More than half (53%) of Romanian tech entrepreneurs target their initiatives towards international markets, something that demonstrates adaptability, strategic planning and a global vision, show the results of a study titled „Romanian Tech Entrepreneur Profile”, conducted by EY Romania and Endeavour, released on Tuesday, inform agerpres.ro.
According to the survey, Bucharest and Cluj-Napoca are the cities that support tech entrepreneurship in Romania, the two cities seeing a 35.9% and 66.5% increase, respectively, in the number of entrepreneurial initiatives since 2014.
Moreover, half of the Romanian entrepreneurs working in the tech sector start their business before the age of 25, and 11% start their business even before the age of 18.
In terms of the level of education of tech entrepreneurs, 90% of them have at least a bachelor’s degree, with the predominant fields of study being technical subjects (45%) and finance or economics (29%).
According to the cited source, more than half of Romanian tech entrepreneurs (53%) target international markets for global business development. At the same time, they prefer collaborative ventures, with higher success rates for businesses founded by several people (80%), compared to solo ventures (20%).
However, 95% of respondents said they prefer to maintain private control over their own businesses, which may limit growth potential because of reluctance to accept external funding, the survey notes. In addition, entrepreneurship appears to be influenced by family and close social circles, with 53% of respondents reporting a family or social connection to entrepreneurship.
In terms of financing, the majority of entrepreneurs said they rely on personal funds (42%) for start-up capital, followed by angel investors (19%) and investment funds (15%). In context, seven out of ten (71%) entrepreneurs apply their prior knowledge to run their businesses.
The EY and Endeavour study was conducted on a sample of 126 business leaders from the entrepreneurial community of the Romanian tech industry, who received the online questionnaire created in Qualtrics XM.
