The Romanian tech startup market is at a rather incipient stage with strong hubs in Bucharest and Cluj-Napoca, while other cities are growing fast as well. In the past 3-4 years, the ecosystem has been quite vibrant supported by a fast-growing ICT workforce, strong programming skills in IT, excellent connectivity infrastructure, and a booming outsourcing industry.
Although the Romanian startup scene builds on strong tech skills and a drive towards entrepreneurship, it has to face with some major challenges with funding, regulations, and business skills. Angel investors have a limited capability, typically up to 150k and their networks are still underdeveloped, seed funds were unavailable on large scale before 2018, national startup programs are not customized for tech startups peculiarities, and local accelerators had few available funds for stage startups.
The latest study “Startups, Scale-ups and Entrepreneurship in Romania” shows that the access into the European networks and funds, along with strong connections, Romania will be able to switch from a modest innovator into a digital and innovation prone economy.
Relevant sectors: IT, ICT, outsourcing, mobile apps, Hardware/ IoT
Spherik is interested in connecting to European and global networks of accelerators and incubators; building relations with major stakeholders in the area of innovation at the EU level; offering policy input and gathering support for new national advocacy initiatives; looking support from international funds interested in Deep Tech startups and in need of support in learning about European funds targeting startups and acceleration programs.