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Strategies To Promote Entrepreneurship In Romania By Implementing Innovative Solutions For Financial Support

Author

Listed:
  • Mircea BOSCOIANU
  • Gabriela PRELIPCEAN
  • Emilia CALEFARIU
  • Angela Nicoleta COZORICI

Abstract

Promoting entrepreneurship in Romania is essential to support sustainable development in post-crisis period. The main attributes that recommend SMEs as innovative leaders are: the capabilities, knowledge, strategies and organizational development. Considering the low efficiency of current strategies due to volatility global business (constantly changing customer expectations and identity, disruptive technological change, acceleration of innovation-based competition, market orientation for higher returns), as well as reduced potential of Romanian SMEs to achieve critical profitability, new research is required on how to ensure financial resources. Given the progress of science and technology, and the changing of the paradigm of global competition, the interest will refer to technological SMEs that have the capacity to generate growth and new jobs.The problem of technological SME financing is critical in Romania. The banking system is not interested in these types of projects and the capital market is still inaccessible for this type of investments. The government efforts to solve this problem are limited by the lack of appropriate tools, markets and institutional architecture. In this case is necessary to analyze new innovative financing solutions better adapted to the current dynamics of the technological entrepreneurship.We are considering the development of innovative solutions based on market functionality and institutions that could contribute to the robustness of the central pillar of promoting entrepreneurship in Romania as an emerging country. This approach will result in a natural, sustainable and flexible current business environment support, with multiple implications at the micro and macroeconomic level. The implementation of innovative financing solutions in Romanian SMEs is a complex initiative, but the results are visible immediately, contributing decisively to the development of entrepreneurship through a simple, concrete, based precisely on solving the main current issues promotion and financial support.

Suggested Citation

  • Mircea BOSCOIANU & Gabriela PRELIPCEAN & Emilia CALEFARIU & Angela Nicoleta COZORICI, 2014. "Strategies To Promote Entrepreneurship In Romania By Implementing Innovative Solutions For Financial Support," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 8(1), pages 198-208, November.
    • Handle: RePEc:rom:mancon:v:8:y:2014:i:1:p:198-208
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    References listed on IDEAS

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