I) strategy, though D&I has always been
of gender discrimination can be monitored
a priority for Endava. “Our D&I approach
and assessed more effectively. In short, the
developed along with Endava’s develop-
RDCC is a non-profit organisation that pro-
ment as an organisation. During this time,
motes the principles of equality, diversity,
we’ve worked with different NGOs with the
and inclusion in the Romanian business community and supports
aim of trying to attract more women to our company in particular
the development of the Romanian economy through the implemen-
and to the tech sector in general,” Soare explains. Under an approach
tation of greater diversity and inclusion policies.
called We Care, the company has developed policies that encourage
“We often hear that Romania is a conservative country and that an ED&I-oriented business strategy would not work as well here as
diversity and balance in terms of gender, disability, race, sexual orientation, and parental status. “We also have initiatives where both
www.business-review.eu Business Review | October 2021
20 MAIN STORY
female and male leaders share their professional journeys along with
Superbet, the company’s mission is to excite the world, through a
tips and tricks for a successful personal and professional develop-
strategy that includes two key enablers: innovation and technol-
ment journey.”
ogy. “As a global employer, we see great opportunity in this because employees come with unique perspectives and experiences, which
A DIFFERENT APPROACH IN REAL ESTATE
creates an inclusive environment because it brings a lot of added
Ana Dumitrache of CTP Romania says that it is easier to implement
value,” she says.
diversity inside the company she runs, as CTP has 82 employees, of
The company’s wellbeing strategy rests upon four main pillars:
whom 50 percent are men and 50 percent women. “We didn’t intend
listen, draw attention, engage, and act. ”First, listening means
to reach this parity because we don’t have a specific D&I programme;
understanding the needs of our employees and being aware of the
it is just our organisational culture, which is supported by our share-
best practices and new research available on the market. Second,
holders. The situation is similar with that seen at the group level,
the awareness pillar refers to our commitment to destigmatise top-
where over 42 percent out of 430 employees are women,” Dumi-
ics related to mental health. We fight against this stigma constantly
trache notes. According to her, in the logistics parks managed by
and we want to reiterate the benefits of personal resilience. Last but
CTP, 90 percent of employees are blue collar, which led the company
not least, the engage and act pillars are correlated to the inclusion
to implement in a novel pilot project inside one of its largest logistics
and belonging areas and represent the next step through which our
parks: a luxury clubhouse. “The idea behind this project was that
employees take ownership of their wellbeing. Afterall, wellbeing is
all individuals
a resposibility that
deserve respect,
is shared between
regardless their
people and an
social and profes-
organisation.” Superbet’s
sional status, and this leads to
wellbing strat-
inclusion. The
egy is multi-
sustainability of
dimensional.
inclusion comes
One initiative is
from the fact that
a three-month
it brings different
programme
perspectives on
that includes 30
the same problem
workshops in both
and creates a sig-
Romanian and
nificant potential
English, on three main topics: body
for creativity, even in sectors like real estate. The culture of respect helps us perform re-
(sleep, healthy behaviors), mind (anxiety, depression, panic attacks,
ally well and supports an internal leadership model that is based on
worklife balance, burnout), and soul (focused on relationships with
the power of example, which is a good foundation for any inclusion
the community, family, children).
strategy,” she adds. Dumitrache says that the real estate industry –
Open annual leave is another initiative designed to improve the
from agencies to investment funds – is generally dominated by men,
wellbeing of Superbet employees. “Any employee can take as many
both in Romania and abroad. “But women are well represented on
days’ leave as they want, as long as they accomplish their tasks.
the Romanian real estate market, because there is a huge need for
Although some of our employees weren’t so open to this initiative
attention to detail in our country, and this approach is profitable in
at first, the company held a series of internal workshops to provide
the long run.” However, she admits that sometimes it is very difficult
answers to all their questions.
for a woman to succeed in this sector, as it is dominated by very
“Superbet is focused on performance and impact rather than on
powerful and territorial males. “You literally have to conquer territo-
presenteeism. We are aware that gender diversity is a catalyst for
ries, which is quite difficult for a woman. But it is a very interesting
productivity, innovation, and empathy, so our approch is intention-
experience and I think that if they are not afraid, women can ascend
al: we want to create a framework around safe and inclusive zones,
to any hierarchical level. Still, we need companies to support this
especially for our female coleagues,” Alina Amza adds.
endeavour,” Dumitrache argues, adding that CTP’s top management is aware of the effectiveness of women’s work within the company
RETAIL RELIES ON INCLUSION
and of the importance of a gender-balanced leadership. This is why
In 2021, Carrefour Romania accelerated its involvement in diversity
the group’s board includes two highly experienced women.
and inclusion projects with the aim of applying such principles at all levels of its organisational structure. According to Alina Gamauf,
BETTING ON DIVERSITY AND INCLUSION
Executive Committee Board Member for HR, Corporate Affairs,
According to Alina Amza, Group Wellbeing & Inclusion Director at
and CSR at Carrefour Romania, 72 percent of the company’s 18,000
www.business-review.eu Business Review | October 2021
employees are women. “We communicate intensively with our employees and try to meet their needs by offering individual development programmes that maximise their potential and encourage them to be part of the projects we launch. By involving them directly, we will bolster their feeling of belonging to both our projects
MAIN STORY 21
Romania at a glance Since 2017, the Gender Equality Index score has decreased in Romania (– 0.1 points).
and our company as a whole,” she says. The company recently closed a partnership with the Angajam 45+ initiative and launched an internal initiative to empower women. In addition, Carrefour works with Lead Network in order to promote the concepts of gender diversity and women in leadership. “This year, we also launched our diversity and inclusion policy, to help each of our team managers know exactly what we want to see in this area. The fact that we are always striving to be more inclusive is something that makes us stand out on an extremely competitive market. We try to apply this concept in our daily work,” Gamauf adds. While Carrefour’s organisational culture is already based on diversity and inclusion, Gamauf says that it needs to be constantly supported and maintained. “For this to happen, there is a need for ongoing education – we do this through special webinars and discussions about the need for diversity and inclusion,” she explains. Yet Gamauf admits that even though there is growing interest in diversity and inclusion from many companies in Romania, there is still a lack of understanding of the benefits these concepts bring to the business environment and to society as a whole. “I think that all of us have the duty to continue to provide opportunities, as intellectual ability is not related to race, ethnicity or social status, but to the availability or absence of opportunities,” she adds.
ROMANIA IN 10 YEARS How does the RDCC president see Romania ten years from now in terms of equality, diversity, and inclusion? “An inclusive labour market that can provide equal opportunities to every individual is
The annual progress of the Gender Equality Index in the EU is a direct consequence of the different pace of change in each Member State in the short term (2017–2018) and the long term (2010–2018). Romania had a low annual increase (or took a step back) in 2018 compared to its average annual progress in the long term. Changes in the domain of money have had a substantial pos¬itive impact on gender equality in Romania (+19 percent). As for progress in the domain of work since 2010, along with Denmark and Cyprus, Romania recorded virtually no improvement in gender equality. Reducing gender employment gaps is an important precondition to achieving the Europe 2020 strategy, which set an overall EU employment rate target of 75 percent. Romania is among five countries (along with Malta, Greece, Italy, and Hungary) that have remained below the EU 2020 employment target. Romania, the Czech Republic, Latvia, and Lithuania have shown no progress in closing the gender gap in terms of total disposabe income (including income from pensions, investments, and other benefits), as their gender gap in income has grown steadily since 2010. A FRA survey in nine EU Member States (Bulgaria, Croatia, the Czech Republic, Greece, Hungary, Portugal, Romania, Slovakia, Spain) found that 72 percent of Roma women aged 16–24 were neither working nor in education or training, compared to 55 percent of young Roma men.
a target for all societies, as well as one of the Sustainable Development Goals established by the United Nations for the year 2030.” He adds that by 2025, millennials will make up some 75 percent of the global workforce and will hold a majority of leadership roles. The practice of diversity and inclusion will be seen as a matter of course, but today we need to lay the groundwork not only to raise awareness of equality, diversity, and inclusion, but also to establish systems that will function to support ED&I practices and behaviours in the long term. “I am optimistic that the tide of millennials in the workforce will – within a decade from now – help inaugurate a new era of ED&I in Romania. A recent Accenture study called “Culture of Equality in
Romania is among the EU Member States with the greatest overall progress in its knowledge domain score between 2010 and 2018 (+5.2). As for the gender segregation in education, Romania recorded an increase of at least 1 point since 2017, while over the long term, Italy and Romania have achieved the most substantial progress (+12.1 and +7.8 points, respectively). Romania has the lowest participation rate (9 percent, similar to Bulgaria’s) when it comes to the engagement of women and men (aged 15 or older) in formal or non-formal education and training.
the Workplace” found that a company’s financial performance can grow by 76 percent if its leaders embrace and implement an equality culture inside their organisation,” Zizzi adds. To sum it all up, diverse and inclusive workplaces mean more profitable and competitive companies, and that’s not because it’s a trend, but because the world is changing and organisations need to adapt in order to both serve their stakeholders and ensure their own financial growth.
Romania’s score for social decision-making decreased by 10 points between 2017 and 2018, with little improvement (barely 1 point) in other subdomains (political and economic fields). Romania continued to have more than 80 percent male representation in regional assemblies in 2019. Source: EIGE Gender Equality Index 2020
www.business-review.eu Business Review | October 2021
22 MACROECONOMY
Romanian economy facing fourth covid wave: a SWOT analysis Despite its apparent recovery, Romania's economy is facing several threats (T) in the context of the fourth wave of the covid-19 crisis, while its weaknesses (W) are worsening. But one should also look optimistically at the strengths (S) and opportunities (O) of the local economy. By Claudiu Vrinceanu The European Commission has made a positive assessment of Romania's recovery and resilience plan (PNRR)
avoid future issues. The European Commission has made a positive assessment of Ro-
STRENGTHS: CONSUMER SECTOR AND IT SERVICES
the trade balance is deteriorating, therefore
mania's recovery and resilience plan (PNRR),
the current account deficit will be substantial.
an essential step towards the EU disbursing
The consumer sector remains one of the most
Romania registered a trade deficit of EUR 12.8
EUR 14.2 billion in grants and EUR 14.9 billion
resilient areas of the economy, its growth
billion in 2021, EUR 2.85 billion higher than
in loans to Romania under the Recovery and
driven by private consumption. We must
the 2020 deficit, representing 6.5 percent of
Resilience Facility (RRF). The investment will
accept the reality that, in the post-pandemic
GDP, maybe even more. Economists estimate
be a key growth driver in the years to come.
period, economic growth is driven mostly
that financing needs for the remainder of
Romania will be one of the primary recipients
by the recovery of consumption. In fact, in
the year will reach about RON 10 billion per
of EU funds via the Next Generation EU pro-
normal times, consumption is an indicator
month. These financial obligations will be
gramme and the classic Multiannual Finan-
of prosperity and living standards. It is not
challenging to meet given that Romania will
cial Framework – to reach a combined total of
wrong to bounce back from the pandemic
have a budget deficit of 6.8 percent of GDP
approximately EUR 78 billion.
through consumption, but it remains to be
in 2021 and that public debt could reach 53
seen where it goes and whether it sustainably
percent of GDP over the 12-month horizon.
THREATS: HIGHER INTEREST RATES AND THE POLITICAL CRISIS The Romanian central bank’s reference
sectors, having expanded by over 20 percent
OPPORTUNITIES: INDUSTRIAL PRODUCTION AND EU FUNDS
compared to 2020 and by over 50 percent
An opportunity for Romania is represented
sits at 5.3 percent. Inflation rose to almost 5
compared to the first seven months of 2019.
by the evolution of orders for the Romanian
percent in mid-2021, well beyond the target
This sector contributed to economic growth
manufacturing industry, which may increase
range, amid an economic recovery and a
by roughly 40 percent, and it accounted for
as a result of gridlocks in Asian supply chains.
rise in energy prices. This irregularity won’t
7 percent of the GDP in 2020. The IT services
Industrial production expanded by 15 percent
last very long, therefore interest rates will
sector also has great potential for further
in 2021 compared to last year, but it remains
undoubtedly grow.
development, as it might reach 10 percent of
almost 3 percent below 2019’s – which serves
GDP in the coming years.
as a more reasonable comparison period
a major threat in the context of the escalating
drives GDP growth. IT has been one of the most dynamic
interest rate is at 1.25 percent, while inflation
The political crisis continues to represent
considering the lockdowns and restrictions of
fourth wave of the covid-19 pandemic. The
WEAKNESSES: TRADE BALANCE AND BUDGET DEFICIT
2020. The growth trend is emerging in a con-
uncertainty generated by the governmental
text in which western companies, especially
issue will have a series of consequences, one
At the macroeconomic level, there are signifi-
those in Germany, are seriously considering a
of them being a significant increase of yields
cant concerns regarding net exports, where
shortening of their supply chains in order to
for government securities in RON.
www.business-review.eu Business Review | October May 20162021
COVER INTERVIEW STORY 23 14
Making a commitment to sustainable agriculture Boualem Saidi, Country Group Head for Romania, Bulgaria, and Moldova at Bayer Crop Science, sat down with Business Review to talk about the importance of sustainability in agriculture and tell us why it is no longer a matter of choice, but both a need and a responsibility. By Anda Sebesi changes from both an operational and a legislative perspective. To go into more detail,
What is sustainability in agriculture? What is Bayer’s strategy for sustainability in this field?
more favourable environmental profiles can
one key issue for us the legal framework on
all reduce water, labour or energy usage.
manufacturing, marketing, and use of plant
Sustainable agriculture includes all the tools
pests, and weeds in agriculture and forestry,
tivity and grow safe, healthy, and affordable
What is the role of digital technology in sustainable agriculture and what can you tell us about precision agriculture?
food, all while preserving natural resources.
Precision and digital farming help farmers
is adapting legislation to accommodate
In short, it’s a way to produce more with less!
work in a smarter manner by combining their
the use of drones to spray crop protection
In line with the Sustainable Development
expertise and knowledge of their land with
products.
Goals of the United Nations and the Paris
modern, digitally-enabled tools that collect
Agreement, Bayer’s sustainability commit-
and organise massive data, providing them
ments are designed to address the challenges
with actionable insights that allow for better
of climate change, biodiversity loss, and food
decision-making. Bayer is introducing digital
Are local agribusinesses and seed or PPP manufacturers prepared to embrace sustainable business practices?
security to create a better tomorrow for our
tools – such as Climate FieldView – that
Definitely! Our industry is ready to embrace
society and our planet. Our ambition is to
provide farmers with real-time agronomic
sustainability. It has already embarked on
achieve a balance between production and
advice, resulting in both income generation
this journey and, in my opinion, it is no
protection – in a nutshell, how do we feed the
and safer food through sustainable farming
longer a question of choice; it is a need and
world without starving the planet?
practices.
a responsibility. We all need to contribute
and practices farmers use to improve produc-
protection products to control diseases, which should be updated so as to be aligned with European legislation. Another example
and support farmers with agronomical solutions that help them remain competitive,
world’s biggest challenges. More specifically,
Do we need to update our environmental legislation in order to achieve a better level of sustainability for Romanian agriculture? What are some key ideas and solutions in this area?
it is not only about reducing the climate im-
I believe it is of the utmost importance to
sustainability is at the core of our strategy
pact of farming that, but also about enhanc-
have national legislation that is consistent
and our long-term success as a company lies
ing farms’ immense contribution to carbon
with European policies. The new Common
in providing farmers with the best possible
sequestration. Precision farming, innovative
Agricultural Policy and the Green Deal are
tools and solutions to help them obtain
hybrid seeds that are tolerant to drought and
expected to bring changes to our sector, and
better harvests using less water, land, and
pests, and new crop protection products with
we need to be prepared to embrace those
energy.
What are the key areas where agriculture could contribute to sustainability within the bigger picture? Agriculture is part of the solution to the
while making sure that our natural resources are preserved for future generations. Our industry is one of the most innovative and it integrates a lot of technology. At Bayer,
www.business-review.eu Business Review | October 2021
24 FINTECH
Romania’s fintech ecosystem: top players & key insights Romania has several advantages that support the expansion of its financial technology innovation. Investors can benefit from a common economic market as Romania is an active member of the European Union. One of the country’s greatest assets is its human capital, which includes many skilled IT professionals. Leading technology providers have already spotted the great potential. By Claudiu Vrinceanu The Romanian fintech market grew exponentially in 2021
KEY INSIGHTS Over the last couple of years, the fintech industry has risen to the top of the Romanian
including their agility and speed of execution,
financing round. Among the newcomers are
entrepreneurial scene. Many Romanian start-
focus on customers' needs, and orientation
Salarium, Bankata.ro, Prime Dash, and Smart
ups and scaleups have switched their focus to
towards technology and accessibility.
Fintech. Prime Dash, a Romanian tech startup
explore what fintech means and what it can
based in Oradea, aims to open new offices in
bring to the table. As a result, recent studies
PLAYERS
France, Germany, and the UK. Smart Fintech
show that the Romanian fintech market grew
The Romanian Fintech Association - RoFin.
launched SmartPay, the first Open Banking
exponentially in 2021. However, domestic
Tech was founded in January 2020 as a
alternative payment solution authorised by
companies operating in the industry quickly
professional, entrepreneurial association to
the central bank in Romania.
acknowledged the lack of legal and business
represent companies founded by Romanian
know-how regarding the fintech sector on the
individuals that build proprietary technology
INTERNATIONAL PLAYERS
local market, and they soon expressed the
products.
French fintech iBanFirst has opened an office
need for reciprocal support. The largest banks in Romania (Banca
The association aims to increase the
in Bucharest, the company's first in Central
penetration of digital tech and entrepreneur-
and Eastern Europe. iBanFirst is a financial
Transilvania, BCR, BRD, ING Bank, and
ship into financial services, create and grow
services provider that addresses the needs of
Raiffeisen Bank) have over 6 million digital
the offline and online channels needed for
SMEs. As an alternative to traditional bank
customers, who frequently use internet bank-
companies to expand globally, and educate
offerings, it developed an online platform that
ing and mobile banking services. These credit
and expand the community of entrepreneurs
allows companies to conduct transactions in
institutions cover a total customer portfolio of
and professionals working in fintech.
over 30 currencies.
almost 12 million, so we can deduce that, on
ZEN, the licensed Polish startup that offers
average, about 50 percent of consumers have
TECH STARTUPS
financial solutions using modern payment
adopted the concept of "remote banking."
Five of the most active and experienced
technologies, announced its launch in Roma-
Found at the intersection of technology
Romanian fintech startups are Finqware,
nia this year. The new solution has Mas-
and financial services, fintech startups lever-
Instant Factoring, IFactor, Beeza, and the
tercard support and offers shopping cards,
age their strengths in cooperative relation-
wannabe unicorn FintechOS, the company
an online payment platform, and multiple
ships with traditional financial institutions,
that recently closed a USD 51 million series B
currency accounts.
www.business-review.eu Business Review | October May 20162021
COVERMONEY STORY 25 14
Four new types of capital for Romanian innovation firms Financing is increasingly critical in entrepreneurs’ hierarchy of needs in the post-covid-19 economic recovery, which offers many opportunities for local and global growth. More founders are growing with the help of several funding sources. Let's look at four options that have emerged during the pandemic or that are more accessible for companies now than they were in previous years.
Over the past year, we have seen a consolidation of the angel investor community
By Claudiu Vrinceanu INSTITUTIONAL INVESTORS
Romanian tech companies with potential for
is still not applicable, as this project has been
Until recently, we had not seen institutional
regional or global growth if we were to also
blocked since 2016.
funding going directly to Romanian startups
look at the funding raised by Romanian start-
or scaleup tech companies. For example, the
ups over the last few months.
International Finance Corporation (IFC) is
FOUNDERS TURNED MILLIONAIRES Several Romanian companies, both in the
supporting the global expansion of FintechOS
ANGEL INVESTOR ASSOCIATIONS
tech sector and outside of it, have already
– likely to be the next Romanian unicorn –
Given that the traditional source of financ-
created Romanian millionaires. In turn, some
with a USD 10 million investment. What is
ing – bank lending – is limited due to young
of them are investing in new projects on the
striking about this financing is the fact that it
companies’ high risk level, business angels
local market, and an excellent example of
was the first investment granted directly to
have proven to be a viable alternative source
this is Daniel Dines, one of the co-founders
a Romanian tech scaleup by the IFC. Before
of funding for these businesses. Not only has
of UiPath, who has begun investing in tech
this move, the IFC had invested indirectly in
the number of individual investors in tech
startups. One example is Romanian startup
FintechOS by injecting USD 22.2 million in the
startups increased steadily in recent years,
FameUp, a mobile platform for micro-influ-
Earlybird Digital East Fund II, a fund closed
but over the past year, we have seen a con-
encers, which attracted EUR 2.5 million from
in February 2021 with a final capitalisation
solidation of the angel investor community.
the Early Game Ventures investment fund.
of EUR 200 million. The European Bank for
There is an active trio worth mentioning on
Daniel Dines participated as an angel investor.
Reconstruction and Development (EBRD) also
the Timisoara - Bucharest - Cluj axis, which
signed an investment commitment of EUR 30
includes Growceanu, TechAngels, and the
INTERNATIONAL INVESTMENT FUNDS
million for the fund managed by Earlybird.
Transylvania Angels Network. Growceanu is
In 2019 and 2020, Romanian tech startups in
The European Investment Fund (EIF) also
a group of business angels from Timisoara
the seed phase would usually attract funding
contributed. In addition, Earlybird, whose
that wants to invest up to 1 million euros
from venture capital funds established in Ro-
latest investment fund will be operational
this year in 18 transactions. TechAngels and
mania, but in 2021, we’re seeing more found-
until July 30, 2029, was one of the inves-
Transylvania Angels Network are open groups
ers being able to attract worldwide investors.
tors in the USD 60 million (EUR 51 million)
of private investors, from Bucharest and Cluj
One example is Romanian startup Framey,
Series B financing round raised by FintechOS.
respectively, who are interested in invest-
which received a USD 1 million investment
Today, we can conclude that there is a lot of
ing in tech startups from Romania and the
from ICE Capital in Dubai, with the support of
money available on the market for financing
region. Romania’s business angel legislation
local fund JECO Capital.
www.business-review.eu Business Review | October 2021
26 STARTUP
Bucharest among world’s most promising startup ecosystems Bucharest is one of the largest emerging startup ecosystems globally, with a sector value amounting to over USD 35 billion. Still, the shortage of talent is one of the main threats to the area's potential to become a global player. Let’s take a look at how the local startup ecosystem fared in 2021. By Claudiu Vrinceanu
2018. There are now 79 ecosystems generating over USD 4 billion in value, more than double the number identified in 2017, while 91 ecosystems created unicorns in 2020.
Bucharest ranks 40th out of 100 emerging startup ecosystems
B
TOP GLOBAL STARTUP ECOSYSTEMS North America continues to dominate the global ranking, with 50 percent of the top 30 startup ecosystems coming from this region,
altic states Estonia and Lithuania,
charest’s strong points, with the city obtain-
followed by Asia with 27 percent and Europe
Bucharest, the Polish cities of War-
ing a score of only 3 out of 10 on this metric.
with 17 percent.
saw and Krakow, and Czech capital
And even though Bucharest was the birth-
Despite a turbulent year for many, the
Prague all appeared on a recent list of the 100
place of one of the most innovative unicorns
top five global startup ecosystems maintain
most important emerging startup ecosys-
in the world, UiPath, the main problem fac-
their reign, with Silicon Valley in the number
tems published by Startup Genome and the
ing the region’s startup ecosystem is an acute
one position, followed by New York City and
Global Entrepreneurship Network. Part of a
shortage of talent: the Romanian capital only
London, which tied at #2 for the second year
more extensive study on startup ecosystems
received one point out of 10 in this regard,
in a row. Beijing and Boston follow at #4 and
titled Global Startup Ecosystem Report, this
and so did Estonia and Lithuania.
#5, respectively.
than 100 countries which are in early stages
THE VALUE OF THE STARTUP ECOSYSTEM
emerging startup ecosystems include Mum-
of development, presenting those that have
Bucharest stands out for the total value of its
bai (India), Copenhagen (Denmark), and Ja-
the potential to become top global players in
startup ecosystem, which amounts to 35.3
karta (Indonesia). No location in Central and
the coming years.
billion dollars, the second largest among
Eastern Europe was included among the top
emerging ecosystems, after Detroit (37.2 bil-
30 startup ecosystems in the world. Tokyo is
lion dollars).
the only new entrant in the top 10, rising six
Other high-ranking regions on the list of
ranking focuses on 275 locations across more
Bucharest ranks 40th out of 100 emerging startup ecosystems, with advantages in areas like market coverage and performance
The global startup economy is worth over
places to 9th place. Shenzhen also entered
achievement, where it obtained 10 and 9
USD 3.8 trillion in Ecosystem Value, more
the top 20, ranking 19th. Philadelphia has
points respectively out of a maximum of 10.
than the individual GDP of most G7 econo-
also advanced 15 spots, from 43rd last year to
mies, not including the value of exits prior to
28th this year.
The financing of startups is not one of Bu-
www.business-review.eu Business Review | October 2021
28 WELLBEING
The expansion of real estate wellbeing The Global Wellness Institute believes that residential real estate is the next frontier that will be radically transformed by the wellness movement. Our homes, communities, and surrounding environment directly affect our daily behaviours and lifestyles, and together these determine up to 80-90 percent of our health outcomes. Since our homes are typically our most important personal investment and expenditure, it is only logical that they should also be an investment in our health and wellbeing. By Romanita Oprea the Global Wellness Institute, there are over 740 wellness lifestyle real estate and community developments built, partially built, or in development around the world, across 34 countries—and this number is growing every day. These include master-planned communities, multifamily housing, urban districts and mixed-use projects, resort/spa-based real estate, and other types of projects. Wellness lifestyle real estate is an industry that recognises, and has the potential to meet, today’s immense health challenges. It represents a shift that explicitly puts people’s wellness at the centre of the conception, design, creation, and redevelopment of our homes and neighbourhoods. Importantly, this movement does not have to start from
T
The wellbeing is prioritized in the new office buildings
scratch; it can borrow and learn from many historical/current movements and integrate
he pandemic has completely trans-
personal growth, and environmental values.
their best features through a multidimension-
formed the concept, function, and
In fact, at its core, wellness real estate
al wellness lens. Many elements of the green/
is really all about creating built environ-
sustainable building movement, design-
erything, from where we worked to where we
ments – from homes and hotels to offices and
driven movements, the food movement, New
exercised, and during this long crisis, more
apartment buildings – that are proactively de-
Urbanism, intentional communities, and
people have questioned where and how they
signed around the occupant’s holistic health.
others are already being adapted, mixed, and
want to live, what they want in a home and a
Wellness is no longer an esoteric nicety, but
incorporated in innovative ways into new
community. The short answer is “more well-
a powerful movement that will shape huge
and upcoming wellness-focused residential
ness”: more safety; nature and sustainability;
facets of the industry over the coming years.
projects and communities.
meaning, and true community. Many people
A VERY PROFITABLE MARKET
first of all, it has had an impact on people’s
are now seeking homes and communities that
In this context, international specialists
mindset, psychology, behaviour, and many
are purpose-built to deliver more physical,
believe that the global wellness real estate in-
other areas besides the economic and
mental, and social wellbeing. This is not just
dustry will reach a value of USD 197 billion by
financial dimensions. If we’re talking about
a temporary result of the pandemic, but the
2022, having grown by 6.4 percent annually
wellness, the impact is two-sided: on one
outcome of bigger cultural, environmental,
since 2015. In North America alone, the mar-
hand, wellness has been more carefully ad-
and demographic shifts that will play out over
ket is worth USD 52 billion, with 1.3 million
dressed (people started to search for wellness
decades,” the Global Wellness Institute writes.
buyers each year seeking wellness communi-
products and facilities in order to destress,
ties and wellness homes.
they started going to the gym or the spa, and
value of the home. “It became our ev-
“The pandemic has hit us in many ways:
space and serenity to work; more purpose,
This reshuffling of our priorities has cre-
Nearly 30 percent of consumers from all
so on), but on the other hand, restrictions
estate industry, driven by growing consumer
income ranges are willing to pay more for real
have been forcing some people to give up
demand for products that support wellness,
estate that prioritises wellness. As shown by
on old habits and have cut off their access to
ated a powerful opportunity within the real
www.business-review.eu Business Review | October May 20162021
COVER WELLBEING STORY 29 14
wellness activities or products,” said Ramona
of working from the comfort of their own
systems that always provide comfort and do
Iacob (Predescu), Romania country manager
homes, Romanian employees are also paying
not tire the eye. Nonetheless, all the layers of
at IWG. Moreover, she believes that a space
more attention to the comfort-related factors
comfort (thermal, acoustic, ergonomic, olfac-
that creates wellbeing should be able to
in the office, which include the quality of the
tive, and air humidity) should be optimised
provide the people occupying it with inner
furniture (11 percent) and rooms designed
to best suit the characteristics of workplace
peace, comfort, and a relaxing atmosphere,
for relaxation (19 percent). Other important
and the needs of its tenants. “The working
and this can be achieved by adding elements
wellbeing factors for Romanian employees
space should offer employees the opportunity
and programmes. For example, office spaces
include access to high-quality and healthy
to have an active lifestyle and encourage exer-
can be enhanced with break areas, plant cor-
meals (31 percent), proper lighting that does
cise. Rooftop running tracks and strategically
ners, relaxation areas, reading corners, even
not tire the eyes (27 percent) and air quality,
placed interior stairs are some of the solutions
small games corners providing cards, Jenga
as 17 percent of respondents stated that they
that Skanska implements in its office build-
or colouring books, massage hours, posture
did not want to spend their time in a confined
ings. Campus 6.2 & 6.3 were the first office
workshops, yoga time in the office, etc. “But
space with air conditioning. Health and safety
buildings in Romania to have rooftop running
it is also very important to think about what
are also among Romanians’ top priorities.
tracks,” Luca added.
people use the premises for, about their overall attitude and mindset, and what kind of energy is transmitted to the occupiers by the staff who manages such spaces. All these elements should be in the mix, and the final test is how the consumer feels, whether they have a good experience, whether they feel welcome. That’s what will make a difference,” Ramona Iacob added.
ADAPTING TO THE MARKET AND GROWING In response to the growing market demand, new design concepts and certifications have been rapidly emerging. According to Proven Partners, Biophilic design is an emerging architectural field that creates spaces in buildings and communities to help support everything from cognitive function and physical health to psychological wellbeing, reducing
“The environment has a direct impact on
Last but not least, the mental wellbeing of
blood pressure and stress hormone produc-
both physical and mental health. Wellbeing is
employees should be a priority in every office.
tion while syncing our busy lives with our
also influenced by the floor space configura-
According to Luca, the office building should
natural rhythms. The WELL Building Stan-
tion and congestion level, noise, inside air
be designed as a hub that makes it easy to
dard puts health and wellness at the centre of
quality, and light. Through WELL Certifica-
form and consolidate communities, promot-
design and construction decisions, measur-
tions standards, Skanska offers a wellbe-
ing cognitive and emotional health. Skanska
ing, certifying, and monitoring features of the
ing measuring system that is built around
buildings integrate green co-working outdoor
built environment that impact human health
7 elements and increases office life quality
areas combining two essential elements:
and wellbeing, through air, water, nourish-
through building features. These elements
human connection and nature connection.
ment, light, fitness, comfort, and mind.
are air, water, nourishment, light, fitness,
Easy access to exterior spaces improves both
comfort, mind. Therefore, a space that cre-
mental and physical condition. “Romanian
how the pandemic has changed CEE employ-
ates wellbeing for its occupants pays close at-
employees are looking for office spaces that
ees’ perception of the ideal work space found
tention to these 7 crucial factors,” said Aurelia
can easily adapt to change and that can
that Romanians especially have started to pay
Luca, executive vice-president of Skanska’s
always be reinvented in order to meet new
more attention to wellness issues, and that
CEE operations for Hungary and Romania.
needs. The post-pandemic office space needs
A study conducted by Skanska focusing on
the design factor has become an important
Clean air, good quality water, nourishing
motivator in their decision to return to the
and healthy food are at the base of a balanced
office. A high share of Romanian employees
lifestyle. Light plays an important role in sus-
(33 percent) are now interested in green,
taining the body’s circadian rhythm and en-
has developed the “Care for Life Office Con-
open-air spaces and outdoor areas where they
suring good quality sleep at night, therefore
cept,” which focuses on making employees
can work, but also rest and relax. After a year
Skanska offices provide professional lighting
feel safe when they come back to work.
to always make employees feel good and safe,” Luca noted. To adapt to the current situation, Skanska
www.business-review.eu Business Review | October 2021
30 MARCOMM
Recruiting bouncing back in communications industry A new LinkedIn study shared exclusively with The Drum suggests that despite the pandemic and its economic consequences, opportunities in the marketing sector are only expanding, with roles in digital and media leading. While the economic impact of covid-19 has decimated businesses of all types over the last year and a half, the marketing industry has made an impressive comeback. By Romanita Oprea 39 percent). Other fast-growing skills include Adobe Premiere Pro, marketing automation, customer experience, and Facebook marketing. Since the onset of the pandemic, listings for remote marketing jobs have increased fivefold. Whereas just 2 percent of marketing roles were remote on March 1, 2020, today nearly one in ten are. In the past six months alone, LinkedIn has seen a 177 percent increase in the number of remote job postings for marketing roles. Marketing roles across the board are shifting to more remote and flexible working arrangements. The past year saw 17,000 remote marketing job postings, highlighting the fundamental evolution of work, and this evolution Seniors are in high demand and the companies are putting a great emphasize on strategy
S
stands to be a game-changer. Over 90,000 Romanians applied for a job in February through the BestJobs platform,
ome 381,000 marketing job openings
of consumers during a time where the aver-
with over 511,000 recorded requests. Most
were posted on LinkedIn in the last
age adult is online more than ever. As the ma-
of them came from industries such as IT&C,
year. In the past six months alone, the
jority of the country’s workforce was sent to
telecom, sales, finance-accounting, engineer-
site saw a 63 percent increase in marketing
work from home, customers’ desire for digital
ing, management, and construction. What is
jobs. Within the last six months, jobs in the
experiences skyrocketed. This, in turn, has
interesting to notice is the fact that a signifi-
arts (up 85.9 percent), retail (up 72.6 percent),
provided marketers with more heightened
cant growth in the available fields of work in-
education (up 63.7 percent), and corporate
visibility in their companies and stronger
cluded marketing, with 102,600 applications.
services (up 60.6 percent) grew the most. This
positions to provide strategic direction as new
The situation comes after a globally confusing
is likely indicative of the recovery of sectors
opportunities crop up.” One in every two top
2020, when some areas of the communica-
that were initially most impacted by lock-
marketing jobs listed on LinkedIn fall into the
tion industry were hit very hard, while others
down orders and restrictions on in-person
digital or media space. By volume of job post-
grew. The global ad market plunged, with dire
gatherings.
ings on LinkedIn, the most desired marketing
predictions that UK ad expenditure dropped
job is a digital marketing specialist.
16 percent in 2020 and some companies mak-
“Demand for marketing jobs has grown over the last six months because of the
Year-over-year growth patterns evidence
ing savage cuts. WPP, Omnicom, and Dentsu each lost 6,000 posts globally last year.
increased importance of marketing during the
the highest growth in skills including Insta-
pandemic,” says Connie Chen, LinkedIn se-
gram (up 72 percent), content marketing (up
nior insights analyst. “Digital marketing gives
63 percent), creative problem solving (up 45
IN SEARCH OF PERFORMANCE
organisations the ability to accurately target
percent), brand awareness (up 41 percent),
In spring 2020, the covid-19 outbreak took
audiences, measure impact, and get in front
branding (up 41 percent), and Hootsuite (up
the entire labour market by storm. As a result,
www.business-review.eu Business Review | October May 20162021
COVER MARCOMM STORY 31 14
the number of advertised jobs around the
ers because the labour market is again rich
Mobile apps are proving to be a highly effec-
world decreased by 50-70 percent. Talent
with candidates who are actively looking for
tive channel for engaging with customers,
acquisition leaders had to optimise their
jobs. Budgets may get pulled back to accom-
and they are expected to generate over USD
expenditures and switch from the traditional
modate for the fact that there's more people
935 billion in revenue by 2023.
pay-per-post mode to pay-for-performance
actively looking on the labour market than
channels. Due to substantial budget cut-off,
there have been in years. And when budgets
the rise of freelancers and remote work,
more companies switched to the lowest-risk
contract, that most commonly translates to
especially in the communication industry. A
marketing models.
‘stick with what you know.’ E-commerce and
recent Gartner poll showed that 48 percent
fulfilment are competitive markets, so the
of employees will likely work remotely at
kets have been recovering in most countries.
war for that talent will drive the adoption of
least part of the time after covid-19 versus 30
For example, over the last 6 months, the
more sophisticated approaches,” recruitics.
percent before the pandemic. According to
share of paid jobs in G7 countries has risen by
com wrote.
Eurostat, Romania had over 1.2 million free-
According to Jooble data, job board mar-
There is also a very important trend in
almost 15 percent. Among the leaders are the United States, Germany, and Italy with nearly
GROWTH AREAS
30 percent, 17 percent, and 15 percent re-
According to as-
spectively. Marketing is often one of the first
toncarter.com, the
teams within a company to take a hit when
pandemic has not only
a financial crisis strikes, and the covid-19
increased the impor-
pandemic was no different in that regard.
tance of digital mar-
But with the economy now almost entirely
keting for businesses;
reopened, the sector has bounced back to
it has also fostered
growth, with recruiters reporting a substantial
a surge in market-
rise in the number of marketing opportunities
ing and creative job
available.
opportunities across
Even the most hard-hit areas of the mar-
many industries. As
keting industry have experienced recovery,
companies are ramp-
with Marketing Week reports showing that
ing up their digital
salaries in the industry are set to bounce back
marketing efforts, the
in 2021 as vacancies rise and many recruiters
job market for marketing and creative profes-
lancers in 2020, mostly from the IT sector (36
struggle with more roles than there are can-
sionals is booming. Companies are looking to
percent) or marketing and creative industries
didates to fill them. David Nobbs, Managing
fill a wide range of marketing and digital roles
(29 percent) – and numbers are growing.
Partner and Head of Consumer at executive
across all levels. Some of the most in-demand
search firm Grace Blue, spoke to the publica-
marketing and creative roles in 2021 include
work operations, they must explore the criti-
tion about this latest trend in talent acquisi-
copywriters, digital media managers, email
cal skills employees will need to collaborate
tion. According to the analysis, salaries have
marketing specialists, graphic designers,
digitally and be prepared to adjust employee
met, and often increased on, pre-pandemic
marketing analytics managers, search engine
experience strategies. They also need to con-
levels, especially when it comes to more se-
optimization (SEO) specialists, social media
sider whether and how to shift performance
nior positions that are vacant. This is in addi-
coordinators, and UX/UI designers.
goal-setting and employee evaluations for a
As organisations shift to more remote
tion to firms struggling to retain talent as the
Now that companies are increasingly
remote context. On a global market of inde-
pandemic eases and the economy rebounds.
valuing their creative teams, marketing and
pendent platforms for freelancers estimated
Nobbs explains that it is “not uncommon”
creative professionals are in a strong posi-
at over three billion dollars in 2020 (according
for recruiters to offer up to a 50 percent pay
tion to use their skills and experience as
to the Freelancers’ Association), the LANCE-
increase to help retain senior individuals in
key differentiators when negotiating higher
RIA project, the first freelance marketplace in
their current roles and help stem the cur-
salaries, benefits or workplace preferences
Romania developed on blockchain technol-
rent wave of resignations witnessed across
(such as flexible work schedules or remote
ogy has officially been launched publicly,
multiple sectors.
work opportunities). Marketing and creative
in an alpha version. Only five months since
professionals should focus on building digital
the start of this innovative project, Lanceria.
ties for marketers on the UK market in the six
communication tools for customers across a
com comes to support the community of
months to August 2021 compared to the same
broad spectrum of industries. For example,
those who work on their own by eliminating
period last year, according to data gathered
within financial services, companies are look-
or minimising fees and commissions and by
for Marketing Week by job site Reed.
ing for creatives to develop new ways to con-
introducing the option of hybrid payments –
nect with customers virtually and personalise
in RON or foreign currency (FIAT) as well as in
user experiences on their digital platforms.
cryptocurrencies.
There was a 302 percent rise in opportuni-
“The pandemic-driven recession may have stunted the evolution of some talent market-
www.business-review.eu Business Review | October 2021
32 ENTREPRENEURSHIP
Bucharest AI co-founders: Romanian AI startups must think big, start small, fail fast Ioana Irimia and Alexandra Petrus, co-founders of Bucharest AI, have launched the second edition of the #BeAI pre-accelerator, which awaits deep tech startups to sign up by early October. They talked to Business Review about Romania’s competitive advantages in the AI space and the factors that Romanian AI startups depend on for rapid growth. By Ovidiu Posirca people via various channels. Last year’s AI pre-accelerator Demo Day gathered an AI audience of 1,000 people. As part of the local “Elements of AI Romania” initiative, around 5,000 people joined the Intro to AI course. The #BeAI pre-accelerator is a unique opportunity for exceptional people in the region who want to grow alongside their idea and build an incredible AI-infused product while learning from the best and gaining access to essential information, technologies, and a network of experts in the field. It is essential for AI startups to make the right choices early on and to be part of an AI ecosystem and network of practitioners to whom they can turn each time they’re in doubt.
What’s the state of the AI startup industry in Romania and how are investors approaching this field? Ioana: It's nice that AI adoption is ramping up. Techcelerator mapped the ecosystem and found 100 AI startups in Romania, while Tracxn displays around 75 AI startups in the country. Both people in the industry and investors are surprised and excited when they Ioana Irimia & Alexandra Petrus, Bucharest AI
see how many different AI technologies they could use to improve their processes, prod-
How did you decide to create Bucharest AI and what have been the results so far?
and intelligence in this space. The easiest,
ucts/services, and ultimately their overall
fastest, and most efficient way to learn from
business. Investing in AI startups or busi-
Ioana: Bucharest AI was born in a regional
others is to do so as part of a community. It
nesses that leverage AI in their tech stack is a
and global context that was inspired by City.
felt natural to build this community to cover
hot topic. Investors learned their lesson from
ai’s efforts and initiatives across the globe.
a need in our own professional lives.
4-5 years ago and now they tend to carry
As innovative technologies began to exit labs
Our community has around 3,000
out proper technical due diligence alongside
and were being delivered to end consumers,
members and it is positioned regionally and
business due diligence to assess whether
we felt the need to share more know-how
globally. Each event reaches around 10,000
they should invest in a business.
www.business-review.eu Business Review | October May 20162021
ENTREPRENEURSHIP COVER STORY 14 33
have the opportunity of a lifetime right now,
regarding the local AI market, tech invest-
industries like transportation and manufac-
in terms of both recruitment and securing
ments reached 60 deals (worth EUR 31
turing by storm and having direct impact
funding. Location/geography is no longer an
million) in 2020, up from 40 deals in 2019,
on business KPIs such as reducing time to
aspect we look at as a limitation. As remote
while seed funding reached EUR 22 million.
delivery by identifying the best route, defect
work becomes the norm , AI startups have a
However, Romania is still facing several sig-
detection, and so much more. In essence,
sizable opportunity to tap into the pool of tal-
nificant challenges in creating a sustainable
computer vision and machine learning have
ent available out there. Working for a startup
growth environment for startups, including
turned these worlds around. Then we saw
and being part of a mission with which you
those in the AI field, and lacks a national
the RPA market being strongly shaped by
resonate is an attractive option for many
AI strategy to ensure strategically targeted
the Romania-born and now globally scaled
bright minds in the AI space. Romanian AI
public sector support for startups and R&D in
UiPath, with their unmatched growth and
startups must be prepared to think big, start
sectors where the country has a competitive
market fit. For Romanians, such an example
small, and fail fast.
advantage and that could be further devel-
A bit of history: we’ve seen AI taking
has a strong impact, as we see a local busi-
Where I do see some potential danger
ness in a global context shaping a niche and
to AI startups succeeding and remaining
driving change.
profitable is in AI regulations, like the AI Law
oped through AI.
recently proposed by the European Parlia-
What’s your advice for founders who are just launching their own startups?
How is an AI startup different in terms of team structure and time needed to develop new products?
ment. That is something we should keep an
Alexandra: Think big, start small, fail fast.
eye on.
This is the easiest and most efficient piece of
Alexandra: Internet-first companies had
investment rounds is more easily accessible
three major things in common: A/B testing,
now than it’s ever been. There is an increased
to gain an advantage ahead of larger compa-
short iteration time, and decision-making
European investment focus towards AI start-
nies. They just need to find that space and
being pushed down to engineers and PMs
ups that are building a name for themselves
keep an eye on the IP and AI regulations that
or other roles. AI-first companies have four
by moving fast and
things in common: strategic data acquisition,
disrupting indus-
unified data warehouse, pervasive automa-
tries.
tion, and new roles (ML Eng., AI PM, etc.) and division of labour. When we look at a team structure, a typi-
Limited funding in pre-seed or seed
advice that covers a lot of ground. There is still a lot of room for AI startups
I’d like to highlight ways in which we can build more
cal AI startup has roles like AI/ML/NLP/CV
talent in this space.
Engineer, Data Scientist or AI Product Man-
I’ve been speaking
ager. That comes on top of a classic structure
about the lack of
of Business Development, Frontend/Backend
support and funds
Engineering or Marketing. Depending on
towards universities,
the domain of the AI startup, there’s also a
compared do what
domain expert - technical expert partner-
there is in the US or
ship. The best products are built through
China. We cannot
such partnerships, where science and intel-
start this conversation without mentioning
are being coined out there, while focusing
ligence are mixed with domain expertise and
the fundamental need, which is providing
on solving problems and their target audi-
problems. It is important to mention that AI
more support to universities, so we can ulti-
ence. Their north star metric should always
is evolving so fast that job titles and various
mately have better prepared professionals. AI
be the time to value of what they bring to
responsibilities are not yet fully defined.
communities play a role as well, and we are
their customers. If they cannot identify it or
Getting started with AI as a startup can be
happy to contribute to strengthening the AI
make a constant and real difference in time
done with a small team as well: a software
ecosystem.
to value, things get rough, even if investment
engineer and a ML engineer/data scientist
may come, as AI seems to be a very hot target
may be enough.
How competitive is Romania’s AI market compared to other countries in the region?
for investment.
What sort of challenges are founders in Romania facing when it comes to recruiting staff and securing funding?
Ioana: The strengths of the Romanian AI
mathematics and software development
market lie in the country’s expanding IT
background, failing to focus on delivering for
talent pool, a booming IT sector, relatively
the target group attached to the problem, and
Alexandra: In the current remote-first
cheap operating costs for firms, and strong
delivering only for yourself, is a common is-
context, which has been adopted by so many
ITC connectivity, to only mention a few. Ac-
sue. Customer-backwards thinking is always
in the tech space, I would say that founders
cording to estimates by Horvath & Partners
a good idea.
With many Romanians having a strong
www.business-review.eu Business Review | October 2021
34 PROPTECH
Pandemic economy boosts local proptech niche Investments in digitalization made by real estate players of all sizes have been growing in the pandemic context as entrepreneurs developing property technology (proptech) solutions have been gaining clout in the eyes of investors and consumers. By Ovidiu Posirca slow now, but acceleration is already evident. Real estate is less and less about concrete and steel, and more and more about facilities and convenience.” Proptechs in Central and Eastern Europe (CEE), including Romania, are focusing on the office segment, with 65 percent of startups deploying their products in this vertical, particularly in Architecture and Project Management services, property consultancy CBRE notes in its European Proptech Guide. “All these investments are pushing the local market into a more competitive space. Yes, local players will feel the need to be increasingly agile. That means having fast but high-quality processes (in planning, sales & marketing, but also in post-sales) and make quick, data-driven decisions. And that's the space in which startups can innovate,” says There is growing investment in VR technologies for property assets
T
Adrian Erimescu, saints keeper at local angel investment platform Growceanu. In terms of technology, machine learning,
he digital leasing platform developed
assets. Despite the health crisis, investments
big data, and the internet of things (IoT) are
by Bright Spaces is already being used
in Romania’s commercial real estate sector
being used intensively by emerging startups
by some of the largest developers in
totalled close to EUR 1 billion in 2020, making
that are crunching massive amounts of data
it one of the best years of the past decade.
being generated by buildings and by users
Romania, including the likes of Skanska and One United Properties. The startup raised
“Real estate companies are starting to
who are looking to buy homes or lease spaces. Virtual and augmented reality tools were
EUR 1.5 million last summer and is planning
make headway in their innovation and tech-
to expand across Europe. Its platform allows
nology adoption, but the difficulties around
used by residential developers during lock-
building owners to use 3D visualisation to
implementation and the lack of develop-
downs to help potential buyers find the right
provide a complete picture of their available
ment across the business, which results from
home. Specialists say that the digitalization of
spaces.
single-point adoption, suggest that many are
property companies will continue down the
not going about this in an organised manner,”
road at a steady pace, though the process has
INFUSING TECH IN A BILLION-EURO INDUSTRY
Marius Nicolae, head of technology, strategy,
been accelerated by the pandemic over the
and transactions at professional services firm
past 16 months.
Proptech is gaining momentum as real estate
EY Romania, tells BR.
companies are starting to deploy technology
Dan Flesariu, head of real estate trans-
Nicolae of EY Romania says that the proptech industry is lacking fully integrated
for a wide range of operations, ranging from
actions, strategy and transactions at EY
end-to-end solutions. However, there is
coordinating sales teams to managing smart
Romania, adds: “As generation shifts become
growing investment interest in technology
buildings and boosting the pool of potential
more apparent, the pace of adoption of
solutions that facilitate digital leasing, spaces
leasers or buyers of office and residential
Proptech solutions accelerates. It may look
visualisation (AR/VR technologies), data and
www.business-review.eu Business Review | October May 20162021
COVER PROPTECH STORY 35 14
device management (IoT/CCTV), and online
European countries where health risks are
that has adopted a policy which provides a
platforms for property transactions.
still present. A survey carried out by Urbanite
glimpse into working arrangements for the
Advisors found that the consensus on 2 or 3
next year. The company’s employees will stay
days of remote working per week will further
at home for two days per week for individ-
and helpdesk services – in all its projects. The
drive the adoption of agile workplaces.
ual work and virtual collaboration and will
Speedwell founders made the investment fol-
However, CEE-based cities are less impacted
spend one day in regional/satellite offices to
lowing a one-year collaboration with Sigtree’s
by post-covid office contraction. The findings
socialise and continue individual work. The
founding team.
came from respondents in local and interna-
remaining two days will be spent at the core
tional firms representing an estimated total
office for team projects.
“But in order to cover all real estate needs, from construction to building management, there is still plenty of space in the area of construction technologies, tenant experience or systems automation that could lead to the creation of new startups,” Nicolae adds. Developers are among the users of proptech solutions, but property investors may also get on board with promising early-stage startups. This was the case with the founders of Speedwell, who made angel investments and became shareholders of Romanian startup Sigtree. The developer has a portfolio worth EUR 400 million across office, residential, and mixed-use schemes in Bucharest and regional cities. Speedwell plans to implement Sigtree’s platform – designed to optimise property management, tenant engagement,
Currently, the startup is looking to raise EUR 500,000 on crowdfunding platform
of 15 million sqm of office
Many companies will need space-shar-
occupancy.
ing and resource-sharing applica-
features to its platform and
“The
tions tailored to their specific
expand internationally. Sig-
shift
Seedblink, in a bid to add new
business, and some of their
tree’s platform is already
modules might need some
operational in 25 office
degree of integration
buildings and 1,500
with the building’s sys-
apartments.
tems, suggests Flesariu
Milluu is another
of EY Romania.
local startup that raised
Taking a bike or an to
electric scooter to get to
SeedBlink to grow its digital
remote
a co-working space quickly
property management plat-
working has
close to EUR 900,000 on
form. Its app matches landlords and
been a global work-
could turn out to be the best solution for employees who previ-
tenants and helps them remotely manage all
place experiment, and many see today’s pilot
ously worked in large office buildings. In
operational matters ranging from contracts to
practices being adopted permanently. If em-
urban areas, mobility startups have been
payments of utility bills.
ployees manage to find effective workspace
building their vehicle fleets for years to meet
at home with minimal family distractions
projected demand increases. Changes in the
REMOTE WORK COULD SPUR PROPTECH INNOVATION
and have fast and reliable connectivity and
way Romanians approach the workspace will
digital tools, then remote working is a win for
not appear overnight, but startups will have
Large companies have remained cautious
both employers and employees,” says Nicolae
growing clout in the way people adapt to new
about asking their employees to return to
of EY Romania.
work arrangements.
office buildings in droves, while smaller
The risks generated by the ongoing pan-
Erimescu of Growceanu concludes that
employers have had more room for maneu-
demic are feeding a big dose of uncertainty
the booming local real estate scene also gives
ver and have been able more easily agree
into any plans that companies may be draw-
startups the opportunity to more easily iden-
to different work arrangements. This is not
ing up regarding the way in which they work.
tify relevant problems and then raise money
only happening in Romania, but also in other
For example, BNP is one large employer
to solve them.
www.business-review.eu Business Review | October 2021
36 MOVIE
On screen: ten years’ worth of Wild Romania footage turns into major documentary Dan Dinu and his team filmed Romania’s wild nature and animals for over 10 years, and the resulting documentary, Wild Romania (Romania Salbatica) is now in cinemas all over the country. Business Review went behind the scenes with the director to find out more. By Oana Vasiliu some moments out. Are there any in particular that you really wanted to leave in but ultimately couldn’t? We had to leave out lots of sequences, either because they were incomplete from our point of view or simply because the documentary would have been too long. One of them was about amphibians. We shot several species of frogs, mating newts, and salamanders, but even though we took all this footage, we realised that it could not go into the film. They were even named areas that no longer fit for various reasons, but we have enough material and ideas for a sequel.
What do you want audiences to take away from the film? Are people responding in ways that you had imagined they would? I am very happy that viewers don’t just appreciate the film, but also see it as a very good
How would you describe the documentary for someone who doesn’t know much about Romania and its wildlife?
descriptive, with a small number of animals
educational tool. From the very beginning I
and some stories from their lives. Not because
wanted the whole project to help nature, and
we didn't want to have more, but because
it’s been a success from this point of view.
Our documentary encourages people to ap-
they were complicated to film. After we
Many people who have seen the documentary
preciate nature without being a manifesto.
finished certain sequences, we would add
have told me that the film elicited a lot of
Through the message of the film and the emo-
more script lines, change certain parts, create
different emotions, which again I think is a
tions it conveys, we tried to make people un-
more and more connections. What I wanted
big plus. And a lot of people felt responsible
derstand that nature is not merely a resource
most was for there to be no parts of the film
when they watched the end.
that can be exploited at our convenience; it is
that wouldn’t flow narratively into a unitary
our home, without which we would not exist.
story, so I worked on that a lot. Sometimes,
But all these things come gradually, and they
after a shoot, I would come home and change
are subtly introduced into the mind of the
the script to fit the new story, adjust to what
Since the release, have you seen increased local interest in protecting the natural areas featured in the film?
viewer without being uttered explicitly.
I already had or even give up on some things.
Perhaps it's too early to say whether our film
It was a permanent process of adaptation.
will generate change, but we do hope so. Dur-
Was there ever a point in the collaboration when there were different visions about where the story should go or did you always have a very similar view of what you wanted this story to be?
The closer we got to the end, the better things
ing Q&A sessions after screenings, I received
went. But what I knew from the beginning
lots of questions from people regarding how
was that we wanted to have an emblematic
they could get involved. We receive this ques-
story for Romania and that it had to be as
tion on the Facebook page quite frequently as
authentic as possible, with nature itself as the
well, so we’re hoping that the film has struck
Working on the script for the film was like
main character, not the people.
a chord with audiences and that more nature lovers who see this film will be motivated to
a complicated puzzle. It started about 6-7 years ago, when the documentary was very
I imagine it must have been tough to cut
help out. It would bring us great satisfaction.
www.business-review.eu Business Review | October 2021
FESTIVAL 37
Diploma’s creativity takes over Bucharest Diploma recognises some of Romania’s most exciting emerging design and fine arts talent, providing a unique curated environment for young designers to exhibit their graduation projects. Business Review talked to Andrei Bortun, the founder of Diploma, about the highlights of this event. By Oana Vasiliu of visitors, including
ro, a project aiming to reconvert the extraor-
architects, curators,
dinary infrastructure owned by the Union
gallery owners, advertis-
of Visual Artists, under the current name of
ers or designers. That's
Combinatul Fondului Plastic, at 29 Baiculesti
how we came up with
Street in Bucharest.
the idea: starting from a slightly unpleasant premise and trying to
What are some of this year's festival highlights for you?
build a more valuable
I think the exhibitions themselves are very
context around it.
valuable, because they are not just the sum of the works on display, but artistic projects in and of themselves. And I believe that the dis-
We are very close with the creative universi-
Diploma has now reached its eighth edition. How has the festival changed over the years?
ties, and that includes both students and
The first editions only targeted vocational
it has been a well-kept secret of the city.
academic staff. As a result, I am aware of how
universities in Bucharest, but the content
much work students put in for their Bache-
wasn’t limited to theses from Arts and Archi-
lor’s Diploma or Master's theses during gradu-
tecture students; it also included works by
ation years. I thought all this content that was
Theatre and Film and Conservatory students.
Where did the idea for Diploma come from?
being generated every year deserved a better
(…) There have been many positive effects,
covery of the venue itself can be a surprise for 99 out of 100 people in Bucharest. Until now,
What do you expect from the creative industries in the future after looking at all the applications for this edition of the festival?
fate and more exposure, especially the best
including the fact that young graduates from
I have never had any doubts about the talent
works by the most talented artists, designers,
all over the country are able to meet their
of my fellow citizens. It has also been proven
and architects of the new generation.
peers, that mature organisations in each
that our performance is far superior to other
creative industry, seeking to refresh their
countries’ when it comes to film, electronic
project that would make it easier for a wide,
teams, have access to top talent from across
music, plastic arts, advertising or IT.
unfamiliar audience to engage with painting,
the country, and that it generates positive
sculpture, graphics, clothing or product de-
competition between universities in terms of
inspired trust for me. It’s a state that does not
sign, architecture, and photography. We say
attracting the interest of future students.
ask itself how it could turn the excellence of
(…) With this in mind, we thought of a
it’s easier because Diploma is more than an
This year we’re making a major change,
It is the Romanian state that has never
some of the fields listed above into real indus-
exhibition; it is a festival. Each edition means
following a survey carried out among more
tries that can bring jobs, money, and prestige
dozens of meetings and events in various
than 300 graduates who have passed through
to the entire country. It does not ask itself
public places with various functions. And it’s
our festival in recent years: we are opening an
how it could retain more of these talented
full of young people.
exhibition space for emerging artists, design-
people or how it could attract talent from
ers, and architects at Combinatul Fondului
Europe or the rest of the world. But I think
all these people a chance to get to know
Plastic. Last but not least, two years ago, we
the future of creative industries in Romania
each other, collaborate, exchange ideas; an
asked ourselves what else we could do with
sounds good, because it builds itself.
opportunity to know and be known by the
Diploma, other than to organise it. And one
Diploma takes place between October 8-17 at
seniors of the creative industries who are on
of the answers was that Diploma, along with
Combinatul Fondului Plastic, UNAgaleria,
our creative boards or among the thousands
other initiatives, will contribute to Combinat.
SENAT, and The Institute.
I thought of a project that would give
www.business-review.eu Business Review | October 2021
38 CITY
Cultural calendar
By Oana Vasiliu
the outward, and contemporary
what is left in the past in terms
art is the most faithful reflec-
of values, structures, dogmas,
tion of all these dynamics. The
ideologies, and whatever else is
Biennial will comprise a range
necessary to define the new era
of distinct components that will
we are about to enter. Both at a
complement two curatorial proj-
rational and an emotional level,
ects proposed by Mihnea Mircan
this process of transformation
and Kasia Redzisz and will
pervades everything – from indi-
strengthen the collaborations
vidual to society.
and institutional partnerships that have been built over the past few years, enriching them with new sources of support and dialogue.
Fest pe Bulevard October 11-24, Nottara Theatre
directors of this edition, announced the list of performances participating at FNT 2021. This year’s concept is “Creation. Recreation. Re-creation” and it also
Obie Platon CNNCT/ DSCNNCT (Connect/ Disconnect) Until Nov 28, Kulterra Gallery
“The Ladder” film premiere Director: Vlad Paunescu Starring: Eduard Trifa, Ana-Maria Guran, Ioana Craciunescu, Valentin Teodosiu, Horatiu Malaele, Dragos Galgotiu From October 15
subsumes FNT sections, which have 38 selected shows nationwide. Performative installations, visual installations, foreign productions, and related events will all be part of the festival.
A series of theatre performances
Art Encounters Biennial Until Nov 11, Timisoara
will take place within the event organised by the Nottara Theatre. The full programme is available
Based on true events, “The
on festinpebulevard.ro. The
The Obie Platon.CNNCTD-
Ladder” follows the spiritual
festival will also include several
SCNNCT exhibition, presented by
journey of Andrei, a sensitive,
side events such as lectures and
Kulterra, includes a new series of
socially awkward young man
colloquia, readings, and book
artworks that are no longer just
who turns to acting in his search
launches.
about the present, but also aimed
for true happiness. After the fall
towards the future, towards the
of communism, he is blinded
painstaking effort of untimely
by the illusion of freedom and
updating an entire society that
democracy and faces a series of
National Theatre Festival November 6-14, online Under the title of “Our Other Us,”
is not yet ready for it. It’s more
brutal events that deeply marked
The 31st edition of the National
the 2021 edition of the Art En-
than obvious that evolution – as
Romania’s recent history. Finding
Theatre Festival is going to take
counters Biennial focuses on the
change – waits for no one to get
comfort in playing the part of Ali-
place online, due to the restric-
reflections and projections that
ready. The series of images some
osa in a stage adaptation of The
tions imposed by the pandemic.
we all build in relation to our-
sort of algorithm will convince
Karamazov Brothers, he grows
Critics Oana Cristea Grigorescu,
selves and the Other, to boundar-
you to behold describes a phase
closer and closer to his character,
Cristina Rusiecki, and Claudiu
ies and distances, to proximities
of an ongoing process. It is the
gradually discovering the way to
Groza, the curators and artistic
and contacts, to the inward and
moment to decide what stays and
understanding divinity.