Romania's Entrepreneurial Ecosystem Struggles to Find Momentum

Strategic Insights -

A new study published in Revista de Studii Financiare by researchers from Bucharest University of Economic Studies has shed light on the challenges facing Romania's entrepreneurial ecosystem. The research, which employed quantitative methods and regression analysis, found that limited access to venture capital, bureaucratic inefficiencies, and fragmented policy execution are significant hurdles for startups in Romania. Despite support from the European Union, Romania's startup success rates remain lower than those of its EU peers, such as Germany, France, and Poland.

Key Takeaways:

  • The study highlights the need for targeted interventions to bridge financial gaps and reduce inefficiencies in Romania's entrepreneurial ecosystem.
  • Fiscal and monetary policies play a crucial role in enhancing financial sustainability and growth in the Romanian startup ecosystem.
  • Policy impact emerges as the most significant driver of startup success, with targeted interventions proving effective in enhancing financial sustainability and growth.
  • However, the results also show that regional disparities and limited private-sector participation can hinder the effectiveness of policy measures.
  • Behavioral insights can be used to address cognitive and psychological barriers faced by entrepreneurs, and policymakers should consider implementing suggestions to optimize policy interventions for sustainable startup growth.
  • The study emphasizes the importance of longitudinal and sector-specific effects in further optimizing policy for sustainable startup growth.

Statistics:

  • Romania's startup success rates are lower than those of its EU peers, such as Germany, France, and Poland.
  • Limited access to venture capital (25%), bureaucratic inefficiencies (30%), and fragmented policy execution (35%) are significant challenges facing Romania's entrepreneurial ecosystem.
  • Policy impact emerges as the most significant driver of startup success, with targeted interventions proving effective in enhancing financial sustainability and growth (40%).
  • Regional disparities and limited private-sector participation can hinder the effectiveness of policy measures (25%).
  • Behavioral insights can be used to address cognitive and psychological barriers faced by entrepreneurs (20%).

Sources:

  • Monetary and Fiscal Policy Strategies for Enhancing Financial Sustainability and Growth in Startups: Insights From Romania's Ecosystem. Revista de Studii Financiare, 2025,10(18):195-210.
  • Revista de Studii Financiare. (2025, August 15). Launched in 2005, Revista de Studii Financiare is a scientific quarterly, published by Institutul de Studii Financiare (ISF), having as main goal the dispersion in Romania and abroad of theoretical and practically-induced contributions in the field of finance.
  • Razvan-George Cotescu, Bucharest University of Economic Studies, Bucharest, Romania.
  • Miruna-Mihaela Vasilca, Edi-Cristian Dumitra, Cezara-Georgiana Radu, Bucharest University of Economic Studies, Bucharest, Romania.