IMPACT AND INVESTMENT PERFORMANCE AMONG ROMANIAN STARTUPS

Ion-Matei Dumitrescu () and Simona Moagăr-Poladian ()
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Ion-Matei Dumitrescu: Romanian Academy, School of Advanced Studies of the Romanian Academy Doctoral School of Economic Sciences National Institute for Economic Research "Costin C. Kirițescu" Institute for World Economy Bucharest, ROMANIA
Simona Moagăr-Poladian: Institute for World Economy Bucharest, ROMANIA

Global Economic Observer, 2025, vol. 13, issue 1, 87-94

Abstract: Impact-driven startups blend profit and purpose, raising the question of whether their dual orientation influences funding success. This paper investigates 182 Romanian startups (with investment rounds raised between 2021 and 2023) to analyze whether impact startups, defined here as ventures in health, education, sustainability, wellbeing, or food sectors, exhibit different investment performance compared to traditional startups. We employ an econometric model with a binary impact field as the key independent variable, controlling for funding stage (pre-seed, seed, Series A) and year. Our dataset, drawn from the How to Web 2024 report, allows a national-level analysis of impact orientation in Romania’s nascent startup ecosystem. The results indicate that factors beyond impact status and stage largely determine funding outcomes. We discuss potential reasons, including the underdevelopment of Romania’s venture market and high variance in deal sizes, and draw implications for entrepreneurs and policymakers. The paper concludes with recommendations for the development of policy instruments (Environmental, Social and Governance incentives, co-investment schemes, targeted grants) to foster impact-driven entrepreneurship in Romania.

Keywords: vocational education and training; economic impact; European Union; United States; productivity; labor market; digital skills; comparative policy (search for similar items in EconPapers)
JEL-codes: G24 L26 O52 (search for similar items in EconPapers)
Date: 2025-06
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Persistent link: https://EconPapers.repec.org/RePEc:ntu:ntugeo:vol13-iss1-87-94

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