BR/10/2021

October, 2021 / Volume 25, Issue 9

www.business-review.eu

SUSTAINABILITY 2.0: DIVERSITY AND INCLUSION

16

THE EXPANSION OF REAL ESTATE WELLBEING

28

RECRUITING BOUNCING BACK IN COMMUNICATIONS INDUSTRY

30

PANDEMIC ECONOMY BOOSTS LOCAL PROPTECH NICHE

34

IN PURSUIT OF A SUSTAINABLE FUTURE

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

EDITORIAL 3 COVER STORY

• Editorial •

Anda Sebesi • Editor-in-Chief • 6 In pursuit of a sustainable future

MAIN STORY

The pursuit of sustainability

A

16 Sustainability 2.0: Diversity and Inclusion

INTERVIEW

s Environmental, Social, and Governance (ESG) standards are being highlighted on the corporate world’s sustainability agenda, it is clear that equality, diversity, and inclusion

(ED&I) – from gender-balanced leadership and executive roles to equal opportunities regardless of race, sexual orientation or ethnic-

23 Making a commitment

ity - will be at the core of the next generation of businesses. But

to sustainable agriculture

even more important is the fact that companies that have already set up a clear ED&I strategy or are in the process of adopting such policies will have a much better chance to experience sustainable

MARCOMM

growth in the future.

With many companies making the shift from corporate social responsibility to sustainability, in Romania and worldwide, business communities will need to set the foundations of a sustainable future for the coming generations. This is why, with FEPRA’s support, Business Review organised the Environmental & Sustain-

30 Recruiting bouncing back in communications industry

ability Summit (a Zero Emissions event) last month. A sustainable community needs access to local products, green agriculture, organic food, nature-based solutions, and a healthy circular

CITY

economy. At the same time, it must implement smart city solutions, eco-friendly transportation, and sound waste management

36 On screen: ten years’

policies. Producing more with less and having a smaller impact on

worth of Wild Romania footage turns into major documentary

the environment is the responsibility of both individuals and companies. Last but not least, the recent rise in the prices of oil, gas, and power has shown us how vulnerable we all are in the face of disruptions on the energy market and how important it is to have sustainable energy production and consumption.

37 Diploma’s creativity takes over Bucharest

38 Cultural calendar

EDITOR-IN-CHIEF: Anda Sebesi JOURNALISTS: Aurel Constantin, Mihai Cristea, Romanita Oprea, Oana Vasiliu CONTRIBUTORS: Ovidiu Posirca, Sorin Melenciuc, Claudiu Vrinceanu COPY EDITOR: Anca Alexe PHOTO EDITOR: Mihai Constantineanu PHOTOS: Dreamstime ART DIRECTOR: Raluca Dumitru PUBLISHER: Bloc-Notes Media Network ADDRESS: 82-98 Calea Grivitei, 1st floor, Hotspot Workhub, District 1, Bucharest, Romania SALES MANAGERS: Radu Fireteanu, Alexandra Rosca MARKETING & SALES MANAGER: Luiza Luca PRODUCTION: Dan Mitroi DISTRI­­BUTION: Eugen Musat EXECUTIVE DIRECTOR: George Moise GENERAL MANAGER: Catalin Alistari USA MANAGER: Oana Molodoi FOUNDING EDITOR: Bill Avery EMAILS: editorial@business-review.eu, sales@business-review.eu, events@business-review.eu SUBSCRIPTIONS on Manpres Distribution Business Review is a member of Fwei

Publicație auditată pe perioada Apr 2015 - Mar 2016

ISSN NO. 1453-729X

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

4 NEWS

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

Submissions may be edited fo­­­r length and clarity.

Get in touch at mihai.cristea@business-review.eu

First ZARA store in Romania reopens, launches brand’s new global image

By Aurel Constantin generous, with windows which are decorated to harmoniously combine with the interior, offering customers the opportunity to easily identify the latest collections. The new ZARA

Daria Marinescu has been appointed as Head of Marketing at FREE NOW in Romania to lead the company’s local marketing strategy.

Daria has more than 14 years of comprehensive experience in both media and marketing agencies and corporate teams such as PRO TV, Nokia, and Provident. She graduated from the National School of Political and Administrative Studies in Bucharest and holds a Master’s degree in Business, Management, and Communication.

concept, featured at the Plaza Romania store, is available only in the brand’s other flagship locations, abroad.

Sustainability is also an integral part of Inditex group’s strategy, and the new concept

The new concept introduces a more refined approach to the shopping experience

page 5

brand sells Join Life items from biodegradable materials such

Through the reopening of

reopening, introduces a more

as Modal, Tencel, Lyocell, bio

its store in Plaza Romania,

refined approach to the shopping

cotton, cashmere, linen or jute,

international fashion brand

experience and a higher focus on

using manufacturing processes

ZARA premiered its new global

products.

with as little impact on the

concept on the local market,

Luiza Domnisoru has joined the Revolut Romania team as Head of Communication on the local market. In the past 3 years, she coordinated Communications & CSR activities at Digi Group.

With a Bachelor’s Degree in Journalism from the University of Bucharest and a Master’s in Communications and Public Relations from SNSPA, Luiza Domnisoru is an experienced professional with over 20 years of proven expertise in the communications and public relations field as a journalist, public relations and corporate communications strategist, media relations specialist, and event strategist and organiser.

reflects this commitment. The

Furniture complements the

environment as possible.

The brand also selectively

bringing customers a com-

design, with organic shapes and

plete and surprising shopping

neutral colours. Lighting plays

recycles waste and gives cus-

experience, as well as a design

a major role in staging the space

tomers the option to donate

that combines the influences

and highlighting the innovative

items in the Take Back contain-

of art deco with sustainability

concept. Interior décor elements,

er installed in all its stores. The

and eco-friendly elements.

made of wood and stone, also

Plaza Romania store was Zara’s

The new concept, inaugu-

emphasise this renewed identity.

first in the country, opened in

rated in Romania with this

The store’s main entrance is

2004.

Affidea | Hiperdia invests EUR 2.7 million in new state-of-theart Medical Centre in Cluj

By Mihai Cristea Affidea Romania, the local sub-

ment of EUR 2.7 million. In addi-

sidiary of the European leader

tion, the new Affidea | Hiperdia

in imaging, outpatient, nuclear

Centre is diversifying its range of

medicine, and cancer treatment

services in the medical imaging

services, announced the launch

and lab medicine segments and

of the new Affidea | Hiperdia

becoming the first Affidea centre

Medical Centre in Cluj, the

in Cluj to also provide medical

company’s largest centre in the

consultation services, covering

county, following a total invest-

14 specialties.

The total investment in the centre was EUR 2.7 million

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

NEWS 5

Interbrands Orbico becomes largest consumer goods distributor in Romania

Joao Brigido has been appointed as Manufacturing Director for the Philip Morris Romania factory.

Brigido joined the Philip Morris Portugal team in 1999. Since then, he has held positions in PMI-affiliated companies in several countries, including Operations Director for Philip Morris South Korea and Philip Morris Brazil. In 2019, he was appointed as Operations Director at Philip Morris Philippines.

By Newsroom This month, Interbrands Orbico

future in the FMCG

became the top player on the

and Beauty indus-

Romanian FMCG distribu-

tries. We bring value

tion market, once the merger

through our digital

with parent group Orbico is

and logistics solu-

completed. The company

tions, through a very

will now bring customers an

wide range of qual-

integrated portfolio of over 200

ity products, and

brands and 12,000 products

a vision based on

in categories such as tobacco,

performance. The

perfumery, household, food,

main benefits of the merger come

flows and logistics capabilities,

and non-food.

from using synergies to their full

and the implementation of

potential, in order to develop and

new business models related to

folio partners include Philip

improve services, modernise pro-

conventional distribution.

Morris, Procter & Gamble,

cesses and systems, streamline

At the same time, it will

Bolton (Rio Grande), Lindt, Kel-

logistics capacity, and maximise

continue to prioritise meeting

logg’s (Pringles), Duracell, Fater

the potential of distribution

its employees’ needs, so that

(Ace), Klintensiv, Dalli (Bonux),

channels for all portfolio brands,”

the company’s approximately

Tchibo, Wella, Coty, Converse,

said Ioana Boghenco, the General

2,000 employees are be able to

Revlon.

Manager of Interbrands Orbico.

benefit from new specialisation

Interbrands Orbico’s port-

“Our mission is to bring

The company will target three

and professional development

value to our people, partners,

major development directions

opportunities, both locally and

customers, consumers, and

in the near future: the launch of

regionally, in order to continu-

society, offering complete

a digital business-to-business

ously motivate the organisa-

solutions that are ready for the

platform, the automation of

tion.

Alina Bulgariu is the new Financial Vice President of Ursus Breweries. She also joined the executive team on October 1, 2021. Alina has more than 25 years of experience in the FMCG industry. She started her career at Coca-Cola HBC, holding various positions in the Finance department, then moved to Japan Tobacco International as Finance Manager and later became Finance Director. In 2007, she took over the CFO role at Altex, and for the last 13 years Alina has been part of the Intersnack board, where she also held the position of CFO.

“The Affidea Group currently owns a medical hub – a portfolio of 3 high-performance clinics in Cluj-Napoca – representing a total investment of over EUR 10 million euros. By upgrading and expanding the new Centre, we’re consolidating our leading position on the imaging segment, while responding to the need for private medical services by developing the consultation and laboratory analysis segments,” said Razvan Predica, Country Manager at Affidea Romania.

Robert Jasinski is the new managing director of Danone Romania, which produces and distributes fresh dairy and plant-based products, and Nutricia Romania, which manages the company’s baby food and clinical nutrition products. Before this announcement, Jasinski had been the managing director of Nutricia Romania.

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

6 COVER STORY

IN PURSUIT OF A SUSTAINABLE FUTURE

The pandemic has taught us that caring for the environment is the key to a good life. A sustainable community needs access to local products, green agriculture, organic food, naturebased solutions, and a healthy circular economy.

At the same time, it must implement smart city solutions, eco-friendly transportation, and sound waste management policies. Representatives of companies that are highly involved in local communities talked about the way we can create a better, more sustainable life for ourselves at Business Review’s Environmental & Sustainability Summit, a Zero Emissions event organised with the support of FEPRA.

By Aurel Constantin

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

S

COVER STORY 7

ustainable solutions are already in place or are being imple-

deployed with very little evaporation. “Spraying water is a method

mented in several industries. For example, there are ways to

that is still being used today, but this mode of irrigating wastes

make agriculture sustainable and to make sure that our food

water through evaporation, and that water never even touches the

and water are used more efficiently in order to cover the needs of a

plant. As such, we are deploying new techniques to direct the water

growing population. “Over the last 10 to 15 years, we’ve really shifted

into the canopy and we are reaching 80 percent efficiency, which is

from an intensive model of growing crops to a more environmen-

very good. But the next step involves drip irrigation, which means

tally-friendly and highly-optimised way

installing some pipes in the soil in order to

of producing every crop in the world. The

maintain moisture levels. This is the best

idea is to produce more with less and have

method, with an efficiency of 95-98 per-

a smaller impact on the environment. It

cent, allowing us to use the exact amount

is our responsibility as individuals and as

of water that is needed, at the root of the

companies to achieve that goal,” said Remi

plant,” said Rami Dei-Tos of Bayer.

Dei-Tos, Row Crop Seeds Production Lead

Weather prediction is also very impor-

at Bayer.

tant in the context of sustainability, as

The pursuit of sustainability in agricul-

knowing exactly when it will rain helps

ture leads companies to find solutions to

you significantly reduce water waste. “It

grow better crops while using less water

is pointless to irrigate while it is raining;

and fewer fertilisers. “When farmers learn

you’re just washing the water away.”

that they can obtain better crops by using

It goes without saying that such an ad-

these solutions, they obviously begin to

vanced water management system doesn’t

adopt them. So far, our network of farmers

come cheap. The initial investment can

has been very supportive of such solutions and they are fully on

be substantial, but the benefits are immediate. “The cost of water

board,” said Dei-Tos.

will never stop growing, so in the end the investment will be offset.

Bayer has come up with a way to use less water in irrigation

We were the first ones to launch a system like this, but we hope to

systems and it is helping farmers implement the solution, either

implement it at global level and offer solutions at lower costs. So

directly or through partners. “The technology allows farmers to see

far, we have been supporting farmers in this direction. We are not

exactly when a plant needs water and how

promoting irrigation for the sake of irriga-

much it needs, instead of just using esti-

tion, but as something that can be helpful

mates. If we want to go into detail, we can

for the farmers, even if they operate in a

map out the soil to figure out which parts of

good climate. There’s never enough rain,

the plot retain more or less water. We can

so irrigation will help increase production,”

then adjust irrigation so that we only use

Dei-Tos explained.

water when and where it is needed. We are

The biggest problem with rainfall is

making massive investments in these types

that it doesn’t always happen at the right

of irrigation solutions,” the Bayer represen-

time. If we look at the same crop before

tative explained.

and after irrigation, we’ll see that the yields

Water is an essential element for the

are completely different. “You get about 8

beer industry as well. Agricultural irriga-

tonnes without irrigation and 13-14 with

tion systems are complex and expensive,

irrigation, so the profit obtained by farmers

and though water management may be

is much higher. In the end, it is sustainable

simpler in a factory, it still raises many challenges. “Through our

and brings more value to farmers. This is the role we can play as a

water management system, used water gets treated and re-enters a

company,” Dei-Tos added. “We are working with our partners to

new production process, so it doesn’t go into the sewer. That's how

deploy this water management system. So far, we have implemented

we manage to use as little water as possible. We have some clearly-

it on almost 10,000 ha, another 10,000 ha with an irrigation system,

established targets and our goal is not to waste any water at all. We

and almost 1,000 ha with dripping irrigation or adjusted irrigation

try to recover all the waste that results from the entire production

systems. This is all being done here in Romania, with Romanian

chain so it doesn’t end up in the garbage. At the end of last year, we

farmers.”

were able to reach our zero waste goal as we recovered all the waste, including yeast, which we dried and used as animal feed,” said Alex-

LOCAL, SUSTAINABLE FARMING

andra Barroso, Legal and Corporate Affairs Director at Bergenbier.

To have local farmers producing every type of crop, Romania needs to update its legislation. One of the problems encountered by beer

IRRIGATION VERSUS RAINFALL

producers in the past was the fact that they couldn’t find enough

Agriculture also benefits from technologies that allow water to be

hops in Romania, so they had to rely on imports. “The problem

8 COVER STORY

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

wasn’t that Romanian farmers didn’t want to produce more, but that

sustainable communities. On the other hand, we have the new de-

they faced various legislative impediments. The Romanian Brew-

velopments that we are planning, which will meet all the sustainabil-

ers’ Association also includes producers of raw

ity criteria we are committed to from the very

materials, and one of its greatest achievements

beginning,” said Constantin Sebesanu, CEO at

was that it managed to obtain the legislative

Impact Developer & Contractor.

changes needed to produce more hops. That

“I am often asked whether sustainability is a

also helps reduce costs, because when you

trend or a fad; I say it's a must. We need to cre-

import a lot of materials, prices increase along

ate viable communities and improving people’s

the chain,” Barroso noted.

lifestyles is not something that we even need

Other entities are also committed to show

to push, because it’s coming up anyway. We

farmers how they can turn to 21st century agri-

just need to stay one step ahead of it. We have

culture. “Our mission of Ateliere Fara Frontiere

just conducted a survey inside the Greenfield

is to integrate into the labour market those

Baneasa community and one of the questions

who are able to work, but find it difficult to find

asked during a focus group was about how

jobs for various reason. Organic agriculture is

people had experienced the pandemic inside

quite complicated, as it requires both major

Greenfield. About 85 percent responded that

investments and a large workforce,” said Lorita

the only place where they would have wanted

Constantinescu, Deputy Director at Ateliere Fara Frontiere. “It is

to live during this period was their home in Greenfield, which was

important for people to understand what organic agriculture means,

extraordinary to hear,” Sebesanu added.

which is why we organise visits to the farm,” she explains.

“Building sustainable communities is not easy. Our focus must be distributed to sev-

Ionut Badica, Project Manager at Sol si Su-

eral crucial elements, from mobility to waste

flet, argued that “increasing the natural fertility

management, from the near-zero emissions

of the soil is a key component in positive agri-

buildings we are planning to the BREEAM

culture, and without that efficiency we cannot

Excellent standards we are looking to imple-

talk about positive agriculture.” And since there

ment. At Greenfield Baneasa, we just got the

are no positive farming courses in schools, Sol

permit to implement geothermal energy that

si Suflet started an internship programme at

will not only cut down on carbon emissions but

their farm.

will also reduce costs and turn us into a more affordable community. We are also probably

SUSTAINABLE COMMUNITIES

the first real estate developer to have built a

Green agriculture and water management sys-

public school and a public garden inside our

tems are just a part of a sustainable community.

community. A year ago, we also brought public

“We all know that communities play important roles in our lives. Our

transport to Greenfield Baneasa: there are two lines that were intro-

entire activity is split between communities, whether we’re talking

duced in order to reduce traffic within the community. We are also

about friends, families, offices, neighbourhoods

planning to add a magnetic train. Imagine how

or artistic communities. Having a sense of com-

much time our residents are saving by having

munity unites and it definitely makes our ten-

a school there, how much more quality time

ants feel better, as it gives them the opportunity

families can spend together instead of sitting

to connect with people with similar values and

in traffic. And this actually reduces traffic in

preferences. We experience the need to create

the entire city, not just in our community,” Con-

and develop strong communities even more

stantin Sebesanu explained.

during this period, thus the need to communicate more with tenants and provide them with

FINANCING GREEN PROJECTS

access to amenities like multimodal football

Financing green projects in Romania is the job

courts, outdoor gym activities, and outdoor

of both commercial banks and public institu-

spaces when they can work or relax and feel

tions, which are complementing each other.

safe,” said Antoniu Panait, Managing Director at

“We invest our money in strategic sectors

Vastint Romania.

where commercial banks are not yet ready to

“There are two ways in which we develop large and sustainable communities. On one

invest because of commercial risks or various other factors, but also because unlike us,

hand we have communities that we started years ago, such as our

commercial banks are profit-driven. Our financing is actually very

core project Greenfield Baneasa, which need to be transformed into

competitive; we are the cheapest solution on the market in terms of

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

COVER STORY 9

financing and we also provide longer tenures. You can repay a debt

tics at ING Bank Romania, said that commercial banks are commit-

over a much longer time compared than you would to a commercial

ted to financing sustainability projects. “Transportation, mobility,

bank. Usually when we support the public sec-

and automotive are sectors of interest for us as

tor, in this case communities, municipalities or

a bank, both globally and locally. And making

counties, we can go up to 40 years, depending

these sectors sustainable, including from a

on the economic lifecycle of the project. When

credit portfolio perspective, is of the utmost

we support the private sector, considering the

importance. We are globally committed to

type of investments we are involved in, the

reducing the carbon footprint of the lending

cyclical nature of business, and the depen-

portfolio that we have committed towards

dence on the market, we can only go up to 12-14

these sectors, in line with the provisions of

years,” said Lara Tassan Zanin, Head of the EIB

the Paris Agreement. We are on track with this

Group Office in Romania.

strategy (through the Terra project), and the

”The EIB has a history of more than 25 years in Romania and it is contributing to an average of 1 percent of GDP every year, meaning around EUR 1.3 billion, of which half goes to the public

progress is published on the bank's website,” said Huma.

“We are very interested in getting involved in these types of projects, and we would also

sector and the other half to the private sector. In the public sector it's

like to see as many projects as possible in Romania that encourage

a mix of national agencies, supporting education, transport, energy,

the sustainable development of both the automotive sector and

and all other sectors to which we can contribute. In the case of the

the transportation/mobility industry. In order to see more projects

private sector, we support both large corpora-

in transportation and mobility, it would be

tions and SMEs, through intermediated lending

helpful to first set up a legal framework to help

via commercial banks,” Lara Zanin explained.

project development and implementation, and

But it is not easy to find green projects in which to invest. Why is that? “The first and most important answer is related to the politi-

we are really looking forward to that happening,” Adrian Huma added.

ING Bank recently launched a green loan

cal commitment. You know better than I do that

for the acquisition of electric and plug-in

there is a high rotation rate at the government

hybrid cars, with a special interest rate that is

level, in both the central and local offices, while

2 percent lower than the market standard and

the projects the EIB tends to support usually

with very light qualification conditions: no

require long-term financing, which means a

advance, no CASCO insurance, no leaving a car

long-term commitment to prepare the project,

key at the bank; clients only need an invoice

implement it, and take it to the very end. When ministers change three times a year, it's hard for us to maximise our potential in this country, because we have to start from scratch every

from the dealer to certify that the car they are purchasing is an electric or hybrid plug-in.

“I think the first condition to integrating green cars into a smart

time and reconfirm commitment from the top,”

city is having those green cars and having that

Zanin noted.

smart city. The number of green cars around us

“The second source of difficulty comes from

is growing, but the total number is still small,

planning, and I think this is very relevant to

for various reasons, including high costs and

the topic of sustainable communities. There

lacking infrastructure. We also have a chicken

is no commitment to planning, especially to

or egg-type dilemma here. The more devel-

urban planning. When we talk about sustain-

oped the infrastructure, the more people will

able communities, we talk about a multilayer,

choose to buy such cars, and vice versa. If

multidisciplinary type of planning which goes

there are enough cars, then more investments

from energy efficiency to sustainable mobility

will be made in infrastructure projects,” Huma

or other related technologies that can benefit

concluded.

from this type of investment. Now, more than ever, if you want to build sustainable commu-

The Environmental & Sustainability Summit

nities, you need to have smart planning and to

was organised by Business Review with the help

remain committed to it,” the EIB representative

of Gold Partners Bayer, Bergenbier, Impact

argued.

Developer & Contractor, ING, and Vastint; Silver Partners BRD Groupe Societe Generale, CMS,

TRANSPORTATION AND MOBILITY

EY, Garanti BBVA, Restart Energy; Event sponsors Dentons and Volta;

Adrian Huma, Sector Head for Automotive, Transportation & Logis-

and Sustainability Partner FEPRA.

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

10 COVER STORY

Energy sector ready for transformation The recent rise in the prices of oil, gas, and power has shown us how vulnerable we all are in the face of disruptions on the energy market and how important it is to have sustainable energy production and consumption. The industry needs new investments in green energy projects to prepare the electric grid of the future, which should be able to support large-scale charging infrastructure for electric vehicles, while companies need to adopt sustainable practices and build better waste management systems. All these crucial topics were covered at Business Review’s Environmental & Sustainability Summit, a Zero Emissions event organised with the support of FEPRA.

By Aurel Constantin

“

The Romanian energy sector is in the middle of a complex

Officer at Restart Energy. There is a lot of interest in renewable en-

transition period, which is why I consider ‘stable’ to be a

ergy projects in Romania right now. The trend has accelerated over

relative term, and I think ‘evolving’ would be more appropri-

the last year and a half and it is expected to go even further due to

ate. To meet environmental targets and the needs of the economy,

US and European green initiatives. “In line with this trend, Restart

our energy sector must accelerate its transition to more sustainable

has around 550 MW’s worth of solar projects in various stages of

production sources, better software integration, and smart grid de-

development and we will begin activating them next year,” Bargau

velopment. These elements will provide more energy and autonomy

added. The transformation of the Romanian energy sector may

for Romania in the future,” said Valentin Bargau, Chief Investment

cause social issues, as some people could lose their jobs or be forced

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

COVER STORY 11

to find new ones. Nevertheless, the transition to greener power pro-

But we have to move fast to develop projects that are aligned with

duction systems will happen, with the help of European funds.

the EU objectives outlined in the Green Deal and Fit for 55 plans.

“The energy transition will be a long process, and it will not

“The best news is that yes, we have the technologies to reach 100

be easy. And if things aren’t done in the proper way, it could also

percent green electricity. And what’s more, they are becoming

be very painful. I see three challenges that need to be addressed:

cheaper and cheaper. We have always believed that clean energy

funding, social issues, and technological barriers. When it comes to

was more expensive than ‘dirty’ energy. We have wind, solar power,

funding, the energy transition (like any other transition) comes with

geothermal, biofuels, hydropower, storage, and, of course, hydro-

a cost. For the Romanian economy, which is dealing with signifi-

gen. The more we use these technologies, the cheaper they will

cant budget imbalances, getting the money will be a real challenge.

become,” Velescu explained.

But at the same time, we have a great opportunity: about EUR 80

“The prices of wind and solar power have declined exponen-

billion are waiting for us in Brussels and our only job is to take this

tially, to levels that nobody had anticipated. Since 2010, these prices

money and use it correctly,” said Catalin Velescu, General Manager

have fallen by 90 percent, and the process will continue. Today,

& Founder at Volta Grup.

solar and wind are the cheapest ways to produce energy in new

If Romania manages to tap into these European funds, about EUR 10 billion – or 5 percent of GDP – will be available every year.

capacities almost everywhere in the world. From Mexico to Chile, from the UK to Spain, we’ve seen bids of 2 cents/kwh for solar and

"Europe’s goal of becoming the first carbon neutral continent by 2050 requires a huge effort from the business environment, public authorities, and the financial system, through a holistic and collaborative approach. In this equation, the role of banks is essential if we take into account the fact that addressing the risks of climate change alone, requires a volume of public and private investment of about EUR 60 billion over the next 10 years,in Romania," Iuliana Tiba, BRD - Groupe Societe Generale

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

12 COVER STORY

wind energy generation,” the Volta Grup representative added.

“Hydrogen should also rise as a worthy power source, with sta-

But we are still experiencing increases in electricity prices. “We

bility being its biggest advantage. During the last years, the debates

expect the price of electricity to remain volatile, so it is difficult to

on the use of hydrogen have evolved considerably, and the connec-

make an accurate prediction, but

tion between hydrogen and re-

I believe that the price of energy

newable energy has been put into

in general will continue to grow,

a broad context. To this extent,

due to various factors – political,

it is known that hydrogen may

economic, and geopolitical. It is

lead to the growth of the renew-

time for us to realise that the green

able energy market and boost the

transition has a cost and that this

discovery of renewable solutions.

cost will be reflected by future

There are various ways to ensure

energy prices,” Velescu argued.

the supply of clean hydrogen, but Romania currently lacks a regula-

RENEWABLE ENERGY PROJECTS

tory framework regarding the use

The importance of renewable

of hydrogen in electricity produc-

energy projects has never been

tion. According to its Recovery

higher, as they could allow us to

and Resilience Plan, Romania

no longer depend on natural gas

intends to develop a National

imports or prices. “These projects

Strategy for Hydrogen, based on

(including hydro projects) are

which the legislation required for

crucial to the sustainable energy

investments in this field would be

transition. In 2020, renewables

enacted,” Vlasceanu said.

accounted 24 percent of Romania’s total energy consumption, and the government has set a 30.7

MEETING NEW CO2 STANDARDS

percent target for 2030. This can be achieved through a further

The European Union is planning a significant reduction in CO2

development of renewable energy sources, up to a total installed

levels for the coming years, but it will not reach its targets easily.

capacity of 7 GW,” said Elena Vlasceanu, Counsel at Dentons.

“The EU has done pretty well so far, having met its previous target

“At the same time, in order to achieve fully green power produc-

(i.e. -20 percent by 2020) ahead of schedule. The Union’s estimates

tion, there are a number of techni-

indicated a 32 percent reduction

cal challenges to overcome (not

by 2030 based on current and

only in Romania’s case, but also

planned reduction measures,

in highly developed countries like

which is clearly not enough if

Germany), one being the balancing

it wants to achieve a 55 percent

of the National Electricity Grid.

reduction. This will require ad-

But in order to reach such target,

ditional efforts and resources and

the grid has to be refurbished and

more significant changes in the

upgraded to a smart grid, while the

transport and other difficult-to-

fluctuating power production from

abate sectors. However, consider-

RES (Renewable Energy Sources)

ing what has been achieved so

should be stored or somehow

far and the commitment demon-

balanced in order to match the

strated by the European Commis-

stability of conventional sources.

sion and Parliament so far, we can

The storage of green energy in

be reasonably confident that the

batteries or other storage solutions

EU has a good chance to achieve

is also a path to the future. Until

its more ambitious targets,”

these problems are solved, the EU

explained Massimo Bettanin,

aims to use gas and nuclear power

Partner at EY Climate Change &

as transitory sources, as they pol-

Sustainability Services in Central

lute less than other conventional

and Eastern Europe.

sources such as coal and oil,” Vlasceanu explained.

The development of green energy projects also needs to be

“Romania is in a very good position to achieve its CO2 targets. As per the Integrated National Energy and Climate Plan, a 50 percent

analysed in the context of the European Green Deal, which aims to

reduction compared to 1990 levels is targeted by 2030 (page 49).

transform the EU into the first climate neutral continent by 2055.

This plan was approved before the Green Deal, at 10 percent above

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

COVER STORY 13

the EU’s initial 40 percent target, and it will need to be updated to

from their customers and consumers. Moreover, in the long run, it

match the Green Deal. Also, Romania is among the EU countries that

is also a question of survival for many businesses, in the context of

depend most on coal/lignite for electricity production. Phasing out

an expected transition to a green and inclusive economy.

lignite has significantly contributed towards CO2 reduction and will

“Banks are ready to finance responsible companies or projects.

continue to do so. The recently

Europe’s goal of becoming the

approved Recovery and Resilience

first carbon neutral continent by

Fund has clear milestones for

2050 requires a huge effort from

phasing out lignite,” said Bettanin.

the business environment, public authorities, and the financial

FINANCING GREEN PROJECTS

system, through a holistic and

The transition will need to be

collaborative approach. In this

carried out at the company level.

equation, the role of banks is es-

Turning into a sustainable busi-

sential if we take into account the

ness, which includes economic,

fact that addressing the risks of

environmental, and social objec-

climate change alone, according

tives, involves a process of internal

to a recent report on green financ-

transformation that includes

ing from the National Committee

rethinking relationships with sup-

for Macroprudential Oversight,

pliers and consumers, making cus-

requires a volume of public and

tomers aware of the need for an

private investment of about EUR

efficient use of natural resources,

60 billion over the next 10 years,

a reduction of the ecological

in Romania. Our role is to par-

footprint, as well as accounting for potential changes in consumers’ preferences and demands.

ticipate in this economic effort, design new financial products, finance businesses that are meeting

“It may involve investments in innovation, new technologies, in

requirements, but also disseminate good practices and accompany

the acquisition or development of new skills or support services for

our clients in this process of transformation. Activity in this area is

defining transition strategies or compliance with new requirements.

still in the early stages, and there are also big challenges ahead for

All this generates cost for the company, but long-term commitments

both banks and companies,” said Iuliana Tiba.

may be reflected in cost reduc-

Commercial banks are

tions (due to low consumption of

providing financing solutions

natural resources or low prices),

for sustainable businesses and,

the emergence of new sources of

according to ING Bank, clients’

income (e.g. from the recovery of

openness can be demonstrated

waste or by-products, the creation

by the high number of financing

of industrial symbioses, etc.),

deals closed in the first 6 months

the penetration of new market

of the year. “There is certainly

segments or geographical areas or

an appetite, and the demand can

obtaining a competitive advantage

only grow from here. In the first 6

and better positioning on the mar-

months of 2021, we brokered 133

ket. It is difficult to quantify the

sustainable deals at the group lev-

costs associated with an organisa-

el, more than we brokered over

tional transition towards a sustain-

the whole of 2020,” said Claudiu

ability agenda, but there are cer-

Sabau, Head of Client Coverage at

tainly benefits for a company that

ING Bank Romania.

adopts such a model,” said Iuliana Tiba, Environmental, Social, and Positive Impact Financing Director at BRD Groupe Societe Generale.

According to Tiba, research has shown that reducing “cost-to-

Sustainability was seen as rather “exotic” until recently, but lately it has become a recurring topic in talks with clients. “To provide an analogy, we can think of a high speed train that has just left the station and it’s starting to

impact” leads to increased profitability, stronger resilience, and

accelerate, but it’s going to take some time before it reaches cruising

higher financial attractiveness. Worldwide, ESG (Environmental,

speed. Companies that don't take this seriously may find them-

Social & Governance)-focused companies have not only seen higher

selves in the unfortunate situation of no longer being able to finance

returns, but stronger earnings growth, dividends, and recognition

projects or refinance existing debt on their balance sheet a few

14 COVER STORY

years from now. Sustainability is not something that happens overnight and it’s not always black or white, as certain sectors will be

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

Romania is lucky to be a member of the European Union, which is pushing us towards sustainability and a circular economy. “The

impacted more than others. At ING

best indicator is the way Romanian

we strongly believe in a collaborative

citizens see the circular economy

approach where we stay close to our

and address environmental and

clients, we provide constant advice,

social issues in this area. Last year,

and facilitate their transition to a less

FEPRA and ISOP conducted a study

carbon-intensive business model

to find out how citizens perceived

through the financing we provide,”

certain market realities, and it turned

Claudiu Sabau explained.

out to be a very interesting study, albeit a bit difficult to understand. It

STOPPING RESOURCE WASTE

was about 200 pages of analysis on

Big changes are underway, being

demographics and other indicators,

driven by both European authori-

but the result was overwhelming,”

ties and by consumers wanting to

Georgescu said. In recent years, is-

be more environmentally-friendly.

sues like waste management, clean

“We’ve built up an economy using oil & gas and natural resources

air, and green cities have started to attract a lot of interest from

and promoting unlimited consumption. The period we are entering,

citizens, many of whom are looking to get more involved. “This

however, is one when we are becom-

study showed us that citizens were

ing aware of the fact that resources

actively involved, and not just at a

are finite,” said Gus Schellekens,

theoretical level. One of the ques-

Partner and Head of Sustainability

tions was whether Romanians were

for EY Climate Change & Sustainabil-

willing to pay more for certain

ity Services at EY Romania.

products that are indeed sustainable,

“Consumer attitudes will change

organic, green, and a large share of

attitudes among economic opera-

respondents said yes. There’s still a

tors. It may seem like a small thing,

long way to go from saying you’d do

but it is very important” said Ana

something to actually doing it, but

Radnev, Head of Finance at CMS

we’re starting to see more and more

Romania. But change will not come

products on supermarket shelves

easy. “We're in a paradigm where

that are organic, have reusable

we're trying the same things that

packaging, use less plastic or more

haven't worked for the last 20 years. We keep hoping that local

glass. And the more such products appear on the shelves, the more

authorities will start seeing the world differently overnight, that

consumers will be demanding them,” the FEPRA CEO argued.

they’ll build a separate waste collec-

“There's another important thing

tion infrastructure overnight, that

to note here, which Romanians need

they’ll begin to access European

to understand as well. What are the

funds that are no longer available,”

real costs of a product? Are all costs

argued Ionut Georgescu, CEO at

included in the products we buy?

FEPRA.

The answer is categorically no! If we

“At the moment, I think that

took into account all the costs and

Romania just needs a bit of will – and

environmental impact of a product,

when I say will, I am referring to

we would better understand the

entrepreneurship. There are com-

impact of our consumption – a cup

panies that want to see more than

of coffee is a very good example

what is happening right now and I

for this exercise. Dozens of litres of

think that at this time, Romanian

water are consumed for a small cup

entrepreneurs should imagine a

of coffee. Water is used for irrigation,

system in which we, as corporations

by people picking the coffee beans, in

and as entrepreneurs, could get in

the washing process, in the produc-

direct contact with citizens who are

tion process, and so on. It all adds up

both consumers and waste generators and try to redesign our waste

to dozens of litres for a single cup of coffee. Hundreds of litres for a

management practices,” he added.

T-shirt, hundreds of litres for a piece of meat,” Georgescu noted.

16 MAIN STORY

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

SUSTAINABILITY 2.0: DIVERSITY AND INCLUSION With Environmental, Social, and Governance standards being highlighted on the corporate world’s sustainability agenda, it is clear that diversity and inclusion – from gender equality in boardrooms and executive roles to equal opportunities regardless of race, sexual orientation or ethnicity – are at the foundation for the development of the next generation of businesses. Last month, Business Review hosted Inspiring Voices #EqualFuture, an event that approached hot topics such as gender-balanced leadership, gender equality, and empowering women, bringing together representatives of companies with the best track records for diversity and inclusion.

By Anda Sebesi

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

MAIN STORY 17

A

ccording to the European Institute for Gender Equality (EIGE), the persistent gender imbalance among key decision-makers in large corporations and financial institutions

remains a cause for concern. Despite continued political and media attention, pressure from shareholders, and an increasing body of knowledge showing the performance benefits of gender-balanced decision-making, women remain substantially under-represented in corporate boardrooms.

The same source says that in October 2020, the share of women on the boards of the largest publicly listed companies registered in the Member States reached 29.5 percent. France is the only Member State in which the largest listed companies have at least 40 percent of each gender at board level. Belgium, Italy, and Sweden all have around 38 percent women, while women account for at least one third of board members in Denmark, Germany, the Netherlands, and Finland. By comparison, out of 27 EU member states, Romania is ranked 23rd when it comes to the presence of women on boards of companies, with only 12.8 percent.

Only seven Member States have taken legislative action to address the gender imbalance in boardrooms through the adoption of a national gender quota that sets a minimum proportion for the under-represented gender: France and Italy (40 percent), Belgium and Portugal (33 percent), Germany and Austria (30 percent) and, most recently, Greece (25 percent). The Netherlands will likely join this group if it adopts the current legislative proposal for a 33 percent gender quota applicable to the supervisory boards of listed companies. The legislation underpinning a national gender quota typically provides a time scale for compliance that allows companies to deliver change within the normal cycle of board renewals, meaning that change is progressive rather than instantaneous.

In addition, less than one quarter (23 percent) of the largest companies in EU Member States have at least 40 percent of each gender among their board members, and nearly one in five still have all-male boards. In Bulgaria, Estonia, and Hungary, the boards of more than half of the companies in the EIGE sample do not have any women members.

“Back in 2011, France adopted a law that imposed a specific share of women in boardrooms, and companies listed on the French stock exchange were required to achieve this goal by 2017, otherwise they would either be penalised or delisted. The law was applied for both French companies and their subsidiaries in other countries. As a result, companies started to encourage women to join their boardrooms and developed gender-balanced leadership policies. This phenomenon spread to other companies and across the society, so people today perceive it as normality,” says Virginia Otel, Co-president at PWN Global. She also gives the example of Sodexo, where women make up 60 percent of the board, a figure that the company is now looking to rebalance.

According to Otel, out of 27 EU countries, Romania ranks 25th on women’s participation in boardrooms. “I think that if women, men, companies, and governments all make an effort to support this approach, things could change rapidly. There needs to be a concerted effort,” she argues.

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

18 MAIN STORY

Along similar lines, Ana Dumitrache, Country Head at CTP in Romania, admits that companies must be required to have a balanced

…AND THE LOCAL REALITY According to Perry Zizzi, president of the Romanian Diversity Cham-

gender representation in their boardrooms.

ber of Commerce (RDCC), Romania has

“This could never come as a natural step,”

managed to avoid the worst excesses of its

she says. Virginia Otel shares Dumitrache’s

former communist neighbours. In addition,

opinion, pointing to international studies

we have not witnessed any rolling back of

that show that it would take 200 years to

women’s rights or municipalities declaring

reach gender equality if companies weren’t

themselves to be LGBTQ+-free zones, as we

legally obliged to reach specific targets.

have sadly seen in other countries, including some of our neighbours.

THE INTERNATIONAL CONTEXT…

“Indeed, diversity and inclusion have

According to the World Economic Forum’s

started to turn into reality for organisa-

(WEF) 2021 Global Gender Gap Report,

tions in Romania in recent years, in both

which has monitored progress towards

small enterprises and large corporates. The

gender parity worldwide since 2006,

younger generation, having been signifi-

Western Europe is the region with the

cantly exposed to western culture, is not

narrowest gender gap (77.6 percent so far), having further improved

only comfortable with equality, diversity, and inclusion (ED&I), but

this year. North America (76.4 percent) is ranked second, with an

demands it,” Zizzi says. He also notes that, as PwC’s Global Diversity

average score five points below Western

& Inclusion Survey shows, the main goals of

Europe, followed closely by Latin America

diversity and inclusion in the workplace are

and the Caribbean (72.1 percent), and the

to attract and retain talent.

Eastern Europe and Central Asia region

Speaking about retaining talent among

(71.2 percent). The East Asia and Pacific

women, Virginia Otel of PWN Global says

region is approaching the 70 percent mark

that there are many women who perform at

(68.9 percent), more than a full point ahead

their highest potential in mid-management

of Sub-Saharan Africa (67.2 percent), which

positions in Romania, but if they are not

is followed by South Asia (62.3 percent)

offered further career growth opportunities,

and the Middle East and North Africa, the

employers will lose their talent. “There are

region with the widest gap (60.9 percent).

companies that have specific policies for

Regional performances also differ in terms

women on boards or in top management

of speed of convergence towards gender

positions. But in general, both at the Euro-

parity, and each region appears to be on a different trajectory, pro-

pean level as well as in Romania, just 20 percent of executive posi-

gressing at a slightly different pace toward parity between 2006 and

tions are held by women. This is why our initiatives aim to accelerate

today. According to the same report, Romania – part of the Eastern

gender-balanced leadership.”

Europe and Central Asia region – ranks 88th out of 156 countries

PWN has developed several programmes that help women ad-

included in this year’s edition of the Global

vance to different positions more quickly or

Gender Gap Index.

improve their skills to develop their careers.

But the Eastern Europe and Central Asia

“We have a mentorship programme where

region lags behind Western Europe not

both men and women from different indus-

just in terms of the size of the closed gap,

tries voluntarily help women participants

but also in terms of the pace of progress.

advance their careers. Over seven editions

Despite just a five-percentage point dif-

of this programme, we’ve gathered over

ference, the estimated time to close the

450 mentees and more than 300 mentors,”

gender gap is 134.7 years in Eastern Europe

says Virginia Otel. Last but not least, PWN

and Central Asia, more than twice that of

has also a programme which is meant to

Western Europe (52.1 years). Within the

increase women’s participation in board-

region, there is considerably less disparity

rooms as well as one designed to empower

compared to others. Overall, 20 of 26 countries in this region have closed at least 70 percent of their gender

new female entrepreneurs.

Virginia Otel makes another reference to France, where a new

gaps. Ten countries in this region have improved their scores by

initiative regarding women’s access to executive positions is cur-

at least 1 percent over last year, and only four of 26 countries have

rently in the works. “Women having access to executive positions is

shown a decline of more than 1 percent, with Romania showing the

a matter of social equity and economic impact. Companies come up

greatest decline (2.4 percentage points).

with such policies to change the current mindset because they are

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

MAIN STORY 19

aware of a series of studies conducted by international consultancy

it does in other markets, but the truth is that ED&I policies have

companies which show that gender-balanced leadership significant-

already been adopted by many companies operating here. We have

ly increases the profitability of the business

members that have successfully introduced

sector.”

ED&I programmes for their employees and

To illustrate her point, Otel quotes a

customers and others that are just begin-

McKinsey study that shows that a gender-

ning the ED&I journey and doing so enthu-

balanced leadership makes a crucial dif-

siastically,” Zizzi adds. Along with other

ference in the EBITDA of two companies

big events on ED&I, RDCC is in discussions

operating in the same sector. “The company

with a well-known university to join forces

with a gender-balanced leadership posts an

for training and potentially the first ED&I

EBITA that is 20 percent higher than that of

degree programme in the region.

a counterpart that doesn’t adopt a similar approach, because of a better decision-

FEMALES TAKING THE LEAD IN TECH

making process and a higher quality of

According to Eurostat, the European

corporate governance,” Otel notes, adding:

Commission’s statistics office, Romania

“Males have a natural inclination towards

ranks second among European countries

higher risks, while females holding management positions can miti-

when it comes to the share of women working in the tech sector (26

gate these risks and bring long-term sustainability for the company.

percent). “Although this is good news, it is clear that this figure still

Last but not least, it is about reputation,

leaves a lot of room for development. But

especially in the context of implementing

we are seeing positive change in the tech

Environmental, Social and Governance

sector, as an increasing number of women

standards.”

are embracing a career in this field,” says Alina Soare, People Experience Manager at

DIVERSITY AND INCLUSION FOSTER MOTIVATION

Endava Bucharest. She adds that 35 percent

According to a recent study conducted by

while in Romania their share reaches 40

the Romanian Diversity Charter and MKOR

percent. “Another good sign is the fact that

Consulting, over 70 percent of Romanian

we have gender parity across entry level

organisations strongly believe that employ-

positions. This shows that we are witness-

ee motivation and job satisfaction increase

ing change and that men and women will

when the work environment is diverse and

of Endava’s global employees are women,

be equally interested in the tech sector

inclusive, and that adopting and managing D&I practices have a

in the future. It also means that we have to be actively involved in

major impact on business growth.

trying to increase the number of female workers in this field,” Soare

Of course, Romania still has a long way to go before it reaches an optimal level of diversity and inclusion in comparison to other Euro-

argues. She also notes that the share of women working at Endava has remained constant over the last few years. “It is very important

pean countries. Human resources depart-

to avoid slipping into the other extreme,

ments are often not trained or sufficiently

into positive discrimination.” Positions

funded to be able to promote D&I. “Indeed,

like Chief Information Officer (at the global

one of the reasons that we founded the

level), Group Head of Data Delivery or

RDCC was to support HR departments striv-

Group Head of Development are being held

ing to improve ED&I within organisations,”

by women today.

says Zizzi. Another initiative that the RDCC

Furthermore, the company recently

supports would mandate the collection of

launched its official diversity and inclusion

disaggregated data so that the actual effects

(D&I) strategy, though D&I has always been

of gender discrimination can be monitored

a priority for Endava. “Our D&I approach

and assessed more effectively. In short, the

developed along with Endava’s develop-

RDCC is a non-profit organisation that pro-

ment as an organisation. During this time,

motes the principles of equality, diversity,

we’ve worked with different NGOs with the

and inclusion in the Romanian business community and supports

aim of trying to attract more women to our company in particular

the development of the Romanian economy through the implemen-

and to the tech sector in general,” Soare explains. Under an approach

tation of greater diversity and inclusion policies.

called We Care, the company has developed policies that encourage

“We often hear that Romania is a conservative country and that an ED&I-oriented business strategy would not work as well here as

diversity and balance in terms of gender, disability, race, sexual orientation, and parental status. “We also have initiatives where both

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

20 MAIN STORY

female and male leaders share their professional journeys along with

Superbet, the company’s mission is to excite the world, through a

tips and tricks for a successful personal and professional develop-

strategy that includes two key enablers: innovation and technol-

ment journey.”

ogy. “As a global employer, we see great opportunity in this because employees come with unique perspectives and experiences, which

A DIFFERENT APPROACH IN REAL ESTATE

creates an inclusive environment because it brings a lot of added

Ana Dumitrache of CTP Romania says that it is easier to implement

value,” she says.

diversity inside the company she runs, as CTP has 82 employees, of

The company’s wellbeing strategy rests upon four main pillars:

whom 50 percent are men and 50 percent women. “We didn’t intend

listen, draw attention, engage, and act. ”First, listening means

to reach this parity because we don’t have a specific D&I programme;

understanding the needs of our employees and being aware of the

it is just our organisational culture, which is supported by our share-

best practices and new research available on the market. Second,

holders. The situation is similar with that seen at the group level,

the awareness pillar refers to our commitment to destigmatise top-

where over 42 percent out of 430 employees are women,” Dumi-

ics related to mental health. We fight against this stigma constantly

trache notes. According to her, in the logistics parks managed by

and we want to reiterate the benefits of personal resilience. Last but

CTP, 90 percent of employees are blue collar, which led the company

not least, the engage and act pillars are correlated to the inclusion

to implement in a novel pilot project inside one of its largest logistics

and belonging areas and represent the next step through which our

parks: a luxury clubhouse. “The idea behind this project was that

employees take ownership of their wellbeing. Afterall, wellbeing is

all individuals

a resposibility that

deserve respect,

is shared between

regardless their

people and an

social and profes-

organisation.”

Superbet’s

sional status, and this leads to

wellbing strat-

inclusion. The

egy is multi-

sustainability of

dimensional.

inclusion comes

One initiative is

from the fact that

a three-month

it brings different

programme

perspectives on

that includes 30

the same problem

workshops in both

and creates a sig-

Romanian and

nificant potential

English, on three main topics: body

for creativity, even in sectors like real estate. The culture of respect helps us perform re-

(sleep, healthy behaviors), mind (anxiety, depression, panic attacks,

ally well and supports an internal leadership model that is based on

worklife balance, burnout), and soul (focused on relationships with

the power of example, which is a good foundation for any inclusion

the community, family, children).

strategy,” she adds. Dumitrache says that the real estate industry –

Open annual leave is another initiative designed to improve the

from agencies to investment funds – is generally dominated by men,

wellbeing of Superbet employees. “Any employee can take as many

both in Romania and abroad. “But women are well represented on

days’ leave as they want, as long as they accomplish their tasks.

the Romanian real estate market, because there is a huge need for

Although some of our employees weren’t so open to this initiative

attention to detail in our country, and this approach is profitable in

at first, the company held a series of internal workshops to provide

the long run.” However, she admits that sometimes it is very difficult

answers to all their questions.

for a woman to succeed in this sector, as it is dominated by very

“Superbet is focused on performance and impact rather than on

powerful and territorial males. “You literally have to conquer territo-

presenteeism. We are aware that gender diversity is a catalyst for

ries, which is quite difficult for a woman. But it is a very interesting

productivity, innovation, and empathy, so our approch is intention-

experience and I think that if they are not afraid, women can ascend

al: we want to create a framework around safe and inclusive zones,

to any hierarchical level. Still, we need companies to support this

especially for our female coleagues,” Alina Amza adds.

endeavour,” Dumitrache argues, adding that CTP’s top management is aware of the effectiveness of women’s work within the company

RETAIL RELIES ON INCLUSION

and of the importance of a gender-balanced leadership. This is why

In 2021, Carrefour Romania accelerated its involvement in diversity

the group’s board includes two highly experienced women.

and inclusion projects with the aim of applying such principles at all levels of its organisational structure. According to Alina Gamauf,

BETTING ON DIVERSITY AND INCLUSION

Executive Committee Board Member for HR, Corporate Affairs,

According to Alina Amza, Group Wellbeing & Inclusion Director at

and CSR at Carrefour Romania, 72 percent of the company’s 18,000

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

employees are women. “We communicate intensively with our employees and try to meet their needs by offering individual development programmes that maximise their potential and encourage them to be part of the projects we launch. By involving them directly, we will bolster their feeling of belonging to both our projects

MAIN STORY 21

Romania at a glance Since 2017, the Gender Equality Index score has decreased in Romania (– 0.1 points).

and our company as a whole,” she says.

The company recently closed a partnership with the Angajam 45+ initiative and launched an internal initiative to empower women. In addition, Carrefour works with Lead Network in order to promote the concepts of gender diversity and women in leadership.

“This year, we also launched our diversity and inclusion policy, to help each of our team managers know exactly what we want to see in this area. The fact that we are always striving to be more inclusive is something that makes us stand out on an extremely competitive market. We try to apply this concept in our daily work,” Gamauf adds.

While Carrefour’s organisational culture is already based on diversity and inclusion, Gamauf says that it needs to be constantly supported and maintained. “For this to happen, there is a need for ongoing education – we do this through special webinars and discussions about the need for diversity and inclusion,” she explains.

Yet Gamauf admits that even though there is growing interest in diversity and inclusion from many companies in Romania, there is still a lack of understanding of the benefits these concepts bring to the business environment and to society as a whole. “I think that all of us have the duty to continue to provide opportunities, as intellectual ability is not related to race, ethnicity or social status, but to the availability or absence of opportunities,” she adds.

ROMANIA IN 10 YEARS How does the RDCC president see Romania ten years from now in terms of equality, diversity, and inclusion? “An inclusive labour market that can provide equal opportunities to every individual is

The annual progress of the Gender Equality Index in the EU is a direct consequence of the different pace of change in each Member State in the short term (2017–2018) and the long term (2010–2018).

Romania had a low annual increase (or took a step back) in 2018 compared to its average annual progress in the long term.

Changes in the domain of money have had a substantial pos¬itive impact on gender equality in Romania (+19 percent).

As for progress in the domain of work since 2010, along with Denmark and Cyprus, Romania recorded virtually no improvement in gender equality.

Reducing gender employment gaps is an important precondition to achieving the Europe 2020 strategy, which set an overall EU employment rate target of 75 percent. Romania is among five countries (along with Malta, Greece, Italy, and Hungary) that have remained below the EU 2020 employment target.

Romania, the Czech Republic, Latvia, and Lithuania have shown no progress in closing the gender gap in terms of total disposabe income (including income from pensions, investments, and other benefits), as their gender gap in income has grown steadily since 2010.

A FRA survey in nine EU Member States (Bulgaria, Croatia, the Czech Republic, Greece, Hungary, Portugal, Romania, Slovakia, Spain) found that 72 percent of Roma women aged 16–24 were neither working nor in education or training, compared to 55 percent of young Roma men.

a target for all societies, as well as one of the Sustainable Development Goals established by the United Nations for the year 2030.”

He adds that by 2025, millennials will make up some 75 percent of the global workforce and will hold a majority of leadership roles.

The practice of diversity and inclusion will be seen as a matter of course, but today we need to lay the groundwork not only to raise awareness of equality, diversity, and inclusion, but also to establish systems that will function to support ED&I practices and behaviours in the long term.

“I am optimistic that the tide of millennials in the workforce will – within a decade from now – help inaugurate a new era of ED&I in Romania. A recent Accenture study called “Culture of Equality in

Romania is among the EU Member States with the greatest overall progress in its knowledge domain score between 2010 and 2018 (+5.2).

As for the gender segregation in education, Romania recorded an increase of at least 1 point since 2017, while over the long term, Italy and Romania have achieved the most substantial progress (+12.1 and +7.8 points, respectively).

Romania has the lowest participation rate (9 percent, similar to Bulgaria’s) when it comes to the engagement of women and men (aged 15 or older) in formal or non-formal education and training.

the Workplace” found that a company’s financial performance can grow by 76 percent if its leaders embrace and implement an equality culture inside their organisation,” Zizzi adds.

To sum it all up, diverse and inclusive workplaces mean more profitable and competitive companies, and that’s not because it’s a trend, but because the world is changing and organisations need to adapt in order to both serve their stakeholders and ensure their own financial growth.

Romania’s score for social decision-making decreased by 10 points between 2017 and 2018, with little improvement (barely 1 point) in other subdomains (political and economic fields).

Romania continued to have more than 80 percent male representation in regional assemblies in 2019.

Source: EIGE Gender Equality Index 2020

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

22 MACROECONOMY

Romanian economy facing fourth covid wave: a SWOT analysis Despite its apparent recovery, Romania's economy is facing several threats (T) in the context of the fourth wave of the covid-19 crisis, while its weaknesses (W) are worsening. But one should also look optimistically at the strengths (S) and opportunities (O) of the local economy.

By Claudiu Vrinceanu The European Commission has made a positive assessment of Romania's recovery and resilience plan (PNRR)

avoid future issues. The European Commission has made a positive assessment of Ro-

STRENGTHS: CONSUMER SECTOR AND IT SERVICES

the trade balance is deteriorating, therefore

mania's recovery and resilience plan (PNRR),

the current account deficit will be substantial.

an essential step towards the EU disbursing

The consumer sector remains one of the most

Romania registered a trade deficit of EUR 12.8

EUR 14.2 billion in grants and EUR 14.9 billion

resilient areas of the economy, its growth

billion in 2021, EUR 2.85 billion higher than

in loans to Romania under the Recovery and

driven by private consumption. We must

the 2020 deficit, representing 6.5 percent of

Resilience Facility (RRF). The investment will

accept the reality that, in the post-pandemic

GDP, maybe even more. Economists estimate

be a key growth driver in the years to come.

period, economic growth is driven mostly

that financing needs for the remainder of

Romania will be one of the primary recipients

by the recovery of consumption. In fact, in

the year will reach about RON 10 billion per

of EU funds via the Next Generation EU pro-

normal times, consumption is an indicator

month. These financial obligations will be

gramme and the classic Multiannual Finan-

of prosperity and living standards. It is not

challenging to meet given that Romania will

cial Framework – to reach a combined total of

wrong to bounce back from the pandemic

have a budget deficit of 6.8 percent of GDP

approximately EUR 78 billion.

through consumption, but it remains to be

in 2021 and that public debt could reach 53

seen where it goes and whether it sustainably

percent of GDP over the 12-month horizon.

THREATS: HIGHER INTEREST RATES AND THE POLITICAL CRISIS The Romanian central bank’s reference

sectors, having expanded by over 20 percent

OPPORTUNITIES: INDUSTRIAL PRODUCTION AND EU FUNDS

compared to 2020 and by over 50 percent

An opportunity for Romania is represented

sits at 5.3 percent. Inflation rose to almost 5

compared to the first seven months of 2019.

by the evolution of orders for the Romanian

percent in mid-2021, well beyond the target

This sector contributed to economic growth

manufacturing industry, which may increase

range, amid an economic recovery and a

by roughly 40 percent, and it accounted for

as a result of gridlocks in Asian supply chains.

rise in energy prices. This irregularity won’t

7 percent of the GDP in 2020. The IT services

Industrial production expanded by 15 percent

last very long, therefore interest rates will

sector also has great potential for further

in 2021 compared to last year, but it remains

undoubtedly grow.

development, as it might reach 10 percent of

almost 3 percent below 2019’s – which serves

GDP in the coming years.

as a more reasonable comparison period

a major threat in the context of the escalating

drives GDP growth.

IT has been one of the most dynamic

interest rate is at 1.25 percent, while inflation

The political crisis continues to represent

considering the lockdowns and restrictions of

fourth wave of the covid-19 pandemic. The

WEAKNESSES: TRADE BALANCE AND BUDGET DEFICIT

2020. The growth trend is emerging in a con-

uncertainty generated by the governmental

text in which western companies, especially

issue will have a series of consequences, one

At the macroeconomic level, there are signifi-

those in Germany, are seriously considering a

of them being a significant increase of yields

cant concerns regarding net exports, where

shortening of their supply chains in order to

for government securities in RON.

www.business-review.eu Business Review | October May 20162021

COVER INTERVIEW STORY 23 14

Making a commitment to sustainable agriculture Boualem Saidi, Country Group Head for Romania, Bulgaria, and Moldova at Bayer Crop Science, sat down with Business Review to talk about the importance of sustainability in agriculture and tell us why it is no longer a matter of choice, but both a need and a responsibility.

By Anda Sebesi changes from both an operational and a legislative perspective. To go into more detail,

What is sustainability in agriculture? What is Bayer’s strategy for sustainability in this field?

more favourable environmental profiles can

one key issue for us the legal framework on

all reduce water, labour or energy usage.

manufacturing, marketing, and use of plant

Sustainable agriculture includes all the tools

pests, and weeds in agriculture and forestry,

tivity and grow safe, healthy, and affordable

What is the role of digital technology in sustainable agriculture and what can you tell us about precision agriculture?

food, all while preserving natural resources.

Precision and digital farming help farmers

is adapting legislation to accommodate

In short, it’s a way to produce more with less!

work in a smarter manner by combining their

the use of drones to spray crop protection

In line with the Sustainable Development

expertise and knowledge of their land with

products.

Goals of the United Nations and the Paris

modern, digitally-enabled tools that collect

Agreement, Bayer’s sustainability commit-

and organise massive data, providing them

ments are designed to address the challenges

with actionable insights that allow for better

of climate change, biodiversity loss, and food

decision-making. Bayer is introducing digital

Are local agribusinesses and seed or PPP manufacturers prepared to embrace sustainable business practices?

security to create a better tomorrow for our

tools – such as Climate FieldView – that

Definitely! Our industry is ready to embrace

society and our planet. Our ambition is to

provide farmers with real-time agronomic

sustainability. It has already embarked on

achieve a balance between production and

advice, resulting in both income generation

this journey and, in my opinion, it is no

protection – in a nutshell, how do we feed the

and safer food through sustainable farming

longer a question of choice; it is a need and

world without starving the planet?

practices.

a responsibility. We all need to contribute

and practices farmers use to improve produc-

protection products to control diseases, which should be updated so as to be aligned with European legislation. Another example

and support farmers with agronomical solutions that help them remain competitive,

world’s biggest challenges. More specifically,

Do we need to update our environmental legislation in order to achieve a better level of sustainability for Romanian agriculture? What are some key ideas and solutions in this area?

it is not only about reducing the climate im-

I believe it is of the utmost importance to

sustainability is at the core of our strategy

pact of farming that, but also about enhanc-

have national legislation that is consistent

and our long-term success as a company lies

ing farms’ immense contribution to carbon

with European policies. The new Common

in providing farmers with the best possible

sequestration. Precision farming, innovative

Agricultural Policy and the Green Deal are

tools and solutions to help them obtain

hybrid seeds that are tolerant to drought and

expected to bring changes to our sector, and

better harvests using less water, land, and

pests, and new crop protection products with

we need to be prepared to embrace those

energy.

What are the key areas where agriculture could contribute to sustainability within the bigger picture?

Agriculture is part of the solution to the

while making sure that our natural resources are preserved for future generations. Our industry is one of the most innovative and it integrates a lot of technology. At Bayer,

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

24 FINTECH

Romania’s fintech ecosystem: top players & key insights Romania has several advantages that support the expansion of its financial technology innovation. Investors can benefit from a common economic market as Romania is an active member of the European Union. One of the country’s greatest assets is its human capital, which includes many skilled IT professionals.

Leading technology providers have already spotted the great potential.

By Claudiu Vrinceanu The Romanian fintech market grew exponentially in 2021

KEY INSIGHTS Over the last couple of years, the fintech industry has risen to the top of the Romanian

including their agility and speed of execution,

financing round. Among the newcomers are

entrepreneurial scene. Many Romanian start-

focus on customers' needs, and orientation

Salarium, Bankata.ro, Prime Dash, and Smart

ups and scaleups have switched their focus to

towards technology and accessibility.

Fintech. Prime Dash, a Romanian tech startup

explore what fintech means and what it can

based in Oradea, aims to open new offices in

bring to the table. As a result, recent studies

PLAYERS

France, Germany, and the UK. Smart Fintech

show that the Romanian fintech market grew

The Romanian Fintech Association - RoFin.

launched SmartPay, the first Open Banking

exponentially in 2021. However, domestic

Tech was founded in January 2020 as a

alternative payment solution authorised by

companies operating in the industry quickly

professional, entrepreneurial association to

the central bank in Romania.

acknowledged the lack of legal and business

represent companies founded by Romanian

know-how regarding the fintech sector on the

individuals that build proprietary technology

INTERNATIONAL PLAYERS

local market, and they soon expressed the

products.

French fintech iBanFirst has opened an office

need for reciprocal support.

The largest banks in Romania (Banca

The association aims to increase the

in Bucharest, the company's first in Central

penetration of digital tech and entrepreneur-

and Eastern Europe. iBanFirst is a financial

Transilvania, BCR, BRD, ING Bank, and

ship into financial services, create and grow

services provider that addresses the needs of

Raiffeisen Bank) have over 6 million digital

the offline and online channels needed for

SMEs. As an alternative to traditional bank

customers, who frequently use internet bank-

companies to expand globally, and educate

offerings, it developed an online platform that

ing and mobile banking services. These credit

and expand the community of entrepreneurs

allows companies to conduct transactions in

institutions cover a total customer portfolio of

and professionals working in fintech.

over 30 currencies.

almost 12 million, so we can deduce that, on

ZEN, the licensed Polish startup that offers

average, about 50 percent of consumers have

TECH STARTUPS

financial solutions using modern payment

adopted the concept of "remote banking."

Five of the most active and experienced

technologies, announced its launch in Roma-

Found at the intersection of technology

Romanian fintech startups are Finqware,

nia this year. The new solution has Mas-

and financial services, fintech startups lever-

Instant Factoring, IFactor, Beeza, and the

tercard support and offers shopping cards,

age their strengths in cooperative relation-

wannabe unicorn FintechOS, the company

an online payment platform, and multiple

ships with traditional financial institutions,

that recently closed a USD 51 million series B

currency accounts.

www.business-review.eu Business Review | October May 20162021

COVERMONEY STORY 25 14

Four new types of capital for Romanian innovation firms Financing is increasingly critical in entrepreneurs’ hierarchy of needs in the post-covid-19 economic recovery, which offers many opportunities for local and global growth. More founders are growing with the help of several funding sources. Let's look at four options that have emerged during the pandemic or that are more accessible for companies now than they were in previous years.

Over the past year, we have seen a consolidation of the angel investor community

By Claudiu Vrinceanu INSTITUTIONAL INVESTORS

Romanian tech companies with potential for

is still not applicable, as this project has been

Until recently, we had not seen institutional

regional or global growth if we were to also

blocked since 2016.

funding going directly to Romanian startups

look at the funding raised by Romanian start-

or scaleup tech companies. For example, the

ups over the last few months.

International Finance Corporation (IFC) is

FOUNDERS TURNED MILLIONAIRES Several Romanian companies, both in the

supporting the global expansion of FintechOS

ANGEL INVESTOR ASSOCIATIONS

tech sector and outside of it, have already

– likely to be the next Romanian unicorn –

Given that the traditional source of financ-

created Romanian millionaires. In turn, some

with a USD 10 million investment. What is

ing – bank lending – is limited due to young

of them are investing in new projects on the

striking about this financing is the fact that it

companies’ high risk level, business angels

local market, and an excellent example of

was the first investment granted directly to

have proven to be a viable alternative source

this is Daniel Dines, one of the co-founders

a Romanian tech scaleup by the IFC. Before

of funding for these businesses. Not only has

of UiPath, who has begun investing in tech

this move, the IFC had invested indirectly in

the number of individual investors in tech

startups. One example is Romanian startup

FintechOS by injecting USD 22.2 million in the

startups increased steadily in recent years,

FameUp, a mobile platform for micro-influ-

Earlybird Digital East Fund II, a fund closed

but over the past year, we have seen a con-

encers, which attracted EUR 2.5 million from

in February 2021 with a final capitalisation

solidation of the angel investor community.

the Early Game Ventures investment fund.

of EUR 200 million. The European Bank for

There is an active trio worth mentioning on

Daniel Dines participated as an angel investor.

Reconstruction and Development (EBRD) also

the Timisoara - Bucharest - Cluj axis, which

signed an investment commitment of EUR 30

includes Growceanu, TechAngels, and the

INTERNATIONAL INVESTMENT FUNDS

million for the fund managed by Earlybird.

Transylvania Angels Network. Growceanu is

In 2019 and 2020, Romanian tech startups in

The European Investment Fund (EIF) also

a group of business angels from Timisoara

the seed phase would usually attract funding

contributed. In addition, Earlybird, whose

that wants to invest up to 1 million euros

from venture capital funds established in Ro-

latest investment fund will be operational

this year in 18 transactions. TechAngels and

mania, but in 2021, we’re seeing more found-

until July 30, 2029, was one of the inves-

Transylvania Angels Network are open groups

ers being able to attract worldwide investors.

tors in the USD 60 million (EUR 51 million)

of private investors, from Bucharest and Cluj

One example is Romanian startup Framey,

Series B financing round raised by FintechOS.

respectively, who are interested in invest-

which received a USD 1 million investment

Today, we can conclude that there is a lot of

ing in tech startups from Romania and the

from ICE Capital in Dubai, with the support of

money available on the market for financing

region. Romania’s business angel legislation

local fund JECO Capital.

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

26 STARTUP

Bucharest among world’s most promising startup ecosystems Bucharest is one of the largest emerging startup ecosystems globally, with a sector value amounting to over USD 35 billion. Still, the shortage of talent is one of the main threats to the area's potential to become a global player.

Let’s take a look at how the local startup ecosystem fared in 2021.

By Claudiu Vrinceanu

2018. There are now 79 ecosystems generating over USD 4 billion in value, more than double the number identified in 2017, while 91 ecosystems created unicorns in 2020.

Bucharest ranks 40th out of 100 emerging startup ecosystems

B

TOP GLOBAL STARTUP ECOSYSTEMS North America continues to dominate the global ranking, with 50 percent of the top 30 startup ecosystems coming from this region,

altic states Estonia and Lithuania,

charest’s strong points, with the city obtain-

followed by Asia with 27 percent and Europe

Bucharest, the Polish cities of War-

ing a score of only 3 out of 10 on this metric.

with 17 percent.

saw and Krakow, and Czech capital

And even though Bucharest was the birth-

Despite a turbulent year for many, the

Prague all appeared on a recent list of the 100

place of one of the most innovative unicorns

top five global startup ecosystems maintain

most important emerging startup ecosys-

in the world, UiPath, the main problem fac-

their reign, with Silicon Valley in the number

tems published by Startup Genome and the

ing the region’s startup ecosystem is an acute

one position, followed by New York City and

Global Entrepreneurship Network. Part of a

shortage of talent: the Romanian capital only

London, which tied at #2 for the second year

more extensive study on startup ecosystems

received one point out of 10 in this regard,

in a row. Beijing and Boston follow at #4 and

titled Global Startup Ecosystem Report, this

and so did Estonia and Lithuania.

#5, respectively.

than 100 countries which are in early stages

THE VALUE OF THE STARTUP ECOSYSTEM

emerging startup ecosystems include Mum-

of development, presenting those that have

Bucharest stands out for the total value of its

bai (India), Copenhagen (Denmark), and Ja-

the potential to become top global players in

startup ecosystem, which amounts to 35.3

karta (Indonesia). No location in Central and

the coming years.

billion dollars, the second largest among

Eastern Europe was included among the top

emerging ecosystems, after Detroit (37.2 bil-

30 startup ecosystems in the world. Tokyo is

lion dollars).

the only new entrant in the top 10, rising six

Other high-ranking regions on the list of

ranking focuses on 275 locations across more

Bucharest ranks 40th out of 100 emerging startup ecosystems, with advantages in areas like market coverage and performance

The global startup economy is worth over

places to 9th place. Shenzhen also entered

achievement, where it obtained 10 and 9

USD 3.8 trillion in Ecosystem Value, more

the top 20, ranking 19th. Philadelphia has

points respectively out of a maximum of 10.

than the individual GDP of most G7 econo-

also advanced 15 spots, from 43rd last year to

mies, not including the value of exits prior to

28th this year.

The financing of startups is not one of Bu-

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

28 WELLBEING

The expansion of real estate wellbeing The Global Wellness Institute believes that residential real estate is the next frontier that will be radically transformed by the wellness movement. Our homes, communities, and surrounding environment directly affect our daily behaviours and lifestyles, and together these determine up to 80-90 percent of our health outcomes. Since our homes are typically our most important personal investment and expenditure, it is only logical that they should also be an investment in our health and wellbeing.

By Romanita Oprea the Global Wellness Institute, there are over 740 wellness lifestyle real estate and community developments built, partially built, or in development around the world, across 34 countries—and this number is growing every day. These include master-planned communities, multifamily housing, urban districts and mixed-use projects, resort/spa-based real estate, and other types of projects.

Wellness lifestyle real estate is an industry that recognises, and has the potential to meet, today’s immense health challenges. It represents a shift that explicitly puts people’s wellness at the centre of the conception, design, creation, and redevelopment of our homes and neighbourhoods. Importantly, this movement does not have to start from

T

The wellbeing is prioritized in the new office buildings

scratch; it can borrow and learn from many historical/current movements and integrate

he pandemic has completely trans-

personal growth, and environmental values.

their best features through a multidimension-

formed the concept, function, and

In fact, at its core, wellness real estate

al wellness lens. Many elements of the green/

is really all about creating built environ-

sustainable building movement, design-

erything, from where we worked to where we

ments – from homes and hotels to offices and

driven movements, the food movement, New

exercised, and during this long crisis, more

apartment buildings – that are proactively de-

Urbanism, intentional communities, and

people have questioned where and how they

signed around the occupant’s holistic health.

others are already being adapted, mixed, and

want to live, what they want in a home and a

Wellness is no longer an esoteric nicety, but

incorporated in innovative ways into new

community. The short answer is “more well-

a powerful movement that will shape huge

and upcoming wellness-focused residential

ness”: more safety; nature and sustainability;

facets of the industry over the coming years.

projects and communities.

meaning, and true community. Many people

A VERY PROFITABLE MARKET

first of all, it has had an impact on people’s

are now seeking homes and communities that

In this context, international specialists

mindset, psychology, behaviour, and many

are purpose-built to deliver more physical,

believe that the global wellness real estate in-

other areas besides the economic and

mental, and social wellbeing. This is not just

dustry will reach a value of USD 197 billion by

financial dimensions. If we’re talking about

a temporary result of the pandemic, but the

2022, having grown by 6.4 percent annually

wellness, the impact is two-sided: on one

outcome of bigger cultural, environmental,

since 2015. In North America alone, the mar-

hand, wellness has been more carefully ad-

and demographic shifts that will play out over

ket is worth USD 52 billion, with 1.3 million

dressed (people started to search for wellness

decades,” the Global Wellness Institute writes.

buyers each year seeking wellness communi-

products and facilities in order to destress,

ties and wellness homes.

they started going to the gym or the spa, and

value of the home. “It became our ev-

“The pandemic has hit us in many ways:

space and serenity to work; more purpose,

This reshuffling of our priorities has cre-

Nearly 30 percent of consumers from all

so on), but on the other hand, restrictions

estate industry, driven by growing consumer

income ranges are willing to pay more for real

have been forcing some people to give up

demand for products that support wellness,

estate that prioritises wellness. As shown by

on old habits and have cut off their access to

ated a powerful opportunity within the real

www.business-review.eu Business Review | October May 20162021

COVER WELLBEING STORY 29 14

wellness activities or products,” said Ramona

of working from the comfort of their own

systems that always provide comfort and do

Iacob (Predescu), Romania country manager

homes, Romanian employees are also paying

not tire the eye. Nonetheless, all the layers of

at IWG. Moreover, she believes that a space

more attention to the comfort-related factors

comfort (thermal, acoustic, ergonomic, olfac-

that creates wellbeing should be able to

in the office, which include the quality of the

tive, and air humidity) should be optimised

provide the people occupying it with inner

furniture (11 percent) and rooms designed

to best suit the characteristics of workplace

peace, comfort, and a relaxing atmosphere,

for relaxation (19 percent). Other important

and the needs of its tenants. “The working

and this can be achieved by adding elements

wellbeing factors for Romanian employees

space should offer employees the opportunity

and programmes. For example, office spaces

include access to high-quality and healthy

to have an active lifestyle and encourage exer-

can be enhanced with break areas, plant cor-

meals (31 percent), proper lighting that does

cise. Rooftop running tracks and strategically

ners, relaxation areas, reading corners, even

not tire the eyes (27 percent) and air quality,

placed interior stairs are some of the solutions

small games corners providing cards, Jenga

as 17 percent of respondents stated that they

that Skanska implements in its office build-

or colouring books, massage hours, posture

did not want to spend their time in a confined

ings. Campus 6.2 & 6.3 were the first office

workshops, yoga time in the office, etc. “But

space with air conditioning. Health and safety

buildings in Romania to have rooftop running

it is also very important to think about what

are also among Romanians’ top priorities.

tracks,” Luca added.

people use the premises for, about their overall attitude and mindset, and what kind of energy is transmitted to the occupiers by the staff who manages such spaces. All these elements should be in the mix, and the final test is how the consumer feels, whether they have a good experience, whether they feel welcome. That’s what will make a difference,” Ramona Iacob added.

ADAPTING TO THE MARKET AND GROWING In response to the growing market demand, new design concepts and certifications have been rapidly emerging. According to Proven Partners, Biophilic design is an emerging architectural field that creates spaces in buildings and communities to help support everything from cognitive function and physical health to psychological wellbeing, reducing

“The environment has a direct impact on

Last but not least, the mental wellbeing of

blood pressure and stress hormone produc-

both physical and mental health. Wellbeing is

employees should be a priority in every office.

tion while syncing our busy lives with our

also influenced by the floor space configura-

According to Luca, the office building should

natural rhythms. The WELL Building Stan-

tion and congestion level, noise, inside air

be designed as a hub that makes it easy to

dard puts health and wellness at the centre of

quality, and light. Through WELL Certifica-

form and consolidate communities, promot-

design and construction decisions, measur-

tions standards, Skanska offers a wellbe-

ing cognitive and emotional health. Skanska

ing, certifying, and monitoring features of the

ing measuring system that is built around

buildings integrate green co-working outdoor

built environment that impact human health

7 elements and increases office life quality

areas combining two essential elements:

and wellbeing, through air, water, nourish-

through building features. These elements

human connection and nature connection.

ment, light, fitness, comfort, and mind.

are air, water, nourishment, light, fitness,

Easy access to exterior spaces improves both

comfort, mind. Therefore, a space that cre-

mental and physical condition. “Romanian

how the pandemic has changed CEE employ-

ates wellbeing for its occupants pays close at-

employees are looking for office spaces that

ees’ perception of the ideal work space found

tention to these 7 crucial factors,” said Aurelia

can easily adapt to change and that can

that Romanians especially have started to pay

Luca, executive vice-president of Skanska’s

always be reinvented in order to meet new

more attention to wellness issues, and that

CEE operations for Hungary and Romania.

needs. The post-pandemic office space needs

A study conducted by Skanska focusing on

the design factor has become an important

Clean air, good quality water, nourishing

motivator in their decision to return to the

and healthy food are at the base of a balanced

office. A high share of Romanian employees

lifestyle. Light plays an important role in sus-

(33 percent) are now interested in green,

taining the body’s circadian rhythm and en-

has developed the “Care for Life Office Con-

open-air spaces and outdoor areas where they

suring good quality sleep at night, therefore

cept,” which focuses on making employees

can work, but also rest and relax. After a year

Skanska offices provide professional lighting

feel safe when they come back to work.

to always make employees feel good and safe,” Luca noted.

To adapt to the current situation, Skanska

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

30 MARCOMM

Recruiting bouncing back in communications industry A new LinkedIn study shared exclusively with The Drum suggests that despite the pandemic and its economic consequences, opportunities in the marketing sector are only expanding, with roles in digital and media leading. While the economic impact of covid-19 has decimated businesses of all types over the last year and a half, the marketing industry has made an impressive comeback.

By Romanita Oprea 39 percent). Other fast-growing skills include Adobe Premiere Pro, marketing automation, customer experience, and Facebook marketing. Since the onset of the pandemic, listings for remote marketing jobs have increased fivefold. Whereas just 2 percent of marketing roles were remote on March 1, 2020, today nearly one in ten are. In the past six months alone, LinkedIn has seen a 177 percent increase in the number of remote job postings for marketing roles. Marketing roles across the board are shifting to more remote and flexible working arrangements.

The past year saw 17,000 remote marketing job postings, highlighting the fundamental evolution of work, and this evolution Seniors are in high demand and the companies are putting a great emphasize on strategy

S

stands to be a game-changer.

Over 90,000 Romanians applied for a job in February through the BestJobs platform,

ome 381,000 marketing job openings

of consumers during a time where the aver-

with over 511,000 recorded requests. Most

were posted on LinkedIn in the last

age adult is online more than ever. As the ma-

of them came from industries such as IT&C,

year. In the past six months alone, the

jority of the country’s workforce was sent to

telecom, sales, finance-accounting, engineer-

site saw a 63 percent increase in marketing

work from home, customers’ desire for digital

ing, management, and construction. What is

jobs. Within the last six months, jobs in the

experiences skyrocketed. This, in turn, has

interesting to notice is the fact that a signifi-

arts (up 85.9 percent), retail (up 72.6 percent),

provided marketers with more heightened

cant growth in the available fields of work in-

education (up 63.7 percent), and corporate

visibility in their companies and stronger

cluded marketing, with 102,600 applications.

services (up 60.6 percent) grew the most. This

positions to provide strategic direction as new

The situation comes after a globally confusing

is likely indicative of the recovery of sectors

opportunities crop up.” One in every two top

2020, when some areas of the communica-

that were initially most impacted by lock-

marketing jobs listed on LinkedIn fall into the

tion industry were hit very hard, while others

down orders and restrictions on in-person

digital or media space. By volume of job post-

grew. The global ad market plunged, with dire

gatherings.

ings on LinkedIn, the most desired marketing

predictions that UK ad expenditure dropped

job is a digital marketing specialist.

16 percent in 2020 and some companies mak-

“Demand for marketing jobs has grown over the last six months because of the

Year-over-year growth patterns evidence

ing savage cuts. WPP, Omnicom, and Dentsu each lost 6,000 posts globally last year.

increased importance of marketing during the

the highest growth in skills including Insta-

pandemic,” says Connie Chen, LinkedIn se-

gram (up 72 percent), content marketing (up

nior insights analyst. “Digital marketing gives

63 percent), creative problem solving (up 45

IN SEARCH OF PERFORMANCE

organisations the ability to accurately target

percent), brand awareness (up 41 percent),

In spring 2020, the covid-19 outbreak took

audiences, measure impact, and get in front

branding (up 41 percent), and Hootsuite (up

the entire labour market by storm. As a result,

www.business-review.eu Business Review | October May 20162021

COVER MARCOMM STORY 31 14

the number of advertised jobs around the

ers because the labour market is again rich

Mobile apps are proving to be a highly effec-

world decreased by 50-70 percent. Talent

with candidates who are actively looking for

tive channel for engaging with customers,

acquisition leaders had to optimise their

jobs. Budgets may get pulled back to accom-

and they are expected to generate over USD

expenditures and switch from the traditional

modate for the fact that there's more people

935 billion in revenue by 2023.

pay-per-post mode to pay-for-performance

actively looking on the labour market than

channels. Due to substantial budget cut-off,

there have been in years. And when budgets

the rise of freelancers and remote work,

more companies switched to the lowest-risk

contract, that most commonly translates to

especially in the communication industry. A

marketing models.

‘stick with what you know.’ E-commerce and

recent Gartner poll showed that 48 percent

fulfilment are competitive markets, so the

of employees will likely work remotely at

kets have been recovering in most countries.

war for that talent will drive the adoption of

least part of the time after covid-19 versus 30

For example, over the last 6 months, the

more sophisticated approaches,” recruitics.

percent before the pandemic. According to

share of paid jobs in G7 countries has risen by

com wrote.

Eurostat, Romania had over 1.2 million free-

According to Jooble data, job board mar-

There is also a very important trend in

almost 15 percent. Among the leaders are the United States, Germany, and Italy with nearly

GROWTH AREAS

30 percent, 17 percent, and 15 percent re-

According to as-

spectively. Marketing is often one of the first

toncarter.com, the

teams within a company to take a hit when

pandemic has not only

a financial crisis strikes, and the covid-19

increased the impor-

pandemic was no different in that regard.

tance of digital mar-

But with the economy now almost entirely

keting for businesses;

reopened, the sector has bounced back to

it has also fostered

growth, with recruiters reporting a substantial

a surge in market-

rise in the number of marketing opportunities

ing and creative job

available.

opportunities across

Even the most hard-hit areas of the mar-

many industries. As

keting industry have experienced recovery,

companies are ramp-

with Marketing Week reports showing that

ing up their digital

salaries in the industry are set to bounce back

marketing efforts, the

in 2021 as vacancies rise and many recruiters

job market for marketing and creative profes-

lancers in 2020, mostly from the IT sector (36

struggle with more roles than there are can-

sionals is booming. Companies are looking to

percent) or marketing and creative industries

didates to fill them. David Nobbs, Managing

fill a wide range of marketing and digital roles

(29 percent) – and numbers are growing.

Partner and Head of Consumer at executive

across all levels. Some of the most in-demand

search firm Grace Blue, spoke to the publica-

marketing and creative roles in 2021 include

work operations, they must explore the criti-

tion about this latest trend in talent acquisi-

copywriters, digital media managers, email

cal skills employees will need to collaborate

tion. According to the analysis, salaries have

marketing specialists, graphic designers,

digitally and be prepared to adjust employee

met, and often increased on, pre-pandemic

marketing analytics managers, search engine

experience strategies. They also need to con-

levels, especially when it comes to more se-

optimization (SEO) specialists, social media

sider whether and how to shift performance

nior positions that are vacant. This is in addi-

coordinators, and UX/UI designers.

goal-setting and employee evaluations for a

As organisations shift to more remote

tion to firms struggling to retain talent as the

Now that companies are increasingly

remote context. On a global market of inde-

pandemic eases and the economy rebounds.

valuing their creative teams, marketing and

pendent platforms for freelancers estimated

Nobbs explains that it is “not uncommon”

creative professionals are in a strong posi-

at over three billion dollars in 2020 (according

for recruiters to offer up to a 50 percent pay

tion to use their skills and experience as

to the Freelancers’ Association), the LANCE-

increase to help retain senior individuals in

key differentiators when negotiating higher

RIA project, the first freelance marketplace in

their current roles and help stem the cur-

salaries, benefits or workplace preferences

Romania developed on blockchain technol-

rent wave of resignations witnessed across

(such as flexible work schedules or remote

ogy has officially been launched publicly,

multiple sectors.

work opportunities). Marketing and creative

in an alpha version. Only five months since

professionals should focus on building digital

the start of this innovative project, Lanceria.

ties for marketers on the UK market in the six

communication tools for customers across a

com comes to support the community of

months to August 2021 compared to the same

broad spectrum of industries. For example,

those who work on their own by eliminating

period last year, according to data gathered

within financial services, companies are look-

or minimising fees and commissions and by

for Marketing Week by job site Reed.

ing for creatives to develop new ways to con-

introducing the option of hybrid payments –

nect with customers virtually and personalise

in RON or foreign currency (FIAT) as well as in

user experiences on their digital platforms.

cryptocurrencies.

There was a 302 percent rise in opportuni-

“The pandemic-driven recession may have stunted the evolution of some talent market-

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

32 ENTREPRENEURSHIP

Bucharest AI co-founders: Romanian AI startups must think big, start small, fail fast Ioana Irimia and Alexandra Petrus, co-founders of Bucharest AI, have launched the second edition of the #BeAI pre-accelerator, which awaits deep tech startups to sign up by early October. They talked to Business Review about Romania’s competitive advantages in the AI space and the factors that Romanian AI startups depend on for rapid growth.

By Ovidiu Posirca people via various channels. Last year’s AI pre-accelerator Demo Day gathered an AI audience of 1,000 people. As part of the local “Elements of AI Romania” initiative, around 5,000 people joined the Intro to AI course.

The #BeAI pre-accelerator is a unique opportunity for exceptional people in the region who want to grow alongside their idea and build an incredible AI-infused product while learning from the best and gaining access to essential information, technologies, and a network of experts in the field.

It is essential for AI startups to make the right choices early on and to be part of an AI ecosystem and network of practitioners to whom they can turn each time they’re in doubt.

What’s the state of the AI startup industry in Romania and how are investors approaching this field?

Ioana: It's nice that AI adoption is ramping up. Techcelerator mapped the ecosystem and found 100 AI startups in Romania, while Tracxn displays around 75 AI startups in the country. Both people in the industry and investors are surprised and excited when they Ioana Irimia & Alexandra Petrus, Bucharest AI

see how many different AI technologies they could use to improve their processes, prod-

How did you decide to create Bucharest AI and what have been the results so far?

and intelligence in this space. The easiest,

ucts/services, and ultimately their overall

fastest, and most efficient way to learn from

business. Investing in AI startups or busi-

Ioana: Bucharest AI was born in a regional

others is to do so as part of a community. It

nesses that leverage AI in their tech stack is a

and global context that was inspired by City.

felt natural to build this community to cover

hot topic. Investors learned their lesson from

ai’s efforts and initiatives across the globe.

a need in our own professional lives.

4-5 years ago and now they tend to carry

As innovative technologies began to exit labs

Our community has around 3,000

out proper technical due diligence alongside

and were being delivered to end consumers,

members and it is positioned regionally and

business due diligence to assess whether

we felt the need to share more know-how

globally. Each event reaches around 10,000

they should invest in a business.

www.business-review.eu Business Review | October May 20162021

ENTREPRENEURSHIP COVER STORY 14 33

have the opportunity of a lifetime right now,

regarding the local AI market, tech invest-

industries like transportation and manufac-

in terms of both recruitment and securing

ments reached 60 deals (worth EUR 31

turing by storm and having direct impact

funding. Location/geography is no longer an

million) in 2020, up from 40 deals in 2019,

on business KPIs such as reducing time to

aspect we look at as a limitation. As remote

while seed funding reached EUR 22 million.

delivery by identifying the best route, defect

work becomes the norm , AI startups have a

However, Romania is still facing several sig-

detection, and so much more. In essence,

sizable opportunity to tap into the pool of tal-

nificant challenges in creating a sustainable

computer vision and machine learning have

ent available out there. Working for a startup

growth environment for startups, including

turned these worlds around. Then we saw

and being part of a mission with which you

those in the AI field, and lacks a national

the RPA market being strongly shaped by

resonate is an attractive option for many

AI strategy to ensure strategically targeted

the Romania-born and now globally scaled

bright minds in the AI space. Romanian AI

public sector support for startups and R&D in

UiPath, with their unmatched growth and

startups must be prepared to think big, start

sectors where the country has a competitive

market fit. For Romanians, such an example

small, and fail fast.

advantage and that could be further devel-

A bit of history: we’ve seen AI taking

has a strong impact, as we see a local busi-

Where I do see some potential danger

ness in a global context shaping a niche and

to AI startups succeeding and remaining

driving change.

profitable is in AI regulations, like the AI Law

oped through AI.

recently proposed by the European Parlia-

What’s your advice for founders who are just launching their own startups?

How is an AI startup different in terms of team structure and time needed to develop new products?

ment. That is something we should keep an

Alexandra: Think big, start small, fail fast.

eye on.

This is the easiest and most efficient piece of

Alexandra: Internet-first companies had

investment rounds is more easily accessible

three major things in common: A/B testing,

now than it’s ever been. There is an increased

to gain an advantage ahead of larger compa-

short iteration time, and decision-making

European investment focus towards AI start-

nies. They just need to find that space and

being pushed down to engineers and PMs

ups that are building a name for themselves

keep an eye on the IP and AI regulations that

or other roles. AI-first companies have four

by moving fast and

things in common: strategic data acquisition,

disrupting indus-

unified data warehouse, pervasive automa-

tries.

tion, and new roles (ML Eng., AI PM, etc.) and division of labour.

When we look at a team structure, a typi-

Limited funding in pre-seed or seed

advice that covers a lot of ground.

There is still a lot of room for AI startups

I’d like to highlight ways in which we can build more

cal AI startup has roles like AI/ML/NLP/CV

talent in this space.

Engineer, Data Scientist or AI Product Man-

I’ve been speaking

ager. That comes on top of a classic structure

about the lack of

of Business Development, Frontend/Backend

support and funds

Engineering or Marketing. Depending on

towards universities,

the domain of the AI startup, there’s also a

compared do what

domain expert - technical expert partner-

there is in the US or

ship. The best products are built through

China. We cannot

such partnerships, where science and intel-

start this conversation without mentioning

are being coined out there, while focusing

ligence are mixed with domain expertise and

the fundamental need, which is providing

on solving problems and their target audi-

problems. It is important to mention that AI

more support to universities, so we can ulti-

ence. Their north star metric should always

is evolving so fast that job titles and various

mately have better prepared professionals. AI

be the time to value of what they bring to

responsibilities are not yet fully defined.

communities play a role as well, and we are

their customers. If they cannot identify it or

Getting started with AI as a startup can be

happy to contribute to strengthening the AI

make a constant and real difference in time

done with a small team as well: a software

ecosystem.

to value, things get rough, even if investment

engineer and a ML engineer/data scientist

may come, as AI seems to be a very hot target

may be enough.

How competitive is Romania’s AI market compared to other countries in the region?

for investment.

What sort of challenges are founders in Romania facing when it comes to recruiting staff and securing funding?

Ioana: The strengths of the Romanian AI

mathematics and software development

market lie in the country’s expanding IT

background, failing to focus on delivering for

talent pool, a booming IT sector, relatively

the target group attached to the problem, and

Alexandra: In the current remote-first

cheap operating costs for firms, and strong

delivering only for yourself, is a common is-

context, which has been adopted by so many

ITC connectivity, to only mention a few. Ac-

sue. Customer-backwards thinking is always

in the tech space, I would say that founders

cording to estimates by Horvath & Partners

a good idea.

With many Romanians having a strong

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

34 PROPTECH

Pandemic economy boosts local proptech niche Investments in digitalization made by real estate players of all sizes have been growing in the pandemic context as entrepreneurs developing property technology (proptech) solutions have been gaining clout in the eyes of investors and consumers.

By Ovidiu Posirca slow now, but acceleration is already evident.

Real estate is less and less about concrete and steel, and more and more about facilities and convenience.”

Proptechs in Central and Eastern Europe (CEE), including Romania, are focusing on the office segment, with 65 percent of startups deploying their products in this vertical, particularly in Architecture and Project Management services, property consultancy CBRE notes in its European Proptech Guide.

“All these investments are pushing the local market into a more competitive space.

Yes, local players will feel the need to be increasingly agile. That means having fast but high-quality processes (in planning, sales & marketing, but also in post-sales) and make quick, data-driven decisions. And that's the space in which startups can innovate,” says There is growing investment in VR technologies for property assets

T

Adrian Erimescu, saints keeper at local angel investment platform Growceanu.

In terms of technology, machine learning,

he digital leasing platform developed

assets. Despite the health crisis, investments

big data, and the internet of things (IoT) are

by Bright Spaces is already being used

in Romania’s commercial real estate sector

being used intensively by emerging startups

by some of the largest developers in

totalled close to EUR 1 billion in 2020, making

that are crunching massive amounts of data

it one of the best years of the past decade.

being generated by buildings and by users

Romania, including the likes of Skanska and One United Properties. The startup raised

“Real estate companies are starting to

who are looking to buy homes or lease spaces.

Virtual and augmented reality tools were

EUR 1.5 million last summer and is planning

make headway in their innovation and tech-

to expand across Europe. Its platform allows

nology adoption, but the difficulties around

used by residential developers during lock-

building owners to use 3D visualisation to

implementation and the lack of develop-

downs to help potential buyers find the right

provide a complete picture of their available

ment across the business, which results from

home. Specialists say that the digitalization of

spaces.

single-point adoption, suggest that many are

property companies will continue down the

not going about this in an organised manner,”

road at a steady pace, though the process has

INFUSING TECH IN A BILLION-EURO INDUSTRY

Marius Nicolae, head of technology, strategy,

been accelerated by the pandemic over the

and transactions at professional services firm

past 16 months.

Proptech is gaining momentum as real estate

EY Romania, tells BR.

companies are starting to deploy technology

Dan Flesariu, head of real estate trans-

Nicolae of EY Romania says that the proptech industry is lacking fully integrated

for a wide range of operations, ranging from

actions, strategy and transactions at EY

end-to-end solutions. However, there is

coordinating sales teams to managing smart

Romania, adds: “As generation shifts become

growing investment interest in technology

buildings and boosting the pool of potential

more apparent, the pace of adoption of

solutions that facilitate digital leasing, spaces

leasers or buyers of office and residential

Proptech solutions accelerates. It may look

visualisation (AR/VR technologies), data and

www.business-review.eu Business Review | October May 20162021

COVER PROPTECH STORY 35 14

device management (IoT/CCTV), and online

European countries where health risks are

that has adopted a policy which provides a

platforms for property transactions.

still present. A survey carried out by Urbanite

glimpse into working arrangements for the

Advisors found that the consensus on 2 or 3

next year. The company’s employees will stay

days of remote working per week will further

at home for two days per week for individ-

and helpdesk services – in all its projects. The

drive the adoption of agile workplaces.

ual work and virtual collaboration and will

Speedwell founders made the investment fol-

However, CEE-based cities are less impacted

spend one day in regional/satellite offices to

lowing a one-year collaboration with Sigtree’s

by post-covid office contraction. The findings

socialise and continue individual work. The

founding team.

came from respondents in local and interna-

remaining two days will be spent at the core

tional firms representing an estimated total

office for team projects.

“But in order to cover all real estate needs, from construction to building management, there is still plenty of space in the area of construction technologies, tenant experience or systems automation that could lead to the creation of new startups,” Nicolae adds.

Developers are among the users of proptech solutions, but property investors may also get on board with promising early-stage startups. This was the case with the founders of Speedwell, who made angel investments and became shareholders of Romanian startup Sigtree.

The developer has a portfolio worth EUR 400 million across office, residential, and mixed-use schemes in Bucharest and regional cities. Speedwell plans to implement Sigtree’s platform – designed to optimise property management, tenant engagement,

Currently, the startup is looking to raise EUR 500,000 on crowdfunding platform

of 15 million sqm of office

Many companies will need space-shar-

occupancy.

ing and resource-sharing applica-

features to its platform and

“The

tions tailored to their specific

expand internationally. Sig-

shift

Seedblink, in a bid to add new

business, and some of their

tree’s platform is already

modules might need some

operational in 25 office

degree of integration

buildings and 1,500

with the building’s sys-

apartments.

tems, suggests Flesariu

Milluu is another

of EY Romania.

local startup that raised

Taking a bike or an to

electric scooter to get to

SeedBlink to grow its digital

remote

a co-working space quickly

property management plat-

working has

close to EUR 900,000 on

form. Its app matches landlords and

been a global work-

could turn out to be the best solution for employees who previ-

tenants and helps them remotely manage all

place experiment, and many see today’s pilot

ously worked in large office buildings. In

operational matters ranging from contracts to

practices being adopted permanently. If em-

urban areas, mobility startups have been

payments of utility bills.

ployees manage to find effective workspace

building their vehicle fleets for years to meet

at home with minimal family distractions

projected demand increases. Changes in the

REMOTE WORK COULD SPUR PROPTECH INNOVATION

and have fast and reliable connectivity and

way Romanians approach the workspace will

digital tools, then remote working is a win for

not appear overnight, but startups will have

Large companies have remained cautious

both employers and employees,” says Nicolae

growing clout in the way people adapt to new

about asking their employees to return to

of EY Romania.

work arrangements.

office buildings in droves, while smaller

The risks generated by the ongoing pan-

Erimescu of Growceanu concludes that

employers have had more room for maneu-

demic are feeding a big dose of uncertainty

the booming local real estate scene also gives

ver and have been able more easily agree

into any plans that companies may be draw-

startups the opportunity to more easily iden-

to different work arrangements. This is not

ing up regarding the way in which they work.

tify relevant problems and then raise money

only happening in Romania, but also in other

For example, BNP is one large employer

to solve them.

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

36 MOVIE

On screen: ten years’ worth of Wild Romania footage turns into major documentary Dan Dinu and his team filmed Romania’s wild nature and animals for over 10 years, and the resulting documentary, Wild Romania (Romania Salbatica) is now in cinemas all over the country. Business Review went behind the scenes with the director to find out more.

By Oana Vasiliu some moments out. Are there any in particular that you really wanted to leave in but ultimately couldn’t?

We had to leave out lots of sequences, either because they were incomplete from our point of view or simply because the documentary would have been too long. One of them was about amphibians. We shot several species of frogs, mating newts, and salamanders, but even though we took all this footage, we realised that it could not go into the film. They were even named areas that no longer fit for various reasons, but we have enough material and ideas for a sequel.

What do you want audiences to take away from the film? Are people responding in ways that you had imagined they would?

I am very happy that viewers don’t just appreciate the film, but also see it as a very good

How would you describe the documentary for someone who doesn’t know much about Romania and its wildlife?

descriptive, with a small number of animals

educational tool. From the very beginning I

and some stories from their lives. Not because

wanted the whole project to help nature, and

we didn't want to have more, but because

it’s been a success from this point of view.

Our documentary encourages people to ap-

they were complicated to film. After we

Many people who have seen the documentary

preciate nature without being a manifesto.

finished certain sequences, we would add

have told me that the film elicited a lot of

Through the message of the film and the emo-

more script lines, change certain parts, create

different emotions, which again I think is a

tions it conveys, we tried to make people un-

more and more connections. What I wanted

big plus. And a lot of people felt responsible

derstand that nature is not merely a resource

most was for there to be no parts of the film

when they watched the end.

that can be exploited at our convenience; it is

that wouldn’t flow narratively into a unitary

our home, without which we would not exist.

story, so I worked on that a lot. Sometimes,

But all these things come gradually, and they

after a shoot, I would come home and change

are subtly introduced into the mind of the

the script to fit the new story, adjust to what

Since the release, have you seen increased local interest in protecting the natural areas featured in the film?

viewer without being uttered explicitly.

I already had or even give up on some things.

Perhaps it's too early to say whether our film

It was a permanent process of adaptation.

will generate change, but we do hope so. Dur-

Was there ever a point in the collaboration when there were different visions about where the story should go or did you always have a very similar view of what you wanted this story to be?

The closer we got to the end, the better things

ing Q&A sessions after screenings, I received

went. But what I knew from the beginning

lots of questions from people regarding how

was that we wanted to have an emblematic

they could get involved. We receive this ques-

story for Romania and that it had to be as

tion on the Facebook page quite frequently as

authentic as possible, with nature itself as the

well, so we’re hoping that the film has struck

Working on the script for the film was like

main character, not the people.

a chord with audiences and that more nature lovers who see this film will be motivated to

a complicated puzzle. It started about 6-7 years ago, when the documentary was very

I imagine it must have been tough to cut

help out. It would bring us great satisfaction.

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

FESTIVAL 37

Diploma’s creativity takes over Bucharest Diploma recognises some of Romania’s most exciting emerging design and fine arts talent, providing a unique curated environment for young designers to exhibit their graduation projects. Business Review talked to Andrei Bortun, the founder of Diploma, about the highlights of this event.

By Oana Vasiliu of visitors, including

ro, a project aiming to reconvert the extraor-

architects, curators,

dinary infrastructure owned by the Union

gallery owners, advertis-

of Visual Artists, under the current name of

ers or designers. That's

Combinatul Fondului Plastic, at 29 Baiculesti

how we came up with

Street in Bucharest.

the idea: starting from a slightly unpleasant premise and trying to

What are some of this year's festival highlights for you?

build a more valuable

I think the exhibitions themselves are very

context around it.

valuable, because they are not just the sum of the works on display, but artistic projects in and of themselves. And I believe that the dis-

We are very close with the creative universi-

Diploma has now reached its eighth edition. How has the festival changed over the years?

ties, and that includes both students and

The first editions only targeted vocational

it has been a well-kept secret of the city.

academic staff. As a result, I am aware of how

universities in Bucharest, but the content

much work students put in for their Bache-

wasn’t limited to theses from Arts and Archi-

lor’s Diploma or Master's theses during gradu-

tecture students; it also included works by

ation years. I thought all this content that was

Theatre and Film and Conservatory students.

Where did the idea for Diploma come from?

being generated every year deserved a better

(…) There have been many positive effects,

covery of the venue itself can be a surprise for 99 out of 100 people in Bucharest. Until now,

What do you expect from the creative industries in the future after looking at all the applications for this edition of the festival?

fate and more exposure, especially the best

including the fact that young graduates from

I have never had any doubts about the talent

works by the most talented artists, designers,

all over the country are able to meet their

of my fellow citizens. It has also been proven

and architects of the new generation.

peers, that mature organisations in each

that our performance is far superior to other

creative industry, seeking to refresh their

countries’ when it comes to film, electronic

project that would make it easier for a wide,

teams, have access to top talent from across

music, plastic arts, advertising or IT.

unfamiliar audience to engage with painting,

the country, and that it generates positive

sculpture, graphics, clothing or product de-

competition between universities in terms of

inspired trust for me. It’s a state that does not

sign, architecture, and photography. We say

attracting the interest of future students.

ask itself how it could turn the excellence of

(…) With this in mind, we thought of a

it’s easier because Diploma is more than an

This year we’re making a major change,

It is the Romanian state that has never

some of the fields listed above into real indus-

exhibition; it is a festival. Each edition means

following a survey carried out among more

tries that can bring jobs, money, and prestige

dozens of meetings and events in various

than 300 graduates who have passed through

to the entire country. It does not ask itself

public places with various functions. And it’s

our festival in recent years: we are opening an

how it could retain more of these talented

full of young people.

exhibition space for emerging artists, design-

people or how it could attract talent from

ers, and architects at Combinatul Fondului

Europe or the rest of the world. But I think

all these people a chance to get to know

Plastic. Last but not least, two years ago, we

the future of creative industries in Romania

each other, collaborate, exchange ideas; an

asked ourselves what else we could do with

sounds good, because it builds itself.

opportunity to know and be known by the

Diploma, other than to organise it. And one

Diploma takes place between October 8-17 at

seniors of the creative industries who are on

of the answers was that Diploma, along with

Combinatul Fondului Plastic, UNAgaleria,

our creative boards or among the thousands

other initiatives, will contribute to Combinat.

SENAT, and The Institute.

I thought of a project that would give

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

38 CITY

Cultural calendar

By Oana Vasiliu

the outward, and contemporary

what is left in the past in terms

art is the most faithful reflec-

of values, structures, dogmas,

tion of all these dynamics. The

ideologies, and whatever else is

Biennial will comprise a range

necessary to define the new era

of distinct components that will

we are about to enter. Both at a

complement two curatorial proj-

rational and an emotional level,

ects proposed by Mihnea Mircan

this process of transformation

and Kasia Redzisz and will

pervades everything – from indi-

strengthen the collaborations

vidual to society.

and institutional partnerships that have been built over the past few years, enriching them with new sources of support and dialogue.

Fest pe Bulevard October 11-24, Nottara Theatre

directors of this edition, announced the list of performances participating at FNT 2021. This year’s concept is “Creation. Recreation. Re-creation” and it also

Obie Platon CNNCT/ DSCNNCT (Connect/ Disconnect) Until Nov 28, Kulterra Gallery

“The Ladder” film premiere Director: Vlad Paunescu Starring: Eduard Trifa, Ana-Maria Guran, Ioana Craciunescu, Valentin Teodosiu, Horatiu Malaele, Dragos Galgotiu From October 15

subsumes FNT sections, which have 38 selected shows nationwide. Performative installations, visual installations, foreign productions, and related events will all be part of the festival.

A series of theatre performances

Art Encounters Biennial Until Nov 11, Timisoara

will take place within the event organised by the Nottara Theatre.

The full programme is available

Based on true events, “The

on festinpebulevard.ro. The

The Obie Platon.CNNCTD-

Ladder” follows the spiritual

festival will also include several

SCNNCT exhibition, presented by

journey of Andrei, a sensitive,

side events such as lectures and

Kulterra, includes a new series of

socially awkward young man

colloquia, readings, and book

artworks that are no longer just

who turns to acting in his search

launches.

about the present, but also aimed

for true happiness. After the fall

towards the future, towards the

of communism, he is blinded

painstaking effort of untimely

by the illusion of freedom and

updating an entire society that

democracy and faces a series of

National Theatre Festival November 6-14, online Under the title of “Our Other Us,”

is not yet ready for it. It’s more

brutal events that deeply marked

The 31st edition of the National

the 2021 edition of the Art En-

than obvious that evolution – as

Romania’s recent history. Finding

Theatre Festival is going to take

counters Biennial focuses on the

change – waits for no one to get

comfort in playing the part of Ali-

place online, due to the restric-

reflections and projections that

ready. The series of images some

osa in a stage adaptation of The

tions imposed by the pandemic.

we all build in relation to our-

sort of algorithm will convince

Karamazov Brothers, he grows

Critics Oana Cristea Grigorescu,

selves and the Other, to boundar-

you to behold describes a phase

closer and closer to his character,

Cristina Rusiecki, and Claudiu

ies and distances, to proximities

of an ongoing process. It is the

gradually discovering the way to

Groza, the curators and artistic

and contacts, to the inward and

moment to decide what stays and

understanding divinity.