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Draft law on development of new SMEs through business accelerators and incubators approved by Gov’t

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The Romanian Government on Thursday approved the draft law meant to support the newly-established companies with the help of business accelerators and incubators, informed the Ministry for Business Environment, Trade and Entrepreneurship (MMACA).

The draft laws says „the business accelerators” is the „programme carried out as part of the business incubator, which ensures residents a gradual access to financing sources, in order to help them launch a product or a service on the market, in 3 up to 6 months. The programme may include entrepreneurial education activities, mentorship and networking activities, meant to grow the business fast,” said the same source.

The business incubator is defined as „a support structure for business development offering a space and an adequate infrastructure for the residents, managed by an administrator, who seeks to create a favourable, sustainable environment for the newly established small and medium-sized enterprises, by stimulating their development potential and viability, helping them to develop in the beginning, and by ensuring them common facilities and managerial support,” said the Ministry for Business Environment.

The document was initiated by the Ministry for Business Environment, Trade and Entrepreneurship and submitted to the Romanian Parliament for approval.

Minister for Business Environment Stefan-Radu Oprea believes that the law on business incubators helps the newly-established companies.

„Supporting beginner companies is necessary not just for them to be able to become stronger financially, but also to help them create a social and practical relation with the real economy. The incubators offer the ideal framework for business development, through connecting to the academic and research environment, and the facilitation of networking activities, know-how transfer and by supporting the development of partnerships,” stated Stefan-Radu Oprea, as quoted in the MMACA release.

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