The journey towards innovation: Three Romanian SMEs develop new products within the innovation program launched by the EBRD and Ascendis

• The first edition of IncubatorX SME, a program developed by the EBRD and Ascendis to help start-ups innovate and develop new products, has come to an end
• The program attracted 82 applying companies, of which 48 were selected for the first stage, and 6 were finalists
• Three finalist companies developed and launched innovative products: Accace (consultancy), Finants (investment broker) and Moldovan Carmangerie (meat industry)

IncubatorX SME, a program launched by the European Bank for Reconstruction and Development (EBRD) and Ascendis, a training and consulting company, has come to an end. During the program, SMEs from Romania and the region came into contact with top entrepreneurs and consultants who supported them in transforming their ideas into innovative products and services. The program took place between March and November 2022.

From the total of 82 SMEs from Romania, Bulgaria, Croatia and Serbia that applied to enter the IncubatorX SME program, 48 were selected for participation, and 6 companies reached the final stage of the program, of which 3 launched new products on the market.

One of the companies that launched a new product following the program is Accace Romania, a global business process outsourcing and consulting services company. Acacce developed the YoDA educational program, through which students from economic faculties can acquire skills necessary for a junior role in financial and/or payroll departments in companies.

Finants, a start-up launched in the second half of 2022, was also one of the finalists of the IncubatorX SME program. Finants launched the first online financing platform for companies, being a One Stop Shop of financing sources for legal entities on the Romanian market.

Moldovan Carmangerie, a family business in the meat industry, developed the Moldovan Grill Box product following participation in the program. Moldovan Grill Box is a kit with meat products for grilling, intended to make the choices easier for customers who order such products online.

“Less than 0.1% of SMEs in Romania and Bulgaria create new products or have innovative processes. This is the context in which we initiated this program. The EBRD supports small businesses to become more competitive and grow, and innovation is key to their development. Beyond the learning process throughout the entire experience, the main objective of the IncubatorX SME program was to help entrepreneurs and managers transform business ideas into innovative products and services”, said Daniela Marin, senior manager at the EBRD.

“The IncubatorX SME program offered participants all three conditions for creating innovative products, services and processes: inspiration, ideation and incubation of ideas. It culminated in the creation of minimum viable products (MVP), proving the ability to innovate even in a difficult economic context. Programs like IncubatorX SME are essential for the development of an entrepreneurial ecosystem that generates high added value, using innovation”, said Ionuț Tarcea, co-founder of X by Ascendis, the innovation division of the human resources consulting firm Ascendis.

Participation in the first two stages of the program was free, and for the third stage companies paid only 10% of the participation fee. The reduced cost was possible thanks to the financing granted by the European Union under the Horizon 2020 program. In 2019, the EBRD and the European Union launched a financing framework that supports investments in research and innovation by SMEs in Romania, including by facilitating access to consultancy.

About Ascendis

Founded 25 years ago, the company currently has business lines in training, coaching, consulting, team building, microlearning, HR (Human Resources) and LSS (Lean Six Sigma) certifications. Ascendis has a team of 80 people (consultants, trainers, collaborators and support staff).
X by Ascendis was founded with the aim of transforming Romania from a country known for outsourcing to a country known for innovation. X by Ascendis focuses on inspiring innovation and entrepreneurship by organizing the context in which innovative ideas and teams form and by supporting top talent to turn ideas into impact.

About EBRD

The EBRD is a multilateral bank that supports private sector development and entrepreneurial initiative in 38 economies on three continents. The bank is owned by 71 countries, as well as the EU and the EIB. The EBRD’s investments aim to transform the economies of its regions into competitive, inclusive, well-governed, green, resilient and integrated economies. EBRD is one of the main investors in Romania. To date, the Bank has invested 10.2 billion euros in the country’s economy through 502 projects. In addition, almost 1,000 Romanian SMEs developed their businesses with the help of consulting projects supported by the EBRD