<h1 style="text-align:center;">On the Ground Perspective</h1>Investing On The Frontier’s hosts, Matt and Laura Davis, bring you the sixth episode in our podcast series from RENEW’s office in Ethiopia.After braving the perilous traffic that is all too prevalent in Addis Ababa, Matt and Laura sit down to provide a quick financial update on the country, and bring you an on the ground perspective on last month’s headlines on recent events in Ethiopia.&nbsp;

Tune in to the sixth episode of RENEW’s podcast series, Investing On The Frontier, for an on the ground perspective from our team in Addis Ababa.

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On the Ground Perspective

The blog explores Zambia's potential as an emerging tech hub in Africa, focusing on regulatory advancements, political commitment, deal flow and private sector engagement.<h1>Zambia’s Growing Tech Scene</h1>How policies and the private sector are driving the ecosystem forwardIn the heart of Southern Africa, a nation is paving the way for technological advances that could reshape its future. Zambia, known for its rich cultural heritage and abundant natural resources, is gaining&nbsp;<a href="https://techcabal.com/2023/06/02/zambia-ecosystem-feature/">recognition</a> for its ambitious drive to position itself as an emerging technology hub within the African continent. With an increasing focus on innovation, entrepreneurship and regulatory reforms, Zambia is setting the stage to redefine its economy and empower its citizens. Delve into some of the reasons and learn more about Zambia’s growing tech scene in this Q&amp;A with Calvin Chitangala, Renew Capital’s investment and project manager in Zambia.&nbsp;<figure class="image"><img src="/uploads/Start_Up_Converse_Event_c946fbee8f.jpeg"></figure>Photo: Startup Converse - NyamukAfricaQ. Is Zambia adequately positioned to emerge as Africa's upcoming technology hub?A. In terms of regulations and political will, Zambia's presidential cabinet is making significant strides in&nbsp;<a href="https://www.mots.gov.zm/?p=2030">formulating a startup bill</a>, aligning with market trends regarding startup acts. Over&nbsp;<a href="https://www.icr-facility.eu/fileadmin/files/downloads/icreports/icreport_startupacts.pdf">16 African nations</a> have been diligently advancing this initiative, with a noteworthy milestone being the enactment of the&nbsp;<a href="https://nigeriastartupact.ng/">Nigerian Startup Act</a> into law&nbsp;<a href="https://www.mazars.com.ng/Home/Insights/Mazars-Insights/Start-Up-Act-2022">last year</a>. Zambia being on this trajectory sets the tone for clear definitions of startups and SMEs, aiding regulatory interactions and fostering a favorable environment for startups. Switching focus to deal flow, Zambia ranks second in Southern Africa, following South Africa, in generating startup deals in the last decade. South Africa led with&nbsp;<a href="https://www.avca.africa/data-intelligence/">536 deals</a>, while Zambia recorded 50, suggesting a nascent ecosystem in Zambia. Among Entrepreneurship Support Organisations (ESOs), I am aware of about 30+ meetups/events that promote the startup ecosystem throughout the year, notably, the&nbsp;<a href="https://zban.org.zm/">Zambia Business Angels Network</a> which conducts frequent demo days that showcase pre-seed and seed deals. Additionally, NyamukAfrica/ITC has&nbsp;<a href="https://en.nyamukafrica.com/#">monthly startup converse events</a> that demystify technical startup conversations. There are more ESOs backed by donor communities and corporations which add to the support of the ecosystem's growth. Considering these facets — regulatory advancements, political will, increasing deal flow, private sector-led initiatives for tech-enabled startups and an attractive macroeconomic environment — it's plausible that Zambia could emerge as a noteworthy African tech hub.Q. What is one noteworthy tech sector emerging in the country?&nbsp;A.&nbsp;We are seeing exciting trends in fintech in Zambia. A 2022 UNCDF study identified 57 companies in Zambia that identify as fintechs, compared to their 2018 study that identified 25. African fintech unicorns also are entering the Zambian market through various means, such as acquiring a local fintech or entering directly while going through the regulatory system. One example is&nbsp;<a href="https://www.crunchbase.com/acquisition/chipper-cash-acquires-zoona--266c4483">Chipper Cash's acquisition</a> of the local Zambia entity Zoona. However, regulatory risk tends to be the biggest hurdle for most fintechs in Africa and Zambia is no exception. Tech-enabled startups that have achieved product-market fit are providing solutions to fundamental African problems.Q. What are some of the challenges you’ve witnessed in the ecosystem?A. Internet penetration rate among our African population is still relatively low, however, growing steadily. As of 2021 individuals<a href="https://data.worldbank.org/indicator/IT.NET.USER.ZS?locations=ZM"> using the internet (% of the population) stood at about 21%</a>. The Zambia Information and Communications Technology Authority (ZICTA) has provided an in-depth<a href="https://www.zicta.zm/storage/posts/attachments/JE2Uc1d98h9rZKvL7IqnRLSl8WpIBbqK4aND4Xgf.pdf"> understanding of access and usage of ICTs among the Zambian population</a>. Therefore, for most tech-enabled businesses, especially the ones with a B2C business model servicing the mass market, the use of ICTs remains a challenge for customer acquisition and retention. Other than that, among the ESOs, critical information still exists in silos. It would be highly beneficial to implement ESOs that provide comprehensive information and education to entrepreneurs throughout the nation, particularly those who do not have easy access to relevant news. In addition, it almost goes without saying now, that there remains a funding gap for SMEs and startups, especially for female entrepreneurs. The funding gap for SMEs in Africa is estimated to be over&nbsp;<a href="https://www.afreximbank.com/receivables-finance-can-help-close-africas-90-billion-sme-financing-gap-says-kenya-central-bank-governor/#:~:text=Nairobi%2C%2011%20March%202020%20%E2%80%93%20Receivables,Bank%20of%20Kenya%2C%20has%20said.">$90B</a>. Additionally, the funding gap for female entrepreneurs is estimated to be around&nbsp;<a href="https://www.weforum.org/agenda/2022/08/how-female-led-start-ups-can-transform-africa/#:~:text=In%20Sub%2DSaharan%20Africa%2C%20research%20shows%20that%20there%20is%20currently%20a%20%2442%20billion%20funding%20gap%20for%20women%20entrepreneurs.">$42B</a>. Traditional bank debt is generally not suited for the investment needs of early-stage startups seeking pre-seed or seed-stage funding, so most startups in Zambia tend to seek capital partners from outside the country. Lastly, there is a need for mentorship, capacity building and educational programs to help startups navigate the fundraising landscape, especially among young people.&nbsp;Q. With the growing momentum and enthusiasm surrounding technology and innovation, what are your hopes for Zambia’s future?&nbsp;A. Let me begin by discussing Zambia's recent economic history and its outlook for the short and medium term.&nbsp;In the wake of the challenges posed by the COVID-19 pandemic and the 2021 general elections, Zambia's&nbsp;macroeconomic landscape initially displayed unfavorable indicators around 2020. However, a more stable macroeconomic environment was anticipated post-2021, with the annual GDP growth projected to average around 4.5% throughout 2023-2025. This positive economic projection by the World Bank was updated around March 2023, it agrees slightly with the&nbsp;<a href="https://www.boz.zm/MPC_Statement_August_2023.pdf">insights</a> of the Bank of Zambia around mid-August 2023, that is, even though the Bank of Zambia’s Monetary Policy Committee advised that they expect the GDP for 2023 is likely to fall below projections due to contractions in the mining sector and slowdowns in the education and energy sectors, the Central Bank anticipates that the Country’s economic growth will rebound between 2024 and 2025, bolstered by the anticipated recovery in the mining sector and sustained expansion in the information and communications, financial and insurance, as well as wholesale and retail trade sectors. Furthermore, acknowledging inflationary pressures – inflation is projected to&nbsp;<a href="https://www.boz.zm/MPC_Statement_August_2023.pdf">average 10.2% in 2023</a> and 9.3%in both 2024 and H1 2025, the Bank of Zambia Monetary Policy Committee opted to increase the monetary policy rate from 9.5% to 10%, in the immediate term.&nbsp;Regarding investor appetite, the&nbsp;<a href="https://www.nabii.org.zm/reports.php">Zambia Impact Investment Climate Survey Report 2022/23</a> advised that 82% of Zambian impact investors expressed their determination to augment their backing for portfolio companies and actively seek out fresh avenues for growth; this investor enthusiasm and dedication remained steadfast despite the prevailing public apprehensions surrounding Zambia's debt burdens and economic hardships. In addition, regarding investor sentiment, the&nbsp;<a href="https://www.boz.zm/PCF_HIGHLIGHTS_SURVEY_FINDINGS_2022.pdf">2022 Bank of Zambia study</a> unveiled that investor decisions to invest or reinvest in Zambia were primarily influenced by factors such as peace and security, market potential, robust infrastructure, and political stability. Among the government policies and initiatives, those perceived as most effective in promoting investment included the establishment of a favorable governance environment, economic diversification, enhancements to transportation infrastructure and facilitation of business connections.&nbsp;&nbsp;Furthermore, a notable success under the new government is the successful negotiations of the country's national debt restructuring. It is anticipated that this restructuring will lead to&nbsp;<a href="https://www.parliament.gov.zm/sites/default/files/images/publication_docs/Ministerial%20Statements%20-%20Debt%20Restructuring.pdf">benefits of an improved micro-and-macro economic environment,&nbsp;</a>also, the Ministry of Finance anticipates this debt restructuring will generate over US$5.8 B in debt savings between 2023 and 2031, unlocking more resources for Government's developmental programs. Lastly, the startup scene is also looking promising,&nbsp;<a href="https://www.mots.gov.zm/?p=2030">as the Government seeks to set up a Startup Bill,</a> we hope this will lead to fiscal incentives towards startups in Zambia and perhaps more startup deal flow.&nbsp;

How policies and the private sector are driving the ecosystem forward

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Zambia’s Growing Tech Scene

<h1>Reframing Impact Investing in Africa</h1>The Ethical Leadership and Sustainability ParadoxFor many investors worldwide, the African market holds enormous potential for both impact and profit. The rise of impact investing – investments made with the intention of generating a social or environmental impact alongside a financial return – has been particularly pronounced. However, there's a heated debate about whether the current application of impact investing in Africa is creating unnecessary burdens on companies that are already dealing with a plethora of challenges inherent to the environment.The prospect of a double bottom line, one that measures both financial and social or environmental outcomes, is undeniably appealing. Yet, it’s vital to recognize the unique context of African economies where establishing and maintaining a business is already a Herculean task. Balancing the drive for profitability and impact may not always be practical in such a setting and could potentially distract entrepreneurs from their primary goal of building sustainable, scalable businesses.<figure class="image"><img src="/uploads/Image_ee6bbbe9cb.png"></figure>Consider the example of METAD, a flourishing specialty coffee company in Africa. METAD’s leadership channeled a portion of its profits towards community upliftment initiatives such as financing NGO-led cervical cancer testing for women, building community centers and funding teachers. These initiatives were not the outcome of investor pressure, but rather a strategic and smart way to operate in the African business environment. Amid regional unrest, METAD's farms were protected by the communities they had invested in, reflecting the mutual benefit of this approach.&nbsp;Impact investing has to be sensitively calibrated to align with the specific realities of the African market. A 'one-size-fits-all' global approach might not always be effective or sustainable. Investing in ethical leaders who prioritize community well-being and environmental sustainability could also be another way to look at impact investing. Leaders need to understand the intricate social fabric and unique environmental constraints of their locales to steer their businesses toward holistic prosperity.Moreover, investors should be cautious of not overburdening African enterprises with impact requirements. Investing in these companies should be coupled with providing necessary training and resources, focusing on building strong business fundamentals that can ensure their growth. The mere act of creating sustainable jobs can have a ripple effect of positivity in communities that are often plagued by unemployment and poverty.Redefining impact investing in Africa may not necessarily mean discarding the current model entirely. It is more about adjusting the balance — prioritizing the creation of growing businesses that implicitly, through their operations, contribute to the social and environmental well-being of their communities. Let us celebrate and incentivize the leaders who are already making a significant impact through their commitment to ethical, sustainable businesses.

The Ethical Leadership and Sustainability Paradox

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Reframing Impact Investing in Africa

Renew Capital welcomed a dynamic team of 11 exceptional young professionals ranging from units in Project Management, Investment, Human Resources and Marketing and Communications.<h1 style="text-align:justify;"> Turning Pages and Chasing Dreams</h1>11 Interns Share Their Career Aspirations and Book Recommendations<figure class="image"><img src="/uploads/Meet_the_team_325b170a67.png"></figure>Renew Capital internship is an opportunity for recent graduates based in Africa to embark on a quest to unearth their professional goals, bring innovation to the table and invest in their future success.&nbsp;During the internship, the young professionals will work on various investment and private sector development projects that will enhance their professional skills and gain work experience in an international firm operating across eight African countries. Get to know them as they share books that have influenced and inspired them.&nbsp;1. Agnes Mbuvi- Investment Intern. Kenya.a) What are your professional goals?&nbsp; To become a top financial analyst in Kenya and Africa as well. I also hope to start my own investment firm in the future. where I will be able to offer investment solutions that work for the African context.b) What book would you recommend?The Mountain Is You: Transforming Self-Sabotage Into Self-Mastery by Brianna Wiest. This self-help book helped me overcome self-sabotaging tendencies. The author encourages individuals to break free from self-destructive patterns, cultivate self-compassion and build resilience to live a fulfilling life. 2. Eden Hailemariam- Investment Intern. Ethiopia.a) What are your professional goals?&nbsp;To become an exceptional investment consultant. I pursued this career path to help people make informed investment decisions which in turn will have positive micro as well as macroeconomic and social effects.b) What book would you recommend?To Kill a Mockingbird written by Harper Lee. It narrates the childhood of Scout and Jem Atticus. I love the extent Atticus goes to defend what he believes is right, regardless of the challenges he faces. It explores themes of racial injustice, mistreatment of innocent people and social prejudice. 3. Jordan Karenzi- Investment Intern. Rwanda.a) What are your professional goals?&nbsp;I would like to learn how to conduct sound market research and map out the right investments. Also, I would like to improve my communication skills and ability to relay information relating to the investment practice.b) What book would you recommend?The Third Door by Alex Banayan. This is a story of a young man with a dream of interviewing the most successful people in the world from different fields and different walks of life to understand the secret to their success. When Alex was at his highest, he got knocked down but he found a way to get up and push through. I applied the general message to keep a positive mindset and consider small steps as progress. 4. Nahomi Kassahun- Investment Intern. Ethiopia.a) What are your professional goals?&nbsp;Currently, I am working towards improving my communication skills, especially public speaking. I hope to explore diverse career paths, build a network and develop my leadership abilities.b) What book would you recommend?Divergent Trilogy by Veronica Roth is an extremely thought-provoking book that is set in the future. It made me question the meaning behind their nickname. The characters are based on important values: Abnegation (selflessness), Amity (kindness), Candor (honesty), Erudite (intelligence) and Dauntless (bravery).&nbsp;5. Ruth Ayalew- Project Intern. Ethiopia.a) What are your professional goals?&nbsp;To become a visionary policy maker. I am driven by a deep desire to bring about transformative and systematic change in Ethiopia's current landscape. I firmly believe that by implementing innovative and sustainable policies, we can overcome the obstacles that hinder progress and unlock the true potential of this remarkable nation.b) What book would you recommend?7 Habits of Highly Effective People&nbsp;by Stephen Covey. During my stay at the Young African Leaders Initiative (YALI), I was encouraged to read the book to understand how to live well with others and the dynamics of a great team. I learned that people have various behavioral styles.&nbsp;6. Heran Getaneh- Project Intern. Ethiopia.a) What are your professional goals?&nbsp;To become a detail-oriented manager and acquire a well-rounded skill set in project management. I hope to not only focus on my role but explore various aspects within the work environment and become a stellar collaborator that achieves success working with cross-functional teams.b) What book would you recommend?Educated by Tara Westover left an unforgettable impact on my spirit. The author's brilliance resides in her ability to challenge cultural standards while also appreciating the power of education. It has taught me to value any chance for personal development and learning that comes my way.&nbsp;7. Uwera Kamuhangire Myriam- Project Intern. Rwanda. a) What are your professional goals?&nbsp;To be an illustrious project manager or consultant in Rwanda. I also want to be an entrepreneur in the near future because I enjoy working in dynamic and flexible environments.b) What book would you recommend?The Secret by Rhonda Byrne. It talks about the law of attraction and how our mind is the greatest weapon that can be used to work for or against us. It teaches how positive thoughts can manifest positive outcomes and we can use this to achieve personal growth and success.&nbsp;8. Hiwot Endale- Project Intern. Ethiopia.a) What are your professional goals?&nbsp;In the next five years, I want to identify the career path that I want to follow, build my professional network, perfect my skills and learn more about the entrepreneurial and investment sector.b) What book would you recommend?12 Rules for Life&nbsp;by Jordan B. Peterson. In this remarkable read, the renowned clinical psychologist narrates unique and well thought rules to help us maintain order, improve our interpersonal interactions and establish strong bonds with others.&nbsp;9. Shaynerose Magabi- Marketing and Communications Intern. Kenya.a) What are your professional goals?&nbsp;To hold a leadership position soon and make data-driven decisions by improving my skills in data analysis and implementing effective marketing campaigns and conducting market research. I aim to excel in public speaking and confidently communicate my ideas with a diverse audience.b) What book would you recommend?The Art of Happiness by the Dalai Lama and Howard C. Cutler. This transformative guide sheds light on how individuals postpone their happiness and forget to live in the present.&nbsp;It implies if you aren't happy in the present, you'll never be happy in the future. Sadly, people fail to show compassion towards themselves by equating their self-worth to their success.&nbsp; 10. Joy Mburu- People Operations and Development Intern. Kenya.a) What are your professional goals?&nbsp;I am looking forward to helping with the implementation of company policies and providing essential support to the People Operations and Development unit while learning its purpose.&nbsp;My career aspiration is to get a Human Resource Management certification that will enable me to grow and take on leadership roles soon.b) What book would you recommend?The Winner by David Baldacci. This book takes you on a journey of trust and betrayal. “What decisions would you make in the face of intense desperation?" Characters within the plot are forced to make challenging decisions. It explores the devastating impact of betrayal from close friends and will make you shift alliances throughout the whole novel.&nbsp;11. Mediatrice Kampire- Data Science and Analytics Intern. Rwanda.a) What are your professional goals?&nbsp;To become a senior data analyst and project manager within the next three years by completing relevant training courses and gaining practical experience.b) What book would you recommend?Who Moved My Cheese by Dr. Spencer Johnson is a motivational business fable that explores the challenges of change and adaptation. The book emphasizes the importance of embracing change, being flexible and proactively seeking new opportunities.

11 Interns Share Their Career Aspirations and Book Recommendations

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 Turning Pages and Chasing Dreams 

In this Q&amp;A with Licínio Chissano, project and investment manager at Renew Capital you will discover the creativity and vibrancy of the people in Mozambique, a country renowned for its beautiful weather and beaches. Expand your knowledge about this amazing country.<h1>From Sunshine to Startups: Unleashing Mozambique's Entrepreneurial Magic!</h1>Mozambique is renowned for its captivating landscapes, pristine beaches and rich cultural tapestry. In this interview with the project and investment manager at Renew Capital, Licínio Chissano, we delve into Mozambique’s entrepreneurial landscape and the promising industries that are driving its growth. Join us as we embark on a journey to uncover the innovative ideas and projects spearheaded by Mozambican entrepreneurs and how their efforts are shaping the trajectory of their nation's future.<figure class="image"><img src="/uploads/Aug_11_Ld_698f7f7ece.png"></figure>Q. Briefly tell us about your background in investment/career.A. I come from a diverse background in the investment and finance industry. I started my career in social investment consulting and later joined a commercial bank in Mozambique. Working in Maputo, the dynamic city that never sleeps, was an exciting change for me. However, after five years, I wanted new challenges and considered opportunities abroad. Then, I received a job offer from Renew Capital, a firm with experience across the continent. I enjoy helping entrepreneurs at different stages of their businesses and it's fulfilling to contribute to the country's investment landscape.Q. What makes Mozambique unique, why should someone visit?&nbsp;A. Mozambique is a beautiful country that boasts over 1,500 miles of stunning coastline, as well as picturesque mountains, waterfalls and rich biodiversity. However, what truly sets Mozambique apart is its people, who are hardworking, spirited and welcoming. From the bustling streets of Maputo to the tranquil provinces, their energy is infectious and they are always eager to learn and create. When you visit Mozambique, you can look forward to a warm welcome and plenty of sunshine. The country's rich culture and friendly people will leave a lasting impression on you and the cuisine is sure to delight your taste buds. Whether you're dining at a restaurant in Maputo or exploring beyond the city, you'll find a delicious variety of dishes.Q.What are the main industries and economic activities in Mozambique?A. Agriculture remains a significant pillar of the economy, with many provinces engaging in agricultural activities. However, the logistics sector is rapidly growing, with strategic investments in ports, railways and transportation infrastructure. The government recognizes the country's geographical advantage and aims to accelerate regional trade, making Mozambique a key player in commerce and transportation within the region. Additionally, commerce plays a vital role in people’s livelihoods. Given the dispersed population living outside major cities, e-commerce platforms have gained popularity, allowing people to buy and sell goods without the need to travel long distances to urban centers. This helps to bridge the gap between rural and urban areas, making commerce more accessible.&nbsp;Q.What’s excited you about the Mozambique ecosystem in recent years?A. What excites me about the Mozambique ecosystem in recent years is the growing potential in the fintech sector. While there are some fintech present in the market, most are not locally owned. This creates a unique opportunity for local entrepreneurs to step in and fill the gaps in financial services tailored to the Mozambican community. Despite facing challenges with regulatory compliance and securing investments, many startups are eager to provide innovative fintech solutions. These startups are responding to high demand for services not adequately offered by established players like telecom companies and traditional banks. One example is the lack of efficient digital platforms for the popular "ti ti" savings groups, which are prevalent throughout Mozambican society. Furthermore, the government and development partners are making efforts to facilitate the growth of the private sector and encourage startups. Initiatives like incubation programs in public universities and the establishment of science and technological parks show promise in nurturing homegrown talent and innovative ideas.&nbsp; Q.Why are you passionate about startups and entrepreneurship in Mozambique?A. Mozambicans are incredibly innovative and creative, always coming up with ideas that have the potential to transform into businesses. However, they often face challenges in accessing funding and resources to bring their ideas to life. Many startups struggle because they lack the necessary resources and support. This is where my passion lies – in connecting these talented entrepreneurs with opportunities and providing them with the guidance and assistance they need to thrive. I am also inspired by the honesty and openness of the entrepreneurs in Mozambique, who are not afraid to seek help and collaborate with others to grow their businesses. Their energy and determination motivate me to be a part of their journey and support them in any way I can. I firmly believe that the young generation in Mozambique has great potential and by supporting them and their ideas, we can contribute to the growth and prosperity of the country as a whole.&nbsp;

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From Sunshine to Startups: Unleashing Mozambique's Entrepreneurial Magic!

Gain insight into the startup scene in Sudan amidst conflict from Nour Tawfig, Renew Capital’s investment and project manager for Sudan, as he shares his unique perspective on the potential of the Sudanese startup ecosystem.<h1>Sudan: Gaining Perspective from Nour Tawfig</h1>Opposing sides in Sudan began fighting earlier this year, uprooting nearly 3 million people. Almost 700,000 have fled to neighboring countries according to IOM. Renew Capital’s investment and project manager for Sudan, Nour Tawfig, who was born and raised in Sudan and is currently based in Egypt, talks about his journey in investment management and shares his unique perspective on the current situation in Sudan.<figure class="image"><img src="/uploads/new_image_7eb88c9b9d.png"></figure><img>Q. Briefly share your background and how you came to investment management.I have a finance background and have worked in the corporate finance sector, focusing on investments in startups and SMEs. Over the past five years, I have raised funds from angel investors to support startups and SMEs in Sudan mainly through profit sharing models, primarily in agriculture and healthcare industries. I have also been involved in the startup ecosystem by working with accelerators and a Y Combinator-backed startup. Currently, I am pursuing a more structured and institutionalized path in investment management.Q. What industries have been standing out in the local Sudanese ecosystem in recent years?Fintech is a particularly active sector, with startups developing innovative financial products and services such as mobile banking apps and online payment platforms. Agritech is also growing, with startups working on solutions to improve crop yields and promote sustainable agriculture. In addition, ride-hailing, e-commerce, and logistics startups have seen success, capitalizing on the absence of major players like Uber and Careem due to previous sanctions. While the Sudanese startup ecosystem shows great potential due to its young population and abundant resources, more work is to be done in that space as well as the ongoing war and economic instability pose challenges to its growth and stability.Q. What is the current state of the investment scene in Sudan?Before the war, the investment scene in Sudan showed signs of growth with active investors, including local angels, Sudanese venture capital funds, and international venture capital funds, focusing on the startup ecosystem. Fundraising activities had seen significant increases, with some startups raising millions of dollars from various investors. Currently, amidst the war, the agricultural sector is one of the most active areas for investment in Sudan. Efforts are being made to raise funds for agritech startups that can improve crop yields and harvesting, particularly in areas unaffected by the war.Q. What is something that you want people to know about Sudan?Sudan has a rich history and culture and holds the potential to become a great nation. However, realizing this potential requires unity, and setting aside divisions that hinder progress. With 68% of Sudan's population being under the age of 30, recognizing the potential of young people and investing in their education, skills, and leadership capabilities will not only contribute to their personal growth but also enable them to actively participate in nation-building processes.Q. What is one principle you live by that guides your work and life?One guiding principle that shapes both my work and personal life is the commitment to always do what is right, even in the face of difficulties. This principle serves as a compass for making tough decisions, upholding my beliefs, and living a life that fills me with pride. While it may not always be the easiest path to follow, doing what is right is crucial for maintaining personal integrity and cultivating a deeply fulfilling existence.I strongly resonate with the idea that "easy choices, hard life; hard choices, easy life," as it underscores the importance of embracing the challenges that come with making the right choices. By adhering to this principle, I strive to navigate both professional and personal circumstances in a manner that reflects my values and contributes positively to my overall well-being.

Nour Tawfig, Renew Capital’s investment and project manager for Sudan, as he shares his unique perspective on the potential of the Sudanese startup ecosystem.

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Sudan: Gaining Perspective from Nour Tawfig

<h1>Demystifying Investment in Africa</h1>Exploring Capital and Startups in the African Entrepreneurial LandscapeRaising funds can be a significant challenge for entrepreneurs, particularly in Africa's complex investment landscape. As the African startup ecosystem continues to grow, it is crucial to demystify the investment process and understand the factors that influence funding opportunities.<figure class="image"><img src="/uploads/1_df43145fda.png"></figure>Join us for "Show Me the Money," part of our Demystifying Private Investment chat series on July 11, from 4 pm to 5 pm EAT to gain valuable insights from industry experts on capital trends, types of investors and the types of startups that are receiving funding in Africa.Register&nbsp;<a href="https://share.hsforms.com/1AKSHWrVmQCCaTfd88kfaeAee4rj?utm_campaign=Show%20Me%20the%20Money%20July%202023&amp;utm_medium=email&amp;_hsmi=265114055&amp;_hsenc=p2ANqtz-86psekWA0XZetctov9V4GqyAaBOAdKKeoT_w_TEgKifUDLGPJGhrTcL_Xe088H30MPxosGh5JIYG8GQDkyW_4_xqn3FomFB2CF15MhfUzmmbJHSxs&amp;utm_content=265114055&amp;utm_source=hs_email">here</a>.&nbsp;&nbsp;Key topics to be covered:Capital in Africa: Gain a comprehensive understanding of capital movements and which ventures it fuels. Explore the African investment ecosystem to grasp its dynamics and potential.Startup Spotlight: Discover the types of startups that attract capital in Africa. Learn about the key factors that make startups appealing to investors, such as market potential, team capabilities, and innovative business models.Types of Capital: Explore the various forms of capital that drive growth in Africa, including venture capital, private equity, impact investments, and grants. Understand the unique characteristics and benefits of each type.Investor Insights: Understand the diverse investor types shaping the financial landscape in Africa. Learn about their investment preferences, risk appetites, and strategic priorities. Tailor your strategies to attract the right investors for your startup.Fireside Chat: Hear from industry professionals who have firsthand experience in running and investing in startups. Matt Davis, Managing Partner at Renew Capital, and Rishabh Lawania, CEO and Founder of Badili, will share their insights, challenges, and successes in the African entrepreneurial landscape.Register&nbsp;<a href="https://share.hsforms.com/1AKSHWrVmQCCaTfd88kfaeAee4rj?utm_campaign=Show%20Me%20the%20Money%20July%202023&amp;utm_medium=email&amp;_hsmi=265114055&amp;_hsenc=p2ANqtz-86psekWA0XZetctov9V4GqyAaBOAdKKeoT_w_TEgKifUDLGPJGhrTcL_Xe088H30MPxosGh5JIYG8GQDkyW_4_xqn3FomFB2CF15MhfUzmmbJHSxs&amp;utm_content=265114055&amp;utm_source=hs_email">here</a>. Don't miss this opportunity to demystify funding in the African entrepreneurial landscape and take your journey to new heights. We look forward to seeing you there!

Exploring Capital and Startups in the African Entrepreneurial Landscape


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Demystifying Investment in Africa

Esther Mwikali, an investment and project manager in Kenya with a degree in Economics and Finance from Kenyatta University, is highly experienced in Kenya's startup ecosystem. At Renew Capital, she uses her expertise to oversee investment opportunities. Discover more about Mwikali's journey to impact investing and Kenya's entrepreneurial scene.<h1>Diving into Kenya's Startup Ecosystem with Esther Mwikali&nbsp;</h1>Meet Mwikali Muia, a mover and shaker in the startup scene of Kenya. As part of the power team at Renew Capital, she's turned her passion for helping young businesses into a thriving career in impact investing. Join us as Mwikali gives us an insider’s perspective of Kenya's bustling startups and exciting growth sectors.<figure class="image"><img src="/uploads/1679385909972_af9fef563a.jpeg"></figure>Q: What initially sparked your interest in impact investing?A: I had my eureka moment back in 2017 when I joined Meta. As Head of Community, and later as General Manager, I saw first-hand the tough road startups had to walk to connect with investors. That really stoked my curiosity and nudged me toward the investment side of things. I plunged headfirst into books and conversations with seasoned investors to build my knowledge from the ground up. Eventually, I joined Renew Capital, a company dedicated to investing in African companies and supporting their growth. Renew Capital's approach of walking alongside startups and providing genuine support resonated with me. I believe in the impact and potential of these companies, and Renew Capital aligns perfectly with my passion for supporting firms through investments.Q: What is one key aspect or unique characteristic that you believe people should know about when it comes to impact investing in Kenya?A: When it comes to impact investing in Kenya, it's crucial to recognize the country's vibrant and resilient entrepreneurial spirit. Kenyans have a strong determination and a "hustler" mindset, willing to work hard, pivot, and overcome challenges. The people of Kenya embrace innovation and possess a curiosity that drives them to explore new ideas and technologies, leading to the success of startups in sectors like fintech, healthcare, and agriculture. A great example of this is the growth of MPESA. Kenya also has a strong sense of community and trust, which plays a significant role in the investment and startup scene. Collaboration and support are fundamental, with entrepreneurs relying on their networks, family, and friends for initial capital. Moreover, Kenya's commitment to education and continuous learning, along with its strong reading culture, contributes to its innovative and entrepreneurial landscape. Overall, investing in Kenya provides an opportunity to tap into a dynamic market driven by passionate individuals, a sense of community, and a relentless pursuit of success.Q: Which industry or startup scene excites you the most?A: I find the tech-enabled startup scene most exciting, with various industries catching my attention. However, I can't single out a favorite industry because each day I come across different companies that teach me something new. Fintech has been a standout in recent years, but I encounter new and innovative companies every day. Proptech, for instance, fascinates me as they find innovative ways to address the increasing number of apartment complexes and offer affordable housing solutions. While I appreciate the exciting and shiny industries, I also have a deep passion for the homegrown sectors that are essential for our continent's development. Education, healthcare, finance, manufacturing, and agriculture are crucial areas that require innovative solutions to support the growing population and provide quality services to low-income households.Q: Is there something interesting or surprising about yourself that most people would not know?A: I grew up on a farm in Kenya. This experience instilled in me a strong work ethic, responsibility, and adaptability. I developed project management skills by overseeing tasks related to caring for animals. It also gave me a deep connection to nature and a love for the environment.

Kenya's vibrant entrepreneurial spirit and unique characteristics of the investment environment. 

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Diving into Kenya's Startup Ecosystem with Esther Mwikali 

With boundless possibilities and a growing entrepreneurial spirit, Africa's SMEs are driving innovation, creating jobs and paving the way for a prosperous and inclusive future.<h1>African SMEs: Driving Transformation, Empowering Youth and Promoting Equality.</h1><figure class="image image_resized" style="width:100%;"><img src="/uploads/METAD_farm_happy_staff_722528d469.JPG"></figure>Africa is rapidly emerging as the new frontier for business, brimming with immense possibilities and opportunities, with SMEs playing a central role in driving this narrative forward. Lesley Lokko, curator of the&nbsp;<a href="https://www.theguardian.com/culture/2023/mar/26/architect-lesley-lokko-venice-biennale-ghana-africa-wakanda-david-adjaye">2023 Venice Architecture Biennale&nbsp;</a>and prominent entrepreneur who founded the African Futures Institute, eloquently captured the prevailing sentiment in Africa by affirming the widespread belief that "It is our time." This sentiment is resonating across the continent, igniting optimism and resolute determination.Africa's young population and the role of SMEsWith a youthful and dynamic population, Africa has a tremendous opportunity for job creation and economic growth through SMEs. The continent's median age of 19 highlights the potential of its young workforce. SMEs already account for approximately 80% of jobs in Africa, making them critical for socio-economic development. Moreover, by harnessing the entrepreneurial spirit of the continent, young people can actively participate in Africa's progress.SMEs as drivers of innovation and sectoral growthSMEs play a crucial role in&nbsp;<a href="https://www.renewcapital.com/newsroom/africas-entrepreneurial-spirit-innovation-creativity-and-resilience">driving innovation</a> and filling gaps in key sectors. They bring agility and creativity to effectively introduce new ideas and approaches to address challenges. By building successful businesses, African entrepreneurs actively shape the future of their communities and contribute to the overall development of the continent.Empowering women and promoting gender equalityA positive trend across African countries is the increasing involvement and recognition of the pivotal&nbsp;<a href="https://www.renewcapital.com/newsroom/renew-capital-launches-isua-network-for-women">role of women in the business sector</a>. As entrepreneurs, women are stepping forward, demonstrating their readiness to make a positive impact and shape the future of their communities. This progressive shift promotes gender equality by providing women with equal opportunities for economic participation and leadership roles.Supporting African SMEsAt Renew Capital, we recognize the potential of Africa as a thriving hub for businesses. By providing support and guidance to entrepreneurs, we aim to unlock their full potential and pave the way for a prosperous and inclusive future in Africa.

With boundless possibilities and a growing entrepreneurial spirit, Africa's SMEs are driving innovation, creating jobs and paving the way for a prosperous and inclusive future.

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African SMEs: Driving Transformation, Empowering Youth and Promoting Equality

Renew Capital's Junior Investment Analyst, Biruk Anteneh, shares valuable insights on the skills needed for a career in investment analysis in Africa.&nbsp;<h1>Top 5 Skills For Aspiring Investment Analysts In Ethiopia</h1><figure class="image"><img src="/uploads/IMG_20230623_WA_0001_43931c8652.jpg"></figure>As the Ethiopian startup ecosystem grows and the investment scene opens up, it's an exciting time for aspiring investment analysts. To capitalize on emerging opportunities, it's essential to develop the following skills:Technical Knowledge&nbsp;As an investment analyst, you need a deep understanding of subjects such as statistics, finance, and economics. Developing multidisciplinary knowledge will be advantageous in the investment field.&nbsp;Data analysisData analysis is a crucial part of an investment analyst’s job. This skill enables you to add value to raw data, providing reasoning and suggestions based on the information gathered. Additionally, mastering tools like Excel, which is commonly used by companies, will prove beneficial.Time ManagementEffective time management is vital for investment analysts. It involves planning and organizing tasks, estimating their duration, and setting deadlines. Utilizing a calendar and mapping out weekly priorities can help you visually track time and ensure that you are meeting deadlines.CommunicationThe ability to convey information cohesively, both verbally and in writing, is essential for investment analysts. It's crucial to tell a compelling story that resonates with your audience. Understanding your audience is key to effective communication.ResearchThe internet is a valuable resource for developing technical knowledge and finding answers to questions, especially when access to education and information is limited. Leveraging the internet effectively will enhance your skills and understanding in the investment field.Developing these skills will help you get started in the investment sector. However, continually honing and combining these skills throughout your career will maximize your potential. For example, blending research with technical knowledge and communication skills can help you create high-value presentations. Remember that these skills require rigorous practice, passion, and discipline. By developing these skills, aspiring investment analysts can contribute to the growth of the Ethiopian investment sector.

Renew Capital's Junior Investment Analyst, Biruk Anteneh, shares valuable insights on the skills needed for a career in investment analysis in Africa. 
