BR/11/2019

6

UBC 0 RESHAPES THE WAY OFFICE BUILDINGS DEVELOP

WHERE ROMANIA TALKS BUSINESS November, 2019 / Volume 23, Issue 11 www.business-review.eu

EIB GROUP MOVES TO FINANCE ROMANIA’S SMEs SECTOR

18

BREXIT WOES TESTING RESILIENCE OF STARTUP INDUSTRY

26

GENERATIONS Y AND Z SET THEIR SIGHTS ON ENTREPRENEURSHIP

30

Photo: Mihai Constantineanu

ARGGO CONSULTING SET TO CONQUER THE EUROPEAN MARKET

www.business-review.eu Business Review | November 2019

EDITORIAL 3 REAL ESTATE

• Editorial •

Anda Sebesi • Editor-in-Chief • 6 UBC 0 reshapes the way office buildings develop

COVER STORY

Huge efforts for great workforce

8 Employer reputation now strongest weapon in talent war

W

ith companies making huge efforts to attract and retain

INTERVIEW

employees, Generation Z is about to reshape the entire labour market. The new, tech-savvy generations of

employees value the organisational culture and a wider range of non-financial benefits more than a simple remuneration. Things

22 ’Arggo Consulting eyes the

are different now when it comes to designing HR strategies for

European market as it continues its organic growth’

older generations of employees, too. But the employer reputation is probably one of the most powerful tools that companies have at their disposal to attract and retain employees, whether they’re

ENTREPRENEURSHIP

part of the new or the older generations. Companies seeking highly qualified workers are now focusing on developing sophisticated strategies that help them meet the needs and expectations of

26 Brexit woes testing

young people - customising office space, offering unique benefits,

resilience of startup industry

high salaries and flexible schedules or integrating new technolo-

30 Generations Y and

gies that can improve employee experience. To sum up, a good work-life balance, career growth opportunities and flexible work

Z set their sights on entrepreneurship

arrangements are increasingly important factors in the search for a

CITY

potential employer.

Having this in mind, we decided to dedicate the cover story of the current issue of Business Review to the main trends on the local HR market, highlighting what companies should do to get the maximum output from their employees. In addition, we invite you to find out more about the new trends that challenge the leading local human resources industry at the second edition of our Working Romania conference this year. Let’s discover together how to navigate the changes affecting the way people work and learn all about the best recruitment practices that attract and retain top talent!

42 Flautist Matei Ioachimescu: ”Be honest with your audience!”

44 Discover Transylvania off-road on two wheels

45 Restaurant review 46 Cultural calendar

EDITORS-IN-CHIEF: Anda Sebesi, Sorin Melenciuc JOURNALISTS: Anca Alexe, Aurel Constantin, Romanita Oprea, Oana Vasiliu CONTRIBUTOR: Ovidiu Posirca COPY EDITOR: Debbie Stowe PHOTO EDITOR: Mihai Constantineanu PHOTOS: Dreamstime ART DIRECTOR: Raluca Dumitru PUBLISHER: Bloc-Notes Media Network ADDRESS: 58 Stirbei Voda Street, 3rd Floor, District 1, Bucharest, Romania­­­­ LANDLINE: 031.040.09.31 SALES MANAGERS: Radu Fireteanu, Alexandra Rosca EVENTS MANAGERS: Mara Dragoiu EVENTS & MARKETING 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

Publicație auditată pe perioada Apr 2015 - Mar 2016

ISSN NO. 1453-729X

www.business-review.eu Business Review | November 2019

4 NEWS

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

Submissions may be edited fo­­­r length and clarity.

Get in touch at anca.alexe@business-review.ro

33.2 percent of Romanians are not willing to acquire new skills and knowledge for a different job

Tim Beaudin has been appointed CEO of P3 Logistics Parks. Previously, Beaudin served as P3 Chairman of the Board, and has been replaced in this position

by Goh Kok Huat, the former Chief Operating Officer of GIC. Beaudin takes the reins of P3, a developer and investor of warehouse properties with a history of almost two decades in Europe, to build on the company’s success and support the P3 leadership team in its growth plans.

Todi Pruteanu has joined FintechOS as head of Ecosystem Development & Sales, after a career of over 15 years at Microsoft, where he most recently developed the company’s partnerships in the CEE region with consulting companies and global integrators such as PwC and KPMG. Pruteanu will be part of the FintechOS management team and will develop its network of partners to provide integrated solutions and services for the digital transformation of the financialbanking sector in Central and Eastern Europe. page 5

Most Romanians willing to restart careers in response to technological changes

By Anca Alexe Two out of three Romanians

if they had serious problems

their job would be affected by

(66.8 percent) are willing to

on the labour market, and 26

technological changes work in

make a complete change in

percent spend little time per year

digital & analysis and auto-

their careers and undergo pro-

to develop their skills, accord-

mation (59 percent), IT and

fessional retraining, and seven

ing to a study conducted in 197

technology (52 percent), finance

out of ten spend a significant

countries, including Romania,

and auditing (45.6 percent).

amount of time every year on

by BestJobs and Boston Consult-

Romania ranks 31st among the

improving their skills, to pre-

ing Group. The study “Decoding

surveyed countries in terms of

pare for the challenges brought

Global Trends in Upskilling and

the time employees allocated to

on the labour market by major

Reskilling” assesses how 366,000

professional learning and devel-

trends such as technological

employees worldwide perceive

opment, with about 71 percent

advancement and globalisa-

changes on the labour market by

of respondents noting that they

tion. On the other hand, 33.2

two major trends: technologi-

allocate weeks or even several

percent of Romanians are not

cal advancement (automation,

months a year for such activi-

willing to acquire new skills

artificial intelligence, robotics)

ties, with most of them coming

and knowledge for a differ-

and globalisation. In Romania,

from fields such as science and

ent job and would only do so

most respondents who believed

research, IT and health.

Ride hailing app Clever to become FREE NOW, join Daimler & BMW’s international mobility group

By Anca Alexe Clever, one of the major ride

to use a single app to find either

hailing apps in Romania, will

a taxi or an alternative transport

become FREE NOW over the

vehicle in Romania and over 100

next few months, and will be

cities in 9 European countries:

part of the international group

Germany, UK, Ireland, Spain,

NOW launched by Daimler and

Portugal, Italy, Poland, Austria

BMW in February 2019. Clever’s

and Sweden, according to a

transformation into FREE NOW

statement by the company.

will allow Romanian passengers

“Clever becomes part of

In 2019 alone, Clever transported over one million passengers in Romania

www.business-review.eu Business Review | November 2019

NEWS 5

Bucharest’s new residential areas being built in the vicinity of office hotspots Radu Gorduza Lupu will be the new general manager of Medicover Romania starting November 18, replacing Adrian Peake, who led Medicover Romania for five years and will take over a new position in the UK. Previously, Radu Gorduza Lupu headed the operations of medical imaging clinics Affidea Romania, marking one of the company’s biggest transactions on the local market, namely the takeover of Hiperdia centres in 2016.

By Aurel Constantin Dwellings in the middle market segment have reached a majority share among residential properties under construction in Bucharest and its surroundings, for the first time in the modern history of the local residential market, according to the ”home_office Report 2019” issued by real estate consultancy SVN Romania. Over 7,000 apartments should be delivered in 2019 in Bucharest in the immediate vicinity of an office project, while another

Barbu Vacarescu-Aviatiei is the most important office pole in Bucharest

10,000 units could be ready

market segment, represented

residential units are planned

in these areas within the next

mainly by residential projects lo-

for the immediate period. The

12-18 months.

cated near an office project, has

significant increases in office

increased from 17 percent in 2015

deliveries in the Grozavesti

number of employees work-

to 51.5 percent this year,” stated

area have led to a ratio of 36

ing in an area and the number

Andrei Sarbu, CEO SVN Romania.

employees for every apartment

The best ratio between the

In Bucharest’s most important

due to be delivered in 2019,

construction, to be delivered in

office pole, Barbu Vacarescu-Avi-

while in Expozitiei, another

2019, is in Militari-West: 8 to 1.

atiei, 2,000 residential units will

relatively new office destina-

of residential units under

be delivered by the end of the

tion in Bucharest, there are 13

growth has led investors to

year, which translates to a ratio

employees for every housing

build in areas nearby the large

of 14 employees for every deliv-

unit scheduled for delivery, as

business office parks in Bucha-

ered unit. At the same time, SVN

most new offices in the area are

rest. The share of the middle

data show that 4,000 additional

due to be delivered next year.

“The constant revenue

Costin Minovici has been appointed as the new Chief Credit Officer at TBI Bank. Mincovici is specialised in managing risk across the entire credit lifecycle. Throughout his career in banking and non-banking institutions, he held a wide range of positions in the risk area, from credit risk or anti-fraud to portfolio quality, and he actively managed significant credit portfolios.

Europe’s leading mobility solutions group, a change that will bring major benefits to all our passengers and drivers. The first strategic step towards transforming the application into a multimodal platform was made in January this year, through the launch of alternative transport service CleverGO. In 2019 alone, Clever transported over one million passengers in Romania, as the most downloaded app in the industry at the national level,” said Andrei Frunza, the CEO of Clever/FREE NOW Romania.

Marius Vacalau was appointed CEO of retail and foodservice firm Lagardère Travel Retail Romania as of November 1. He is the company’s first Romanian CEO, having first joined Lagardère Travel Retail Romania in 2007 as Commercial Director, with a focus on purchasing and marketing. In 2011, Marius Vacalau took over the position of COO, integrating coordination of the operations of the two business lines and the expansion of the store network.

www.business-review.eu Business Review | November 2019

6 REAL ESTATE

UBC 0 reshapes the way office buildings develop The Romanian real estate scene is due to change by the last quarter of 2020 when United Business Center 0 (UBC 0), the tallest office building in Romania, developed

by IULIUS and Atterbury Europe, will deliver 52,000 sqm of class A offices. As part of the Iulius Town Timisoara mixed project, UBC 0 will consolidate the business pole created in the western part of Romania.

By Anda Sebesi

Iulius Town Timisoara - regional business hub

F

Work, shop, fun - all in one place

irst, UBC 0 will be the image of a

buildings can offer now. It is thought to

offers both indoor and outdoor services and

record, soaring 155 meters into the

optimise comfort while implementing an in-

facilities that allow more effective time man-

sky – 27 floors – and having an impres-

novative concept, developed upright. “Office,

agement,” says Manea.

Both the underground floor and the

sive figure and architectural design. It will

retail, medical hub, events centre – all of them

definitely be a mark for the city of Timisoara,

integrated upright. This, in short, is what UBC

ground floor will be dedicated to shops and

both from an urban and a premium office

0 means. Large areas on each floor, of up to

themed restaurants, while the first floor will

perspective. “Saying that UBC 0 will be one of

2,000 sqm, open spaces without interior col-

feature seven conference and corporate event

the symbols of this city and a reason of pride

umns, state-of-the-art equipment and the lat-

rooms which can host anything from small

is not an overstatement. Along with the three

est technologies along with effective energy

trainings for up to 45 participants to summits

other office buildings which are already op-

solutions are some of the main features of this

of over 220 attendees. The medical hub is an-

erational, UBC 0 will create a business district

building,” he adds.

other unique feature of the building. Unfold-

of over 100,000 sqm, which will contribute

But beyond its technical features, its

ed on more than 3,000 sqm on two floors, the

significantly to the economic development

spectacular view over the city, regardless

medical hub will be the largest in the western

of the entire region, creating 13,000 jobs and

of the angle because of its 100 percent glass

part of Romania, offering complete diagnos-

attracting new investors,” says Laurentiu

façade, is what differentiates UBC 0 from the

tics and treatment services on many medical

Manea, Office Buildings Manager, Iulius Town

crowd. Plus, this means that employees who

specialties. Last but not least, UBC 0 will be

Timisoara.

will work here will benefit from more natural

a green building combining two features: it is

light throughout the day. “UBC 0 is not just

designed and built so as to be in line with the

complexity and size. It brings a new perspec-

an office building. It is a project that eases the

highest international sustainability standards

tive on the market in terms of what office

lives of those who will work here because it

and offers a view towards Iulius Gardens, the

The uniqueness of UBC 0 comes from its

www.business-review.eu Business Review | November 2019

REAL ESTATE 7 have plans to develop locally, along with

This is possible thanks to their access to the

“In addition, like the other buildings in the

companies which aim to combine all of their

largest retail area outside Bucharest, with

project, UBC 0 will be equipped with showers

operations in a single building and thus need

120,000 sqm and 450 shops, a wide range

and dressing rooms for employees who use

a larger head office are among the companies

of services, including public ones, plenty of

park located in the heart of Iulius Town.

which have already requested

dining options – both at the food court and

office spaces in UBC 0. Last but

at restaurants and cafeterias included in the

not least, multinationals aiming

project which have implemented “business

to open their head offices in

lunch” menus.

Timisoara are also potential tenants for UBC 0.

“In addition, UBC employees benefit from a special fidelity program which allows them

“If we refer to sectors, the

to get discounts of up to 30 percent in loca-

highest demand for offices in

tions in the retail area,” add the representa-

UBC 0 comes from IT, automo-

tive of Iulius. According to him, the presence

tive and customer support. Yet,

in the project of the first English-language

because UBC 0 also includes

kindergarten in Timisoara which uses the

other functions, companies

British curricula, as well as the presence

providing healthcare, services

of a primary school, are major benefits for

and restaurants are present too,”

employees. The offer will be completed soon

says Manea.

with the largest fitness centre in Romania and a semi-Olympic pool. In addition, the project

PLENTY OF BENEFITS FOR EMPLOYEES alternative transportation means to get to

In a world dominated by speed, time

will have an extended multiplex cinema with 12 theatres where the VIP cinema concept with dinner and movies in an all-inclusive

work. Plus, the entire project provides over

becomes the most valuable resource at one’s

system will be implemented for the first time

800 parking places for bikes,” Manea added.

disposal. Having this in mind, the developer

outside Bucharest.

of Iulius Town Timisoara designed it as a

“All in all, UBC 0 brings a significant added

A CHOICE FOR EVERYONE

mixed-use project, the first of its kind in the

value on the market, both for companies

According to Manea, UBC 0 is highly attrac-

western part of Romania, combining the

which have the chance to find offices at simi-

tive for potential tenants for at least two

office, retail and entertainment functions

lar standards as in western countries as well

reasons. First, being located in the tallest

in an integrated and complementary way.

as for the employees, who have access to all

office building in Romania is a business card

“Hence, those who work in these office build-

these facilities and benefits. To put it simply,

per se. Second, its large, flexible and adapt-

ings manage to save valuable resources and

Iulius Town –an investment of over EUR 442

able spaces represent a strength for pragmatic

find a work-life balance, a challenge for the

million by IULIUS and Atterbury Europe com-

investors. Corporate partners of Iulius who

current generations of employees,” he says.

panies – is the place to be,” conclude Manea.

8 COVER STORY

www.business-review.eu Business Review | November 2019

EMPLOYER REPUTATION NOW STRONGEST WEAPON IN TALENT WAR

www.business-review.eu Business Review | November 2019

COVER STORY 9

N

ow more than ever, an employer’s reputation is critical to attracting the right talent. A good work-life balance, career growth opportunities and flexible work arrangements are

increasingly important factors in the search for a potential employer.

An employer brand perceived to offer these benefits is crucial during these times of talent scarcity. Workers want to know they can count on their companies to help them achieve a sense of purpose in their jobs, grow professionally and provide inspiration for their long-term goals. Especially to the Millennial generation, an organisation’s intangible qualities such as its mission and culture can also play a huge role in winning high-quality workers.

According to Employer Brand Research, a 2018 global report conducted by HR company Randstad, what attracts workers to an employer may not always be the reasons that convince them to stay.

Even though compensation remains the most important aspect when choosing an employer, its impact is less of a factor in the decision to stay. In other words, salaries may help initially attract talent, but job security, work-life balance and the convenience of the office location will convince them to stay.

So what does the survey data say about how employers should support their brand internally and externally? The same research shows that fostering the employer brand has always been a complex task that too many companies oversimplify, believing that a universal message should resonate with all of its employees and prospective workers. The reality, however, is that brand strategy must be directed at various stakeholders but supported by the same employer value proposition (EVP). Moreover, with the rise of independent workers and the gig economy, employers need to deliver relevant messaging to attract this growing segment of the workforce.

With companies making huge efforts to attract and retain employees, Generation Z is about to reshape the entire labour market. The new, tech-savvy generations of employees value the organisational culture and a wider range of non-financial benefits more than a simple remuneration.

Things are different now when it comes to designing HR strategies for older generations of employees, too. But what do they all have in common when it comes to choosing a new job? The employer reputation or employer branding is probably one of the most powerful tools that companies have at their disposal to attract and retain employees.

WHAT DO WORKERS WANT? As Randstad found out, the top reasons to choose an employer remain relatively consistent over time.

Following a downward trend for both attractive salary & benefits and job security, we saw a slight increase in both drivers in 2018 (+2 percent) at international level. The driver which has seen the biggest increase across all subgroups in the past year is career progression (+3 percent). A pleasant work atmosphere, financial health and location all declined in the longer term, but as this trend has now stabilised, they will likely remain important drivers to attracting employees in the future.

Age is the biggest differentiator when defining what workers want. It may therefore be argued that one should shape the employer brand in accordance to the target audience. The younger workforce aged between 18-24 show a more diverse range of reasons to choose a company, says the study. Good training, career progression, diversity and inclusion and giving back to society are perceived to be particularly important for this age group. As it is often not as easy to find a new job, employees aged 45+ find job security

By Anda Sebesi

and an employer’s financial health to be more relevant, Randstad found.

www.business-review.eu Business Review | November 2019

10 COVER STORY

According to the same study, the most attractive attributes sought in employers are not currently aligned with companies’ perceived core values. It is only job security that employers are able to partly provide for.

Employers typically offer financial health and the latest technol-

can understand the ins and outs of the workforce of the future to achieve success.

“While some find it frightening to receive hyper-personalized ads or have a brand know everything about them, Millennials and Gen Z can’t remember a time when that wasn’t the norm. The same

ogies to attract employees, which are of relatively low importance to

is true for what these employees expect in the workplace – a tailored

workers when compared to other drivers.

experience that is focused on their individual goals, work style, and

To capitalise on these findings, employers should focus more on the wellbeing of their workforce when developing their EVP with an emphasis on promoting work-life balance, job security and a

preferences,” says Adrian Niga, senior account manager, human capital management solution at Oracle Romania.

He adds that Gen Z has spent most, if not all of their formative

pleasant work atmosphere while still retaining the more tangible

years with on-demand and constant connectivity. They expect their

attributes like attractive salaries and benefits.

workplace technology to mimic the ease they’re accustomed to in

Last but not least, in today’s competitive market for top talent,

their personal lives and want business applications to offer the same

building a reputation as a credible employer and great place to work

consumer-grade user design and experience that they’re used to.

is a key factor for small to mid-sized businesses, too. A strong brand

“With mobile-responsive design technology, HR teams can meet

impacts whether qualified candidates will decide to join a specific

this expectation. Through a single, conversational experience across

SME or accept a competitor’s offer instead. As a growing small to

all devices – from desktop to mobile – employees can have access to

mid-sized business, attracting and hiring the best talent is critical

workplace resources and tasks at anytime, anywhere,” says Niga. He

nowadays for them.

adds: “But perhaps the most impactful capability helping HR meet increased expectations are digital assistants. When integrated with

GEN Z MAKES THE DIFFERENCE

HCM solutions, digital assistants can respond to common inquiries

According to PricewaterhouseCooper’s US CEO Survey, 62 percent of

instantaneously, satisfying Gen Z’s on-demand expectations while

companies plan to grow headcount in the next twelve months. With

saving valuable HR time to focus on more strategic initiatives.

Gen Z making up more and more of today’s talent pool, businesses

Additionally, with machine learning, digital assistants can apply

must first understand how to successfully manage and retain these

data from a specific user’s profile to form personalised recommen-

new employees, who will soon make up over half of the workforce.

dations, delivering more accurate and tailored content with every

But with the help of emerging technology and data, HR teams

interaction.”

www.business-review.eu Business Review | November 2019

12 COVER STORY

Huzau, GiGroup: “It is time for us to start controlling the changes on the local labour market” The local labour market is currently facing an unprecedented situation. If 15 years ago companies could rely upon plenty of available workforce, things are quite different today.

Companies are struggling to build their teams while candidates feel that their needs are not being met. Moreover, as more and more Romanians have decided to work abroad, organisations are facing more difficulties in achieving their goals.

C

By Anda Sebesi

ristian Huzau, country

unique non-financial benefits.

manager at GiGroup,

It is obvious for everyone that

says that we are now at

a simple salary is no longer

a tipping point and that means

enough,” says Huzau. He

we will have to make use of

warns: “If we don’t quickly

special measures to deal with

understand their expectations,

these challenges. According

they will continue to change

to him, it is time for us to start

their jobs, as well as their

controlling the changes on the

country of residence.”

local labour market, and understanding them is the first step. ideas that must be understood

PEOPLE ARE NO LONGER ATTRACTED BY REMUNERATION ALONE

by all the actors involved in the

New generations look for

Romanian business environ-

much more than a simple

ment.

remuneration. Yet this change

He highlights seven important

is not only visible among the

NEW GENERATIONS AND TALENTS DON’T ACCEPT MAJOR COMPROMISES

new generations. Even profes-

It is very likely that the new

non-financial benefits. Being

generations are determining

aware of the large number of

the most complicated change.

job offers both in Romania and

While companies expect young

in western Europe, profes-

sionals with a wider experience are beginning to focus on

sionals have learned to ask for

people to behave like they did ten years ago, the new generation has other plans. They don’t accept

things. And companies are somehow forced to accept this situa-

compromises, they don’t keep their heads down and they are not

tion, knowing that they cannot expect to have plenty of workforce

afraid of changing jobs. Such candidates are aware of their value and

waiting at their doors. “People have changed in an incredible way.

don’t accept abusive behaviours or difficult work conditions. Even

The access to information and education are helping them to bet-

less experienced professionals are not inclined to do so. This change

ter understand how a company works and what their role is in it.

complicates things for companies more than they had expected. It’s

And when you are aware of your important role, you learn how to

not just that companies need to adjust their working environment

make demands,” says Huzau. Understanding and controlling these

and organisational culture, but they are forced to come up with at-

changes is the solution. “Today, in the HR field, if we want to con-

tractive working packages. “Talents and new generations no longer

trol the changes, we need to play together. Otherwise, we will face

look for a simple job and a simple financial income. They need much

a massive export of workforce towards the west, including talents,”

more than that: from vision and a modern working environment to

he warns.

www.business-review.eu Business Review | November 2019

COVER STORY 13

A UNIVERSITY DEGREE IS NO LONGER ENOUGH

its western region. Thus, people who want to relocate from eastern

While companies need to adapt to the current changes, “people

to western Romania will get an attractive salary, housing and three

should be highly trained if they want to get all the additional

meals a day. These benefits are changing the offer in Romania and

benefits,” says Huzau. In other words, a university degree is no

providing real options for those who want to stay here. Andrei Luca,

longer enough. Continuous and additional learning is a must for

operations manager Romania at GiGroup, explains how Romanians

a candidate who targets a modern job. “From any perspective we

can be convinced not to leave the country. “We present the benefits

might look at things, if you ask,

to them and joyfully notice that

you need to offer something in

they are tempted to stay in the

return. Extra benefits are great,

country. The idea of being able

it is normal to be paid according

to save up the salary (consider-

to how much you work and your

ing that all of their expenses are

added value. But it is clear that

covered by the employer) is a

you should bring real value. We

strong reason for them. Then,

advise our candidates to learn con-

it is about the fact that they are

tinuously, participate in different

close to their families. Some of

courses and conferences and do

the candidates who are employed

extra reading. I’ll say it again: <Do

on an indefinite period eventually

you want something? You need to

choose to move to the western

give something in return>,” adds

part of Romania along with their

Huzau.

families,” he says.

THE REPUTATION OF A COMPANY IS INCREASINGLY IMPORTANT

AN INCREASED STANDARD OF LIVING

Candidates look at a company’s

We are all aware of the current

reputation before going to an

workforce crisis, especially in tra-

interview or accepting a new job. This is probably the most severe

ditional jobs. But we need to understand that people are no longer

change on the labour market. “There are companies that can’t hire

inclined to accept grunt work. Those who used to accept it have

the right people because of their poor reputation. We are in an era

chosen to work in western Europe, where they are well remuner-

of information where everything can be discovered in about five

ated, while young people are not interested in such jobs. “Everyone

seconds. Whether we talk about current debatable behaviours or

wants to go to university, and parents guide their children to a

past ones, nothing can be hidden today.

better life. Few still want to have a hard,

People talk, remember, share experiences.

traditional job. This is why we will witness

Today there are organisations which both

an import of workforce from Asia.”

highly experienced people and young talents avoid,” says Huzau. He adds that

DIGITIZATION

a company should pay attention to its

Last but not least, the digitization of

reputation and invest in solving potential

processes also generates problems on the

problems. Any delay in this endeavor will

labour market. The banking industry faces

weigh on the process of building produc-

an obvious digitalization process. Many

tive teams meant to support business

transactions can be made by robots and we

goals. “Being aware of this, GiGroup has

already have banks which are almost 100

created a department specialising in repu-

percent digitalized.

tation management, through which we will help companies with a poor image improve

CONCLUSIONS

the way they are perceived on the market,”

The labour market has changed and it will

adds Huzau.

continue to do so. Those who gave up on Romania for a better life in western Europe will not come back. More and more highly

ROMANIA OFFERS CONDITIONS WHICH ARE COMPARABLE TO THOSE IN WESTERN EUROPE

in western Europe. But young people who choose an education

Many people have left Romania to work in western Europe, generat-

abroad are the most important. They are likely to never return to

ing a human resource crisis. Yet, in the past few years, Romania has

Romania. Considering this fact, it is now time to be aware and take

become an interesting attraction through the factories located in

control of the changes on the labour market.

educated candidates are choosing to work

www.business-review.eu Business Review | November 2019

14 COVER STORY

Technology helps companies better understand their employees Adrian Niga, senior account manager, human capital management solution at Oracle Romania, tells Business Review about the ways in which new generations of employees reshape both the local labour market and the companies’ HR strategies.

By Anda Sebesi New generations have higher than ever expectations from jobs and employers.

How can HR teams meet these requirements and successfully build the workforce of the future?

There are innovative solutions that offer

This digitally-native generation not only

experience with the employee’s prefer-

expects, but demands instant gratification

ences. Still, Romanian companies have seen

and personalisation in every facet of their

the value that these types of solutions bring

lives – the workplace included. They don’t

for HR departments. These tools are prov-

simply work for a paycheck, but rather for

ing useful not only to automate repetitive

the culture, the opportunity to make an im-

processes but also to help employees have

pact, and recognition. If those goals aren’t

an easier experience with making simple

being met, most young employees show

requests.

personalised employee experiences with the help of machine learning or AI. The Romanian market is still in the early stages in adopting them and constantly linking the

no hesitation to jump ship. In my opinion, most HR teams have realised this and have changed or are in the process of changing their approach towards an employee-

Have employee communication channels changed? What’s the best way to get your employees’ attention?

centric experience. HR departments put a lot of focus on company

Most companies now use different methods of communication with

culture, impactful roles for employees and recognition in order to

their employees in order to get rapid responses and more easily

have a meaningful approach towards young employees and become

share content. E-mails are not being used as often for communica-

more attractive to candidates. Also, with the help of technology,

tions and most people use mobile responsive applications that can

companies can better understand employees and propose roles that

be used for both messaging and content sharing. Also, among the

are a better fit for their skills, nurture talent and increase the level of

biggest trends, in Romania as well, are digital assistants that simplify

engagement in order for the employee to feel that they are truly part

a lot of requests coming from employees. Always responding in time

of an organisation rather than just a cog in a machine.

and offering solutions to any request or doing deep dives in order to better understand the request, chatbots are the best colleague in

Generation Z is used to getting personalised services everywhere. Is it possible to provide those within the workplace?

many companies, helping both employees and HR departments.

According to experts, personalised employee experiences pay off in keeping and nurturing talents and also improve employer branding.

How does the emergence of new technologies influence the position of HR professionals?

It’s important to remember that there’s no one-size-fits-all strategy

Employees are most productive when work is intuitive, flexible and

to employee experience. But with the help of new technology, a one-

fun, and emerging technology in HR can help companies meet rising

size-fits-one approach is both easier said and done. The analytics ca-

expectations and win the talent war in an increasingly competitive

pabilities in leading human capital management solutions allow HR

landscape. While technologies like AI and machine learning may

teams to customise employee experiences by delivering personalised

sound intimidating, the truth is that they’re expected by your future

content, predicting what new roles individuals may excel in, recom-

Gen Z workforce. And while AI can’t (and shouldn’t) replace the

mending tailored learning opportunities and even forecasting at-risk

need for skilled HR professionals, it can help create an environment

talent to signal more 1:1 time or coaching that might be needed with

where employees of all generations feel acknowledged, valued and

their managers.

satisfied. HR professionals have the unique possibility of becoming a trusted advisor to their colleagues. By having a closer relationship

Are emerging technologies such as AI or machine learning a reality in the workplace? What kinds of roles can they play?

with employees, HR professionals can increase retention rates and improve employer branding.

www.business-review.eu Business Review | November 2019

COVER STORY 15

Collaboration is the only way to face the new HR context The new generations are forcing companies to adjust their HR strategies and reshape the way they interact with their employees. Nevenca Doca, human resources senior executive director at Banca Transilvania, sat down with Business Review and highlighted the importance of creating a connection between employees and the way the concept of micro-communities helps companies build a reputation as a desirable employer for the new, tech-savvy generations.

By Anda Sebesi What can you tell us about the concept of micro-communities integrated within the larger community of a company and what is its role in retaining employees and building a desirable employer reputation?

concept in attracting and retaining employees? To what extent does it shrink the turnover of workforce within a company?

Both anthropological and businesses

and complicated environments. Yves

research show that people are feeling

Morieux, the director of the Institute

well when they are connected within a

for Organizations of Boston Consulting

community or a tribe, if we think of the

Group, showed in a presentation held

human communities in the past. Com-

at the Annual Conference of HR Club

munity plays the role of protecting,

this year that collaboration between

developing and nurturing us emotion-

individuals, is the sole valid way to face

ally. An organization could be such a

these complex and complicated times.

community. It is formed by a multitude

Organizations that create favorable

of micro-communities – be it depart-

contexts for collaboration between em-

ments, business lines, agencies, stores,

ployees perform better than those which

clinics etc. – where the connections

do not focus on these factors, according

and attachments between people are

to Firms of Endearment – How World-

closer and easier to form. The quality of

Most organizations are forced to function and perform in complex

Class Companies Profit from Passion

these connections plays a major role in retaining employees, espe-

and Purpose, by Raj Sisodia, Jag Sheth and Davide Wolfe. A culture

cially when it comes to young people from the Y and Z generations,

that encourages and rewards caring for other team members allows

who have grown up in smaller families, sometimes far from their

them to develop and perform at their highest potential.

grandparents and other members of their extended family. In other words, they were far from their base “tribe”.

The focus on creating a constructive culture, where managers are

The new, tech-savvy generations come with a new approach on the labour market when it comes both to the expectations they have from an employer and the criteria they take into account when accepting a job. From this perspective, how do companies adapt their HR processes to the demands of new generations of potential employees?

trained to ensure psychological safety and prove that they con-

The new generations grew up disconnected from people and more

stantly and authentically care for the teams they coordinate, leads

connected to technology. Hence, they need and appreciate contexts

to a deep level of trust and connection. People get attached to other

that allow them to collaborate and encourage them to capitalize

people, not to numbers, KPIs or dry slogans. Trust, security and

on their passions. The most appreciated and successful employer

mutual respect strengthen these connections and increase loyalty.

branding campaigns and actions are those which create contexts of

In your opinion, how could a real and strong connection between employees be built and how does it contribute to employee retention and the employer’s reputation?

authentic and informal interactions, without hierarchies and hidden

How important is it for a company to use the “caring culture”

agendas and with charitable, meaningful purposes.

www.business-review.eu Business Review | November 2019

16 INTERVIEW

Retail sector should provide a 360-degree experience to customers Fulga Dinu, Country Manager Operations IMMOFINANZ Romania tells Business Review about the company’s financial results and the properties included in its portfolio in Romania and in the region.

She also explains how the local retail and office segments are perceived from the profitability perspective.

By Aurel Constantin Your latest financial results show that net profit doubled compared to the first half of 2018. How did the company manage to double its profit?

The company invested EUR 59 million in the latest quarter. What was the destination of investments?

252.9 million. The STOP SHOP retail parks

IMMOFINANZ invested a total of EUR 198.8

tively 8.0 percent based on invoiced rents.

This very good first half-year follows our

million in the property portfolio during the

The VIVO! shopping centres have a carrying

strong performance in 2018. We delivered

first half of 2019. This includes for example

amount of EUR 674.1 million; they generate

increases in rental incomes as well as in asset

the purchase of the second half of the invest-

a gross return of 8.2 percent and an invoiced

management results. The Group’s financial

ment in Na Příkopě 14, a building in the inner

rental return of 8.3 percent.

results also benefitted from a further decline

city of Prague. Na Příkopě 14 is located on one

in financing costs.

of the best-known shopping streets and has

have a carrying amount of EUR 833.4 million and a gross return of 7.8 percent, respec-

roughly 17,000 sqm of exclusive retail and

How do you see retail versus office in Romania? Which one is more profitable?

been an investment grade rated company. Ad-

modern office space on ten floors. Addition-

We like the combination of both asset classes

ditionally, the results of the revaluation were

ally, we invested in the further growth of

because we have built up a comprehensive

quite positive, reflecting the quality of our

our portfolio via developments and opened

experience and very well-known brands –

properties as well as their operative perfor-

another STOP SHOP in Serbia. In the third

myhive for offices as well as VIVO! for shop-

mance and the positive market environment.

quarter of 2019 we finalized three large acqui-

ping centres and STOP SHOP for retail parks -

Therefore, net profit more than doubled to

sitions worth more EUR 500 million – Warsaw

which serve as guarantees for the best quality

EUR 185.3 million.

Spire in Warsaw, Palmovka Open Park in

and service. With our office properties in Bu-

Prague and six further retail parks.

charest, we generate a gross return of around

Since the beginning of the year, we have

7.2 percent, while retail properties located in

Is the increase of rental income the result of higher rental prices or increased rental spaces?

What does the portfolio include in the retail sector?

middle-sized cities generate a return of 8.8

As rentable space as well as occupancy rate

The carrying amount of the 92 standing

in both asset classes and have just finished a

more or less remained unchanged, it was the

investments in the retail sector totalled

larger upgrade of our VIVO! shopping centre

result of higher rents (including changes due

EUR 1.51 billion as of 30 June 2019. These

in Cluj – bringing in several new international

to accounting rule IFRS 16). This can also be

properties represented 36.9 percent of the

tenants. In the office segment we are working

seen in the development of our like-for-like

standing investment portfolio and generated

on a further roll-out of our myhive brand in

rental income (i.e. acquisitions, completions

46.7 percent of rental income in the second

Bucharest. Thereby, we translate this into

and sales are deducted to facilitate compari-

quarter of 2019. The largest regional markets

offering sustainable buildings with modern

son) which showed a 3.3 percent hike in the

are Romania with EUR 327.4 million, Poland

designs and provide services to fulfil the ten-

second quarter of 2019.

with EUR 266.9 million and Slovakia with EUR

ants’ needs and contribute to their wellbeing.

percent. We see quite a dynamic development

www.business-review.eu Business Review | November 2019

18 FINANCING

EIB Group moves to finance Romania’s SMEs sector The European Investment Bank Group has signed the “SME Initiative in Romania”, a deal with nine commercial banks aiming to ease lending terms for local entrepreneurs.

BR spoke with Andrew McDowell, the Vice President of the EIB Group, about how the local economy can benefit from EU Bank financing.

By Catalin Alistari start to advise those who prepare the food on the ingredients they should use in order to minimise waste.

It was a EUR 7.5 million loan, much lower than people normally associate with EIB, and there should be plenty more companies in Romania that can obtain this type of support.

But what we are increasingly going to prioritise in the future, for both public and private operations, is environmental protection and development. Climate action, both in terms of decarbonisation and renewable energy, as well as projects to adapt infrastructure to changing temperatures, have been priorities for the EIB. The world is not yet ready to adapt economically to the changing climate.

In June, the European Council called upon the EIB to do a lot more in terms of climate ac-

The EIB is moving towards supporting SMEs in Romania, as you already announced, after a period during which it mostly supported public investments.

What are the EIB’s priorities in Romania?

ners we have here. Not long ago we signed

tion. Subsequently, in July, the newly elected

together with our subsidiary - the European

president of the European Commission,

Investment Fund (EIF) - a commitment to

Ursula von der Leyen, suggested that the EIB

back a EUR 1.5 billion portfolio of loans to

should position itself as the EU climate bank,

SMEs, where the EIB Group will take 60

and specialise in those activities.

Our mission as the EU bank is to support EU

percent of the risk, with 9 commercial banks,

policy goals, and Romania indeed is a mem-

which will significantly improve the potential

ber state. That covers a range of goals, such

portfolio of SMEs who will benefit, reaching

as SME financing, innovation, environment,

up to 5,000 in this country.

infrastructure, climate action and cohe-

That’s the type of activity that we will do

Have you already signed any contracts on climate action in Romania?

Environmental protection is going to be a major priority. For example, the company I

sion are among our priorities. We are often

more of. We will also provide more direct

mentioned above which is investing in artifi-

associated with financing big infrastructure

financing to corporates in Romania, par-

cial intelligence estimates that it will reduce

projects, but in the last 4-5 years, through the

ticularly through the Juncker Plan (called

food waste by a million tonnes per year.

so-called Junker plan, we have been increas-

InvestEU in the next programming period),

That is significant in terms of environmental

ingly financing SMEs and corporate innova-

where we can finance the innovation efforts

protection. That is the type of thing we want

tion. And that will continue to be a priority for

of corporates in Romania that are investing

to focus on in the private sector. Clearly, there

the EIB in the following years, as we look to

in Research and Development. For example,

are also other areas where we think we can do

diversify our portfolio.

we signed a project with a company that is

a lot more. Romania is facing a big challenge

We will of course continue our traditional

investing in IT centers in Cluj to build up an

in terms of deploying more renewable energy

business, by supporting the preparation and

R&D capacity for artificial intelligence with

and increasing energy efficiency.

financing of large infrastructure projects,

the purpose of reducing food waste. It is a fas-

particularly in transport infrastructure, and

cinating project: through machine learning,

in the future, it has to soon start to reduce

in Romania this will continue to be a prior-

they place cameras above commercial kitchen

its lignite and coal usage. It is a big challenge

ity. But we will also continue to diversify our

waste bins to see what food is being wasted.

to replace coal energy with clean energy. We

portfolio, including providing more support

Over time, the computer will recognize the

have seen how renewables started out in this

for SMEs through the commercial bank part-

foods that are frequently thrown out and will

country - with a few investments in the first

If Romania wants to remain competitive

www.business-review.eu Business Review | November May 2016 2019

COVER FINANCING STORY 19 14 there are clusters of IT specialists around the

system for renewable energy that would re-

Looking back on your experience as an economic adviser to the Irish Prime Minister, do you see any resemblance between Romania today and Ireland 15-20 years ago, before it had an explosion of big IT investments?

sume investments. Not just in wind, but solar

I see many similarities. In Ireland back in the

ists, founders, entrepreneurs, mentors, and

part of the decade, but then the green certificate system changed and all the investments stopped. We would really love to do such work with the Romanian government and see whether we could put in place a support

as well, which has a huge potential in Romania. But there is a need for a predictable, steady support

80s, there was still a lot of immigration,

country that are supporting shared services for large international companies. Innovative local start-ups and entrepreneurs are beginning to appear, but risk capital is absolutely required. An ecosystem of venture capitalresearchers is needed to build up capacity.

and a lot of traditional industries were disappearing because

very happy to advise

market, and we had our

on these issues and to

problems in terms of

subsequently deploy

public administration

Recently, the Romanian stock exchange market was upgraded to an emerging market, while Poland is already a fully developed market. Do you think that Romania can close the gap with Poland in terms of development in the foreseeable future?

and political instability.

I think you can, absolutely. Poland had an

regime and legislation.

of the competition from

In that context, we are

the European single

large financing for environmental projects.

Many thought the coun-

early start. In the EIB’s eyes, Poland has been

Romania has a very large

try was doomed to decline.

very successful in its absorption of European

traditional industrial base and a large household building stock that requires higher energy effi-

The lesson I drew from this was that it takes a long time to master EU governance and learn how

and EIB funds. There are two institutional things that they did very well and could be lessons for Romania. They have a very strong

ciency. We have been very active with a lot of

to deploy EU structural funds. I think another

national promotional banks, and countries

municipalities, especially here in Bucharest.

lesson I learned is that you must have a very

with this capacity are very good at extracting

We’ve signed over 11 contracts in the past few

clear vision of where to seek a competitive

money from us because they do a lot of the

years - over EUR 600 million in financing for

advantage for your country. We realised that

groundwork. Secondly, I think Poland has

retrofitting apartment blocks, covering over

we would never be able to compete, as an

been very good at public private partnerships

2,500 blocks throughout the city. We think

island, on heavy industries that required very

(PPPs). They have strong capacity within

that this could be done on a much larger

quick access to the European market and very

the government for PPP projects, including

scale, across the country, including through

good logistics. We didn’t have that type of

combining them with EU grants. This is not

financial instruments involving EU funds and commercial banks.

infrastructure.

easy. You need an exceptionally skilled PPP

We picked out a few niche, high-value industries,

Are you willing to extend the programme to other big cities in Romania?

including IT and pharmaceuticals, which did not

Unit and not every country has managed to develop one. In Romania there is legislation in place that everybody can work with – our PPP Centre of Excellence contributed to its

require a lot of infra-

drafting - but capacity at the central govern-

Bucharest municipali-

structure. We invested

ment level has still to be built.

ties have quite a large

in those areas, includ-

apartment building stock. Elsewhere, the potential is probably more limited, but we can support them. We run a programme called ELENA, where we have a budget

ing through structural funds. We digitalized telecommunication infrastructure, because that was essential for IT industries, we invested very selectively in technol-

What can you tell us about the EIB’s involvement in the Romanian agriculture?

This is another great opportunity in Romania, another area with huge potential. Romania has become the largest exporter of cereals, so it’s becoming the breadbasket of Europe. Ac-

of EUR 100 million to provide technical as-

ogy institutes, and rather than investing in

cess to financing has been a big challenge for

sistance, particularly for municipalities to

every single discipline at every university, we

farmers as well. We do two things: we work

prepare energy efficiency programs. And

picked out technology disciplines where we

with commercial banks or other non-financial

that is something we would like to do more

needed to build a skill base and aligned them

institutions like Agricover to provide funding

outside Bucharest.

very carefully with the industries we wanted

and guarantees reducing collateral require-

to develop. Every country is on a different

ments and ultimately interest rates. We

sector faces when dealing with energy ef-

development path, has different potential

invite banks to dedicate at least 10 percent of

ficiency projects. First of all, the technical

competitive advantages, but it needs to

our loans to supporting young farmers. We

preparation, which we can support. The other

align its investments strategy to where it can

also co-finance the government’s contribu-

challenges are often budget and land registry

compete in the future. I do think that IT is an

tions to the EU-funded Rural Development

issues.

obvious high-potential area for Romania, and

programme.

There are three challenges the public

www.business-review.eu Business Review | November 2019

20 INTERVIEW

Romania on the right path to becoming a fully developed country Foreign Investors Summit, the most significant event dedicated to foreign investors in Romania, hosted by Business Review, had its sixth edition in 2019, with more than 200 representatives of major foreign companies in Romania attending two days of insightful discussions and presentations from our 48 speakers. Are we on the right path to becoming a fully developed country in the near future? The key question we raised at FIS 2019 was met with mostly optimistic answers: there is still plenty of room for improvement, but we are certainly moving in the right direction.

By BR Team

Ionut Simion

“MOST OF US THINK THAT ROMANIA IS STILL LOOKING FOR A MODEL OF ECONOMIC DEVELOPMENT THAT WILL HELP US FULFIL OUR DESTINY, SO IT IS NOT EASY TO SAY WHY ROMANIA IS STILL WHERE IT IS TODAY. WE HAD A REVOLUTION, BUT ONCE THE OLD SYSTEM WAS GONE, WE HAD NOTHING TO PUT IN ITS PLACE.”

Country Managing Partner at PWC Romania and President of AMCHAM

Serban Roman Vice-President of Enterprise Investors

Lara Tassan Zanin Head of European Investment Bank Group’s Bucharest Representation

“THE IT SECTOR IS ONE THAT KEEPS CONTRIBUTING TO THE ROMANIAN ECONOMY AND IT SHOWS RESILIENCE EVEN WHILE OTHER SECTORS MAY BE SLOWING DOWN. AUTOMATION AND ROBOTICS ARE INCREASINGLY ACTIVE AND PRESENT ON THE MARKET – WE ENCOURAGE MANAGERS TO MAKE THEIR COMPANIES MORE EFFICIENT USING TECHNOLOGY.”

Florian Nitu Managing Partner at Popovici Nitu Stoica & Asociatii

“IT IS IMPORTANT FOR ROMANIA TO ABSORB THE AVAILABLE EU FUNDS IN AGRICULTURE IN ORDER TO REMAIN COMPETITIVE COMPARED TO COUNTRIES LIKE FRANCE AND ITALY. ROMANIANS ARE NOT VERY WELL INFORMED ABOUT THE AVAILABLE FINANCING, BUT ONCE THEY LEARN ABOUT IT, THEY ARE EAGER TO ACCESS IT.”

“TODAY, WE HAVE DEVELOPED RISK MANAGEMENT AND RISK HEDGING TOOLS. IN TERMS OF INVESTMENT POTENTIAL, THE MARKET IS OF A BETTER QUALITY, WITH BETTER AVAILABLE PRODUCTS. THE SCALE AND SIZE OF TRANSACTIONS ARE MUCH HIGHER THAN 10 YEARS AGO. I CAN SAY WE’VE REACHED A YOUNG ADULT AGE IN TERMS OF OUR INVESTMENT MARKET.”

www.business-review.eu Business Review | November May 2016 2019

COVER INTERVIEW STORY 21 14

Antoniu Panait

Andreea Cotiga

Serghei Bulgac

Managing Director of Vastint Romania

Senior Leasing Manager Office at Immofinanz

CEO of RCS & RDS

“THE DISCUSSION IS NOT JUST ABOUT ROMANIA, BUT ABOUT THE EU AS WHOLE – WE NO LONGER HAVE BORDERS WITH EU COUNTRIES AND THAT’S WHY THE LABOUR FORCE IS MOVING AROUND SO MUCH. BUT SALARIES AND STANDARDS IN ROMANIA WILL GROW, SO PEOPLE WILL BEGIN MOVING HERE FROM OTHER COUNTRIES.”

“WE ARE LIVING IN A HIGHLY TECHNOLOGICAL WORLD AND IT IS ESSENTIAL FOR EACH BUSINESS AND DEVELOPER TO BE UP TO DATE WITH MARKET TRENDS AND BE FLEXIBLE IN ORDER TO BE ABLE TO ADAPT TO THOSE TRENDS AND SEE THEM AS A BUSINESS OPPORTUNITY, AS TENANTS ARE INCREASINGLY SOPHISTICATED.”

“ROMANIA BENEFITS FROM THE BEST DEVELOPED TELECOMMUNICATION INFRASTRUCTURE, AS THE ENTIRE POPULATION IS INCLUDED, WHILE INTERNET SPEED IS AMONG THE HIGHEST IN THE WORLD. WE HAVE A RELATIVELY SMALL AND QUITE CONCENTRATED MARKET WITH A FEW, CASH-RICH PLAYERS.”

Alina Radu

H.E. Ms. Michèle Ramis

Vlad Tanase

Partner and Head of Banking & Finance at NNDKP

Ambassador of the French Republic to Romania

Partner at NNDKP

“THE ROMANIAN BANKING SECTOR HAS A LOT OF POTENTIAL AND IT IS CURRENTLY EXPERIENCING FIVE MAJOR TRENDS: CONSOLIDATION, A STRONG FOCUS ON INCREASING PERFORMANCE, DIGITALIZATION, MOVING THE DECISION MAKING PROCESS FROM THE LOCAL TO THE REGIONAL LEVEL, AND INCREASING PARTNERSHIPS WITH FINTECH COMPANIES.”

“THE ROMANIAN ECONOMY WILL CONTINUE TO GROW AT ONE OF THE HIGHEST RATES IN THE EU THIS YEAR. THIS COUNTRY REMAINS A PRIVILEGED DESTINATION FOR FOREIGN INVESTORS, WHO CAN FIND AN ATTRACTIVE MARKET WITH SKILLED LABOUR AND A DIVERSIFIED INDUSTRY. FRANCE WANTS TO BE A BIG PLAYER IN ROMANIA.”

“THE MAIN DIFFERENCE COMPARED TO THE FIRST ECONOMIC BOOM IS THAT NOWADAYS WE HAVE TWO TYPES OF DEVELOPERS – THOSE WHO AIM TO MAKE FAST EXITS AND THOSE WHO KEEP THEIR PRODUCTS; BUT IF DEVELOPERS WANT TO SELL, THEY NEED TO HAVE GOOD PRODUCTS AS BUYERS WANT TO KEEP THEIR EMPLOYEES HAPPY. ”

22 INTERVIEW

www.business-review.eu Business Review | November 2019

â&#x20AC;&#x2DC;Arggo Consulting eyes the European market as it continues its organic growthâ&#x20AC;&#x2122; Any IT company dreams of becoming the next unicorn by finding an idea that disrupts the entire industry and having investors line up to give them money. But this is not always the case. The industry is mostly made up of companies that grow organically, adopt all the tech innovations and offer customers the best solutions for their problems.

Andrei Carcu, general manager at Arggo Consulting, is one of the people that know how important it is to grow step-by-step, as he started out as a programmer and found his way to providing, together with his team, edge-cutting end-to-end business solutions.

By Aurel Constantin

www.business-review.eu Business Review | November May 2016 2019

A

COVER INTERVIEW STORY 23 14

rggo Consulting, an innovative Ro-

time. Then there was the shift to the area

to take a step forward and reach the next

manian consulting and software de-

of project management and sales and the

level. From a small, welded team we had

velopment company, has just turned

moment when we set up what is today Arggo

to grow, hire new people and give them the

Consulting.

same culture of doing things differently.

5. Having started in 2014 with a small team

There are currently 70 people in the team,

of developers, Arggo Consulting estimates to

How did Arggo Consulting start? Did you have clients from the beginning?

and we hope to exceed 100 next year.

over 80 employees. It has started an expansion by opening a regional office in Brasov

Five years ago, together with another 13 of

and plans to cover several other regions in

my colleagues at the time, we decided to

One of the services you provide is Business Process Reengineering (BPR). Do you

transform flows into user friendly applica-

join forces and create our own company. We

also use it within your company?

tions.

started the company in 2014 knowing that

We use it constantly. Twice a year we do

reach EUR 3 million in turnover this year and

Romania and also go outside the country.

The company offers end-to-end, tailor-made industry solutions by blending Dynamics 365, Office 365, Azure and Business Intelligence with a vast consulting experience. Besides being a Microsoft Gold partner, the company also creates its own solutions for specific industries (Legal 365, Heavy Machinery, SMB Power Package). At the beginning of the month, Arggo Consulting launched the Arggo BPM (Business Process Management) platform, designed to

Business Review talked to Arggo Consult-

we could be better, namely in the area of

assessments within our departments, to see

ing’s general manager Andrei Carcu, 32, who

business applications such as ERP. It was the

whether we need to improve anything.

has been in the company from the beginning,

year we learned how to run a business; it was

Most of the solutions we offer our clients,

to find out more about Arggo Consulting’s

a great lesson for us all.

road so far and its plans for the coming years.

In the beginning we were

we try them internally first, at the end of the day we are

mainly implementing

our toughest client. If we

How did you start your IT career?

and personalizing ERP

didn’t implement the

I started in 2006 with the development de-

systems and other

partment, which means you were program-

Microsoft solutions

internally, it would

ming to accommodate client requests, then

for our clients. We

be more difficult to

I was lucky enough to take part in certain

had about 15-20

offer them to our

projects as a consultant and I was able to

clients with whom

clients. We would

understand the clients’ requirements very

we had built an 8-10

not have a real expe-

well. I really liked talking to clients directly,

year relationship and

not through colleagues, to understand their

started out with them.

needs, their problems and figure out how

Then we started finding

they could be solved. It was even easier for

new clients, and now we

me because of my experience in program-

have more than 150 active clients.

ming; I figured out what could be done, what would be the most efficient way and how

business solutions

rience.

How easily can you find new employees?

With more business directions, we look for different qualities in the people

How has the company evolved over the past five years?

we hire. But the basic thing is that they

the client can be best helped. I did this for 3-4 years, after which I took over the entire

The main challenge at first was that many of

Our senior developers and consultants invest

consulting team, which was a challenge

us had to change our role in order to mentor

a big part of their time mentoring and shar-

since I was the youngest on the team at that

our new colleagues. Many of us were forced

ing their expertise and passion with the new

should fit into our organizational culture.

www.business-review.eu Business Review | November 2019

24 INTERVIEW

generation. We are focusing on universities:

percent from year to year, and we will end

need to be able to scale from a few people to

we support events at both the Polytechnic

2019 with a turnover of over EUR 3 million.

a higher level.

and the ASE and we hold as many intern-

The profit margin is around 7 percent of the

ships as possible during the summer.

turnover. On the investment side, we first ac-

lately, namely that the CTO (Chief Techno-

Students are open to anything; their

count for our investment in people and their

logy Officer) is no longer the only one who

challenge is that they do not know which

training, and that has significant costs. At the

decides what happens in terms of technology

business direction to focus on and they like

same time, we realised that we could not only

in a company. If a sales manager needs a CRM

to accumulate as much as they can learn from us. Some of them, who have a more flexible

stay in the universe of ERP, CRM business applications and so on, so then we looked for ideas that could add value to

schedule, stay on and

our customers.

work with us even

What we see

after they complete

There has also been a paradigm shift

solution, which they have seen working very well, the CTO’s opinion may not be relevant anymore. With digitization, decisions are moved to the business area rather than the IT area. Of course, implementation is done with the help of IT, but the department does not

an internship.

in the industry

count as much as it did before in the purchase

is that although

decision. This shows us that technology has

What has been your biggest challenge in these five years?

there are plenty of

touched every aspects of a business and that

ideas, people do not

innovation is needed in every department.

always know how to translate them into solid business plans, into

The biggest problem was creating our organizational culture and being able to make our employees embrace it. Generally,

something sustainable that can create a product. The idea is 5 percent of a product; the rest is work

What customer fears have you had to overcome?

Their biggest fear is that they have to change the way they have worked for the last 10-15 years or even longer. But they do realise that

we focus on communication, on how to get

and planning. At Arggo Consulting we are

a change is needed. I can still use a Nokia

along with each other, how to provide feed-

constantly looking for new ideas, anything

3310 phone that I liked very much at the time

back to colleagues both in our own depart-

can be interesting.

and I can still make a phone call with it, but I

ments and in the departments with which

Clients having ERP at the heart of their

realise that if I want to communicate with our

we work. We want our employees to wake up

business have a lot of confidence in us, which

customers through the latest technologies,

in the morning and look forward to come to

is why the new areas that we have developed

that phone is no longer sufficient.

work.

have come at our clients’ request, who sug-

How do you keep up with the dizzying pace of technological changes?

Working in technology and knowing what our goals are, we keep up to date

project on a less sensitive department within

them. Therefore, one of the areas in which

the company so as to introduce people to new

we invest a lot is Arggo BPM: we hired 10 people this year in the BPM department and we want to

ployee’s plan there is time allocated for

technology, then extend it to all other departments. This way the company adapts more easily to the technological change.

hire more next year.

with whatever comes up. In each em-

As a rule, customers start with a pilot

gested that we could do more things to help

How open to new solutions are your clients?

What are Arggo Consulting’s advantages over competitors?

First and foremost, the possibility of having a personalised approach. Most of the multina-

training and educa-

No matter the size or

tionals have only got a standard approach,

tion. This means

the complexity of a

from which they cannot deviate as they have

both self-training as well as learning from senior colleagues. All our employees are openminded, creative and always eager to learn new things, stay up to speed with all the new trends and technologies.

company it is obvious to everyone that they need the best tools in or-

thousands of employees, but clients also need a personalised approach regarding the solution they are offered.

der to remain competitive.

On the other hand, even multinationals

Our clients are always welcom-

need localization for their ERP solution for

ing new, scalable, flexible solutions

which they work with local partners. Ever

that are helping them overcome business

since the beginning, we have created our own

challenges. For example we have clients who

localization of the Microsoft solutions, mean-

What are the company’s financial results?

started out in an apartment with 2-3 employ-

ing their adaptation to Romanian legislative

Revenue grew organically; we did not make

ees and grew to have hundreds of employees.

requirements, training for employees, etc.

any acquisitions. We have grown by 15 to 30

It is all about having the vision and tools you

www.business-review.eu Business Review | November May 2016 2019

COVER INTERVIEW STORY 25 14

You opened an office in Brasov. Why did you choose Brasov as the first destination for expansion?

two directions with BPM: first there is the

solution is ideal for large companies with

development of the technology itself, which

dedicated IT departments or for talented

involves programming, research, bringing

developers in search for the best platform to

Based on our research, Brasov was the best

the latest technologies, and on the other

create their applications. The plans for the

place to start our regional expansion, and

side is the business know-how that allows

platform in 2020 are to find as many partners

now we’re looking at other areas for new

us to create niche applications for certain

offices. We already have customers in the

industries. As I have already said

Brasov area, mostly production units, which

we have made implemen-

are not usually located in Bucharest. Of

tations for our current

the platform outside the

course, it also counted that the city is in the

clients, we’ve under-

country. In terms of

center of the country and the fact that there

stood what changes it

are so many factories and companies in the

needed, and now we

to grow by about 50

area that can be potential customers. Brasov

are looking to go to

percent next year, as

will develop a lot in the next period, and it

the wider market.

a result of launching

also has the right infrastructure. If it were to

as possible for both the development and the sale of the existing solutions.

Then we want to expand

revenues, we want

the platform.

On Arggo BPM

open an airport soon as well, there will be

you can find the

even more outside influx. In addition, it also

Business Solutions we

has good IT skills.

have already created for specific horizontals

Do you concentrate your efforts in creating Business Solutions for specific industries?

What other plans do you have for the future?

or verticals like Legal 365,

We plan to expand outside Romania, we are

application and more. Our team of experts

erates a lot of business for a certain segment,

still researching for the best location. We

constantly develops new solutions based

and a software company cannot be dedi-

already have multinational companies as cli-

on the SaaS (software as a service) model,

cated to developing applications for a single

ents to whom we provide our services for the

hosted on cloud that aim to respond to spe-

industry. We tackled all the industries that

whole company. Usually they are clients that

cific business needs by boosting, productiv-

had requests, but given the way things hap-

approached us for their Romanian subsidiary

ity, eliminating repetitive tasks, controlling

pened, we ended up having more expertise

Mobile SFA application, Healthcare

Romania is not a country that gen-

in some of them. One example is the agricultural heavy machinery industry, where we have the largest players on the market.

But we can have equally large customers who are unique in their respective markets. We have clients like Blue Air or Dedeman, which are very large in their own segments, but we didn’t have other clients in those but after the implementation they chose our

costs and enhancing transparency within the

industries before them. However, our desire

services for the entire company. The next

daily activity of a company. For companies

is to accumulate know-how from as many

step is to target clients that we cannot reach

with specific needs or complex activities our

fields as possible.

from Romania.

consulting and development teams are ready to create a personalized application accord-

Where do you see yourself in five years?

This month you have launched Arggo BPM. Tell us more about it.

ing to the client’s needs. Usually, we advise

It is difficult to say what the technology will

our clients before starting to construct a BPM

be like in five years, and what will have been

Yes, we’ve been working on Arggo BPM plat-

application to do a BPR in order to make sure

invented until then. We want to continue our

form for over two years. The BPM platforms

that the flows that they are constructing the

organic growth and expand into more cities

give us the possibility to transform any busi-

BPM upon are responding to their business

in Romania but also outside of it. We intend

ness flow, from the simplest to the most com-

needs and aspirations.

to introduce to the European market the

plicated, into an user friendly application.

For those having the necessary knowl-

We started with clients who had requests

edge and desire to create their own applica-

We can say that we’re constantly looking for

in this direction and gained expertise from

tions we offer Arggo BPM platform on the

‘The Next BPM’ a new innovative solution

the implementations we made. We work in

PaaS (platform as a service) model. This

for us to invest in.

Arggo Consulting solutions and services.

www.business-review.eu Business Review | November 2019

26 ENTREPRENEURSHIP

Brexit woes testing resilience of startup industry As the UK’s exit from the European Union has been delayed for the third time this year, with the latest deadline set at January 31 2020, funding activity for startups has started to shrink amid ongoing uncertainties regarding the economic terms of the Brexit deal.

Romania’s startup ecosystem could host some companies and founders looking to relocate from the UK, but while the country has some strong points, they may not be enough for businesses to move here following Brexit, suggest consultants and investors.

By Ovidiu Posirca

P

rivate equity investment in the UK fell by more than 35.4 percent between the first half of 2018 and the first

semester of 2019 to GBP 28.53 billion, according to a report by professional services firm KPMG. Investors’ increasing concerns regarding Brexit have played a key role in this fall, say KPMG experts.

“With a high level of uncertainty permeating the UK market there are fewer new investment opportunities and many PE investors are taking a ‘wait and see’ approach to their portfolio,” said the KPMG representatives.

CRUCIAL PILLAR FOR GLOBAL STARTUP INDUSTRY Nonetheless, the UK is the strongest startup sector in Europe at present, having generated more than 70 unicorns, which are startups with a valuation over USD 1 billion.

By comparison, Romania has had only one startup that topped the USD 1 billion valuation – UiPath, a pioneer of the robotic process automation market.

“The British market is large, relatively well-educated and eager to adopt innovation, so I believe that even after leaving the EU albeit the fact that there might be many possible Brexit outcomes - there will be sufficient local demand for most UK startups to thrive,” Ciprian E. Paltineanu, managing partner at IHC, told BR. He has recently completed a small follow-on investment in a UK fintech.

The European startup scene will be impacted by Brexit, as London remains the largest European hub for technology companies

“Although the threat of Brexit acted as a red flag, the advantages of the vast British

www.business-review.eu Business Review | November May 2016 2019

ENTREPRENEURSHIP COVER STORY 14 27

market outweighed the dangers of even a

Economics estimates that Brexit has wiped

For instance, Checkout.com raised USD 230

no-deal exit from the EU, with all the com-

out some USD 24 billion in potential business

million in the second quarter, while Monzo

plexities it entails from business matters to

investment.

got USD 144 million in fresh funding.

HOW ROMANIA CAN ATTRACT STARTUPS OVER BREXIT

to continue to support this ecosystem, as

“The UK government will probably want

taxation,” says Paltineanu.

In 2018, newly-created funds raised some USD 3.5 billion in the UK for startups, while

they have done in the past, but let’s not forget that the UK was one of the largest recipients of EU funds, and all these funds will now, at least gradually, become unavailable. However, we do not expect a lot of startup entrepreneurs already having started projects in London or elsewhere in the UK to rush back to their home countries. Some will, but I don’t see that as a major trend after the apparently imminent Brexit,” adds Ghenea of 3TS Capital.

Trade deals and market access are more

France and Germany combined had USD 2.9

Competition for startups and entrepreneurs

important than immigration targets or envi-

billion in fresh funding for entrepreneurs,

that could decide to leave the UK is stiff and

ronmental legislation and emission targets on

according to Dealroom data. Moreover, close

Romania needs more work in order to make

Brexit, according to an online survey carried

to 50 percent of global venture capital funds

its regulatory, judicial, accounting and fiscal

out by PwC among 566 SMEs from across Great Britain.

with European unicorns in their portfolio are

Two thirds (66 percent)

based in the UK, followed by the US. The European startup scene will be im-

of surveyed firms say the UK

pacted by Brexit, as London remains the larg-

government should focus on

est European hub for technology companies,

agreeing continued access to

VC investments and startups in all growth

the single market, while 62

areas such as ITC, life sciences and clean-

percent also want trade deals

tech, suggested Marius Ghenea, partner, 3TS

to provide access to non-EU

Capital Partners.

markets. Germany would be the top priority EU market

“A lot of such young enterprises will find

for 67 percent of SMEs, with

themselves confined to a much smaller UK

the next preferred export

space, and not be able to take advantage of the full benefits of being part of the larger EU tech and startup community, but also of the various EU harmonized regulations and

environments friendlier for business owners.

markets - France and Ireland – lagging well

“Of course that our IT skills, good quality-

behind and favored by only 5 percent and 3

cost ratio and relatively untapped potential demand in various verticals are well-known,

UK, whether they’re a British company or

- factors for the attractiveness of a jurisdic-

not. We see in surveys conducted by PwC UK

tion. Also, let us not forget that in a Brexit

that all entrepreneurs are talking about the

world, Romania is competing not only with

vibrant ecosystem of Silicon Roundabout, the

the UK on attracting businesses, but with the

flow of finance and an attractive UK market,

rest of the EU, where some countries have

seen also as a gate to US,” Ionut Sas, partner

made entrepreneurial attractiveness a na-

at PwC Romania, the professional services

tional strategy (not only the Baltics, but also

firm, told BR.

Paltineanu of IHC. told BR. However, business investment in Britain

“I don’t think start-ups will give up on the

but these are all necessary - yet not sufficient

EU giants such as France, Germany),” says support programmes, for instance,” Ghenea

percent respectively.

The outlook for the UK-based startup eco-

For now, there is no place in Europe that comes even close to the perks provided by London for companies, suggested Claudiu

system remains stable and its competitive-

Vrinceanu, an enabler in the Romanian

ness is acknowledged at the global level. For

startup ecosystem.

fell by 1.1 percent between the quarter that

instance, the British have been driving digital

“The pool of talent is huge there: for

followed the Brexit referendum in June 2016

innovation in banking and finance, building a

example, there are more than 250,000 de-

and the second quarter of 2019, according

hub for fintechs. The UK has continued to see

velopers in London compared to 40,000 in

to the Office of National Statistics. Capital

massive funding deals in the fintech sector.

Bucharest,” he told BR.

www.business-review.eu Business Review | November 2019

28 PARTNER CONTENT

Full speed with an omnichannel approach Retailer ECCO Shoes, which has been present for 15 years in Romania in a franchise system, recently launched on the local market its latest powerful collection called Vitrus Mondial. In this context, BR talked with Victor Tighinean, the General Director of ECCO Romania, and found out more about the company’s background, plans and success on the Romanian market. to find people willing to work during the weekends.

Is the Romanian consumer different than the one in other countries? Explain.

To be honest, the consumers are quite the same, maybe in Romania we are a bit more price sensitive and more fashion oriented.

What do you do to keep the clients loyal?

We offer not only the most comfortable shoes, but we also try to offer the best shopping experience.

What is your business goal for Romania in 2019-2020?

Our business gol beside sales, profit and other usual KPIs, is to provide a high level of service for our online and offline customers.

What can you tell us about the innovation and the comfort of the new collection ECCO Vitrus Mondial - what does it offer differently?

ECCO Vitrus Mondial™ means first and foremost style without compromising on comfort for the modern gentlemen who is on the outlook for quality and innovation. All of the shoes in the VITRUS™ range are designed and How is the brand positioning and differen-

What is the brand’s path on the Romanian

engineered using ECCO FLUIDFORM™ Direct

tiating on the market?

market?

Comfort Technology, which delivers straigh-

ECCO represents a premium shoe brand

The first ECCO store was opened in Cluj-Napoca

tout-of-the-box comfort. The core benefit of

that is differentiating on the market

in 2004. NOW, we have 20 stores: 15 are Full Price,

ECCO’s new, revolutionary VITRUS™ collection

through comfort, quality and innovative

4 Outlets and one online store. Since 2013 we

is the shank, which provides integrated heel

techniques in processing leather and sole

have also developed the omnichannel concept in

support.

technology. Brand awareness is constantly

Romania.

What is your strategy for the Romanian

growing.

What are the challenges of this type of business

market?

What are its main values and how are they

right now and how have they changed during

To be able to achive our goals, in addition to

represented?

the last years?

the new store openings, our main strategies

At ECCO we are guided by respect for our

In the fashion retail business there are many

are to provide our customers with exciting

heritage, our call for innovation, our quest

types of challenges: traffic, costs, weather; but

collections and our employes with a high

for excellence, our dedication to care and

the biggest one is personnel retention: in the

level of training using ECCO Retail Academy

our passion.

past years it has been more and more difficult

and E-learner.

www.business-review.eu Business Review | November 2019

30 ENTREPRENEURSHIP

Generations Y and Z set their sights on entrepreneurship As the number of newly registered companies in Romania increased by around 5 percent in the first three quarters of 2019, members of generations Y and Z are expected to boost the local entrepreneurial sector. A different approach to risk, combined with shifts in expectations from their work lives and the easy access to technology could covince more young Romanians to become their own bosses.

By Ovidiu Posirca

S

ome 106,000 new companies were registered in Romania in the first nine months of 2019, according to

data from the National Trade Registry Office (ONRC). The largest share of new firms was in the fields of retail and repair of cars and motorcycles, followed by constructions and professional, scientific and technical activities. There were more than 300,000 firms with a maximum of four employees and a net business population growth of 2.3 percent, according to Eurostat, the statistics office of the EU, based on data from 2017.

The startup scene is also growing as more investment funds, angel investors and accelerators have emerged in the economy.

As UiPath, the robotic process automation provider, became the first startup with Romanian roots to reach unicorn status (more than USD 1 billion in valuation), the overall entrepreneurial ecosystem got a shot of confidence in the arm.

Ciprian E. Paltineanu, managing partner at IHC, says that the Romanian startup ecosystem will continue to grow, suggesting that automation will play a significant role. He says that the corporate culture will have to boost employee engagement to remain attractive for young talent going forward. â&#x20AC;&#x153;It is critical that we find the proper mix of support given to entrepreneurs. We need to avoid falling into the extremes of stakeholders faking innovation or startups acting entitled. We need to encourage home-grown entrepreneurship without creating unfair Members of generation Z in Romania have a preference towards working for themselves

advantages or triggering a deadweight effect.

www.business-review.eu Business Review | November May 2016 2019

Last but not least, we need to take chances

ENTREPRENEURSHIP COVER STORY 14 31 Members of generation Z in Romania have

“The European Commission report Starts-

to innovate as a principal (own startup idea

a preference towards working for them-

ups, Scale-ups and Entrepreneurship in

promoted as a product) vs. as an agent (most

selves, because of the mobility and the ben-

Romania points to the high potential of our

commonly outsourcing), without minimising

efits of the gig economy that they consider

country but specifies that the dynamic of the

the importance of the transfer of know-how

to be more suited for them, adds Cristian

change towards a more innovative economy

and the security of cash-flow,” Paltineanu

Dascalu, partner at GapMinder VC.

and digital society is still low. Also, Eurostat

told BR.

“Nowadays, thanks to peer-to-peer

statistics show that although the start-up rate

networks, it’s more easy for

of Romanian companies is close to the Euro-

teens to find freelancing

pean average, the number of those who have

jobs and build an entre-

been on the market for at least five years or

preneurship career more

those who make a significant contribution to

quickly. Entrepreneurship is

the employment rate in the economy is well

more efficient for gen-

below the European average,” Sas told BR.

eration Z because they are self-learners, who absorb

Generation Z, comprising people born after 1997, is the first fully digitally native cohort coming into the workforce or start-

knowledge from the internet

CONSIDERING THE ENTREPRENEURIAL PATH

and social media, rather

Investors in the local startup sector are

than from an institution,”

optimistic about the entrepreneurial drive of

Dascalu told BR.

young Romanians.

In a survey by professional services firm

averse and prefer to build a career in the cor-

said that they wanted to

porate sector, while others have gained busi-

start their own business

ness acumen and are planning to start their

in the next two years, and

own firm. Members of generation Z are more

57 percent would prefer to

exposed to the entrepreneurial environment,

be entrepreneurs and not

but their success in starting companies will

managers in a company. At

be tested in the following years.

the same time, 56 percent of

ing new companies. Meanwhile, members

Among millennials, some are more risk

EY, 52 percent of the questioned students

“For Gen Z, most are still students at vari-

young people say it would

ous levels of education and their entrepre-

be appropriate for them to

neurial appetite remains to be tested, but my

become entrepreneurs after

insight, having worked with students as an

accumulating professional

Entrepreneurship visiting professor in some

experience.

major Romanian universities, is that the new

Lack of initiative and risk aversion

generation is arguably the most entrepre-

of generation Y, people born after 1980, have

might not be the main factors hindering the

neurial generation of Romania, ever!” Marius

more work experience under their belts and

development of the local entrepreneurship

Ghenea, partner at 3TS Capital Partners, told

are filling the ranks of middle management or

sector, according to various studies. Ionut

BR.

have started their own firms.

“To understand the interest in entrepreneurship of generation Z students in Romania, we should focus on their entrepreneurial education. In my perception based on interactions with young Romanian people, they are better educated in business practices, they have a higher need for achievement and they are more open to a flexible career path. For the future development of the startup ecosystem in Romania, this means that universities can play a huge role in helping the new generations of students develop

Sas, partner at professional services firm PwC

their own businesses,” Claudiu Vrinceanu, an

Romania, suggested that the local economic

generation of Romanians is more inclined to

enabler in the Romanian startup ecosystem,

climate plays a bigger role in the company

consider entrepreneurship and freelancing

told Business Review.

creation process.

versus a professional career in corporations.

Paltineanu of IHC agrees that the new

www.business-review.eu Business Review | November 2019

32 ADVERTORIAL

Idea::Bank aims to ease the way eMAG Marketplace merchants do business Alin Daniel Fodoroiu, executive vicepresident of the business division at Idea::Bank, tells Business Review about the lender’s new product, launched in partnership with eMAG, and how Idea::Bank went digital to improve its customers’ experience. increase their stock or production capacity, eventually lowering the cost per unit and therefore selling more and increasing business volume and profit margin - something that is desirable for any business owner.

The loan will help sellers not just increase their production, but also diversify and add new features to their products, therefore respond to more of the buyers’ needs and selection criteria with their products.

Eventually, an increased and diversified offer of products and services should trigger more competition, leading to better prices.

In your opinion, what will be the impact of What is the mechanism behind the financial

in the online marketplace. Also, the SME’s turn-

this measure on the businesses of these

solution eMAG Seller Credit, which you

over (received from eMAG after a product is sold

sellers?

developed for the online retailer, and

on the marketplace) will be redirected through

As mentioned above, I believe the product

what was the reason behind this strategic

an account opened with Idea::Bank. This is how

will have the best impact on those merchants

launch?

the unique sales proposition for this product was

who have a level of demand for their product

Idea::Bank and eMAG have developed an

born: “Take out a ZERO-cost loan from Idea::Bank,

in a certain period of time (e.g. a quarter) to

innovative lending product addressed SME

powered by eMAG”.

which it cannot respond otherwise than by

In the conditions described above, eMAG

increasing stock or production capacity. In

The product’s main purpose is to increase

and Idea::Bank have launched a pilot campaign

other words, the lending product can help a

revenues for all stakeholders (SME sellers,

whose outcome was total loan disbursements

merchant grow their business as long as there

eMAG marketplace and the bank) by increas-

amounting to RON 5 million in October, with a

is an increasing market for their products

ing the stock of products available to the

very promising success rate of 25 percent, mean-

and services; otherwise, the loan would

final consumers, namely people making

ing that one out of four targeted customers saw

finance an unsold stock or product which

online acquisitions.

the offer as attractive and took out a loan.

would eventually turn into a cost. Moreover,

sellers active on eMAG’s online marketplace.

The SME seller gets contacted by eMAG

We are therefore looking forward to extend

the lending product itself delivers its best

with a very strong financing proposition

the success of the pilot campaign to the entire

features (ZERO interest) in a scenario where

from Idea::Bank, consisting in an unsecured

database of active SME sellers on the eMAG mar-

the seller reaches an increased sales target on

revolving line in a maximum amount of

ketplace. The outcome can only be favourable,

the eMAG marketplace.

RON 300,000, depending on their sales track

in the sense of increasing online e-commerce

record in the last 12 months on the eMAG

volumes for the benefit and convenience of final

active digital players in the Romanian

platform; the loan tenor is between 12 and

consumers.

banking industry and it will continue to be

Idea::Bank is definitely one of the most

so by smartly combining its current branch

15 months, with annual revision; ZERO fees and commissions for current account and

What is the value added for both sellers who

network with instruments that help it sell

loan; interest rate - ROBOR 3m + 3.9 percent,

operate on the eMAG Marketplace and their

products and services in the online envi-

paid on a quarterly basis.

clients?

ronment. We aim to break up our banking

Sellers may see higher demand for their products

services into three core utilities – deposits,

sidises the loan interest, provided that the

or services than they’re able to cover at cer-

loans and transactions – and to deliver them

SME seller achieves a pre-agreed sales target

tain times, so the loan is meant to help sellers

independently of each other online.

The main innovation is that eMAG sub-

www.business-review.eu Business Review | November 2019

34 INTERVIEW

Empowering women in the Romanian business environment With over 10,000 members and 200 businesses in its portfolio, Elite Business Women, the biggest club for women in business in Romania, has launched the first investment fund dedicated exclusively to women, called the Elite Business Women Investment Fund, with the purpose of supporting of women who choose the entrepreneurial path. BR talked to Bianca Tudor, Founder of EBW Investment Fund, and found out more about the project and the idea behind it.

By Romanita Oprea is in our nature at EBW, and secondly, we are innovators, so after launching Elite Business Club International, starting from Romania and growing internationally, we decided that an Investment Fund based on an Affiliate Membership Program is the next hard challenge that will make us grow as entrepreneurs, as human beings and as an International Business Club. As an example of how it works: EBW is reinvesting 40 percent of the membership fee to finance scholarships for women entrepreneurs, once per year. Every time a woman entrepreneur subscribes for a membership in Elite Business Club, 20 percent of the fee turns into a financial bonus for the person who recommended the member and another 20 percent goes to the Elite Business Women Investment Fund.

What made you launch it at this particular time?

I pay attention to the trends: women are more and more present in the economy, with more

How did the idea arise and how did it come to life?

challenge for women entrepreneurs is the lack

and more of them becoming entrepreneurs.

of money to grow or open a business. I anal-

Romania managed to climb 4 places in the

As an entrepreneur, instead of going on holi-

ysed this challenge and in response I started

global ranking of the countries with the most

day in the December-January period of every

to write down ideas and ways to help our Elite

women entrepreneurs, and globally we are

year, I outline my strategy for the following

Business Club members grow. And this is how

heading towards a sharing economy (see

year. I approach business and life from a prag-

I managed to find the solution: the Elite Busi-

Uber, Airbnb, and so on), where people are

matic point of view, with numbers and facts

ness Women Investment Fund.

no longer interested in owning things, but in sharing things.

in mind. Before deciding on the new strategy, we had an email marketing campaign at

Where did you get the inspiration for it?

Elite Business Club, asking 10,000 women

I believe that we are part of a global eco-

entrepreneurs about the challenges of busi-

nomic ecosystem, and I see that the sharing

What has been the business environmentâ&#x20AC;&#x2122;s reaction so far?

ness growth. We also had a study from the

economy concept is trending. EBWIF is an

We launched the idea in May, held a press

European Commission as a foundation to our

example of the sharing economy, as the entire

conference in September and so far, expe-

research. Long story short, both our survey

strategy is based on an Affiliate Membership

rienced investors and business people have

and the EC survey found that the number one

in our Elite Business Club. First of all, giving

been really interested in our Program and

www.business-review.eu Business Review | November 2019

36 INTERVIEW

have joined our team as Board Members:

will pay the membership fee of EUR 1,000

the area of women entrepreneurship than

people such as Corneliu Bodea Adrem, Mari-

and receive an Affiliate Membership with

Germany, Austria or Slovenia, for example.

ana Bradescu from Piatra Online, Peter Barta

all the benefits listed above. As an Affiliate

EBW is part of the Interred Danube Region

or Sergiu Negut. First we will have a conver-

Member you can: recommend the Elite Busi-

Program for women entrepreneurs and we’ve

sion among people who are innovators, and

ness Club membership to others and receive

managed to share our experience and finan-

afterwards move on to other categories on

in EUR 200 in cash every time a new member

cial reports with 9 countries from the Danube

the market. Step by step, we will build the

subscribes based on your recommendation,

Region. A disadvantage for us is the fact that

Elite Business Women Investment Fund.

but you can also apply for the cash scholar-

a small number of businesses are profitable -

ships we offer once per year, as another EUR

a study from Keys Finance shows that only 10

What are your business goals for the fund in the first two years?

200 goes to the EBWIF every time a member

percent of 650,000 companies are profitable.

First of all, our aim is to have 500 new mem-

businesses you think should receive a schol-

bers in the next 2 years. Another related goal

arship because you are a member.

subscribes. Moreover, you can vote for the

is to offer 6 scholarships worth EUR 15,000 as part of the Elite Business Women Investment Fund.

How does it work exactly? What are the steps that someone interested in accessing the fund should take and why?

The main reason why you should be inter-

From your point of view, what are the main issues women are still facing in the Romanian business environment and why?

You once said that of 750,000 companies only 240,000 are run by women, and that women have the largest unemployment rate. Why do you think we are still seeing those unfortunate numbers and facts?

We are living in a business environment

The numbers have increased a little bit in the

nity, society, teamwork.

meantime - now we have 40 percent women

which is shaped by men. They are more oriented towards making money, being competitive, while women are less aggressive in business and more interested in the commuSometimes it is hard for women to adopt this style of doing business. Secondly, we don’t have an infrastructure to support mothers in our society, with childcare and healthcare, and this is a real problem for a mother entrepreneur. Another social stereotype we’ve borrowed from our past is that we cannot work in teams or communities and women entrepreneurs tend to isolate themselves when they should be part of every Club or Hub in town for networking, business knowhow exchange and promoting their personal brand! And last but not least, women don’t have access to small financing programs as they start their business.

How do you plan to change that? ested in the EBWIF as a woman entrepreneur

entrepreneurs compared to 30 percent in

In 2015 we launched Elite Business Women,

is business development. A major priority for

2018. In the Global Report for women entre-

a Club for women entrepreneurs where we

a business is to build a personal brand, a com-

preneurs, Romania ranks 9th in 2019, up from

promote equality, equity, teamwork and col-

pany brand, a network of high-quality people,

13th in 2018. In the near future we will have

laboration between our members. Moreover,

and to start promoting your business in order

a 50-50 split in terms of businesses founded

Elite Business Club provides networking

to start growing it. Elite Business Club Roma-

by men and women. Still, the challenge for

opportunities, know-how exchange, access to

nia and International offer you: visibility on

a woman to manage a family and a business

international and national business partner-

our online platform with 10,000 women en-

at the same time is significant. In the rural

ships, a Mastermind Board system for our

trepreneurs, offline visibility at high-quality

area, women still think about a business as a

members to grow and scale up, and of course

business events, branding programs such as

dream. We are still in the beginnings of grow-

our new Investment Fund Program. We inno-

Media KIT for SMEs and a Mastermind Board

ing an entrepreneurial culture in Romania.

vate, it takes a lot of effort to do that, we team

system to grow your business with know-how from an Elite Board of Entrepreneurs.

up with all the likeminded entrepreneurs out there who are go-getters and team workers.

namely a business development tool, you will

Where does Romania stand, from that point of view, compared to other countries?

subscribe to the EBWIF. In this first step you

In Europe, Romania is more developed in

in Romania, UK, Portugal and Italy.

If you see this resource as what it is,

Four years later, we have 10,000 entrepreneurs in this Club and 8 Elite Business Clubs,

www.business-review.eu Business Review | November 2019

38 INTERVIEW

Dumagas on its way to the top of the Romanian transport industry Founded in 1996, Dumagas has been one of the pioneers of the Romanian transport market, and the successful three-year restructuring plan it recently went through has brought it back to profitability and high operational efficiency, as it introduced new technologies and renewed its vehicle fleet. BR talked to Mircea Vlah, the CEO of Dumagas, to learn about the company’s future projects and get some insight into the Romanian transport industry.

By BR Team

by service quality and work safety.

Romania’s transport industry was consolidated as a result of the increased consumption levels and the expansion of modern retail facilities. How would you characterise the sector at this moment and what are its biggest challenges?

properly calculate and negotiate its contracts

The national road transport industry has

temperature-controlled logistics chain, and

grown, but I believe it has not yet matured.

our entire fleet has been renewed with a new

Dumagas, one of the oldest transport companies in Romania, has gone through a successful restructuring process. How did you reposition yourselves and what are they key elements that contributed to this success?

The local transport market still operates using

generation of trucks. The market continues to

The restructuring process took about three

traditional profit-driven methods and doesn’t

be moderated only by prices, and much less

years. In that period, we reviewed our inter-

with big retailers and multinational clients.

They still go along with low standards or assume that they won’t be the ones getting caught doing the wrong things.

We try to impose a quality standard in the

www.business-review.eu Business Review | November May 2016 2019

COVER INTERVIEW STORY 39 14

nal processes, the profitability of our business

where we managed to become market lead-

lines, renewed an entire fleet of truck heads

ers in 5 years as a result of the company’s

and semitrailers and upgraded the company’s

successful restructuring process; storage and

Europe is facing a difficult political moment with Brexit. Will your industry be affected by this event?

technological processes.

distribution of frozen products – in this area,

A no-deal Brexit would have a major negative effect on the transport and logistics industry. We hope that the negotiations result in a clearly defined working process and that it is clearly communicated to all the interested parties. Together with the team, we’ve developed a Brexit crisis plan and we’re committed to staying close to our clients in the UK, even in this difficult transition period.

Service exporters have traditionally been some of the biggest contributors to the state budget, especially through their foreign currency impact. What is the transport industry’s contribution to the Romanian economy?

The transport industry is a net we’re among the few “pure-blooded” logistics

foreign currency contributor to the state

trucks with improved service plans and ex-

operators, as we don’t mix product logistics

budget. Of the EUR 40 million turnover in

tended guarantees. We’ve operated through a

with distribution and sales.

2019, about EUR 30 million are represented

Since 2014, we’ve focused only on new

mix of our own fleet, a firmly subcontracted fleet with long-term contracts, and the spot market. The key to our success was the improvement of work processes through a real-time visualisation of results and associ-

by the foreign currency influx brought by our

What are the business products that make Dumagas stand out on the local market?

Which are the market segments on which Dumagas is a leader?

company from our external clients through international road transport.

International transport companies are

ated costs. Together with each department, we created “dashboards” to follow in real time the truck performance, the financial situation and the commercial result. The support we’ve enjoyed from the team to implement all of these changes was another decisive factor in successfully conducting the restructuring process.

Dumagas Transport is a leader on the domes-

Of all the business lines on which Dumagas is active, which are the ones you see as strategic and what projects are currently in development?

tic transport of frozen and refrigerated food

trucks for the biggest clients in retail and

sensitive to the first signs of economic crises and the related declines in the trade of goods. What’s your view on the Romanian economy in the upcoming period from this point of view?

Our strategic business lines are: international

FMGC. We’re also a strategic supplier for

We believe that the Romanian economy is

tarp transport, where we’ve adopted a highly

several important clients in the automotive

completely dependent on the big European

performing and creative way of operating in

and consumer industries. For our daily opera-

economies. If Germany, the UK or France

order for all our trucks to be operating in a dif-

tions, we use a highly performing software

began to show signs of a slowdown or crisis,

ficult period in terms of the lack of workforce

which helps us follow in real time the perfor-

our economy would be hit by a much stron-

and the multiple international regulations;

mance of every truck and every department

ger effect due to our lack of alternatives and

domestic temperature-controlled transport,

in the company.

the lack of a national contingency plan.

products. On this segment, we operate with over 100 mono- and double-temperature

www.business-review.eu Business Review | November 2019

40 INTERVIEW

Romanian farmers have the chance to invest in high-performance equipment Florian Ciolacu, the executive director of Romanian Farmers’ Club for Performant Agriculture, tells Business Review about the measures that Brussels should take regarding the Common Agricultural Policy and how these decisions would impact Romanian farmers.

By BR Team policies in 27 Member States and hence to different financial support among Member States. Another important topic of the CAP reform is convergence, namely the reduction of the east-west gap in terms of the value of direct payments to farmers – in this case, the external convergence. In Romania, the basic payment by surface increased this year from EUR 170/hectare to EUR 195.5/hectare. In the new CAP reform, as a result of the continuation of external convergence, the direct payment would increase to an average value of EUR 215/hectare.

How will these decisions affect Romanian farmers?

The most important effect will be the continued alignment of subsidies among farmers in different Member States, namely external convergence. If the European Commission’s

What can you tell us about the Romanian Farmers’ Club for Performant Agriculture?

work, which has been delayed. Without

proposal is implemented, Romania would re-

the budget being allocated to the Common

ceive an additional EUR 180 million annually

The Romanian Farmers’ Club is a non-profit

Agricultural Policy (CAP), the reform of this

or EUR 1.26 billion in 7 years, which would

association that represents the high-perform-

policy cannot be agreed. As for the CAP, the

have a beneficial influence on the develop-

ing farmers in Romania. It is actively involved

budgetary issues need to be clarified from the

ment of agriculture and the countryside.

in the representation of farmers in relation to

very beginning. I want to mention the exter-

This new form of CAP brings both chal-

authorities in Brussels and Romania, to ex-

nal convergence of direct payments between

lenges and opportunities. Due to the special

press the farmers’ point of view regarding leg-

farmers in different Member States, respec-

attention given to environmental measures in

islative changes that concern them and have

tively for those states below the European av-

the new CAP, Romanian farmers will have the

an impact on their activity and on Romanian

erage, which has a direct impact on Romanian

opportunity to invest in high-performance

agriculture. The Club’s activity is centered

agriculture, the budget increase to support

equipment, which does not pollute the envi-

on projects based on farmers’ needs. The

rural development, which was the most af-

ronment and ensures low pesticide consump-

projects target the legal, fiscal and technology

fected (the proposal is for a 15 percent reduc-

tion. Through digital agriculture solutions,

fields and aim to identify solutions that will

tion) and the capping of direct payments. In

farmers will be able to make decisions based

respond in a concrete way to the problems

addition to budgetary issues, the risk of CAP

on information collected by sensors, and they

farmers are facing.

nationalisation should be considered, as well

will be able to permanently monitor agricul-

as the simplification of the CAP. It should be

tural activities and streamline the production

What should Brussels do about the Common Agricultural Policy (CAP)?

clear to everyone involved that it’s important

and operational costs. Moreover, the costs of

to avoid the risk of CAP nationalisation as

investments will be supported through the

The main priority is to adopt the budget,

a result of the proposed reform to increase

environmental and climate financing pro-

namely the Multiannual Financial Frame-

subsidiarity, which can lead to 27 agricultural

grams in Pillar II of the 2021-2027 CAP.

www.business-review.eu Business Review | November 2019

42 CLASSICAL MUSIC

Flautist Matei Ioachimescu: “Be honest with your audience!”

Recently, Vienna-based Romanian flautist Matei Ioachimescu went on a national tour, presenting Traversée du Fantasme in three extraordinary recitals accompanied by pianist Mara Dobresco, where they performed classic world-known pieces by Dvorak and Bartók and some by young Romanian composers such as Sabina Ulubeanu and Alexandru Murariu, among others. BR sat down with the international artist.

By Oana Vasiliu performed at the famous George Enescu Festival) and Alexandru Murariu (winner of the prestigious George Enescu Competition for Composers), dedicated two amazing pieces to us, which are greatly enriching this program.

What was your first experience with music?

I started playing the piano at the age of five.

Even before that, music was already in my life, as my father was a composer and my mother played violin at the time. There were always fragments of different kinds of music coming to my ears, either while my father was working on his compositions or when I was listening to LPs of Emil Gilels playing Beethoven’s fifth piano concerto...or Prokofiev...or the Beatles. I guess my first true experience with music was when I had my hands on the piano, following the suggestions of my first, very kind piano teacher.

What is your approach regarding contemporary composers?

and it relieves my stage fright), so I get to ex-

Why did you pick the flute?

plain how to listen to this music, how to feel

I’ve always loved music, but I wasn’t enjoying

I see myself as an advocate for contemporary

it. They are privileged to witness the music of

practicing the piano so much. I grew up on

music. It is important to me to include the

their time, to be part of a new creation. And

a street full of fantastic and dynamic kids

music of living composers regularly into

they love it! Interestingly enough, kids are

with whom I could play every day, so I would

“classical” programs. What started as an

naturally thrilled about contemporary music,

rather do that than sit for hours and hours,

impossible mission has now become a part of

as they are having so much fun with all those

practicing. After a couple of years of study-

the success of my programs. Contemporary

effects and weird sounds.

ing at the music school with several different

music uses rather abstract languages which

For this program (Le Traversée du

teachers, I realised that my technical level

might be new to ears used to the tradition of

Fantasme), which we put together with the

was behind my colleagues’ and I started to

hundreds of years of melody and harmony.

amazing pianist Mara Dobresco, we invited

feel frustrated about it. Realising that I would

People tend to reject this kind of artistic

two fantastic young composers to write music

not become a world famous pianist, my

manifestation, as they usually reject what

that would fit into our thematic proposal. It

stepmother introduced me to a flute teacher

they don’t understand. I often speak to the

couldn’t have worked out better: both Sabina

who showed me all the advantages of this

audience during my recitals (a kind of verbal

Ulubeanu (prolific artist, recently known

instrument: less practice time; light, portable

programming notes - it is fun for the audience

for her piece #justacomposer, successfully

instrument; less competition, etc. (most of

www.business-review.eu Business Review | November 2019

CLASSICAL MUSIC 43

them not true, as I would find out later...). But

forms of artistic manifestation, etc., that is

That is a very complex process. First, the

it was then that I first heard the sound of the

where it all becomes really thrilling! I spent

nature of what we do is to go on stage and

flute and I realised what I was instinctively

many years trying to perfect various technical

perform in front of an audience. This is a

searching for - a more intimate approach to

aspects of flute playing, until I realised that

constant act of courage, as we are putting our

a musical instrument. While the piano felt

true improvement comes from the artistic

heart and soul on a plate and offering it to

for me like a mechanical device, in which

message itself. So I started working on that,

people we don’t know. The performer-audi-

you had to invest a huge amount of work to

where the possibilities are infinite, concen-

ence connection is of a great level of intimacy,

make it sound “human”, the flute seemed

trating on the story I want to tell the audience

which can only be achieved in a concert

so organic, just like my own voice. It felt so

and not so much on how I do it.

hall. We stay connected throughout the

natural!

performance, and that requires an enormous amount of concentration. That concentration,

The flute sound is considered to be closest to

Tell us about your work space. What were your criteria for setting it up and how does this environment influence the creative process?

the human voice. We even use vocal tech-

Our work as performers is like the combined

help to realise that the audience comes to

niques for sound production. The flute itself

work of an athlete and a poet. So we spend

a concert to be deeply moved, to feel that

doesn’t create sound (no matter if it’s made

hours every day, working with our instru-

connection beyond words. In order to achieve

of gold, silver or wood). It is us who make the

ment, repeating bits of music again and again.

that, you have to be emotional as a performer

sound, with our air pressure, our chest and

Sometimes we can get really loud, so the first

so that this whole anxiety has purpose and

head resonance, that is why the audience

ones that come to mind when choosing a

meaning. The anxiety creates the connection.

should focus more on the instrumentalist’s

work space are our neighbors. Luckily in Vi-

Finally, I realised that once I am on stage,

and imaginative thinking. It is probably why

enna, the city where I live, people are used to

there are far more important things than my

some call it magical.

hearing musicians practicing, but somewhere

ego. It is the music itself and the artistic mes-

else, for instance in Bucharest, one might get

sage that have to transcend my little prob-

For most artists, originality is first preceded by a phase of learning and, often, by emulating others. What was this like for you? How would you describe your own development as an artist?

funny comments like “this guy must have a

lems. And this is how we let go of our ego and

strange disorder, he keeps making the same

become free (of stress).

studying the scores, contemplating different

Of course, prior to being on stage, there has to

The process of artistic development starts

things which can possibly make our music

be a solid preparation which will help reduce

with a crime. We “steal” information from

more alive, etc. can be done anywhere we

the stress. Working on details, looking at

our mentors. We squeeze them until they tell

have the luxury of quietness. Sometimes I

them through a “magnifying glass”, in order

us everything they want us to know, then we

have the need to go out searching for inspira-

to gain stability and precision, is mandatory.

move on to the next victim. We learn what

tion, but mostly I love to travel far with my

Being “in the music” even before the first

worked for them and we also learn from their

mind, from the comfort of my home.

sounds are played is also important. Know-

Tell us about your instrument. How would you describe your relationship to it?

if well trained, makes the whole stress fade away. For me, as a very anxious performer struggling with stage fright, it was of great

skills and uniqueness, rather than on the worth of their instrument.

While playing this instrument, almost everything happens inside the body and people don’t see what we do while playing it, so practicing the flute becomes a kind of spiritual journey. Our practice is like meditation, like a prayer, with a lot of introspection. We use abstract elements

noises every day!”

A more creative part of our daily work,

Any audition preparation advice?

ing what the music you are playing is about,

mistakes. We go on like that until it’s our turn

reading about it, adjusting your technical

our natural habitat. On the other hand, as an

What is the best advice a teacher has given to you?

interpreter of others’ music, researching what

“Be honest with your audience!”

more seasoned players, playing at home daily

to become the victims of our pupils. That is

like you would play on stage, with the same

a composer’s message is about, the language they use, constantly searching for new sources of inspiration, drawing parallels to other

skills to it, sharing your experiences with

What do you do to relieve the stress of performing on stage?

amount of energy and enthusiasm, are some of the things everybody should do.

www.business-review.eu Business Review | November 2019

44 TOURISM

Discover Transylvania off-road on two wheels E-bikes are the new hip thing when it comes to outdoor experiences. Tour & leisure websites are offering more and more e-bike tours, so Business Review decided to ride on a lesser-known part of Transylvania to try out the trend.

By Oana Vasiliu

How about bike touring in a wineyard?

F

rom chill mode to downhill, the e-bike

equipment,” explains Ovidiu Morar, the co-

experience offers you a shot of adrena-

founder of Greensylvania e-bike tours.

line which I’d personally forgot how

The tours start from EUR 45 per day,

Enjoy the ride

much I enjoyed. So on a sunny October day,

depending on the chosen route, the degree of

we went on an official tour of rediscovering

difficulty and the number of people partici-

but we want to talk more and more about this

Transylvania, searching for stories through

pating in a Greensylvania tour. They offer

green side - velo tourism and nature walks,”

villages. The journey is called Greensylvania

Thok e-bikes, which are agile and dynamic,

adds Ovidiu Morar.

and it proposes a series of routes for any type

while the suspension is so plush and forgiving

of tourist: from urban explorers to the adven-

that it basically forces you to enjoy the ride.

of EuroVelo, the official international cycling

turous and adrenaline-seeking types.

Moreover, each tour is custom-made for the

routes portal, but the organisation notes that

group and extra brunch/lunch facilities can be

Romania is a country with a high cycling

- steep climbs are a breeze, descending is a

added, as well as visits to local attractions or

potential given its beauty and the variety of its

blast - and believe me, it’s not the easiest

stops in the locals’ homes to discover the life

landscape. Cycling in Romania will take you

thing to paddle on cobbled roads, but the

of a Transylvanian village.

through mountains, hills, plateaus, plains and

Basically, the bike does most of the job

scenery is breathtaking and the stories told

“We created Greensylvania as a project

Unfortunately, Transylvania is not yet part

seaside landscapes. You will experience the

by the local guide are amazing. “We started

where the local communities, tourists’ pas-

country’s great biodiversity, its rich cultural

mapping Mures county for bike routes, trying

sion for sports and the beauty of Transylvania

heritage, traditional well-preserved life-style

to offer experiences for all types of visitors:

would converge and add value to the natural

and unique culinary experiences. On EuroVelo

from relaxing walks on country roads winding

heritage we have here in this area. E-bikes

routes, you can follow either the course of the

through orchards, cornfields and the typical

complement this picture, offering extra

Danube on EuroVelo 6 - Atlantic-Black Sea or

architecture of the area, to rushing downhill

comfort and the possibility of ultra-modern

the former Iron Curtain areas on EuroVelo 13.

through the forest, hills and riverbeds, using

mobility, while also being environmentally

But nonetheless, the not yet marked routes of

in both cases the bicycles’ full suspension

friendly. We also encourage offline peddling,

Transylvania are worth exploring.

www.business-review.eu Business Review | November 2019

RESTAURANT REVIEW 45

HOTEL DINING >>> Radisson Blu, 63-81, Calea Victoriei, 021 311 9000, info.bucharest@radissonblu.com <<<

I

f you like dining in hotels – and why

the best suppliers. They did a good job. From

their Ginger restaurant, and a lovely pizza

wouldn’t you, since they offer you huge

Ireland there was tenderloin and ribeye. Ar-

from their Italian Caffe Citta restaurant.

space and a distinct atmosphere – you

gentina gave them sirloin and Uruguay fillet.

I also saw a “beef tartar” – raw seasoned

cannot ignore the Radisson Blu as it has

Their seafood offerings were well planned.

chopped beef and also a “salmon tartar”.

more food outlets than any other hotel in

We ordered “scallops in a truffle sauce”. I

This dish is for serious carnivores like me.

town. So let’s look them over.

thought that combo would be a disaster as

It was perfect. Sunday is considered “kids’

I had anticipated the truffles would over-

day” and you would be well advised to take

hotel, with an entrance in Luterana Street,

whelm the delicate flavor of the scallops. But

them here for their endless selection of

within Park Inn by Radisson Bucharest

I was wrong – the dish worked perfectly.

gooey, mushy, chocolatey desserts. They

First, there is Sharkia at the rear of the

Hotel & Residence. For me, this is the best restaurant. It is reasonably priced and is based loosely on Middle Eastern cuisine.

Now let’s look at their, Ginger Sushi Bar & Lounge. If you like sushi, you will love this.

It has every variation avail-

will love it. Then there is Caffe Citta, their Italian restaurant, which tries really hard to bring regional and seasonal food to

able, and of

you. They want to be differ-

We started with a

ent from the thousands

Lebanese “fat-

of so-called “tratto-

toush” salad,

rias” in the land,

with cucum-

all serving the

ber, lettuce,

same food

onions,

from identi-

mint,

cal menus.

cheese and

But being

pomegran-

Italian they

ate. It was

have to have

classically

pasta, and

correct, fresh

they cover ev-

and perfect. But

ery base with a

we could not leave

selection of pastas,

it there, so we had a selection of starters in the spirit of Middle East “mezze”.

So away to a three-way selection of

namely: spaghetti, equal importance, it serves hot Saki. This delicious Japanese rice wine

penne, tagliatelle, pappardelle, and tortellini. They are all pastas, but in a variation of shapes.

hummus: plain, with lamb and pine seeds

is the perfect accompaniment for sushi. And

We had spaghetti carbonara and the

or our choice, with chicken, pumpkin seeds

now for their Dacia Felix restaurant. We had

House followed the classical recipe of egg,

and harissa. Then we followed up with a

Sunday Brunch there, a buffet selection of

bacon and parmesan. It could not get better,

“kofta” (minced lamb and beef) on a cin-

varieties. Almost half of it was fresh raw

so we resigned our search confident in the

namon stick. The stick came in handy as

vegetables – a heaven for vegans, but not for

fact that they know their stuff. Oh, they also

I used it again, and again. All of the above

me, as I am a blood sucking carnivore. So

have a selection of ten different thin crust

cost an average of 30 lei. They have a tabun

after gorging myself on oysters I craved meat,

pizzas, but we will not list them as we are

oven, a clay oven emanating, used mainly

and got it. I sliced myself a generous helping

sure you will know them already.

to cook flat bread. The technique is used

of foie gras together with a fig compote and a

worldwide.

butter toasted brioche.

Off to their fine-dining restaurant Prime

They have a carving station, from pork,

If you are a morning person, you should definitely take your breakfast there, as they recently introduced a new concept “A-la-

Steaks & Seafood. As its name say, it is

to beef, or turkey. I grabbed a handful of

carte Italian breakfast” and try their salmon

themed around steak and seafood.

excellent lamb chops on the bone, which I

or veggie frittatas.

Steak is only as good as its producer, and that means searching the “steak world” for

devoured with my bare hands. There was a sushi station, showcasing the products of

Staff Reporter

www.business-review.eu Business Review | November 2019

46 CITY

Cultural calendar Sibiu Christmas Market Grand opening November 15, Sibiu

By Oana Vasiliu

Makaya McCraven concert November 18, Control Club

Probably the most beautiful Christmas market in Romania, a place you must visit this winter.

Chicago-based drummer and

Endless landscape.

Ioan Sbarciu exhibition Until March 29, 2020, National Museum of Contemporary Art

series of creatures coming to life

The event will take place in the

bandleader Makaya McCraven

in her book, printed in a special

main square, being surrounded

will be in Romania for the first

edition for this event. Her char-

by Baroque architecture which

time. He is described by critics

acters will be introduced to the

makes you feel the Viennese

as a visionary of sound, a pio-

audience in an immersive show

Christmas vibe. The stalls will

neer of new paths in electronic

The exhibition at MNAC is actu-

gravitating around her book. The

present a variety of merchandise,

jazz. “You are listening to one

ally an installation with a single

13 characters presented in the

from Christmas decorations,

incredible musician. His style

monumental canvas (28 meters

book (100 unique copies available

roasted almonds, and mulled

and sound is unique, a heady,

long, 5 meters high) filling the

only at the event) are the result of

wine to traditional handmade

skillful, sophisticated and boldly

museum’s emblematic Marble

several months of hard work us-

products such as leather goods,

uncompromising mix of jazz and

Hall, and practically becoming

ing the special linocut technique.

jewellery and more.

hip hop,” notes UK Vibe. And we

a transgressive object, between

Linocut is a very uncommon,

sculpture and painting. Ioan

almost forgotten approach of

Sbarciu has been for decades a

artistic expression and also a very

central figure of the pedagogi-

challenging one to transpose into

cal, aesthetical and managerial

new media art.

just can’t wait to see him.

Lara Fabian World Tour November 18, Sala Palatului

Shai Maestro Trio November 25, Control Club

phenomenon of “The Cluj School of Painting”. Must see.

WhiskeyFest November 15-16, Caro Hotel

One Night Gallery Maria Balan November 15, Grand Bucharest Metropolitan Circus

Lara Fabian returns to Bucharest with a unique show celebrating

Shai Maestro is one of the most

This festival does not need any

her 50th birthday on stage with

promising and talented pianists

description - the name speaks

her fans, around her various hits

of his generation. Since his debut

for itself - but we should men-

in French, English and other

with his own trio in 2011, Shai has

tion that over 200 bottles can be

languages. The tour is also a

shaped a strong and unique per-

The 12th edition of One Night

tested at the event, there will be

celebration of the career of an

sonal identity and has portrayed

Gallery and the last one of 2019

several masterclasses and some

incomparable artist, who is

an incredible musical fluidity,

will feature Maria Balan’s unique

international brand ambassadors

considered to be one of the most

as they became one of the most

artwork. The show is built around

of the most famous whiskey la-

beautiful voices of contemporary

powerful and harmonious groups

her latest project ANOMALICA, a

bels. Tickets cost RON 50 per day.

music, vocal pop and chanson.

in jazz today.