Innovation of Startups, the Key to Unlocking Post-Crisis Sustainable Growth in Romanian Entrepreneurial Ecosystem

Abstract

This paper aims at identifying the entrepreneurial opportunities for establishing innovative startups during and post COVID-19 crisis. To reach this goal, we conducted an exploratory study based on semi-structured interviews with 168 students who intend to involve themselves in entrepreneurship in their future career. The research started from the debates in literature regarding the huge negative impact of the COVID-19 crisis on economic development, which can jeopardize the achievement of United Nations Sustainable Development Goals. The research findings confirm the results of other studies regarding the vulnerability of startups during crises, the reason why they have to refocus on innovative businesses, especially based on information and communication technology (ICT). Such businesses are considered incentives of sustainable development. Other ideas highlighted the importance of social entrepreneurship for the management of startups. It means that startups should develop strong relationships with employees but also with other stakeholders, like companies in the same industry, the public sector, academia, and citizens. In addition, changing the business culture aiming at developing green business could be an inexpensive solution for developing a sustainable entrepreneurial ecosystem. These empirical results have implications for both business and the academic environment, which should cooperate in order to overcome the crisis. Such an approach could be used in the long run in order to manage other crises and to develop sustainable business.