The amount of money required to start a new business in Romania is more than double compared to Bulgaria and 20 times higher than in Estonia, according to the most recent edition of the Global Entrepreneurship Monitor (GEM).

The median capital requirement to start a business in Romania is close to USD 12,500, higher than in all the other Eastern European countries included in the report.

By comparison, the median capital requirement in Bulgaria is USD 5,676 and in Estonia it is USD 567. Moreover, entrepreneurs in Hungary need USD 10,748 to start new businesses and those in Poland need USD 11,395.

Some 98% of the entrepreneurs in Romania use their own money to start new businesses, and little over a third (35.9%) ask their families for help. Only 8.3% turn to friends to get financing and 5% try crowdfunding. A little over a quarter (27.2%) also try to get financial support from the Government.

Find the full report here.

Most Romanian entrepreneurs have no associates

editor@romania-insider.com