What does it take for a business to go regional?
There is definitely a business development opportunity in the Central and Eastern European region, which is why more and more companies are operating in Hungary, Romania, and Bulgaria – it was mentioned at last week’s Regional Business Summit conference in Bucharest.
More and more companies are attempting regional expansion, with a flow existing between the Hungarian, Romanian, and Bulgarian markets, and this is expected to strengthen in the future – as stated at the Bucharest Regional Business Summit organized by iBanFirst. The event’s participants agreed that entrepreneurs in the three countries face similar challenges: besides financing difficulties, market characteristics and the inflexibility and slowness of the regulatory environment are also similar in the three countries. However, several experts believe that these challenges prepare entrepreneurs for future difficulties, such as long-term financing issues, energy market price increases, or even sustainability-related tasks.
What does it take for a business to go regional?
According to Pierre Antoine Dosoulier, founder and CEO of iBanFirst, considering the international payment transactions executed on their platform, the region is undoubtedly one of the most developed areas from a business perspective, with clear growth visible. The region’s business agility is evident, yet many businesses operating in Central and Eastern Europe still need encouragement and support – both in terms of financing and business development. Young entrepreneurs need a kind of encouragement to think on a larger scale and consider more determined expansion, even internationally – he added.
The fintech founder emphasized that it is important for companies in the region to display a form of business optimism, and that company leaders need to learn to trust themselves and their employees. With this mindset, businesses in all three countries can become crisis-resistant and prosperous. The region has significant potential to become internationally influential in IT developments, such as blockchain or tokenization, given the many young, well-trained, and enthusiastic professionals – said Adela Clara Wiener, CEO of Aurachain. However, she believes that more incentive government programs are needed to see cross-border, regional business successes.
What does it take for a business to go regional?
Iulian Stanciu, CEO of Emag, is also optimistic about the region’s investment potential. Today, a significant amount of data is available to those who want to invest or expand, and the regulatory environment is continuously evolving. He advises entrepreneurs to develop a 10-year plan and plan ahead – there is plenty of support available, even in financing.
He added that the companies that can adapt to rapidly changing market conditions, such as sustainability issues or high energy prices, could be the future winners in the region. He also pointed out that if the client or main contractor adapts, but the smaller companies and subcontractors cannot, they may lose their markets.