Zf it generation. Debate at Anis Summit. Andrei Dudoiu, Seedblink: We need a «kindergarten» for the founders paid by the state. Marius Istrate, Techangels: Excessive bureaucracy in accessing funds. Bogdan Axinia, eMAG Ventures: Money flee to high interest rates from government securities

♦ The development of the start-up and Venture Capital ecosystem in Romania is braked by systemic problems such as excessive bureaucracy in accessing funds, lack of structured support for founders at the beginning of the road and fierce competition with financial instruments considered safer, such as government securities. The ecosystem of investors and start-ups of technology in Romania is facing significant blockages that require a systemic approach and rapid legislative and administrative interventions so that the industry does not remain blocked in the past, have warned some of the most important investment organizations in the market within the «Mapping the Venture Capital and Private Equity» International Summit 2025. Although private investors – whether they are Business Angels, Crowdfunding platforms or Venture Capital funds – are active and try to support the development of innovative companies, their efforts are often slowed down or undermined by bureaucracy, lack of support mechanisms in the incipient phases and a difficult competitive environment. The construction of a strong entrepreneurial system requires the ticking of many boxes, from capital and education to legislation and success stories, considers Bogdan Axinia, Managing Director at eMAG Ventures. He stressed that, in addition to the cultural challenges related to the acceptance of failure, there is a direct competition for the capital of investors. «We need (…) better legislation for investors Angel, even for start-ups, have simpler options (ESOP) and easier ways to reinvest money. Higher risk? »”, Explained Axinia. A critical problem, exhibited vocally by Marius Istrate, the president of the Board of Directors of Techangels Romania, is the bureaucracy and the slow in accessing the funds, especially those involving a public component. «We have to dismantle and have less bureaucracy. If today, with a Venture Capital fund that has public money, you confuse the start-ups by welcoming the investment fund with a year and a half, then the first and the first investments that were promised to a start-up, a year and a half, how do you help? That without a quick and efficient movement, «we will lose this war.» In addition to the issues related to subsequent financing, Andrei Dudoiu, CEO & co-founder of Seedblink, identified a major gap in the incipient stage of the development of a start-up: the lack of structured support for validating ideas. «I think we are missing, this is my opinion in Romania, a nursery, a Kindergarten (kindergarten – n. Red.) By founders. And this type of project should also be supported by the state – because it is the most risky stage of a startup, when it is just an idea. Dudoiu. In order to stimulate the flow of private capital to the start-ups, he has discussed the need to adopt some fiscal deductions for individual investors, similar to those successfully implemented in the UK and France. «I think important support for the ecosystem, to attract more angels and Angel investments, it is the scheme that has already been successfully applied, first in the UK, and then it was copied by President Macron in France, I think two years ago. And I think it was already in Greece. Starters, a 50% deduction.