July, 2021 / Volume 25, Issue 6
www.business-review.eu
REAL ESTATE INDUSTRY REMAINS COMMITTED TO ROMANIA’S GROWTH
6
AUTOMOTIVE & IT SECTORS BECOME PILLARS OF NEW FDI IN ROMANIA
21
5G ON THE ROAD TO MASS MARKET
26
HOW ARTIFICIAL INTELLIGENCE CAN BOOST CREATIVITY
30
ARCADIA: 13 YEARS OF INVESTING INTO A HEALTHIER FUTURE
www.business-review.eu Business Review | July 2021
EDITORIAL 3
• Editorial •
REAL ESTATE
Anda Sebesi • Editor-in-Chief • 6 Real estate industry remains committed to Romania’s growth
COVER STORY
Towards a healthier future
I
10 Arcadia: 13 years of investing into a healthier future
n June, Business Review hosted the 16th edition of the
MAIN STORY
Business Review Awards Gala (BRA), the magazine’s flagship event that highlighted outstanding achievements in the local
business community in 2020. The event celebrates the companies,
14 Business
leaders, and entrepreneurs who show drive and initiative and achieve the best results in their class of business. Over the years,
champions take centre stage at BR Awards
it has gathered over 130 honorable jury members, over 550 of Romania’s most inspiring business stories, and more than 2,000 representatives of the country’s business elite. Because 2020 was a very different year, this year’s edition of
MARKETING & ADVERTISING
BRA also had some distinctive features. It was for the first time when the majority of our award categories were built around a specific reality: covid-19. Additionally, almost all the categories
28 The future of marketing
highlighted the corporate sector’s capacity to adapt and adjust in
is multicultural
order to support the entire society in the effort of coping with the
32 The post-pandemic wave
pandemic.
in the marcomm industry
As the healthcare sector played a crucial role during the pandemic, working under extreme pressure due to the severity of the crisis, we are dedicating this month’s cover story to Arcadia
CITY
Hospitals and Medical Centres, the leader of healthcare services in northeastern Romania. Founded 13 years ago by Raluca and Dan Fiterman, the company was conceived from the very beginning as a multidisciplinary structure with integrated outpatient services, focusing on pediatrics, maternity, and surgery. Knowing that the local private healthcare system will soon reach maturity, the two entrepreneurs are planning solid investments that will provide complex solutions for Arcadia patients.
34 What’s on at Transilvania International Film Festival 2021
36 Ready for festivals? 38 New in town
EDITOR-IN-CHIEF: Anda Sebesi JOURNALISTS: Aurel Constantin, Mihai Cristea, Romanita Oprea, Oana Vasiliu CONTRIBUTORS: Ovidiu Posirca, Sorin Melenciuc, Claudiu Vrinceanu COPY EDITOR: Anca Alexe PHOTO EDITOR: Mihai Constantineanu PHOTOS: Dreamstime ART DIRECTOR: Raluca Dumitru PUBLISHER: Bloc-Notes Media Network ADDRESS: 82-98 Calea Grivitei, 1st floor, Hotspot Workhub, District 1, Bucharest, Romania SALES MANAGERS: Radu Fireteanu, Alexandra Rosca MARKETING & SALES MANAGER: Luiza Luca PRODUCTION: Dan Mitroi DISTRIBUTION: Eugen Musat EXECUTIVE DIRECTOR: George Moise GENERAL MANAGER: Catalin Alistari USA MANAGER: Oana Molodoi FOUNDING EDITOR: Bill Avery EMAILS: editorial@business-review.eu, sales@business-review.eu, events@business-review.eu SUBSCRIPTIONS on Manpres Distribution Business Review is a member of Fwei
Publicație auditată pe perioada Apr 2015 - Mar 2016
ISSN NO. 1453-729X
www.business-review.eu Business Review | July 2021
4 NEWS
WHO’S NEWS BR welcomes information for Who’s News. Submissions may be edited for length and clarity. Get in touch at mihai.cristea@business-review.eu
Romanian beer production market to resume growth in 2021 By Mihai Cristea despite the dramatic decline seen in the hospitality sector, local beer producers relied on the increase in domestic demand, and their plans proved realistic given the estimated
Antoanela Comsa is the new President of Gran Via Romania, after 11 years as the general manager of the Spanish-based real estate developer. With a career spanning over the last 20 years, Antoanela is one of the most well-known and appreciated managers on the Romanian real estate market. A graduate of the Bucharest Construction University, Antoanela is also the president of AREI (the Association of Real Estate Investors in Romania).
growth for the current year,” said Roxana Popescu, the Managing Director of KeysFin. In 2019, the top 10 players on the local market had a turnover of about RON 4.5 billion, representing 99.6 percent of the
The Romanian beer production market managed to overcome the covid-19 pandemic
page 5
4,455 employees in this sector, 3,963 (89 percent) worked at
The turnover of beer produc-
upward trend for the sector. The
one of the top 10 players in the
ers in Romania increased in
KeysFin report “The Romanian
industry.
2019 by 5.2 percent compared
beer producing market” shows
In 2019, the net result of
to the previous year and by 51
that this market might reach a
the market was about RON 344
percent from 2010, reaching a
new record level of RON 4.6 bil-
million, 85 percent higher than
record level of RON 4.5 billion,
lion in 2021.
in the previous year. In terms
according to KeysFin analysts.
Diana David is the new Managing Director of SAP Romania, the local subsidiary of SAP SE – a global leader in business software solutions. Diana David took over the position on June 1, 2021, and she will be based in Bucharest. She joined SAP Romania three years ago, as Key Account Manager for the public sector, previously having held various roles at Orange Romania, where she started her professional career 18 years ago. She has over 15 years of experience in sales, during which she has managed both private and public accounts, specialising in the public sector.
national turnover. Of a total of
“The Romanian beer produc-
of geographical distribution,
For 2020 however, specialists
tion market managed to over-
Bucharest is the leader with 83
estimate a decrease of about 1.6
come the covid-19 pandemic,
percent of the turnover of beer
percent, based on the monthly
posting a marginal decrease
producers in Romania, followed
data from the National Institute
compared to other industries
by companies registered in Il-
of Statistics, while 2021 is
that were severely affected by the
fov (14.5 percent) and Harghita
expected to bring a return to an
health crisis last year. Moreover,
(0.8 percent) counties.
Bosch and BASF smart farming joint venture gets global green light By Mihai Cristea A 50/50 joint venture (JV) be-
The company will distribute
tween Bosch and BASF Digital
its Smart Spraying solution to
Farming to globally market and
initial markets in North America,
sell smart farming technologies
South America, and Europe. Its
from a single source has now
Intelligent Planting Solution is
received approval by all relevant
already commercially available in
merger control authorities. The
Brazil and Argentina and will use
JV has been registered as Bosch
the advanced digital agronomic
BASF Smart Farming GmbH.
intelligence of BASF’s xarvio
The company will distribute its Smart Spraying solution to initial markets in North America, South America, and Europe
www.business-review.eu Business Review | July 2021
NEWS 5
Romanian managers expect economy to grow above 2019 level this year By Mihai Cristea Romanian managers are cer-
Monika Rajska-Wolinska will take on the Chief Executive Officer role at Colliers in Central and Eastern Europe, a region that includes Bulgaria, the Czech Republic, Hungary, Poland, Romania, and Slovakia, starting with August 2021. Rajska-Wolinska has been promoted to CEO of the enlarged CEE region from her current role as Managing Partner of the Colliers business in Poland.
tain that in 2021 the Romanian economy will grow beyond its 2019 level, and that their companies will obtain higher turnovers this year than they did in 2019. These are the findings of an opinion barometer conducted among Romanian managers by EXEC-EDU, leader of the executive education market, the top segment of the training market. “The pace of the pandemic has slowed down globally as well as locally, and Romanian
The high level of uncertainty in the pandemic required the adoption of a new management mode
managers are optimistic about
surveyed managers believe that
the health crisis, 81 percent of
the performance of their
the coronavirus pandemic didn’t
respondents say that processes
companies in 2021. It is not a
have the same negative impact
in their companies were auto-
coincidence that respondents
as the 2008-2009 crisis. The
mated and digitalized, while
are EXEC-EDU graduates who
high level of uncertainty in the
only 9 percent of companies
share certain characteristics
pandemic required the adoption
accelerated the digitalization
– they are efficient, agile, in-
of a new management model for
process during the 2009 crisis.
novative leaders who choose to
81.8 percent of respondents. For
keep learning, make decisions
comparison, in the 2009 crisis
conducted in May among man-
quickly and adapt to the new
only 50 percent of the manag-
agers from industries such as
reality,” says Oana Scarlat, CEO
ers surveyed changed their
retail, IT, oil and gas, gambling,
at EXEC-EDU. Asked about the
management model. In terms of
education, FMCG, banking,
economic consequences of
accelerating the process of digi-
agribusiness, courier, trans-
the health crisis, 68 percent of
talization in the economy during
port, consulting.
The EXEC-EDU survey was
crop optimisation platform to enhance zone-based seeding recommendations in the near future in Brazil. “We’ve reached another important milestone in receiving merger control approval and have made considerable progress in the past few months. We have established the new company together and continued to test our products successfully under different climatic conditions with various manufacturers,” says Florian Gwosdz, the joint Managing Director of Bosch BASF Smart Farming.
Utku Ogrendil has been appointed as CEO of PayPoint Romania. Ogrendil studied business administration at the University of Hartford and he has more than 15 years of experience in the financial-banking industry. Over time, he has held various management positions at major banking institutions.
Mihaela Stroia has taken over as the new CEO & President of the Board at UNIQA Asigurari de Viata. With an experience of over 20 years in the financial services industry, of which five have been spent on the UNIQA team, Stroia rejoins the Board of UNIQA after having served a previous mandate between 2017 and 2019. Before UNIQA, she worked at top companies in the fields of audit and financial consultancy, as well as in insurance and private pension fund administration.
www.business-review.eu Business Review | July 2021
6 REAL ESTATE
Real estate industry remains committed to Romania’s growth As the domestic economy is expected to see a strong recovery that could reach 6 percent of GDP in 2021, some of the biggest players on the real estate market say they have adapted to an updated demand structure that was shaped during the pandemic period. Investors are positioning themselves so as to benefit from improved consumer sentiment, although recovery in the property industry remains uneven, with some segments gaining ground while others are still reeling from the effects of lockdowns. By Ovidiu Posirca
Residential is one of the investment drivers in Romania's property market
the changes that have engulfed the
B
way in which real estate players have adapted
the biggest domestic and international real
Romanian property sector since the
to the new market reality, outlining some of
estate executives managing portfolios worth
onset of the pandemic, and we are announc-
the long-term trends shaping the future of
billions of euros.
ing the launch of two projects that will allow
the ecosystem comprising construction firms,
key market players to present their outlook
developers, and investors.
usiness Review has been reporting on
and emerging trends.
This year’s REALTY Forum will look at the
The high-profile guest speakers and at-
ship events, having brought together some of
The Business Review team is also working on this year’s Real Estate Guide, our exclusive editorial product that outlines transformative
tendees will discuss promising investments,
changes on the property market. The guide
EXCLUSIVE EVENT AND GUIDE
transactional and rental climates, as well as
outlines the business decisions made by lead-
Marking its 20th anniversary, Business Re-
market segments and areas that will be in
ing companies in the property industry and
view's REALTY Forum 2021 will take place at
high demand in Bucharest and regional cities
analyses the investments they are making to
an inflection point for the Romanian property
going forward. The forum, which will take
secure the profitability of their projects.
market.
place later this summer, is one of BR’s flag-
Real Estate Guide 2021 will include market
www.business-review.eu Business Review | July May2021 2016
COVER REALSTORY ESTATE14 7
moving interviews and features with strategic
reach similar levels as in 2020, of around EUR
expands our current offering with a high-
players in the real estate sector, including
10 billion.
quality medical hub, which will increase the
office, retail, industrial, and residential de-
The office sector, which has been dealing
location’s attractiveness over the long term,”
velopers. The guide will also present some of
with significant challenges regarding demand
the major trends impacting the future of real
for more than 15 months now, will continue
estate and the contribution of the industry to
to drive transactions in the Romanian capital
routines and the expansion of flexible work
economic growth and job creation.
and regional cities.
arrangements remain some of the biggest
While last year’s guide focused on the
In Bucharest, there is solid demand for
Dinu explains. Recent changes to Romanians’ work
challenges for office developers. More em-
initial impact of the health crisis on the real
high-quality office space with added value,
ployees will return to offices as vaccination
estate industry, this year’s issue will look at
suggests Fulga Dinu, Country Manager for
rates go up and pandemic risks decline, while
strategic players’ development plans.
Operations at Immofinanz Romania.
a growing number of companies are approv-
INVESTMENT MARKET MARCHES ON DESPITE UNCERTAINTIES
tenants’ needs, with flexibility and commu-
“The office experience will be centred on nity playing key roles,” Dinu tells BR.
ing hybrid arrangements that combine office activities with remote work. Dinu says that Immofinanz has been
The investment market has recorded a flurry
Immofinanz has been active on the
anticipating the hybrid work trend through
of deals since the start of the year and is esti-
transaction market this year. It took over
myhive, so it has already been delivering a
mated to exceed EUR 700 million in volumes
Bucharest Financial Plaza, an emblematic
flexible and tailor-made office solution and
by the end of 2021. However, this year’s per-
office building in the Old Town, and contin-
an overall upgraded office experience.
formance will be lower than 2020’s, when key
ued to attract tenants to its buildings. The
office transactions propelled the market close
newly-acquired project will be refurbished
of customisation, to provide tenants with
to the EUR 1 billion mark. In the first quarter
under the myhive brand, which enhances the
more flexibility regarding contract terms,
of this year, we saw new investment transac-
experience of tenants and provides additional
fluctuating office space needs, ‘all-inclusive’
tions worth EUR 73.5 million, down almost
spaces for the community.
rental services or relocations within the
“We are currently exploring another level
50 percent compared to the same period of
“This year we also closed a long-term
myhive portfolio. This product has already
last year, according to a report by real estate
rental contract with Provita Group, a leading
been implemented successfully in Vienna
consultancy JLL.
medical services provider that will occupy an
and Warsaw, and we are currently working
entire building in IRIDE Park, one of the larg-
on its implementation in myhive buildings
est office hubs in Bucharest. This partnership
in Bucharest,” says the Immofinanz country
Across Central and Eastern Europe markets, total investment volumes are set to
www.business-review.eu Business Review | July 2021
8 REAL ESTATE
manager. Deliveries of new office buildings will continue this year, with a stock of almost 256,000 sqm expected to hit the Bucharest market alone, according to JLL data. A slower return to offices combined with a significant volume of new deliveries could lead to a higher vacancy rate in some locations. However, this could also help smaller firms that couldn’t normally afford a better office to get special lease deals and improve their employees’ work experience. For PPF Real Estate, the positioning of its two office projects in central Bucharest meant that it was able to weather the health crisis better. “For 2021 we expect a further increase in occupancy, aiming for a 2022 with only buffer spaces for existing tenants. Having finalised the refurbishment of our Metropolis lobby, Crystal Tower is now our main focus, where we will make some tweaks and changes to further improve the comfort and wellbeing of our tenants. We don’t acquire to wait and sell. We acquire to continuously improve, enhance, expand, keep, and maybe eventually sell. But our business model makes for happy tenants,” says Juraj Šaštinský, investment director at PPF Real Estate. The company is analysing several scenarios for expanding its portfolio, and the investment director points to the fact that you can build a success story in Romania if you have a good product and a professional team. PPF Real Estate operates in Europe, Russia, and the US, so its investment benchmarks cover several markets.
RESIDENTIAL IS TRENDING The residential supply in Bucharest was affected on a small scale by the pandemic, with 3,450 new units delivered in Bucharest-Ilfov region in Q1, according to JLL data. “Demand has been constantly growing over the past 15 months or so, despite the
with clients who see residential assets as a
percent year-on-year, according to an Imobili-
slight ramp-down the segment faced during
long-term investment that pays off,” Yitzhak
are.ro index that covers Bucharest and large
the first month of the lockdown last year.
Hagag, co-founder and shareholder Hagag
regional cities.
We’re seeing clients now looking for units
Development Europe, tells BR. Hagag is work-
located both in the city centre and outside
ing on several residential and office projects
to protect their capital as inflation risks are
this area, either to pursue a more gener-
in central and northern Bucharest.
starting to emerge across the globe. Locally,
ous space with a terrace or even a garden or
Demand is up for housing and asking
More Romanians could turn to real estate
the inflation rate could reach 4.1 percent by
because they feel that this is the right mo-
prices have been going in the same direction.
year-end, according to projections by the
ment to make a lifestyle upgrade and move
Average prices for apartments put up for sale
National Bank of Romania. Some buyers are
to a central area, but we are also interacting
stood at EUR 1,406 per sqm in May, up 4.3
interested in purchasing homes and securing
www.business-review.eu Business Review | July May2021 2016
COVER REALSTORY ESTATE14 9
a rent stream that is adjusted with the annual
land plots for future investments in green
inflation rate in order to protect their invest-
projects.
ments. “Investors have seen the potential of
For developer P3, the favourable market conditions are also an opportunity to invest
Earlier this year, Star Residence Invest, an investment vehicle backed by Impact
in facilities and upgrade warehouses. “Besides the park’s strategic positioning
apartments in sustainable, high-quality
that acts as a Real Estate Investment Trust
and the modern spaces we offer, we have
residential compounds located in accessible
(REIT), got listed on BVB’s AeRO market. The
added several additional features and facili-
areas, providing attractive yields. The pan-
company has a portfolio of apartments and
ties to P3 Bucharest A1, starting with passen-
demic outlined the fact that real estate is an
parking spaces that it rents for 5-year periods
ger and freight rail terminals, a self-service
appealing asset class,” Constantin Sebesanu,
for a gross annual yield of 11 percent. The res-
restaurant with a terrace, fast-charging
CEO at Impact Developer & Contractor, tells
idential units are located in one of Impact’s
stations for electric vehicles, accommodation
BR. More Romanians are also look-
projects in Bucharest. Although Romania does not have REIT legislation as of now and pension funds
ing to buy houses instead
are barred from investing
of just apartments, and
in real estate, pundits
developers are adapt-
spaces (currently under development), and soon an inspiring green area. Moreover, we are now undergoing the BREEAM certification processes, thus trying to offer more in terms of added value to both our clients and
ing their investment
say that we will see
our park. Sustainability is an integral part
strategies to capture
more developers
of our long-term vision, and it is a strategy
the projected de-
tapping into the
which we strongly believe pays off,” Sinziana
mand hike.
capital market to
Pardhan, managing director at P3 Romania,
fund their new
tells BR.
For instance,
investments.
Alesonor is invest-
For Reynaers
ing around EUR 110
Aluminium, the office
million in a green suburb
and residential segments
area in northern Bucharest. Amber Forest will include over 500 green villas and 200 green apartments, developed on 31 hectares of land. The developer has already sold 190 villas at a
drove demand and helped the company grow its turnover by 12
As for the wider market, the biggest expansions of existing projects and new deliveries are expected in Bucharest, Timisoara, and Craiova. These are some of the cities where companies need warehouses and significant logistics operations.
percent in 2020. “This year began with a sense of uncertainty on the market, but we can already
RETAIL INVESTMENTS GO OUTSIDE BUCHAREST
see a process of gradual return,” said Daniel
Smaller retail schemes located in regional cit-
ingly concerned about their quality of life,
Popa, country manager of Reynaers Alumini-
ies are driving development activity this year,
comfort and safety, energy efficiency, and
um Romania. The most sought-after products
while Bucharest has only seen the opening
price of around EUR 200,000 plus VAT. “Those looking for a home are increas-
lower maintenance costs, no longer looking at the price per square meter alone, as they would
in projects under development were doors and windows, sliding doors, and curtain walls.
in the past,” Alesonor managing partner Alex Skouras tells BR. The Bucharest
STRONG DEMAND FOR INDUSTRIAL AND LOGISTICS PROJECTS Deliveries of new in-
(BVB) is also stating
dustrial and logistics
improved sentiment on the real estate market, especially in the residential field. One United Properties is
the year. Around 156,000 sqm of shopping centres and retail parks are awaiting delivery in 2021,
Stock Exchange to benefit from the
of a new outlet centre since the beginning of
spaces slated for this year will exceed last year’s new stock figures as Romanians have started to rely on e-commerce and delivery
according to JLL. Immofinanz, which has several VIVO! shopping centres in Romania, says that the average footfall has recovered from last year’s decline. “The visitor frequency in our STOP SHOP retail park in Botosani very quickly returned to the pre-crisis level. An important factor in these parks is the focus on low-cost convenience products, which are very popular with consumers in difficult economic times. This
going public in early July in one of the biggest
services for anything ranging from food to
concept has proven successful during the
Initial Public Offerings (IPO) in the history
clothes, toys, and gadgets.
covid-19 pandemic. Discounters benefit from
of the local property sector. The Romanian
JLL data shows that Romania’s modern
the increase in customers' price conscious-
developer has been one of the most active
industrial stock to rent reached 5 million
ness. Internationally, we want to expand our
players in the luxury residential and office
sqm at the end of Q1 and will grow by around
presence in the retail park segment,” Dinu
segments and continues to secure new
690,000 sqm by the end of the year.
explains.
10 COVER STORY
www.business-review.eu Business Review | July 2021
ARCADIA: 13 YEARS OF INVESTING INTO A HEALTHIER FUTURE With important investments so far, Arcadia Hospitals and Medical Centres is the leader of healthcare services in northeastern Romania. Founded 13 years ago by Raluca and Dan Fiterman, the company was conceived from the very beginning as a multidisciplinary structure with integrated outpatient services, focusing on pediatrics, maternity and surgery. Knowing that the local private healthcare system is soon to reach maturity, the two entrepreneurs are planning solid investments that will provide complex solutions for Arcadia patients. By Anda Sebesi
www.business-review.eu Business Review | July 2021
COVER STORY 11
T
he story of Arcadia Hospitals and Medical Centres began back in 2008, when Dan and Raluca Fiterman entered the healthcare services scene by opening the first Arcadia medical unit in Iasi – a centre specialising in high-performance medical imaging services. Back then, the imaging centre’s
portfolio focused on explorative medical services through magnetic resonance (MRI), computer tomography (CT), mamography, and ultrasound. “We wanted to develop a multidisciplinary structure with integrated outpatient services, focusing on pediatrics, maternity, and surgery,” says Dan Fiterman, the general manager of Arcadia Hospitals and Medical Centres. Now the largest healthcare network in northeastern Romania, Arcadia was founded 13 years ago with the aim of providing support for patients, its founders say. “From the very beginning, our mission was to develop a medical system that would help the community, so we constantly invest in people and innovative technology to meet our patients’ needs,” says Raluca Fiterman, CEO, Arcadia Hospitals and Medical Centres. According to Dan Fiterman, they’ve always focused on knowing and understanding the behaviour and needs of patients, as well as on analysing the structure and functioning of the private medical services market, being aware of the real demand for such services, and exploring market niches. With such clear positioning the two entrepreneurs quickly decided that the expansion of their business was the best option for them and for the local community. One year later, in 2009, they started the development of the future headquarters of the multidisciplinary hospital and the maternity hospital in a building with seven levels and a total area of over 11,000 sqm. In addition, a new hospital unit for interventional cardiology was developed in the same year. “We also reached an important milestone by implementing the quality management system,” says Dan Fiterman.
ARCADIA’S MEDICAL MILESTONES NOVEMBER 2010 – the first arthroplasties (prostheses) in the Arcadia Orthopedics-Traumatology Department - the first time such medical procedures were carried out in a private hospital in Moldova.
APRIL 2017 – for the first time in the region, 6 types of bariatric and metabolic surgeries are performed in Arcadia through a single incision - SILS. AUGUST 2017 – the first cystoscopic exploration of a 3-month-old baby, the first coblation tonsillectomy, a modern method of surgical treatment in the ENT field and a premiere for Arcadia. In the same period, the network also marked a surgical milestone by performing the first pediatric laparoscopic splenectomy. APRIL 2018 – the first IFD (Ileal Food Diversion) medical procedure against obesity in the region developed at the Arcadia Hospital. Another key event during this month was a national premiere in the Orthopedic Surgery department at Arcadia Multidisciplinary Hospital. An experienced team, led by the well-known German professor with Romanian origins Wilhelm Friedl, performed a complex surgery – the revision of a knee tumor prosthesis and reprosthesis with a modular tumor prosthesis "Rotating Hinge'' Mutars / Implantcast type, used for the first time in Romania. MAY 2018 – the first post-traumatic splenic rupture operated on by using the laparoscopic method in the region. SEPTEMBER 2018 – gastric mini-bypass performed by the Arcadia medical team for weight loss
purposes.
2020 – a regional premiere for the Arcadia Medical Imaging Centres, using two 3 TESLA MRI machines.
In March, Arcadia marked another first for Romania, in the obesity surgery area: the Gastric Sleeve with Transit Loop Bi-Partition procedure.
2021 - another medical premiere for the Arcadia Hospital (Interventional Radiology) – the embolisation of a splenic aneurysm.
www.business-review.eu Business Review | July 2021
12 COVER STORY
However, 2010 marked the beginning of more complex activity
As the medical services market is constantly evolving, with the
as Arcadia opened its headquarters in Iasi and started to operate as
private segment being at the forefront, the proper basis for market
a medical network with clinics and hospital services for both adults
development is the quality of services, the adoption and implemen-
and children. At that time, Arcadia owned a multidisciplinary clinic,
tation of innovative technologies, lifelong learning and a constant
an imaging centre a multidisciplinary hospital, and an interven-
transfer of expertise. “We do believe that system maturity is the
tional cardiology hospital, as well as a mobile medical service unit.
next step. Coherent investments are needed to provide patients
“With this structure, Arcadia was launched in June 2010 as the larg-
with complex solutions,” says Dan Fiterman.
est private provider of medical services in Moldova, featuring the
As for what differentiates Arcadia from other local medical ser-
first hospitals with this kind of infrastructure in the northeastern
vice providers, Raluca Fiterman says that from the very beginning,
region,” says Raluca Fiterman.
the two entrepreneurs have believed in multidisciplinarity and the
In response to the growing demand for outpatient services, in
need for an integrated system of services: from prevention to diag-
January 2013, the Fiterman family launched the Arcadia Sărărie Medical Centre, the second clinic to offer medical services in more than 20 specialties for both adults and children, in a building with 4 levels and a total area of about 1,200 sqm. Three months later, in April, they opened the Palliative Department. Since 2017, Arcadia has seen intensive expansion at all levels: the inauguration of Arcadia Plastic and Aesthetic Surgery Centre (March 2017), the opening of a polyclinic with medical specialties for children and adults – Moara de Foc – with high-end technical equipment and a top medical team (June 2017), and the opening of the Arcadia Bucium Medical Centre (August 2017). These were followed by the inauguration of the Breast Health Centre (June 2018 – its innovative equipment includes the latest mammography tools with tomosynthesis and an ultrasonograph dedicated to dense breast tissue), the Arcadia Sf. Lazăr Medical Recovery Centre, which features technology that is unique for the region, the David System (September 2018) and the Nicolina Medical Centre (October 2018), the sixth Arcadia centre in Iasi. Last but not least, the company launched its telemedicine service Arcadia Line in 2020, to respond to patient needs during the pandemic, as well as the Women's Health Centre, which offers a complete circuit of investigations and medical consultations.
MORE TO COME Currently, the Arcadia Healthcare Network has a complex infra-
nosis, treatment, and recovery. “We personalise medical solutions
structure comprising a multidisciplinary hospital, an interventional
at the highest quality standards for our patients, and we are con-
cardiology hospital, three medical imaging centres, a maternity
stantly developing new solutions. We set a standard and innovate in
hospital and six other medical centres. “Arcadia has a professional
order to properly take care of our patients and the community. The
medical team and premium equipment, two of the reasons why
network was developed under the principle of helping patients, and
over a million patients have chosen this health network from the
this is why Arcadia continues to be the healthcare leader in north-
opening of the first medical imaging centre,” says Raluca Fiterman.
eastern Romania,” says Raluca Fiterman.
Since 2008, the two entreprenereus have sustained significant
In the future, the company plans to continue investing based on
financial endeavours, while the investment needed to finalise their
solid data and analysis and to develop new services dedicated to
ongoing projects will exceed EUR 20 million this year. “In the im-
patients in the northeastern region and beyond. The founders will
mediate future, we plan to open the Arcadia Medical Recovery Hos-
continue to develop Arcadia projects, such as the new Medical Re-
pital which will include a robotic recovery base and revolutionary
covery Hospital, which is due to open this year. The hospital’s treat-
technology that brings major benefits for patients. The hospital will
ment base will be equipped with the latest available technology.
have 140 beds and give patients access to state-of-the-art technol-
“Arcadia is a system based on clear values, a platform that inter-
ogy and medical equipment,” Dan Fiterman adds. The company is
connects medical excellence, technology and people. Therefore, we
also carrying out an evaluation and analysis process to integrate an
treat patients with empathy and we give them the trust and support
innovative concept for an area dedicated to oncology, radiotherapy
they need. We focus on the real time needs of our team, our patients
and radiosurgery.
and the community,” Raluca Fiterman concludes.
www.business-review.eu Business Review | July 2021
ADVERTORIAL 13
Biofarm, 100 years of history in the pharmaceutical industry in Romania
T
he modern pharmaceutical industry
therapeutic areas, many of which are still leading
product portfolio, but also about responsibil-
dates back to the mid-1800s, when
their categories. Triferment, Anghirol, Colebil or
ity towards whole generations of consumers,
pharmacies started to expand their
Cavit are only some of the examples which stand
which has determined Biofarm to always
plant-derived medicine distribution services
proof of the undisputed outstanding quality
look towards the future before taking any
into the development of the first chemicals.
of the products and of the fact that passion
action and making any business decision.
At the beginning of the 20th century, the
to identify the best treatment solutions has
pharma industry developed globally, and
always been one of the core values of the entire
the most important investment in the local
Romania took the first steps in research
research and development team at Biofarm.
pharma industry over the past 30 years – a
through small enterprises.
Constant innovation and portfolio diversity
The centennial anniversary showcases
manufacturing facility built from scratch,
have always differentiated Biofarm from its
with modern installations and machinery,
in the pharmaceutical industry, these
competitors and have yielded significant results,
led by a team of specialists that are develop-
small enterprises merged and Biofarm was
which have fostered the company’s development
ing all the time.
established in 1921. This merger soon paid
over its 100 years of activity. The permanent
off, with Biofarm products having a major
updating of the core portfolio and the launch of
through continuous improvement, the
contribution to increasing the quality of life
new products in the fastest growing categories
Biofarm team works relentlessly to maintain
of Romanian patients in the ‘20s. Such prod-
in the industry have always made Biofarm stand
performance and innovation at the highest
ucts include Carmol, launched in 1928, which
out on the highly competitive pharmaceutical
level. They put their know-how and expertise
makes it the oldest and one of the best-know
market in Romania over the past 20 years.
to the service of good every day, in the new
In order to keep up with the fast growth
products of the company.
The mix between long-standing brands and innovations in emerging categories place
Dedicated to their mission to do good
labs provided with state-of-the-art equipment.
INNOVATION, THE COMPANY’S GROWTH DRIVER
Biofarm among the top companies in Consumer Healthcare and make it the undisputed leader of
meters and an annual production flow of
More than 90 years have passed since the
the following therapeutic areas: digestion, bile
over 30 million commercial units in the form
launch of Carmol and 100 years of continued
disorders, nasal decongestants, topical anti-
of tablets and capsules and over 10 million
activity for the company having its head-
rheumatics, venous insufficiency, anxiolytics,
liquid products, the new Biofarm plant
quarters on Logofătul Tăutu Street. 100 years
and hypnotics. The recent additions to Biofarm’s
significantly increases production and will
during which Biofarm’s mission to do good
portfolio hold important positions in their
facilitate expansion on new markets.
has materialized in each of its undertakings.
respective market segments, such as laxatives,
100 years during which care and responsibil-
hepatic medicines, bloating and antiflatulence,
driving force which has kept the Biofarm
ity towards the clients have always come to
vitamins for kids or sore throat.
business alive for 100 years and represents
With an area of more than 7,000 square
The genuine desire to do good is the
the starting point for the next era of innova-
the forefront. 100 years of constant innovations. 100 years during which Biofarm has
CONSTANT INVESTMENTS IN THE FUTURE
tion and performance in the pharmaceutical
launched hundreds of products in over 60
The company’s story is not only about a wide
industry.
www.business-review.eu Business Review | July 2021
14 MAIN STORY
Business champions take centre stage at BR Awards In June, Business Review hosted the 16th edition of the Business Review Awards Gala (BRA), the magazine’s flagship event that highlighted outstanding achievements in the local business community in 2020. The event celebrates the companies, leaders, and entrepreneurs who show drive and initiative and achieve the best results in their class of business. Over the years, it has gathered over 130 honorable jury members, over 550 of Romania’s most inspiring business stories and more than 2,000 representatives of the country’s business elite. By BR Team
www.business-review.eu Business Review | July 2021
B
MAIN STORY 15
ecause 2020 was a very different year, this year’s edition
Ramona Jurubita, Foreign Investors Council President and Country
of BRA also had some distinctive features. It was for the
Managing Partner at KPMG as the President of the Jury. “I saw so
first time when the majority of our award categories were
much talent in every category that it was very difficult to pick a win-
built around a specific reality: covid-19. Additionally, almost all the
ner. The awards reflect the diverse ways in which individuals and
categories highlighted the corporate sector’s capacity to adapt and
organisations can contribute to society. I’m very optimistic about
adjust in order to support the entire society in the effort of coping
Romania’s future when I look at the list of participants in these
with the pandemic. “We actually turned a negative situation into an
awards,” says Ramona Jurubita, the President of the BRA Jury.
opportunity to award business success and achievement – and I am
Looking at the CSR category, Jurubita noted that the pandemic
glad to see that Romania has been able to generate high performers
was a massive shock to us all and it was natural for companies to be
in many sectors,” says Anda Sebesi, the Editor-in-Chief of Business
concerned with protecting their business and employees, so it was very encouraging to see that so
Review Magazine.
many of them didn’t just focus
It was also the the first time BR created a series of special
on protecting themselves from
awards that recognised some
the storm, but also understood
great achievements that were
their responsibility to the wid-
not included in our traditional
er community. The award was
categories. “We acknowledged
handed out by Ionut Georges-
long-lasting Romanian brands
cu, CEO at FEPRA Interna-
that have managed to become
tional. “At FEPRA, we manage
fresh and innovative; preserv-
packaging waste responsibility
ers of local heritage; out-
and sustainability, and we are
standing female leadership in
very honored to give out this
sectors dominated by men; and
great CSR award. I think that all
last but not least, Romania’s
the nominees deserve a round
potential to generate the next
of applause for their great com-
generation of young leaders,”
panies and projects. Let’s make
Anda Sebesi adds.
the world a better and cleaner place,” he says.
This year’s categories were:
Also in the CSR sphere was
Best CSR Initiative of the Year; Best Supporter of Healthcare
the award for the company
Services – Powered by Immo-
with the highest social impact
finanz; Employer of the Year
– which recognised companies
– Working Romania Champion
that showed an outstanding
– Powered by Superbet; Most
commitment to contributing to
Adaptive Business Model in
their communities alongside
2020; Innovator of the Year –
their business goals. Inevitably,
Powered by Bitcoin Romania;
healthcare was also a particularly important category
Executive of the Year; Excellence in Business – Powered by Apa Nova; Most Dynamic Company
this year. Healthcare workers and service providers have faced the
of the Year – Powered by Vtex; Entrepreneur of the Year; Company
double challenge of being on the front lines in the fight against co-
with the Highest Social Impact in 2020; Personality of the Year; and
vid as well as having to make sure that normal healthcare provision
four BR Special Awards: Most Enduring & Adapted Romanian Brand,
did not suffer.
Best Young CEO, Most Influential Female Leader in Real Estate, and Best Preserver of Urban Heritage. This year’s jury included Lara Tassan Zanin, Head of the Romania
“Turning to the employers’ category, we must note that businesses faced massive challenges last year, and it has been good to see the huge efforts many have made to protect their employees,
Representation of the European Investment Bank; Marian Popa,
with leaders frequently putting their teams before themselves.
Managing Director at Globalworth Romania; Andrei Gemeneanu,
Not only did companies have to do their best to protect jobs and
Co-founder and Managing Partner at Morphosis Capital; Marius
salaries, but they also had to ensure that the sudden move to work-
Ghenea, Serial Entrepreneur and Business Angel and Managing
ing from home was as smooth as possible for employees,” Ramona
Partner at Catalyst Romania; Dragos Anastasiu, President of AHK
Jurubita says.
Romania; Irina Munteanu, CFO at Veolia Romania & Deputy General
She adds that adaptability has clearly been a critical attribute
Manager at Apa Nova; Mihaela Bitu, CEO at ING Romania; Fady
for all of us during these times, so businesses that had proven to be
Chreih, CEO at Regina Maria, the Private Healthcare Network, and
highly adaptable deserved to be recognised. “Likewise, innovation
www.business-review.eu Business Review | July 2021
16 MAIN STORY
has been very important during the pandemic period. Innovation represents future success, and it has been encouraging to see how many organisations have rolled out new products and services and invested in R&D,” adds the president of the BRA Jury. She also mentions two other important categories related to business growth: Excellence in Business – which awarded long-term achievements, including building structures that can enable a rapid adaptation to changing market trends – and Most Dynamic Com-
Best Supporter of Healthcare Services Powered by Immofinanz
Winner: Regina Maria, The Private Healthcare Network
pany, which focused on 2020 performance and on how businesses managed to achieve great success despite the challenging economic context. “In terms of awards for individuals, I was pleased to see so many talented people having made such important contributions to society and the economy. The Executive of the Year award was designed to recognise a leader who went beyond their normal activity of running a company. Of course we were interested in business acumen and innovation, but also in how the person had contributed to general economic growth. The Entrepreneur of the Year award focused on those who have been particularly successful innovators or who have led their enterprises on a path of strong growth. Finally, we included a special award for Personality of the Year – for a nonbusiness contribution to society and to our country,” concludes Jurubita. According to Colin C. Lovering, Master of Ceremonies at the Business Review Awards Gala, “while many competitive countries stood still and waited, the Romanian business community took the time to understand and calmly react, and it continues to learn vital lessons from the rapidly unfolding events over the last 15 months. All of those unanticipated twists and turns triggered by each news announcement in turn generated many different opinions and actions and, in some cases, internal challenges.”
Fulga Dinu, Country Manager Operations at Immofinanz:
“I am very happy to support this category because healthcare is very important for me personally. Even before the pandemic, I was a big supporter of this sector, as I am a member of the board of trustees in Hospice Casa Sperantei and I try to get involved in medical services as much as possible. The pandemic has shown us all how important the healthcare sector is and how brave and courageous the people working in this field really are.”
Best CSR Initiative of the Year
Winner: Kaufland Romania
Georgiana Andrei, Sales Director at Regina Maria:
“This award goes to all of our doctors and patients and to the companies that have supported us. Through their investments in subscriptions, they’ve really helped invest in online and offline healthcare facilities.”
www.business-review.eu Business Review | July 2021
MAIN STORY 17
Employer of the Year Working Romania Champion Powered by Superbet
Most Adaptive Business Model in 2020
Winner: Groupe Renault Romania
Winner: Autonom Group
Innovator of the Year Powered by Bitcoin Romania Alina Amza,
Winner: Teach for Romania
Group Wellbeing & Inclusion Director at Superbet:
“Superbet is the biggest employer in the Romanian gambling industry and I think we are the best employer in this sector because we operate based on one concept: being an employee-led organisation. Our people are genuinely at heart of everything we do, and they shape all of our activities. Besides that, we work in a very agile manner which allows us to adapt to their needs.”
Reginald Ammons, Vice President for Business Development at Bitcoin Romania:
“There is no doubt that innovation will lift Romania up. For Bitcoin Romania, innovation is about helping people take incremental steps towards betterMaria Tataru, Marketing Manager at Autonom:
ing their lives. It’s about helping people understand
“I am very happy that our culture is being recognised
that change means the world going from the gold
as the foundation to the company's success.”
standard to fiat currency to a new digital standard.
www.business-review.eu Business Review | July 2021
18 MAIN STORY Bitcoin Romania is all about bringing innovation to regular people.” Iulia Pielmus, CEO at Teach For Romania:
Executive of the Year
Winner: Iulian Stanciu, Executive Chairman eMag
“I am really grateful to see so much interest in educational projects and that the business community is giving us the chance to develop and implement such projects. I would like to dedicate this award to my fabulous team, my passionate teachers and alumnis from Teach for Romania, but even more to children from vulnerable communities who continue to come to school despite the difficult conditions.”
Most Dynamic Company of the Year Excellence in Business Powered by Apa Nova
Powered by Vtex
Winner: Laptaria cu Caimac
Winner: Lidl Romania
Cristi Movila, Country Manager at VTEX: Irina Munteanu, CFO at Veolia Romania and Deputy General Manager at Apa Nova:
“The pandemic crisis brought uncertainity at all levels and changed the rules of the game forever. We witnessed a unique moment in our existence and we have the opportunity to reset the economy based on solid principles of sustainability, because I think that green technologies and innovation will be major stepping stones for our future and for the progress of our society.”
“Until a few years ago, being dynamic only meant being able to adapt very quickly and to be ahead of your competition. Nowadays, being dynamic means both adapting and giving solutions to your customers ahead of time, and before they even know they need them.” Adrian Cocan, General Manager at Laptaria cu Caimac:
“We are honoured by this award and I would like to dedicate this to my partner, to my team, and especially to our consumers.”
www.business-review.eu Business Review | July 2021
Entrepreneur of the Year
Winner: Dr. Wargha Enayati, Chairman Enayati Group
MAIN STORY 19
Company with the Highest Social Impact in 2020
Winner: She is Mom
Most Enduring & Adapted Romanian Brand
Personality of the Year
Winner: Valeriu Gheorghita, the coordinator of the national coronavirus vaccination campaign in Romania
Winner: CEC Bank, for becoming one of the leading banks in Romania by adopting innovative technologies and using its omni-channel business model to leverage its growth.
Gabriel Pralea, Network Director, CEC Bank
“CEC Bank is a well-known brand across Romania. A few years ago, CEC Bank started to reinvent itself and to come closer and closer to its clients’ needs through mobility, speed, comfort, and access to digital products. This award shows that our efforts are being recognised by the market and also gives us a great responsibility for how we push forward this great Romanian brand.”
20 MAIN STORY
Best Young CEO
Winner: Andrei Brumaru, CEO of Carmistin, for contributing to the development of this company, which received one of the largest syndicated loans on the local banking maket last year.
www.business-review.eu Business Review | July 2021
of central Bucharest and old heritage buildings as our true mission, which we have been pursuing for some time now, and we will of course stay focused on this niche because we believe that the Romania’s historical heritage and architectural assets have to be preserved and honoured, and this is exactly what we are doing in our day-to-day work at Hagag Development Europe.”
Most Influential Female Leader in Real Estate
“Carmistin is an entrepreneurial company that operates in the agribusiness sector and for us it is very important to provide Romanians with food
Winner: Fulga Dinu, Country Manager for Operations at Immofinanz, for coordinating the development of Immofinanz Romania on the local office and retail segments and for enabling the company to record outstanding results last year.
of local origin. This is what we try to do every day.”
Best Preserver of Urban Heritage
Winner: Hagag Development Europe
“Real estate is still a male-dominated industry, but I believe that top performance can be achieved regardless of gender in any field, through solid professional training and managerial talent. We live in an age of equal opportunity, of tolerance, where gender Anna Cohen, Head of Marketing
or nationality no longer matter, and this means that
at Hagag Development Europe
strong, remarkable, and inspirational women have a
“We look at the renewal, revival, and rehabilitation
much better opportunity to make their voices heard.”
www.business-review.eu Business Review | July May2021 2016
COVER STORY FDI 21 14
Automotive & IT sectors become pillars of new FDI in Romania The automotive sector is now one of the strongest in Romania, and the areas that support it are attracting high levels of FDI in the post-covid economy. We can already begin to analyse some good news that came during the first half of 2021 in terms of new investments. By Claudiu Vrinceanu
T
he starting point in the post-covid-19 economic recovery has been favourable: the automotive industry
accounts for 23 percent of manufacturing production in Romania (more than in the rest
Timisoara ranks among the top three cities in Romania in terms of foreign direct investment
of EU-CEE). Among the most important news of 2021 was the announcement from Ford, which said it would invest USD 300 million to
connected vehicles of the future. The new
produce batteries for electric vehicles in Ti-
begin building a new light commercial vehicle
location will extend and complement the
misoara. As part of its development strategy,
at its Craiova plant from 2023, as well as a
work being carried out by Porsche at its other
Dräxlmaier plans to invest 200 million euros
fully electric version of that vehicle starting in
Romania site, in Cluj-Napoca, which opened
in the e-mobility components factory over the
2024, marking a first for Ford in Romania.
in 2016 and currently has 250 employees.
next six years.
“Porsche Engineering’s tech operations in
“We will develop the project in several
TIMISOARA TAKES THE LEAD
Romania have been a great success story so
stages, and it will involve the construction of
More good news has come in recent weeks
far. The consistent growth with highly-skilled
over 40,000 sqm of production areas, ware-
from Timisoara, where three of the largest
function and software development special-
houses, and office buildings. Dräxmlaier will
auto manufacturers have announced expan-
ists in Cluj-Napoca motivated us to consider
produce electronic and high voltage compo-
sions or new investments. In fact, Timisoara
expanding to a second Romanian location,”
nents. The highlight is the future battery as-
ranks among the top three cities in Romania
said Dirk Lappe, the company’s Chief Tech-
sembly system for hybrid cars produced by a
in terms of foreign direct investment, ac-
nology Officer. With its high-tech environ-
premium carmaker that we will start in 2022,”
cording to the 2021 EY Attractiveness Survey
ment in both the academic and business
the company said.
Romania. Timisoara attracted 11 percent of all
environments, Timisoara was the obvious
The third piece of excellent news from the
FDI projects announced for 2021, after Bucha-
choice for this expansion. “Five years ago,
car industry came from the e-mobility sector.
rest (33 percent) and Cluj-Napoca (12 percent).
when we first came to Romania, we were im-
ZF announced that it would expand its hub
The first move came from Porsche Engi-
pressed by the creativity, flexibility, and rapid
in Timisoara and turn into a research and
neering, a technology service provider and a
learning ability of the people we met,” Lappe
development centre for electric mobility and
wholly-owned subsidiary of Porsche, which
added. “We are happy to further tap into this
software and hardware solutions for electric
opened a second tech location in Romania.
potential with a second location in the vibrant
vehicles.
With a new research and development site
city of Timisoara.”
in Timisoara, it is further expanding its innovation centres to develop the smart and
Furthermore, German automotive parts company Dräxlmaier will open a plant to
Over the next three years, ZF will triple the number of engineers it employs in Timisoara, with a hundred jobs added every year.
www.business-review.eu Business Review | July 2021
22 TECH STARTUPS
Tech Startups: Movers and shakers in the first half of 2021 Only five Romanian tech startups managed to raise more than a million euros from investors in the first six months of 2021. Nevertheless, these companies have had remarkable results this year, not even counting the success of UiPath’s IPO, an example that is already famous around the world. Tech startups have a great potential to raise money from investors
By Claudiu Vrinceanu
FINTECHOS: EUR 51 MILLION
ing to expand the platform internationally
operations. Currently, the company covers
The largest venture deal came from Finte-
starting with the last quarter of this year
all continents with the help of an ecosys-
chOS, the global technology provider for
by establishing partnerships with lead-
tem of over 100 international partners.
banks, insurers, and other financial services
ing technology hubs in Europe. SeedBlink
companies, who raised USD 60 million (EUR
intends to shape Europe's technological
QUESTO: EUR 1.26 MILLION
51 million) in Series B funding. The round was
future by creating a platform that combines
The startup Questo, which has developed
led by Draper Esprit, a leading venture capital
the visibility generated by crowdfunding,
a mobile app through which users can
firm whose investments include Form3, IC-
the flexibility of angel investors, and the
explore different cities and tourist destina-
EYE, Revolut, Thought Machine, and UiPath.
structuring provided by VCs. Furthermore,
tions in a gamified way, has attracted EUR
Existing investors Earlybird Digital East, Gap-
it intends to set up an Advisory Board of
1.26 million in an investment round led by
minder Ventures, LAUNCHub Ventures, and
senior specialists in the region within the
Early Game Ventures, with the participa-
OTB Ventures also participated in the round.
next three months.
tion of Sparking Capital.
WHAT'S NEXT: The funds will mostly be used
DRUID: EUR 2.1 MILLION
WHAT'S NEXT: The financing will go to-
to cement the company's position in Europe
DRUID, a company specialised in the de-
wards the company's global development,
and the UK and fuel international expansion
velopment of intelligent virtual assistants
as it aims to expand the project to 200
to target financial institutions in Asia-Pacific,
(chatbots) for enterprises, has raised EUR
cities by the end of the year, mainly on the
Middle East and Africa, and North America.
2.1 million. The round was led by GapMind-
United States market.
This includes new offices in the US, Dubai,
er Ventures, with an investment of EUR
and Singapore, along with 120 new staff
1.85 million, while the rest of the amount
BUNNYSHELL: EUR 1.1 MILLION
members resulting in a 40 percent increase in
was invested by Early Game Ventures and
Bunnyshell is a startup that builds technol-
overall headcount.
private investors. DRUID thus becomes one
ogy for cloud infrastructure, allowing its
of the best-capitalised startups in Romania,
customers to install, monitor, and scale
SEEDBLINK: EUR 3 MILLION
having attracted total investments worth 5
cloud applications automatically, and it
SeedBlink, the fastest-growing platform for
million euros since its launch in 2018.
raised a new round of EUR 1.1 million in a transaction led by Early Game Ventures.
investment in technology startups in Europe, raised EUR 3 million in a Series A round, of
WHAT'S NEXT: A new round of funding is
which EUR 1.1 million were raised through
expected to close by the end of this year.
WHAT'S NEXT: The fresh funding will allow
equity crowdfunding.
Due to the strong demand for conversation-
the founders to accelerate expansion to in-
al solutions over the last year, Druid has
ternational markets and develop the global
continued to grow rapidly and expand its
network of partners.
WHAT'S NEXT: The management is look-
www.business-review.eu Business Review | July May2021 2016
ENTREPRENEURSHIP COVER STORY 14 23
Top 4 forces on the Romanian entrepreneurship scene Digitalization, the involvement of qualified founders with relevant professional experience, youth entrepreneurship, and more capital being made available to businesses will be key in the entrepreneurial environment’s healing process following the covid-19 pandemic. By Claudiu Vrinceanu leading other successful startups, and the presence of highly specialised individuals on the product or development teams.
YOUTH ENTREPRENEURSHIP The appetite for entrepreneurship is growing among young people, with half of them saying that they would like to start a business. The most wanted careers among young people also show increased interest in entrepreneurship and management, which rank first in their preferences. The appetite for entrepreneurship is growing among young people
A MORE DIVERSE FUNDING SYSTEM FOR ROMANIAN STARTUPS AND SCALEUPS
HIGHER POTENTIAL FOR DIGITALIZATION IN THE CONTEXT OF COVID-19
AVAILABILITY OF EXPERIENCED FOUNDERS
The funding of Romanian startups has be-
Successful entrepreneurs tend to open their
come more sustainable and diversified lately.
The business environment is calling for
startups after the age of 40. International
The number of investors in Romanian start-
legislation to be updated so as to enable
studies show that the success rate of startups
ups and scaleups increased to 97 in 2020. The
and encourage the rapid adoption of cloud
with founders under 30 is half that of start-
pipeline of local and international ventures
technologies, which have a great potential to
ups established by people aged 50-60. In the
is no longer driven by a few small-sized
accelerate the digitalization process. The po-
collective perception, this age group may not
e-commerce companies and marketplaces.
tential for digitalization includes developing
be associated with the idea of a startup or en-
Instead, it shows a balanced mix of innova-
an acceleration package aimed at supporting
trepreneurship, but in reality, it often builds
tive ideas in FinTech, Biometrics, Blockchain,
software manufacturers specialising in the
successful businesses in the high tech field.
Robotic Process Automation, and HR-related
optimisation and automation of business
Moreover, in the covid-19 crisis, the number
solutions.
processes, whether in private companies or in
of experienced business professionals that
state institutions. The goal of the legislative
could become founders will increase due to
driven by its digitally solid workforce and
package proposed by ANIS (the organisation
turnarounds and restructuring processes.
diversity. International investors lead fund-
that represents businesses in the software
Representatives of the business envi-
Bucharest is the central hub in Romania,
ing initiatives, with only a few local Roma-
industry) is to obtain results in less than 12
ronment agree to maintaining conditions
nian funds participating in Series A+ rounds.
months by accelerating existing software
for granting startup financing, but only if
Besides the local funds investing in the
products on the market or supporting new
requirements like creating jobs or operating
ecosystem, we’re seeing a growing number of
investments that could generate short-term
for several years are waived, as they believe
international players scouting the Romanian
results, in both the private and public sectors.
that these conditions should be determined
tech market for investment opportunities.
The organisation recommends the implemen-
by the market, through aspects such as the
Due to the lack of locally-grown venture
tation of non-reimbursable co-financing to a
founders’ capital contribution, the presence
capital (VC) funds, most early-stage startups
maximum of 80 percent of the cost of eligible
of angel investors or venture capital funds,
are looking to join external incubators and
projects and up to EUR 100,000/project.
the founders’ experience in the field or in
accelerator programs.
www.business-review.eu Business Review | July 2021
24 GLOBAL TRENDS
Life after the pandemic: concern around online security and a drive for healthier lives Over the past year, the global coronavirus pandemic has wreaked havoc on the world, causing the biggest socioeconomic crisis in modern history. This has been accentuated in cities, engines of economic prosperity and connectors to smaller towns and communities, which have acted as corridors for the continued spread of the virus, according to Ericsson Consumer Lab’s “The Future Urban Reality” report. By Aurel Constantin course of the pandemic have rendered all attempts at leading a normal life impossible. This, in turn, has led consumers to drastically change their routines in the long run. For example, students performed 85 percent of their study hours online where possible, while over 50 percent of work hours were performed remotely by the global working population. Though many professions have been unable to make the digital shift, remote work is expected to stay: one in four expect to continue working fully remotely after the pandemic. This increases even further to one in three among the working population Globally, one in two consumers express explicit concerns about climate change and pollution
T
in countries such as Thailand and Brazil. Similarly, university students also expect that over 60 percent of their study hours will be spent
he pandemic has laid bare the preva-
immediate task is to re-build societies, com-
lent inequalities and imbalances in
munities, and economies, and to shape new
urban areas and aggravated them
online in the next normal. Mobility patterns will also change, but
opportunities for future urban landscapes
perhaps not in the way one might expect:
further by hitting marginalised and vulner-
to become more inclusive, resilient, and
one in four expect to switch their commuting
able groups in society the hardest. With an es-
equitable. Such preparedness would mean
methods to those with a lower environmental
timated loss of more than 3.6 million lives and
better access to critical societal functions in
impact, such as using public transport, biking
255 million jobs; around 120 million people
the event of future global crises.
or walking. However, many consumers take
falling back into extreme poverty; 170 million
The pandemic has also triggered new and
the opposite view, with their primary choice
children being left out of school for a year;
significant digital behaviour shifts in consum-
being car travel. Around 1 in 3 consumers
and – as the particularly hardest hit group in
ers, with more than ever before using online
believe they will increase the overall time
society – an estimated USD 800 billion in loss
platforms to manage numerous aspects of
they spend commuting and traveling short
of income for women globally, the mounting
daily life. Among the global online popula-
distances, with a 13 percent rise. This increase
challenges, sorrows, and hardships are many
tion, access to the internet has been a funda-
takes into account activities planned in the
and severe.
mental factor for maintaining daily activities
consumers’ home cities, such as strolling and
and keeping in touch with loved ones during
socialising.
Yet this pivotal moment encourages hope; as the world continues to navigate the ongo-
lockdowns and strict social distancing.
ing pandemic, the vaccine rollouts mean
ONLINE SHOPPING EVOLUTION
governments, businesses and citizens can
THE SHIFT TO REMOTE WORKING
Shopping is an area of dual purpose: a
look toward the future. A future where the
Fluctuating waves of contagion over the
pastime and social activity for some and a
www.business-review.eu July 2021 Business Review | May 2016
GLOBAL COVERTRENDS STORY 14 25
practical necessity for others. Over the course
press greater worry about heightened stress
consumers have begun re-evaluating some of
of the pandemic, shopping in physical stores
levels. This concern is not only prominent
their fundamental behaviours going forward,
became challenging, and online shopping
among these particular group of consumers,
including their consumption.
grew to be a more attractive option. Before
but also among urban consumers in emerging
the pandemic, online shopping accounted for
markets.
Driven partly by environmental concerns, they are not necessarily looking to consume
around 34 percent of all consumer product
What’s more, the prediction about the
purchases globally, including fashion, tech-
future job market and a need to maintain up
many as half predict they will only shop for
nology, and home décor. During the pandem-
to three jobs at the same time is particularly
locally made products and locally grown pro-
ic, this rose to 53 percent.
held by adults who are already in the work-
duce. Furthermore, 56 percent of consumers
tries such as Argentina, Kenya, and Ethiopia,
force. Hence, around 60 percent globally
predict that local consumption will become
where growth of between 12 to 14 percentage
believe that holding a steady job will be even
a new future norm. Quarantine and social
points is expected.
more important in the future. This is a view
distancing, coupled with overall limits to
less, but to consume more locally. By 2025, as
Consumers predict online shopping will become a more common feature in the next normal for their shopping needs. While shopping in physical stores will still likely be a prevalent habit in the future, online purchasing is expected to account for 42 percent of all shopping activities. The most significant predicted growth in online shopping is among consumers in large cities, in coun-
shared both by working adults and young
physical mobility during the pandemic, have
shopping is becoming particularly evident for
people looking to enter the job market in a
underscored the value of breaking away from
consumers in urban areas where online shop-
few years.
long-standing routines.
The efficiency and convenience of online
ping previously had a lower starting point
The future is equally seen as a world of
However, with a future focused on new
before the pandemic. Aside from general
possibilities and a potentially challenging
experiences and enjoying life, consumers
shopping, groceries are another purchase
urban reality. The most prominent challenges
are also looking to increase a behaviour that
category and even this highly routine activity
such as security, safety, and stability are po-
seems at odds with their environmental wor-
is set to be handled online. Globally, consum-
tentially those where consumers have limited
ries: increased leisure travel. The challenge
ers estimate that one third of all their grocery
personal influence. Consumers are seeking
appears when leisure travel leads to an in-
shopping will be handled by online platforms.
to divide their attention in areas where they
crease in air travel, potentially also increasing
do wield influence: being present and
people’s environmental footprint in
PREDICTING THE FUTURE
outdoors for new experiences
While consumers see new opportunities on
and memories, while rely-
Globally, one in two con-
the horizon, there is an underlying worry
ing on various online
sumers express explicit
in their future predictions. The prominence
services and platforms
of worry is particularly reflected in the six
to manage the rest of
change and pollution,
most common predictions that consumers
their lives.
yet leisure travel is 20 percent compared
among consumers living in urban areas are
ENVIRONMENTAL CONCERNS
concerns with online security and a drive to
Even before the
lead healthier lives. The concern for online
pandemic, consumer
privacy comes against the backdrop of future
awareness and concern
lifestyles being further empowered through
around environmental
online services.
sustainability was on the rise glob-
the future.
concerns about climate
expected to grow by
express, irrespective of the size of the city they live in. The two most shared predictions
to pre-pandemic figures. Growth is expected at 25 percent among those consumers who do not have any environmental concerns. Today, consumers
ally. Climate change and pollution are now
are already aware of the negative environ-
pandemic, which has highlighted the need to
ranked as a top societal concern, illustrating
mental impact of air travel: around one in
maintain a healthy lifestyle. Consumers living
a perceived sense of urgency for the future
three consumers globally have expressed a
in smaller cities and towns, although equally
of the planet. With new challenges, norms
will to refrain from flying when traveling for
intent on leading healthier lives, are apt to ex-
and restrictions imposed by the pandemic,
leisure by 2025.
The concern for their health follows the
www.business-review.eu Business Review | July 2021
26 TECHNOLOGY
5G on the road to mass market For more than 18 months now, the world has been facing a crisis on a scale that defies belief. As countries around the world deal with different phases of the COVID-19 pandemic, it is clear that technology – and more specifically connectivity – increasingly supports many aspects of our everyday lives. By Aurel Constantin fuelled by 5G technology has a key role to play,” says Fredrik Jejdling, Executive Vice President and Head of Networks at Ericsson. Despite the uncertainty caused by COVID-19, service providers continue to switch on 5G and more than 160 have launched commercial 5G services. 5G subscriptions with a 5G-capable device grew by 70 million during the first quarter to reach around 290 million. The report estimates there will be close to 580 million 5G subscriptions by the end of 2021. Currently, Northeast Asia has the highest 5G subscription penetration, followed by North America, Gulf Cooperation Council countries, and Western Europe. In 2026, it is projected that North America will have the highest share of 5G subscriptions of all regions, at 84 percent. 5G subscription uptake To date, around twenty 5G networks have been commercially launched across CEE
T
is expected to be faster than that of 4G following its launch in 2009. 5G subscriptions are estimated to reach the 1 billion mark two years earlier than 4G did.
he resilience and diligence of the tele-
speed connectivity is virtually limitless. The
communication industry continues to
fact that more than 70 percent of all service
be evidenced by the striking numbers
providers are now offering fixed wireless ac-
gagement with 5G compared to 4G, as well
cess (FWA) services speaks to this need.
as the timely availability of devices from
in this edition of the Ericsson Mobility Report. The speed of 5G uptake is far higher than it
As societies plan a return to a more normal
Key factors include China’s earlier en-
several vendors. By the end of 2026, Erics-
was for 4G, let alone 3G, and it is one more
situation after the pandemic, the need to
son 4forecasts 3.5 billion 5G subscriptions
sign of an industry that tirelessly continues
secure and invest in high-quality digital infra-
globally, accounting for around 40 percent of
to drive innovation and bring new technology
structure should be on everyone’s agenda as
all mobile subscriptions at that time. 4G will
to the market. So far, more than 160 commu-
a key component of economic recovery. It’s a
remain the dominant mobile access technol-
nications service providers have launched 5G
good thing, then, that the industry that can
ogy by subscription over the forecast period.
services and over 300 5G smartphone models
deliver on that need is already on its way to
During Q1 2021, 4G subscriptions increased
have been announced or launched commer-
doing so.
by approximately 100 million, exceeding 4.6
cially.
“The 20th edition of the Ericsson Mobil-
billion, equalling 58 percent of all mobile subscriptions.
Before the end of this year, we will have
ity Report shows that we have taken the next
surpassed half a billion 5G users across the
step in 5G technology in terms of accelerated
4G is projected to peak during the year at
world. However, the picture is a bit differ-
launches and expanding coverage in markets
4.8 billion subscriptions before declining to
ent when looking at the development on a
such as China, the US, and South Korea. Now
around 3.9 billion subscriptions by the end
regional level, where it is clear that it will take
is the time for advanced usage scenarios to
of 2026 as more subscribers migrate to 5G.
longer for 5G to be deployed and ready for
materialise and deliver the benefits of 5G.
The net addition of mobile subscriptions was
mass-adoption in some regions. Nevertheless,
Companies and societies are preparing for a
quite low during Q1 2021, at 59 million. This is
whether it’s 4G or 5G, the need for good, high-
post-pandemic world in which digitization
likely due to the pandemic and the associated
www.business-review.eu July 2021 Business Review | May 2016
COVER TECHNOLOGY STORY 27 14
lockdown restrictions. India had the most net
about 20 percent annually through 2026.
additions (+26 million), followed by China (+6
Subscriptions for mobile PCs and tablets are
million) and Nigeria (+3 million).
expected to show moderate growth, reaching
kets such as China and South Korea have re-
around 450 million in 2026.
ported a positive impact of 5G subscribers on
on services providers’ financial performance. Major service providers in leading 5G mar-
mobile service revenues and ARPU in 2020.
SERVICE PACKAGE TRENDS Service providers are continuously adapting
CENTRAL AND EASTERN EUROPE
At the end of the forecast period, the region
their service packaging towards consumers.
4G is the dominant technology in Central
is anticipated to have more than 1.4 billion
In addition to offering significantly higher
and Eastern Europe, and it now accounts for
5G subscriptions, equalling a 5G subscription
speeds, 5G subscriptions often contain larger
50 percent of all subscriptions. In 2026, 4G
penetration of 65 percent.
buckets or even unlimited data. As this drives
will remain the dominant technology and is
up usage, providers are also including limita-
expected to account for 65 percent of mobile
WESTERN EUROPE
tions, albeit soft ones, as a way to improve
subscriptions, while 5G subscriptions are
In Western Europe, 4G is the dominant access
monetisation. Daily allowances for unlimited
forecast to make up 33 percent. During the
technology, accounting for 78 percent of all
packages are appearing, with the option to
forecast period, there will continue to be a
subscriptions. 4G is predicted to decline to 27 percent and WCDMA/HSPA to only 3 percent of subscriptions in 2026 as users migrate to 5G. More than 60 service providers have launched 5G services across the region. Further spectrum auctions in the 700MHz and 3.4– 3.8GHz bands were planned during 2020, but some were delayed, which will have a short-term impact on the
increase the allowance by a few GB at no cost,
significant decline in WCDMA/HSPA, from 36
deployment and coverage of 5G in the region.
using a simple text message each time.
percent to virtually zero, as users migrate to
5G subscription penetration is projected to
4G and 5G.
reach 69 percent by the end of 2026.
To date, around twenty 5G networks have
MOBILE BROADBAND SUBSCRIPTIONS ON THE RISE
been commercially launched across the
NORTH AMERICA
There are around 8 billion active mobile
region. Further spectrum auctions in the key
In North America, 5G commercialisation is
subscriptions today. Estimations show that
frequency bands like 700MHz and
this figure will increase to 8.8 billion by the
3.4–3.8GHz were planned for
end of 2026, of which 91 percent will be for
the end of 2020 and the be-
mobile broadband. The number of unique
ginning of 2021, some of
mobile subscribers is projected to grow from
which have been de-
5.9 billion in Q1 2021 to 6.5 billion by the end
layed. This will have
access (FWA). The
of the forecast period.
a short-term impact
introduction of
moving at a rapid pace. Service providers have launched commercial 5G services with a focus on mobile broadband and fixed wireless
on 5G deployment in
5G smartphones
affected countries.
supporting all three
mobile phone subscriptions. At the end of
NORTHEAST ASIA
already made 2021 an
2020, there were 6 billion smartphone sub-
In Northeast Asia,
scriptions. This number is forecast to reach
service providers continue
5G adopters.
7.7 billion in 2026, which will account for
to invest in 5G deployments
FWA will play a key role in
around 88 percent of all mobile subscriptions
to further fuel subscription growth.
at that time. Subscriptions for fixed broad-
A current focus area for service providers is
pandemic has exposed large gaps for educa-
band are expected to grow around 4 percent
to improve nationwide coverage. Meanwhile,
tion, remote working, and small businesses.
annually through 2026.
the rapid growth of 5G subscriptions, sup-
By 2026, more than 360 million 5G subscrip-
ported by an increased number of available
tions are anticipated in the region, accounting
5G device models have had a positive impact
for 84 percent of mobile subscriptions.
Smartphone penetration continues to rise, and subscriptions associated with smartphones account for about 76 percent of all
Fixed wireless access (FWA) connections are anticipated to show strong growth of
spectrum bands has eventful year for early
closing the digital divide where the
www.business-review.eu Business Review | July 2021
28 MARKETING
The future of marketing is multicultural The US demographic landscape has transformed; 129 million multicultural consumers now represent 40 percent of the population. At the same time, multicultural consumers have driven over 100 percent of US population growth over the last five years and are projected to drive even greater growth for the foreseeable future, while Hispanics in the US are set to reach the 111 million mark by 2060, according to the US Census Bureau. By Romanita Oprea oneself,” said Cristina Blanaru, COO & founder at Digital Marker. A study conducted by PQ Media on behalf of the ANA’s Alliance for Inclusive and Multicultural Marketing (AIMM) revealed that overall multicultural advertising and marketing spending totalled USD 25.9 billion in 2018. Spending targeting Hispanics reached almost USD 18 billion, a 5.3 percent increase over the previous year and far ahead of the amount of spend aimed at African-Americans (USD 7.2 billion, up 6.1 percent) or Asian Americans (USD 722 million, up 7 percent). According to 2017 US Census Bureau figures, Hispanics comprise 18.1 percent of the overall population, while African-Americans make up 13.4 percent and Asians represent 5.8 percent. Moreover, multicultural consumers comprise Cristina Blanaru, Digital Marker
A
almost 40 percent of the total US population, yet multicultural media investments make up only 5.2 percent of total advertising and marketing spending.
fter years of research and building
marketing refers to marketing efforts made
business cases for multicultural
to reach all consumers in a specific market;
marketing initiatives within Fortune
cross-cultural marketing refers to market-
2019” report also showed that there was
50 brands, Juanita Velez, Multicultural Mar-
ing efforts that capitalise on insights from
a clear opportunity for more marketers to
keting Expert and Founder of HYPE, defines
multicultural and general audiences through
engage multicultural consumers to drive
Multicultural Marketing as a niche within
shared points of connection in a specific
business growth. In what is perhaps the most
marketing growing a brand’s marketing goals
market, while international marketing refers
significant finding, multicultural media rev-
within a clearly defined ethnic/race-specific
to efforts made to reach international custom-
enue significantly under-indexes against the
audience such as Hispanics, African Ameri-
ers capitalising on cultural insights within
general population. Although 100 percent of
cans, Asian Americans, LGBTQ+ or perhaps
a country or region outside of the United
the total population growth comes from mul-
BIPOC and non-multicultural segments as
States,” added Juanita Velez for campaign-
ticultural segments, marketers are significant-
well. This automatically forces this team to
monitor.com.
ly underspending to reach these consumers,
be intentional about learning this target audi-
“We live in a world in which people from
The “US Multicultural Media Forecast
and conversely, decidedly overspending to
ence’s motivations, aspirations and purchase
different cultures find themselves being
reach non-multicultural consumers. Market-
drivers for the brand’s product or service.
blended together. Each have their own
ers should better leverage digital advertising
characteristics, sensibilities, ways of reacting.
to reach multicultural consumers and there
multicultural can take on a variety of defini-
And it is important for marketers to be aware
is an opportunity to have multicultural com-
tions, it is also equally important to differenti-
of and address common points, but also dif-
munication specialists work more in non-
ate multicultural marketing from other niches
ferences, which come from an underlaying
endemic media (i.e., general market media) to
that fall under the marketing umbrella as a
cultural divide, from colour perception to
help craft communications to appeal to both
profession: total market or general market
the style of reactions and ways to formulate
general market and multicultural audiences.
“And while we understand that the term
www.business-review.eu Business Review | July May2021 2016
COVER MARKETING STORY 29 14
BETTER EMOTIONAL CONNECTION
Young people tend to try to fit into dominant
evaluate marketing executions. The impor-
Multicultural marketing opens new roads
cultures as teenagers. However, when they
tance of this insight cannot be overstated,
for brands to engage with their consumers
start their own families, they often revisit
especially for Black and Hispanic consum-
outside the “majority audience.” It targets
their heritage. Consumers who identify as
ers. These segments are far more likely to
specific consumer segments based on ethnic
multiracial take on diverse cultural paradigms
talk about your ads, even if their respective
and socio-cultural patterns, building a deeper
and behaviours. It becomes hard to put them
racial/ethnic background isn’t the focus of the
emotional connection that increases the
into one marketing box. Thus, businesses
advertisement at hand.
chance of a conversion.
must change workplace dynamics, lifestyles,
To activate on the shared value of com-
and cultural references in their marketing ef-
munity connection, brands must therefore
forts,” Shane Barker wrote for bbntimes.com.
understand the power of authentically
According to Cristina Blanaru, in a society that blends together people of different descent, creating a mix of beliefs, approaches,
At the same time, as Barker further argues,
representing community across multicultural
and perceptions, marketers have to be skilled
the buying power of minorities is growing at
and other segments. For most brands, the
and diplomatic enough to consider all sides
a faster rate than that of white consumers, ac-
authentic representation of community and
and all perceptions and use them in their
cording to a UGA report. The reasons for this
family offers pure upside: not only does it
favour in their efforts to sell more products
include changes in demographics, entrepre-
result in increased activation of the target
to more diverse audiences. “The companies
neurial activities, and
have to demonstrate thorough knowledge of
increased educational
their consumers, regardless of the ‘box’ soci-
achievements. Brands
ety puts them in. To reach all groups, market-
fail at multicultural
ers must spot the common points and exploit
marketing because they
them, but they must also make use of ele-
unable to understand
ments of cultural divide. A warning though:
these groups and they
yellow might not trigger the same reaction in
cannot figure out that
Romania as it does in Denmark or Germany
a customer’s culture
and a red label could raise an eyebrow but not
affects their purchasing
open a wallet,” Blanaru noted.
behaviour.
Moreover, the Digital Marker representa-
“A multicultural
tive argues that target analysis and knowledge
consumer is more likely
is needed at all times. Of course, in a world
to buy products and ser-
where all races, colours, are mixed together
vices that reinforce their
more than ever, finding out what bring us
cultural roots. It’s one of
together and what sets us apart becomes
the reasons companies
increasingly important when it comes of com-
that fail to consider
municating and selling. And the brand hat
this receive backlash
hits the perfect mix and generates the most
or aren’t able to reach
reactions from all segments will be the one
their full potential. Brands that want to target
group, it also resonates with other segments,
to attract most customers. Converting that to
the powerful minority spending power must
who are drawn to the authentic representa-
sales… well, that’s another story.
change their strategies. They need to design
tion of segments, even if not their own.
messaging that appreciates the values and
At the same time, Cristina Blanaru thinks
COMMUNITY AND TARGETING
cultures of these minorities. Their messages
that creativity really has a place to shine in a
To survive, marketers must target all subcul-
should have an authentic appeal to influence
multicultural environment. Borrowing ideas
tures within their target audience. They need
behaviours and tastes,” Barker added.
from one culture and translating them for an-
to use appropriate and effective, culturally-
Research by Collage Group confirms that
other is a normal thing these days. “Keeping it
specific messaging campaigns. “You need to
community matters to pretty much everyone,
clean and neat and down to land’s law says is
start your marketing strategy with research
but data also reveals how community is expe-
also an approach. A genius touch of creativity
into the cross-cultural differences of all of
rienced and expressed differently across cul-
on top of all that is usually what makes the
your target audiences. It’s also essential to
tural backgrounds. In their 2020 Roundtable
difference. Brands should pay attention to all
involve different departments when craft-
Study, the Collage Group team learned that
potential customers, and that’s just common
ing personalised messages. This ensures that
multicultural Americans, especially Black
sense. Today, all customer targets include
they also understand how the differences
and Hispanic consumers, want to see com-
more categories with more unique features.
affect communication patterns and marketing
munities that look like their own represented
Take everything into consideration, pay at-
activities. Brands should not assume that au-
in advertising. Moreover, it is within their
tention, adjust when needed and you’ll be on
diences will take on the majority experience.
communities that these segments discuss and
the right path,” Cristina Blanaru said.
www.business-review.eu Business Review | July 2021
30 ARTIFICIAL INTELLIGENCE
How Artificial Intelligence can boost creativity According to a statement by Margaret A.Boden for sciencedirect.com, creativity is a fundamental feature of human intelligence and a challenge for artificial intelligence. AI techniques can be used to create new ideas in three ways: by producing novel combinations of familiar ideas; by exploring the potential of conceptual spaces; and by making transformations that enable the generation of previously impossible ideas. AI will have less difficulty in modelling the generation of new ideas than in automating their evaluation. By Romanita Oprea exception. The most significant improvement is the ability to target specific consumers and cater to their specific tendencies. On the content side, we are witnessing the birth of a plethora of algorithms, art AI, music AI, curator AI, critic AI, script writer AI, etc. These algorithms are not yet sophisticated enough to replace a human specialist, but they are proving valuable as a template for inspiration and as proof of concept. AI will most likely continue to improve and change our industries in even more fundamental ways, so this is just the beginning of our AI journey,” said Mihai Cojocaru, technical & creative director at One Night Gallery & RADAR. In his projects he has seen perception changes in
C
Mihai Cojocaru, One Night Gallery & RADAR
the audience and even among artists to some extent. Cojocaru and his team have worked
One of the areas where artificial intelli-
with numerous artists who create in tradi-
a psychological property confined
gence has made the greatest contribution is in
tional mediums and who were initially a bit
to a tiny elite; it is rather a feature of
reativity is not a special “faculty” nor
enabling more people to express themselves
sceptical about using these technologies to
human intelligence in general. It is grounded
creatively, regardless of their skills in wielding
enhance their creations. However, they were
in everyday capacities such as the association
brushes and pastels. Artists will also find in-
convinced of the usefulness and potential of
of ideas, reminding, perception, analogical
spiration and new ideas through the eccentric
these tools after the first few uses, and the
thinking, searching a structured problem-
workings of AI algorithms.
resulting artworks serve as proof.
space, and reflective self-criticism. It involves
Moreover, as AdAge shows, creativity is an
“The audience always has a mix of curios-
not only a cognitive dimension (the genera-
inherently human endeavour. The imagery
ity towards novelty and a slight shyness about
tion of new ideas) but also motivation and
and psychology behind advertising is all
interacting with it. We’ve always strived to
emotion, and it is closely linked to cultural
predicated on how it will relate to consumers
deliver experiences with effortless interac-
context and personality factors.
on an emotional level, but that doesn't mean
tions and that are instantly captivating so
it can't benefit from a little AI ingenuity. An
that people can engage with the artwork
MAKING ART “MAINSTREAM”
integral part of creative strategies is personal-
in a very personal way. It's exciting to see
The interest in using AI algorithms to create
isation, but there's no need to manually pro-
people embracing these new experiences and
works of art is not new; it goes back decades.
duce multiple versions of the same campaign
integrating them in their expectations about
But recent advances in neural networks and
to test on varying audiences.
the art world. The general truth that older
deep learning has spurred innovation and activity in the field.
“AI is proving itself to be a revolutionary tool across all industries, and marcomm is no
generations are more aversive to change holds true for these technologies as well but with a
www.business-review.eu Business Review | July May2021 2016
difference: once the user experience and in-
ARTIFICIAL INTELLIGENCE COVER STORY 14 31
“Another important trend in advertising
from the completed Morgan movie for editors
terface is improved for a certain age or social
has been the shift towards an experience-
to patch together into the trailer—ultimately
group, the adoption rate tends to go up,” said
based format for establishing a brand pres-
reducing what could be a weeks-long process
Radar’s representative. He therefore believes
ence for their fans and customers. For this
to one day.
that it isn't so much about facing aversiveness
purpose, we’re seeing a big increase in the
to change as much as it is about making that
use of art and technology, more specifically
Advertising Accelerator, a new approach to
change understandable and useful to certain
through tech like virtual reality, augmented
dynamic creative optimisation for display,
groups.
In 2020, it launched the IBM Watson
reality and even artificial intelligence. New
video, and OTT. No lengthy manual setup or
On the other hand, the younger genera-
media art & technology enhance artistic
preset rules involved. Instead, the artificial
tions are growing up with these technologies
expression and allow users to engage in
intelligence will do the decisioning and de-
and new media art as the norm and they will
stimulating, immersive experiences that are
liver personalised, high-performing creative
be the drivers of the next cultural revolu-
more personal and rewarding than traditional
at scale. Accelerator leverages IBM Watson
tion and the bridge to the metaverse. “We
advertising media,” Cojocaru added.
machine learning to make sense of real-time
want to help them become fluent in art &
Moreover, according to EY, one thing is
consumer engagements and cookieless data
tech through our new education platform
certain: as customer expectations continue
signals to predict the best creative for each
FAR - Future Artistic Requirements. This
to shift, businesses will have to be ever more
user or household, helping you not only
programme offers scholarships in emerging
creative in meeting
tech and it is youth oriented. These are excit-
them. That’s one
ing times, and we should focus on expanding
need that will never
understanding, skills, and adoption if we
go away – and AI
want to be an active and relevant part of the
may well be a key
future,” Mihai Cojocaru added.
tool that can help enable a more effective
THE MARCOMM VIEW
creative response.
How much are AI and virtual reality changing
Only with the stra-
the way people see advertising and interact
tegic combination of
with it? When human creativity is combined
human understand-
with the enormous computational power
ing and technology
of AI techniques, we could push back the
empowering human
frontiers of our understanding of the world
enterprise will you
around us.
be able to create a truly effective, adaptive,
achieve campaign success but also uncover
creative organisation and succeed in solving
meaningful creative insights.
Rather than just being a faster way to analyse information, AI can become a stimulus
future challenges.
Communication is about understanding who is on the other side of the line and what
for more creative thinking about how to use
is the most relevant message that will lead
never even have considered. Creativity may
TOOLS. APPS. POWERING COMMUNICATION
be a uniquely human trait – but just as AI can
While AI can serve as inspiration in the
According to Mihai Cojocaru, AI is helping us
improve the efficiency of other systems and
creative process, it can also help with more
understand ourselves on a more fundamental
processes, so too can it optimise the creative
mundane tasks, especially in the digital field,
level, sometimes revealing truths and tenden-
process.
data by suggesting solutions humans may
to the desired outcome of the interaction.
where much of the behind-the-scenes work is
cies that we wouldn't think about on our own
“We think about AI as software that
far from glamorous. “It’s about the augmen-
and sometimes wouldn't even want to admit.
emulates human-like cognition. It’s really
tation of creativity. In the end, the human is
This expanding understanding will hopefully
just math at an enormous scale and it can be
really the one being creative, and it’s more
facilitate more efficient and sustainable ways
applied to an almost infinite number of use
about how can you get better efficiencies,”
of communication.
cases across every sector,” said Keith Strier,
said John Smith, Manager of Multimedia and
EY Global and EY Americas Consulting Leader
Vision at IBM Research.
“New media art is helping us appeal to new artistic aesthetics and expand the
In 2016, the IBM Watson cognitive plat-
cultural landscape in ways that reflect the
form was used for the first ever AI-created
reality of a tech-driven society and paint a
is most effective online right now, and on the
movie trailer for 20th Century Fox’s horror
digital canvas for our future requirements
receiving end people are getting a higher level
flick, Morgan. Led by John Smith, the project
and desires. This movement is allowing more
of customisation as ads are tailored for their
had Watson analyse the visuals, sound, and
creators to reach an ever-bigger audience and
specific interests and needs through the use
composition of hundreds of existing horror
benefit from increasing material support for
of big data and AI.
film trailers. Watson then selected scenes
their work,” Cojocaru concluded.
for AI. According to Mihai Cojocaru, advertising
www.business-review.eu Business Review | July 2021
32 ADVERTISING
The post-pandemic wave in the marcomm industry According to statista.com, the marketing and advertising sectors have always been fueling one another. Market analyses show that the global advertising industry is on the rise and projected to grow by 5.9 percent in 2021. By Romanita Oprea
Tereza Tranakas, Oxygen
M
Hortensia Nastase, Lowe Group
Roxana Sava, Pastel
arketing and advertising research
vertisers, will be overtaken by digital media.
mean so many things for both businesses and
expert A. Guttmann, working for
Between 2020 and 2022, TV is forecast to gain
people. And, of course, this has wide-ranging
Statista, wrote that the global
only around USD 2.6 billion, while mobile
ramifications for the marcomm industry as
advertising market experienced some fairly
internet is expected to gain USD 48 billion
well.
turbulent times between 2000 and 2010,
in the same period. Most of major media are
seeing growth rates as high as 11.4 percent as
projected to see small gains in investments
unprecedented crisis which required a com-
well as lows reaching -9.7 percent during that
during the measured period, while newspa-
pletely different approach to communication.
period. However, since 2011 the situation has
pers and magazines are projected to lose 2.3
Consumer behaviour had the most significant
stabilised, and advertising spending growth
billion each,” Guttmann said.
shift and there was a realisation that the
remained on average at roughly five percent.
But how has the Romanian marcomm
In the beginning, we had to deal with an
pandemic had accelerated years of digital
But 2020 brought the coronavirus outbreak
industry been impacted by the pandemic?
advancement into a few months, which
and with it a significant drop in ad spend,
According to Talida Cristea, chief operat-
meant that marketing budgets had pivoted
again surpassing nine percent. According
ing officer at Kubis, we are living through a
to online communication. Before, digital was
to projections, by 2022 the industry will see
couple of the most difficult and uncertain
seen as an option; now it is at the heart of
expenditure growth return to around 4.8
years of our recent history – economically, so-
each interaction we have, and this will never
percent and is forecast to round up to nearly
cially, individually. The ongoing coronavirus
change. Still, digital was not the winner of
USD 650 billion in 2021.
pandemic is having an impact on every part
the pandemic as it was perhaps portrayed.
of our lives, from the places we can go to the
Compared to 2019, the digital market value
largest advertising medium in 2022, account-
“Not surprisingly, the internet will be the
way we spend our time, the priorities we set,
in 2020 went up by only 9.2 percent, which
ing for a little over 54 percent of global ad
and how we manage our money. We all have
shows just an average, consistent growth. In
expenditures that year. Television, which has
heard that we are progressing into a world
order to remain relevant, companies needed
been the undisputed favourite among ad-
that will never be the same again, which can
to do more than simply adapt their business-
www.business-review.eu Business Review | July May2021 2016
COVER ADVERTISING STORY 33 14
es. As a result, we’ve witnessed a leap from
noticed is that many of them are still cau-
will recover or they will reinvent themselves.
words to actions, active commitment, and
tious, less willing to take risks and think
Communication will play its role in inspiring
involvement,” said Talida Cristea.
long-term, going for safer, more tactical
and stimulating people to explore new pos-
approaches. It is only natural as long as things
sibilities. At many levels of the market there
believes we all suddenly faced a test of resil-
are so volatile and difficult to anticipate,”
is already a lot of effervescence and revived
ience and adaptability. Some of us were better
said Roxana Sava, group creative director at
energy to move ahead in new territories. And
equipped for it in terms of teams, client port-
Pastel. In Tereza Tranakas’s opinion, it’s obvi-
for an exploring spirit such as mine, this is the
folios, technical solutions or cashflow, while
ous that the industry as a whole experienced
ideal environment,” said Irina Pencea.
some were less prepared. But we all faced the
a drop last year both locally and globally, but
Roxana Sava believes that the impact of
same challenges of entire agencies working
it's on a good path to recovery. “Numbers are
the pandemic will permanently change the
from home, adapting our clients’ campaigns
starting to look better, business is picking up
industry. She doesn’t think that we’ll ever go
to the new needs overnight, mindset and
as brands are looking to make up for lost time
back to “the way things were.” Many changes
topics of people, pitching via videocalls,
and sales. However, what is harder to recover
are here to stay, such as hybrid work (from
solutions to problems, since this is part of our
is people’s mental health – the psychologi-
the office and from home), online presenta-
day-to-day job,” Irina Pencea added.
cal toll of the pandemic. Fatigue, burnout,
tions, digital-first thinking, addressing each
depression – employees as well as marcomm
niche target with personalised messages. All
relationships to each other, the relationships
professionals are feeling them. We have to
the tools and coping mechanisms that we’ve
between the essential forces – employer –
consider sustainable growth structures mov-
become experts in will remain in our lives.
talent – clients – workplace – industry – will
ing forward, as well as environments where
never be the same again. We had two essen-
people can develop in healthy ways,” said
ably lead to big-scale events again. We are
tial realisations: that we can also be produc-
Oxygen’s founder & CEO.
already witnessing them or taking part in
In turn, Irina Pencea, partner at Jazz,
and not seeing each other for many months yet finding ways to continue the creative collaboration that we all depended on. “We all have Zoom fatigue and we are eager for a holiday in the sun. We are all longing for parties and get-togethers. Some of us are looking forward to finally meeting new colleagues – whom they have only seen on a square on their computer screens – in person. But I think that we should stop and celebrate our huge achievement as an industry, our luck that as a creative industry we were better at finding lateral
“The most vital change has been in our
tive while working from the back garden and
Luckily, according to Tranakas, Romania
“Our hunger for human contact will prob-
them, remembering what they feel like and
that we are social animals, in desperate need
is seeing a more rapid recovery compared
trying to design them in a way that is as safe
of other people’s energy, inspiration, vibe.
to other more developed countries. For
as possible – another requirement that we will
Hence, two essential concepts have emerged
the marcomm industry, it will likely take a
keep seeing in our briefs,” Sava added.
as shapers of the marcom industry’s future:
couple more years for things to become stable
flexibility and organisational culture,” said
– which anyway is a more rapid recovery
who thinks that we are living in a new reality
Hortensia Nastase, Vice-president for Creative
compared to the 2008 economic crisis.
and we have to go with the flow and adapt.
Services at Lowe Group.
For those who have seized the opportunity
Her opinion is shared by Talida Cristea,
Covid-19 has changed most of the rules: it has
for reinvention, Irina Pencea would say that
accelerated the shift to digital channels; we
industry has reflected the impact on the busi-
the impact is reflected in a new way of doing
have been working from home for 16 months,
ness environment in general. And it was hard:
business, which will last until the next rein-
and now we will migrate to hybrid work.
budgets were cut, jobs were lost, office spaces
vention. The true impact lies in the lessons
Vaccinations will ease social interactions and
shrank from one day to another, and adjust-
we’ve learned about our expanded capabili-
will help us get back a part of our previous
ing to the new reality was quite an effort.
ties, our newly discovered talents, and our
lifestyle, but the impact has been so deep and
“It feels like clients are going through a
reinforced trust in each other as we went
widespread that we will feel it for many years
similar rapid learning process. What we’ve
through the challenge together. “Markets
to come.
After all, the impact on the marcomm
www.business-review.eu Business Review | July 2021
34 FILM
What’s on at Transilvania International Film Festival 2021 This year, the Transilvania International Film Festival (July 23-August 1, Cluj-Napoca), an event with a huge creative energy that has been running in the city of Cluj-Napoca every year since 2002, will mark its 20th anniversary. A record number of Romanian world premieres will take place this year, as well as a series of surprises such as the attendance of Sergei Polunin, one of the greatest dancers of all time. By Oana Vasiliu The three films representing Romania at Cannes will all have their national premieres at Transilvania IFF. Included in the Quinzaine des Réalisateurs, Radu Munteanu’s Intregalde tells a thrilling and captivating story about the limits of generosity. Two shorts – Andreea Bortun’s When Night Meets Dawn and Andrei Epure’s Intercom 15/Interfon 15, selected in the Quinzaine des Réalisateurs and the Semaine de la Critique respectively – are among the 11 titles competing for the best Romanian short at TIFF. The Romanian Days Competition will feature 12 titles directed by young filmmakers, two of which – Poppy Field/Camp de maci by Eugen Jebeleanu, a queer drama about a conflicted member of the police force, and
F
Unirii Square is going to be the hugest cinema hall in the country
Unidentified/Neidentificat, a thriller about an unsolved crime and an obsessed cop
or 20 years now, TIFF has been one of
while watching Sergiu Nicolaescu’s 1966 The
by Bogdan George Apetri – are also in the
the best cultural products Romania
Dacians projected on the mysterious alien
international competition for the Transilvania
has to offer to the entire world, not
monolith borrowed from Kubrick’s 1968
Trophy. Candidates for best Romanian feature this
just to locals. Last year, it was the first major
2001: A Space Odyssey. It’s our way of saying
festival in Europe to take place in an offline
that TIFF itself landed like a UFO in the Cluj
year include Ruxandra Ghitescu’s debut Otto
format and it continues to surprise audiences
of 2002,” says TIFF Artistic Director Mihai
the Barbarian/Otto Barbarul, about a teenage
with its programme. Under strict restrictions,
Chirilov.
punk trying to deal with the suicide of his girlfriend, Daniel Sandu’s The Father Who
45,000 participants watched 159 films at 14
Moves Mountains/Tata muta muntii (Shang-
year’s 10-day festival programme will include
RECORD NUMBER OF ROMANIAN WORLD PREMIERES
some 150 features, live performances, talks,
Romanian Cinema is the highlight of the 20th
ligence officer in his 50s who finds out that
exhibitions, and special events for families.
edition of TIFF, with an impressive selection
his son has gone missing in the mountains,
“It’s a time of re-writing history (some-
of 45 Romanian productions — 32 features and
Andrei Hutuleac’s debut #dogpoopgirl (Best
thing historical films have always done any-
13 shorts – selected in this year’s programme.
Film at Moscow 2021), a tragicomedy inspired
venues in Cluj and its surroundings. This
way), and since any kind of time travel invites
13 feature films will have their world
hai 2021), an arresting story of a retired intel-
by a real incident, but also four documen-
anachronism, we dared to imagine a differ-
premieres during the festival, mostly directed
taries like Andrei Dascalescu’s Holy Father
ent, more playful, cinephile beginning to the
by newcomers who are ready to be discovered
(Sarajevo 2020) and Andra Tarara’s personal
festival: an ancient origin story like those told
by the audience and by the film industry. The
and moving Us Against Us/Noi impotriva
by Romanians themselves, but with Dacians
overall selection of the 20th edition compris-
noastra (Jihlava 2020), about her father who
eating popcorn out of Hungarian kürtőskalács
es more than 170 titles.
was diagnosed with schizophrenia.
www.business-review.eu Business Review | July 2021
Romanian Days will also feature films
FILM 35
Polunin’s eventful life, directed by Steven
Crow (directed by Ralph Fiennes), and Simple
from celebrated directors who have already
Cantor. Born in 1989 in Ukraine, Sergei Pol-
Passion (by Danielle Arbid). Known as the
been featured or awarded in major festivals:
unin became the youngest lead dancer in the
“bad boy of ballet” on account of his rebel-
Radu Jude’s Bad Luck Banging or Loony Porn/
history of the London Royal Ballet at only 19
lious style, his impulsive departures from
Babardeala cu bucluc sau porno balamuc
years old. Appreciated for his artistic genius,
renowned companies (including his first,
(Golden Bear at the 2021 Berlinale), Andrei
his phenomenal technique, and his hypnotic
from the London Royal Ballet, at only 21), and
Gruzsniczki’s No Rest for the Old Lady/După
stage presence, Polunin danced at the Bolshoi
his controversial statements, Polunin is the
40 de zile (Moscow 2021), and Marian Crisan’s
and the Stanislavsky Theaters, the Scala and
subject of a revealing documentary by Steven
Berliner (Moscow 2020). Like every year, TIFF
the Paris Operas, and is currently a perma-
Cantor, Dancer.
audiences will have the opportunity to meet
nent guest of the Bavarian State Ballet in
PARTNERSHIP WITH SAN SEBASTIÁN FOR ITS 20TH EDITION Spanish cinema will be celebrated at the 20th edition of the Transilvania International Film Festival in its “Spain Focus,” a wide-ranging program of special screenings, talks and masterclasses, industry initiatives, and exhibitions. The programme includes Carte blanche: San Sebastián, a strong selection of 10 recent Spanish films curated by the San Sebastián Romanian filmmakers not just after screen-
Munich. He also travels the world with shows
Festival selection committee. The feature
ings but also during TIFF Talks and Inspira-
produced by Polunin Ink, the dance company
film La hija de un ladrón (A Thief’s Daughter,
TIFF events.
he founded. In 2019, he led “Romeo and
Belén Funes, 2019) and the series Antidistur-
Juliet” with Alina Cojocaru. His most popular
bios (Riot Police, Rodrigo Sorogoyen, 2020),
DANCE SUPERSTAR SERGEI POLUNIN COMING TO ROMANIA
turn to date is David LaChapelle’s video for
as well as two titles from the RTVE Screen-
Hozier’s song “Take Me to Church,” which
ings: Explota explota (My Heart Goes Boom!,
Ballet superstar Sergei Polunin, believed to
gathered over 29 million views on YouTube.
Nacho Álvarez, 2020), and Sentimental (The
be the most talented dancer of his generation, will be in Romania for the first time at TIFF 2021. Fans will get the chance to see him on Thursday, July 29, at 8:30 PM at the Bánffy Castle in Bontida, in the special event Sergei Polunin Up, Close and Personal, which consists of the screening of Bolero, which adds new dimension to Ravel’s masterpiece by amplifying the dancer’s movements with visual effects signed by Teun van der Zalm and Sacré, based on Igor Stravinsky’s Rites of Spring and inspired by Vaslav Nijinski’s original vision, and choreographed by Japanese artist Yuka Oishi. The day before,
In recent years, Polunin also worked
People Upstairs, Cesc Gay, 2020) are part of
July 28, at 7 PM, at the Students’ Culture
in films like Murder on the Orient Express
this year selection.
House in Cluj, the artist will meet the audi-
(directed by Kenneth Branagh), Red Sparrow
Tickets for all films and special events are on
ence of Dancer, the moving documentary on
(directed by Francis Lawrence), The White
sale at tiff.eventbook.ro.
www.business-review.eu Business Review | July 2021
www.business-review.eu
36 FESTIVALS Business Review | May 2016
COVER STORY 14
Ready for festivals? In 2020, covid-19 wiped out most of the summer festival season. Only a handful of events were able to take place under strict social distancing guidelines. With a new green light from the government, organisers are more optimistic this summer and they’ve started to plan and announce new dates for their festivals. By Oana Vasiliu
A
s the vaccination programme carries
pares to the experience of actually being
on, dozens of events are announcing
there, in the heart of one of Europe’s greatest
their line-ups and placing tickets on
natural areas, the Danube Delta, and watch-
sale, confident that fans would be allowed to
ing movies under the clear sky.
come together again. To help you plan ahead, here's a guide to the events that have been
SMIDA JAZZ FESTIVAL AUGUST 20-21, SMIDA, ALBA
announced so far.
TRANSILVANIA INTERNATIONAL FILM FESTIVAL JULY 23-31, CLUJ-NAPOCA
at the legendary Bontida castle as well as in the centre of Cluj. Festivalgoers can wander through 30 venues and attend more than 400 acts of live music, DJ gigs, and new media performances.
ANONIMUL FILM FESTIVAL AUGUST 9-15, SFANTU GHEORGHE, TULCEA TIFF was the first major film festival to
Smida Jazz Festival is an international event
take place physically in Europe during the
dedicated to contemporary and avant-garde
pandemic in the summer of 2020. The festival
jazz, built on the unique concept of blending
will celebrate its 20th anniversary with a new
adventurous music with the raw beauty of
summer edition. Committed as always to its
the Apuseni Mountains. For this edition, par-
mission to promote and support Romanian
ticipants can buy a blind pass, as the line-up
cinema, the festival’s programme this year
has not yet been communicated.
includes an impressive selection of 45 Romanian productions — 32 features and 13 shorts.
SUMMERWELL AUGUST 12-15, BUFTEA, ILFOV
ELECTRIC CASTLE AUGUST 6-15, BONTIDA & CLUJ-NAPOCA
Summer Well is one of the most popular music festivals in Romania and it will celebrate its 10th anniversary this year, after it was
As a way to adapt to the times, EC_Special
canceled in 2020. Until now, Summer Well:
will span over more days – 10 in total – and
The Limited Edition has confirmed the first international artists for this year’s edition:
will feature a higher number of venues and acts. Between August 6-15, the audience will
Much has been said and written about the
Woodkid, Balthazar, Modeselektor (live),
experience a powerful festival feeling, both
Anonimul Film Festival, but nothing com-
L’Imperatrice, Lola Marsh, and Fatoumata Di-
www.business-review.eu Business Review | July 2021
FESTIVALS 37
If they can no longer get an entire city to come to the park, they will take the festival awara. Moreover, local artists such as Golan,
across the city and the spirit of Central Park
The Kryptonite Sparks, Dimitri’s Bats, and Hip
with it. This year, the festival will take place
The public is invited to join a new, innovative
Hop La Feminin have also joined the line-up.
in four main venues – the Ethnographic Park,
three-day festival experience in the heart of
Iulius Park, and the USAMV Campus, with the
Bucharest, with the biggest names in elec-
fourth to be announced soon. All these places
tronic music. Bucharest will thus have its own
will operate throughout the festival and each
electro-festival from this year, and the lineup
will have its own special concept, as well as
includes John Newman, Carl Cox, Nervo,
jazzy music.
Tiesto, Alan Walker, and many others. 50,000
SIBIU INTERNATIONAL THEATRE FESTIVAL AUGUST 20-29, SIBIU
tickets are available for this event.
UNTOLD SEPTEMBER 9-12, CLUJ NAPOCA
ENESCU FESTIVAL AUGUST 28 - SEPTEMBER 26, BUCHAREST
The next edition of the Sibiu festival will take place between August 20-29, 2021 and it will have a double dimension: live and online. As a result of the incredible feedback of the in-
The 2021 George Enescu International Festival
ternational audience during FITS online 2020,
As one of the largest music festivals in Eu-
will unfold in Bucharest and several cities
they aim to continue this digital identity of
rope, Untold announced part of their lineup
across Romania, under the tagline “History
the festival, giving theatre lovers around the
in June, with Afrojack, Benny Benassi, David
Made with Love” to celebrate the extraordi-
world the opportunity to experience the out-
Guetta, Dimitri Vegas, Martin Garrix, Parov
nary things people can create when they are
standing performances of the contemporary
Stelar, and many others coming to the stage.
inspired by their love for music. It will be a
international stage.
Tickets are still on sale.
jubilee event and the longest in the Festival’s
JAZZ IN THE PARK SEPTEMBER 2-5, CLUJ-NAPOCA
SAGA FESTIVAL SEPTEMBER 10-12, BUCHAREST
history, as it will celebrate 140 years since George Enescu’s birth and the 25th edition of the Festival.
www.business-review.eu Business Review | July 2021
38 CITY
New in town
By Oana Vasiliu
From July 1, the Romanian government decided to ease more of the restrictions introduced in the country in the context of the covid-19 pandemic. Clubs and restaurants can now stay open until 2 am, at full indoor capacity. I.C.Braileanu Blvd.), with a great overview over the old city centre, and Balkon (116 Calea Victoriei). Forager (16 Nerva Traian) is another newly-opened restaurant that offers a multi-disciplinary kitchen.
F
Try a live concert at Expirat Halele Carol
or cinema lovers, art films are going to be projected in a special series at Gradina cu Filme (7 Piata Lahovari),
Seeing History 1947-2007 (collective exhibi-
tion), YOU FEEL ∼ AND DRIFT ∼ AND SING. FROM ONE SCENE TO ANOTHER (collective
but also keep an eye on Muzeul Taranului
exhibition), Life Vest Under Your Seat (artist
Roman and Cinema Elvira Popesco. More-
Ana Adam), and Declined History (collective
over, film projections will take place every
exhibition).
Thursday at Rezidenta BRD (32 I.L. Caragiale),
Several streets in central Bucharest will be
within the CINEVARA #3: Worlds on the verge
closed to traffic on weekends until October 17,
of revolution event, which presents a selec-
including Kiseleff Boulevard and Calea Vic-
tion of 9 classic films made between 1939 and
toriei, between 11 AM and 11 PM. If you take
1997, jewels of international cinema that were
a walk on Calea Victoriei, you can check out
recently restored after considerable effort, to
exhibitions at the National History Museum,
give audiences a rich and diverse perspective
the National Museum of Art or the National
on world cinema.
Art Collections Museum. One of the surprises
Concerts and live gigs are planned at
celebrating 130 years from the artist’s birth,
Eminescu Amphitheatre, and Expirat Halele
at the National Arts Collection Museum. The
Carol, so you should check out their pages.
exhibition presents 50 sculptures by this in-
Unfortunately, the current lineups only fea-
novator of plastic conceptions and formulas.
ture Romanian music for the most part, but
The chosen works represent various stages
a series of international music festivals are
of creation, are made with various materials
going to take place starting in mid-July.
(gypsum, bronze and Carrara marble) and
tion season has opened with six new exhibitions: The Specter (artist Ciprian Muresan), Of love and other demons (artist Vioara Bara),
Bucharest from above at Naive
is the Oscar Han (1891–1976) exhibition,
Gradina Urbana, Arenele Romane, Mihai
The MNAC Bucharest Spring 2021 Exhibi-
Gradina cu Filme is always a good idea
are placed in chronological order within the themes structuring the exhibition. On the food & drink side, two new rooftops have opened in Bucharest: Naive (36
Discover Gradina Urbana's schedule of events
