Forty Romanian enterprises from four regions in Romania will be selected for ScaleOut 4×10 – a scaling program organized by the Romanian Business Leaders Foundation (RBL) and ING Bank Romania. The program is intended for entrepreneurs with a turnover of over EUR 1 million with growth ambitions at the national and regional levels.
RBL and ING will be with entrepreneurs throughout the growth process, from the creation of the expansion plan to its implementation.
“We want to reach as many entrepreneurs as possible throughout Romania via ScaleOut 4×10. In the first phase, we are going with our expertise in four economic regions of the country, and then, following the first scaling results obtained, we will take the next steps and reach an even larger number of entrepreneurs. We are very confident in the new program launched at the national level, through which we involve mentors and business leaders from our community and make available the know-how accumulated by RBL. The scaling and internationalization of Romanian businesses are two of the levers, thanks to which, we make Romania a more economically developed country,” – said Dragoș Petrescu, President of RBL.
Through ScaleOut 4×10, the mentors will provide entrepreneurs with four scaling models identified in practice and successfully tested through the education programs implemented in recent years: Bootstrapping, Slow Scaling, Fast Scaling, and Blitzscaling.
“We are happy to join the ScaleOut 4×10 program, together with RBL, to support Romanian entrepreneurs to manage and develop their businesses healthily and sustainably. At ING, we are in permanent contact with our customers and listen to their needs, so we know that relevant information and advice actions are always appreciated. Through this program, we want to give entrepreneurs from all over the country access to experts, mentors, and financial specialists to take their business to the next level,” – says Serge Offers, Head of Business Banking, at ING Bank Romania.
Ten enterprises selected in each region of Romania where RBL and ING Bank will run the ScaleOut 4×10 program will choose a growth model. Based on the scaling needs identified in the selection process, they will be prepared for scaling at the national level, through the expansion of operations, and at the regional level, through the first internationalization activities.
The industries of the enterprises can be varied: from manufacturing, transport, and services, to agriculture, trade, construction, and technology.
The entrepreneurs’ journey in ScaleOut 4×10
The program begins in each selected region with a community event presenting case studies, best practices, and successful business models.
The first ScaleOut event, dedicated to entrepreneurs and managers from the Central Region, will take place in Târgu-Mureș on April 26, 2023, after which ten registered enterprises will be accepted into the ScaleOut program. As beneficiaries of the ScaleOut 4×10 scaling program, entrepreneurs will have access to local and international mentors and experts. They will implement their new business plan to grow the business at the national and regional levels, through new internationalization activities.
The next three launch events of the program dedicated to businesses from the North-West, North-East, and South-East Regions will take place in Oradea, Suceava, and Constanța.
From the experience of programs implemented with hundreds of entrepreneurs, and the analysis of studies in which Romanian entrepreneurs exposed their needs, problems, and barriers that stand in the way of business scaling, ScaleOut brings to the new program resources, experts, and local as well as international business leaders. Specifically, they are chosen according to the growing needs of the entrepreneurs, and the industry in which they operate.
The needs of enterprises in a scaling process
Analyzing the barriers that inhibit the expansion of enterprises in foreign markets, we see great potential for support for scaling and internationalization. Romanian entrepreneurs need an easy transition in the target market, by minimizing risks, through greater help in foreign markets. Also, managers encounter personal barriers in the scaling process, such as a lack of connections, knowledge, and information about the target market, according to a study by Romanian Business Leaders.
Thus, the most important internal barriers reported by entrepreneurs in expanding nationally and regional markets are maintaining competitive prices and strong competition in the target market. At the same time, lack of support, bureaucracy, and ignorance of the laws in the target market is the most significant external barriers stated by Romanian founders in the scaling process. Moreover, the lack of staff specialized in scaling and internationalization represents a barrier for some Romanian enterprises when they are in a growth process.
Source: the Bank`s press release dated March 22, 2023