A DIVERSITY MAP OF THE ROMANIAN STARTUP ECOSYSTEM
About this good practice
StepFWD prioritizes startups with a working product and initial clients who are eager to grow their teams, attract more paying customers, and raise investments. The program content is curated specifically for early-stage startups, with 20% of the material focusing on theory and 80% dedicated to practical work on their business. Founders receive a comprehensive view of essential startup topics like product development, growth, fundraising, and pitching. The StepFWD team and Lead Mentor act as advisors, offering guidance, but the final decisions always rest with the founder.
Throughout the program, startups will have access to a diverse network of mentors who provide feedback on plans, problems, and working documents. Participants will learn the dos and don’ts of scaling their businesses both nationally and internationally, and practice their pitches to investors. In back-to-back mentor meetings, founders will tackle real-world challenges, collecting actionable advice to push their startups forward.
The program places great emphasis on founder well-being, with a philosophy that a happy, balanced founder has a higher chance of leading a successful startup. Founders are encouraged to prioritize self-care alongside their business goals.
The program culminates in a final event, where each startup pitches to a broad audience of mentors, investors, community partners, and press attendees, showcasing their business and receiving valuable exposure and feedback.
Resources needed
The program supports diverse teams of 2-4 members, with sole founders eligible to apply by demonstrating how they will meet their startup’s tech and business needs. It targets businesses with a working product and initial users, focusing on team growth, customer acquisition, and investment.
Evidence of success
94 startups - 89 startups with at least 1 marker of diversity and 50 startups with employees belonging to an underrepresented group.
54% first-time founders with 74% of respondents being the CEOs.
Startups founding +50% of startups founded after 2021, 40% in growth stage, 27% in early revenue.
Startups stages 51% boostrapping, 22% pre-seed, 21% seed.
42% raised money 32M euros raised all in total by all respondents with a 334K euros median.
Potential for learning or transfer
The program is highly transferable, promoting diversity, community building, and a strong mentorship model applicable across various industries. Workshops and training sessions emphasize critical business skills, making them customizable for different contexts. The program’s curriculum can be adapted while maintaining inclusivity, and its digital components allow for wider reach, even in underserved areas. Partnerships with industry experts and support from governments or NGOs can enrich the program's impact. StepFWD's impact assessment methods provide a framework for measuring success, which can be utilized by other organizations. However, adaptations to local cultures and resource availability must be considered to ensure effective implementation. Overall, StepFWD's model fosters more inclusive entrepreneurial ecosystems globally, providing valuable insights for similar initiatives.
Further information
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Good practice owner
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