Am not sure this stuff is all done in places like Romania as I think the business environment is still in early stages on the learning curve when it comes to looking for VC funding. Still it is pretty much standard and it doesn't hurt to have a look and learn how the guys from the other side of the ocean are approaching it.
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Good post Dragos. We'll see more VC/Equity funds heading this way in the months to come. There is one equity fund, that I am aware of, coming to Romania at the end of 2004. http://www.copernicus-capital.com/english/investment_se_europe.asp