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Description
ROTSA, which stands for Romanian Tech Startups Association, is an organization that was established in 2010 in Cluj-Napoca, and operates as a non-profit, apolitical, and non-governmental entity. The primary goal of ROTSA is to promote, support, and represent the interests of technology startups in Romania. Overall, ROTSA''s focus is on fostering a supportive ecosystem for technology startups in Romania, with the aim of driving innovation, economic growth, and technological advancement in the country.
ROTSA has emphasizes the importance of time efficiency and creating a successful incubation model that focuses on the rate of success of startups after incubation. A successfull transfers of know how for the incubation model includes understanding startups'' needs, creating curricula for training/mentorship, selecting mentors, maintaining alumni relationships, and providing free tools/materials. The goal is to establish a superior incubation model that can be replicated in future incubators, attracting startups and expanding the network of partners. The high failure rate of startups due to various reasons is highlighted, and the incubator is expected to increase the survival rate by providing efficient business skills development.
The project aims to improve the capacity for business development among the Romanian enterprises in the ICT market by developing and implementing a superior model of business incubation for tech start-ups through the know-how transfer from the outsourced Norwegian consultancy company. Through this transfer process we will ensure an increased rate of success for the new ICT businesses in Romania.
Summary of project results
The project aimed to address several key issues and challenges faced by technology startups in Romania. One of the primary challenges was the high failure rate of startups due to various reasons, including a lack of business skills, insufficient access to financial resources, and limited support networks. The project sought to improve the survival rate of startups by providing efficient business skills development through a superior incubation model.
Another challenge was the need for a successful transfer of know-how for the incubation model. This included understanding startups'' needs, creating curricula for training and mentorship, selecting mentors, maintaining alumni relationships, and providing free tools and materials. The goal was to establish an incubation model that could be replicated in future incubators, attracting startups and expanding the network of partners.
Additionally, the project aimed to address the issue of time efficiency in creating a successful incubation model. By focusing on the rate of success of startups after incubation, the project intended to create a model that could be implemented quickly and effectively, ensuring that startups received the necessary support to thrive.
The project undertook several activities aimed at improving the capacity for business development among Romanian enterprises in the ICT market. The primary focus was on developing and implementing a superior model of business incubation for tech startups through the transfer of know-how from an outsourced Norwegian consultancy company.
During the pre-incubation phase, the project involved designing a new incubation model, creating curricula for training and mentorship, and promoting the program through various events. The Applicant engaged in proactive campaigns to obtain sponsorships, selected startups to participate in the program, and provided administrative and communication support for the incubation process.
In the first phase of general training, the project supported several tech startups in developing minimum viable products, strategic planning, understanding consumers and the market, creating financially viable activities, setting competitive prices, and promoting products and services. The incubator also provided access to potential investors, which was crucial for startups with limited resources.
The secondary phase focused on in-depth training and coaching, building on the actions implemented during the first phase. This phase provided a higher degree of information depth and specialization through consulting and mentoring courses. The project also extended the pool of investors for an online pitch event, providing startups with opportunities to network and secure funding.
In the tertiary phase, the project offered one-on-one mentoring and training tailored to the individual needs of startups. This included adapting mentoring courses to specific requirements and providing customized mentorship sessions. The project also organized an online pitch event with investors, offering startups a platform to present their ideas and secure additional support.
The outputs of the project included the development of a superior model of business incubation for tech startups, an increased rate of success for new ICT businesses in Romania, support provided to startups in various aspects of business development, access to potential investors, and opportunities for startups with limited resources or from less favorable backgrounds. The project successfully trained 50 startups in the first phase, 20 to 25 startups in the second phase, and 10 to 15 startups in the third phase.
One of the primary outcomes was the development of a superior model of business incubation for tech startups. This model was designed to be replicable, ensuring that future incubators could adopt and implement it effectively. As a result, the project increased the rate of success for new ICT businesses in Romania by providing them with essential business skills and support.
The project also provided substantial support to startups in various aspects of business development. This included assistance in developing minimum viable products, strategic planning, understanding consumers and the market, creating financially viable activities, setting competitive prices, and promoting products and services. Additionally, the incubator facilitated access to potential investors, which was crucial for startups with limited resources or from less favorable backgrounds.
The project trained a total of 50 startups during the first phase, 20 to 25 startups in the second phase, and 10 to 15 startups in the third phase. These startups received specialized training, coaching, and mentoring in multiple business areas, from product development to financial viability and promotion. The project also provided opportunities for networking with potential investors, further enhancing the startups'' chances of success.
Overall, the project had a significant impact on the Romanian tech startup ecosystem by fostering innovation, economic growth, and technological advancement. The primary beneficiaries were the tech startups that participated in the incubation program, but the broader Romanian ICT market also benefited from the increased competitiveness and success of these startups.
Summary of bilateral results
The Norwegian team provided consultancy and expertise to assist the ROTSA incubator team in creating the structure and possible curricula for the incubator model, identifying potential tools, setting profiles for mentors, attracting investors, and evaluating the evolution of the startups. They also offered guidance on the structure of mentorship sessions and provided consultancy for developing research tools to evaluate startups pre- and post-implementation.Additionally, the Norwegian team conducted a meeting for full-mentors, making recommendations on how to approach discussions and problems, and participated in several mentorship sessions to provide feedback on the mentorship process. Communication and coordination of stakeholder activities were managed by the ROTSA incubator team, who were also responsible for the delivery of the incubator. This bilateral collaboration aimed to enhance the capacity for business development among Romanian tech startups, driving innovation and economic growth in the ICT market.