Romania looks to capitalize on huge IT workforce with startup

Romania become one of eastern Europe’s strongest tech markets with the highest number of IT professionals per capita on the continent. And with a raft of recent tax and stock exchange projects under way, it is poised to add to a growing portfolio of tech successes. “Pre-89 there was zero entrepreneurship, zero private enterprise,” says Radu Georgescu, founding partner at investment firm GECAD. “Everything was owned by the state. But the good part was that before ’89 Romania was the country in the eastern bloc that was supposed to create the IT computers. Every country was supposed to be a specialist in something, and Romania’s was IT. That gave us a head start.” “Romania has always been a good reservoir for tech people,” says Dragos Roua, an entrepreneur, author and founder of Bucharest co-working space Open Connect. “Romanians have for years been working at the likes of Google, Facebook, Microsoft.” It is a current project which is exciting tech leaders more. AeRO is a platform of the Bucharest Stock Exchange (BVB), which will launch on February 25 this year. It allows companies with a minimum value of €250,000 ($295,000) “the possibility to finance through the capital market via a streamlined process for admission to trading” via intermediaries called Authorized Advisors. As part of AeRO companies must float 10% of the business, or have at least 30 shareholders. They will also have to issue informal documentation on financials. In return AeRO will give access to capital and add transparency to the market. BVB CEO Ludwik Sobolewski is hoping the project can emulate his previous success at the helm of Warsaw’s NewConnect, which since 2007 has amassed 430 listed companies and a total market capitalization of €2.3 billion ($2.7 billion). Source: redherring.comTags: , ,