<h1 style="text-align:center;">Our Favorite Resources This Month</h1>This month, we’ve compiled a list of our favorite, most thought-provoking articles. They range from Swedish startups, to the effect daughters have on hiring, to key tactics from Amazon, and lastly, assertiveness in the workplace. We hope you enjoy reading through these articles as much as we did.1. <a href="https://www.theatlantic.com/business/archive/2017/09/sweden-startups/541413/ target=">Why Does Sweden Have So Many Start-Ups?</a>: How a tiny country with high government spending bred a large number of vibrant young businesses.&nbsp;Stockholm produces the second-highest number of billion-dollar tech companies per capita after Silicon Valley.2. <a href="https://www.economist.com/news/finance-and-economics/21729801-daughters-have-effect-hiring-policies-which-leads-greater-success-venture target=">Venture capitalists with daughters are more successful</a>: Daughters have an effect on hiring policies, which leads to greater success by avoiding consensus-driven groupthink. Gender diversity in business increases the diversity of thought, which leads to better decision-making.<figure class="image image_resized" style="width:97.38%;"><img src="/uploads/knowledge_resources_1ec9bf8b72.jpg"><figcaption>Source: <a href="https://empower.eadtu.eu/fields-of-expertise/the-management-and-use-of-knowledge-resources/introduction/53-the-management-and-use-of-knowledge-resources">Empower: Higher Education</a></figcaption></figure>3. <a href="http://firstround.com/review/amazons-friction-killing-tactics-to-make-products-more-seamless/ target=">Amazon’s Friction-Killing Tactics To Make Products More Seamless</a>:&nbsp;Friction is an obstacle that prevents a user from trying or using a product or service. Although the lessons are for online products, there are insights for small businesses in the offline retail.4. <a href="https://www.fastcompany.com/40474378/how-to-be-more-assertive-at-work-when-thats-just-not-your-personality target=">How To Be More Assertive At Work When That’s Just Not Your Personality</a>: It’s your job to ask for things. Here’s how to be more comfortable with getting what you want.

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Our Favorite Resources This Month

<h1>Mastering “The Flip”: A Guide for African Startups Seeking International Investment</h1>Ready to learn more about mastering the flip? Check out Renew Capital's&nbsp;<a href="https://training.renewcapital.com/courses">investment readiness</a> training and our quick guide for&nbsp;<a href="https://apply.renewcapital.com/delaware-guide">establishing a Delaware corporation</a>.<figure class="image"><img src="/uploads/580_A0553_79d51b6101.jpg"></figure>My 10-year-old is into gymnastics. She practices “flips” against the wall while I’m trying to get her to eat dinner. How can something so impressive be annoying at the same time? That’s not the kind of flip I want to talk about, though there is likely to be plenty of stamina involved.In 2024,&nbsp;<a href="https://thebigdeal.substack.com/p/2024sum">African startups raised $2.2B</a>, according to Africa: The Big Deal but securing this funding often requires strategic decisions about where to incorporate. Approximately&nbsp;<a href="https://ng.usembassy.gov/u-s-consul-general-will-stevens-keynote-address-at-the-global-tech-africa-conference/">60% of African startups are registered in the United States</a> and for Nigerian startups, that number is 80%.This preference for offshore incorporation is largely driven by investor requirements, legal frameworks and access to global capital.&nbsp;“The flip” is a term commonly used by international investment firms that are focused on Africa. It refers to the process where African companies set up parent companies offshore, with the original African companies becoming&nbsp;<a href="https://www.investopedia.com/terms/w/whollyownedsubsidiary.asp">wholly owned subsidiaries</a>. It’s one of the first questions we ask companies who are seeking an investment from Renew Capital: “Do you have a holding company, and where is it registered?”This isn’t a trivial question. Many investment firms insist that African startups be domiciled outside their primary area of operations—often in Delaware (the U.S.), Mauritius, Europe, etc.&nbsp;Why? There are plenty of reasons: the predictability of legal systems thanks to well-established corporate governance laws, global intellectual property protections, access to robust dispute resolution mechanisms, and yes, sometimes it comes down to tax efficiency. It doesn’t stop there. For investors, there is also&nbsp;<a href="https://stripe.com/en-sg/resources/more/incorporating-in-delaware-explained">comfort in working within familiar legal systems</a>, reduced currency risks, easier exits, IPO potential, fewer foreign exchange controls and frankly, avoiding corruption. These factors make “the flip” not just a preference but, for many investors, a de facto requirement.<figure class="image"><img src="/uploads/580_A0787_9d89da464c.jpg"></figure>Yet, for something so common, there’s surprisingly little data on how easy or difficult it is to flip a company.&nbsp;Here’s the reality: Flipping is one of the most critical factors in attracting more startup funding to African countries, yet it’s often overlooked. Most policymakers I speak to do not have an idea of how long it takes to flip a company in their country.I get it. Many African governments don’t like that this has become a de facto investment requirement. But it has. Almost every Venture Capital and Private Equity firm in the world will insist on it. Does this overlook the long-term value of supporting local ecosystems? That’s certainly a discussion worth having. Some organizations are working to make African jurisdictions more investor-friendly by improving legal frameworks, transparency and market infrastructure. At Renew Capital, an early-stage investment firm in Africa, we count ourselves in that group. Building entrepreneurial ecosystems is a worthy effort but it takes years—and it will take even longer to convince the global market that these changes are going to stick. By 2030, sub-Saharan Africa will account for half of new labor force entrants, requiring up to 15 million new jobs annually (<a href="https://www.imf.org/en/Blogs/Articles/2024/11/12/the-clock-is-ticking-on-sub-saharan-africas-urgent-job-creation-challenge">IMF</a>). Fostering private sector firm growth today is a major requirement for the region.So in the meantime, the legal paths between many African countries and Delaware (and Mauritius, etc.) will continue to be well-trodden.At Renew Capital, we have been conducting research across several countries to determine how long this process takes.&nbsp;Step one is usually to register a new holding company (in the form of a corporation) in Delaware (as an example). It’s pretty fast and easy and takes about a week. It (of course) will cost you if you want a lawyer to help with the process. Mauritius is about the same—a lot more regulatory and compliance requirements, but tax advantages. No need to even visit!&nbsp;Once that’s done, founders need to ensure that the exchange of shares by the shareholders in the local operating company for shares in the offshore holding company is completed. This is finalized by filing share transfers in the relevant African countries of operation. In practice, our research suggests it can take anywhere between 14 days (e.g., Kenya and Morocco) and up to 18 months (e.g., Ethiopia) because this is generally a pre-condition to investment, this is probably the most significant barrier to increased investment in some countries.Is “the flip” right for every company? Definitely not. But, if you’re looking for&nbsp;<a href="https://www.redfernlegal.com/understanding-the-flip-up-moving-your-headquarters-hq-process/">venture capital investment from an international investor</a>, then you’ll almost certainly need to do it at some point.If you’re serious about scaling your startup and mastering every step of the flip,”&nbsp;<a href="https://training.renewcapital.com/courses">sign up now</a> to get access to both Investment Readiness 101 (best for beginners) and Closing the Deal (for those actively pursuing an investment). The training covers all the important details from legal due diligence to how to get your valuation right. Also, check out the Renew Capital guide for&nbsp;<a href="http://apply.renewcapital.com/delaware-guide">establishing a Delaware corporation</a>.&nbsp; Note: While Renew Capital’s guide provides helpful insights into establishing a Delaware corporation, it is essential to remember that the information presented here is for general informational purposes only and should not be considered legal advice. We strongly recommend that you consult with your own legal counsel or a qualified professional to determine what jurisdiction and legal entity structure is right for your company.

Check out Renew Capital's investment readiness training and our quick guide for establishing a Delaware corporation.

Business Growth

Image: Renew Capital mentor talking with African startups and partners

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 Mastering “The Flip”: A Guide for African Startups Seeking International Investment

<h1>Five Facts about Accelerating Regional Business Growth&nbsp;</h1>ARBG to benefit thousands of East African SMEs through training and mobilized capital&nbsp;<figure class="image"><img src="/uploads/IMG_0093_06ef9ec373.jpeg"></figure>Renew Capital officially launched the seven-year&nbsp;<a href="https://www.renewcapital.com/newsroom/press-release-government-of-canada-and-renew-capital-sign-a-seven-year-partnership-to-expand-the-firms-business-model-across-africa">Accelerating Regional Business Growth (ARBG) program</a> in partnership with Global Affairs Canada (GAC) this month in Kigali, Rwanda. The ARBG program will benefit thousands of SMEs through training and help attract and mobilize capital into the continent.&nbsp;Here are five exciting facts you should know about the ARBG program:1. ARBG focuses on regional impactUnlike many programs that take a country-by-country approach, ARBG starts with a regional perspective in order to learn from and leverage regional experiences. For example, with a regional approach, a company in Kenya can learn from the experiences of a company doing similar things in Zambia, or a company in Ethiopia will hear about the growth process of a Ugandan company. Regional impact sharing is hugely valuable.2. ARBG supports intra-African tradeThe vast majority of trade-enabling programs in Africa over the last two decades have been focused on trade with the West, the Middle East or Asia. Very few programs have focused on supporting trade&nbsp;between African countries. By making intra-African trade a focus of the ARBG training program we hope to leverage the African Continental Free Trade Area, which should be implemented over the next decade. The program will support businesses with knowledge of how to trade with other African countries and produce country-by-country trade assessments outlining barriers to trade that many entrepreneurs on the continent face.&nbsp;<img src="https://lh4.googleusercontent.com/yh3eecWZN8r4YGKzpbYE3Qf24LPg6W7eAwX4cvFrUSB8-9os7gG_b4SJy5L5lrX_nwY9pn3-3mBHAsutcbgSCfkVc5iFXiuWNfIP7L2Fpc5qiK0WSLiG5JwXWjlPdLXloYw0Y18VwOuw67CWMX7i1Hw">3. ARBG empowers women-led businessesARBG is making a concerted effort to support women-owned and women-led businesses. In addition, we're helping all businesses we work with to look at ways in which their businesses can be gender smart and cognizant of the role gender plays in fostering successful businesses in Africa.4. ARBG expands Renew Capital’s presence on the continentARBG will operate in seven cities: Addis Ababa, Ethiopia; Kigali, Rwanda; Kampala, Uganda; Nairobi, Kenya; Lusaka, Zambia; Dar es Salaam, Tanzania; and Khartoum, Sudan. Expanding Renew Capital’s efforts across a number of different countries exposes investors to a much wider range of investment opportunities and spreads out investment risk and – hopefully – will get people that otherwise may not be comfortable investing in Africa more comfortable with that idea.5. ARBG to train thousands of SMEs&nbsp;The ARBG training program will train thousands of entrepreneurs in elements of what it means to run a successful business, including finance, management, trade training, etc. ARBG allows us to reach thousands more businesses in the region than we otherwise might have been able to reach. And even though Renew Capital may only invest in a small number of these companies, there are countless wider benefits for the companies in the region that are involved in the program.Ongoing and upcoming ARBG training programs:<ul><li>Trade training - March 2023 (<a href="https://docs.google.com/forms/d/e/1FAIpQLSeAr2nm7hAjpmo108CVXKrCely7l_miBY6DY_qRqCyHdkt21Q/viewform">Register here</a>)</li><li>CFO 100 program - ongoing&nbsp;</li><li>Execs’ training - ongoing</li><li>Pitch coaching sessions - ongoing</li></ul>

ARBG to benefit thousands of East African SMEs through training and mobilized capital 

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Five Facts about Accelerating Regional Business Growth

Jump-Start Your Business GrowthIntensive two-day Executive’s Program for Ethiopian SMEsAre you excited to grow your business but unsure where to start? Stuck in a cycle and not certain how to tap into a new market or tackle a roadblock?&nbsp;<a href="https://www.renewcapital.com/companies">Renew Capital</a> is excited to announce that it will be hosting the Accelerated Gender-Smart Exec’s Program at&nbsp;The Hyatt in Addis Ababa on March 9 and 10!We are formally accepting applications for this intensive two-day course, so&nbsp;<a href="https://docs.google.com/forms/d/e/1FAIpQLSeZYPBnwIpzAIpwPds44fZYPVX9_boADsYpriHIX_ryPABDsA/viewform?usp=sf_link">apply today</a> to reserve your spot in this highly-recommended program.&nbsp;Over the course of an intensive two-day program, you will unlock the key elements to improving your company from the inside and accelerate your business growth. Topics include:<ul><li>Habits of successful executives</li><li>Strategic planning and execution&nbsp;</li><li>Forward-thinking sales and marketing strategy&nbsp;</li><li>Best practices in financial management&nbsp;</li><li>Securing gender balance, and more</li></ul>The program will conclude with a networking event to mingle with peers, mentors, investors and more.<figure class="image"><img src="/uploads/1_Y9_A3477_a63f38a1e6.jpg"></figure>Ethiopian small and medium enterprises (SMEs) can benefit tremendously from this intensive two-day training that prioritizes gender-smart business operations, customer engagement, execution speed and financial analysis. Three core themes will highlight opportunities to immediately tweak and improve your business.Understanding Your CustomersCritical to running a successful small business is understanding your customers’ needs and pinpointing their specific challenges. This requires marketing and sales strategies that engage customers and give you insights into their interests and expectations. With this information, you can develop solutions that provide your customers with what they need and ensure that your product or service is as successful as possible.Team Strength and Execution SpeedAn effective CEO needs to understand the strengths and weaknesses of their team and utilize them accordingly. Planning is an essential part of this process, but so is the ability to execute quickly and efficiently. Make sure that the goals of your team are clear and that they are capable of meeting them within the timeframe set.Financial ManagementEffective financial management is critical to the success of an SME. As the CEO, you must be able to manage the finances of your business and ensure that it remains financially secure. This includes budgeting, forecasting, and investing, among other tasks. Ensure that you are able to manage the financial side of your business with efficiency and accuracy to maximize success.Woven throughout the program are key lessons highlighting how gender-smart teams are not only socially responsible but also improve operational capacity, and positively impact your bottom line.&nbsp;By following the key habits and lessons taught in this program, we believe you can begin your journey to becoming a gender-smart, efficient business, poised for growth and success.&nbsp;Take advantage of a two-day training program to get the most out of your business and ensure its longevity. Apply now:&nbsp;<a href="https://docs.google.com/forms/d/e/1FAIpQLSeZYPBnwIpzAIpwPds44fZYPVX9_boADsYpriHIX_ryPABDsA/viewform?usp=sf_link">LINK</a>

Intensive two-day Executive’s Program for Ethiopian SMEs

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Jump-Start Your Business Growth

<h1>New Trade Facilitation Program Recruiting SMEs Ready to Blaze Trail of Regional Integration - Register NOW!&nbsp;</h1>Learn more about the ARBG Regional Trade Program and register now&nbsp;to secure your spot&nbsp;in the upcoming trainingsThe Accelerating Regional Business Growth (ARBG) project, implemented in partnership with Global Affairs Canada, is launching a new Trade Facilitation Program that is designed for ambitious companies in East Africa that are interested in starting and/or further expanding their cross-border trade activities. The program is looking to work with SMEs located in and around Addis Ababa; Kampala; Kigali; Dar es Salaam; Lusaka; Nairobi; and Khartoum.<a href="https://docs.google.com/forms/d/e/1FAIpQLSemdya80DGBvSN3xr42keTbyOtNHhILoS_BeK5Ac9XWH-48ZA/viewform" target="_blank" rel="noopener noreferrer">Register - Now</a>The first component of the Trade Facilitation Program is a two-part, virtual training. The first training session will focus on trade liberalization in Africa and explain the current status of the African Continental Free Trade Agreement, as well as the benefits for SMEs. The second training session will hone in on how to operationalize trade-related goals by creating a market entry strategy, export marketing plan and import diversification strategy. These training sessions will be on June 5 and 6.<figure class="image"><img src="/uploads/Image_1_aaa6a832cf.jpeg"></figure>Over the course of the training, participants will better understand:<ul><li>Recent developments related to trade liberalization in Africa;</li><li>The benefits of regional trade;</li><li>Strategies that can be deployed when looking to increase trade;</li><li>How to develop regional market entry strategies and execute trade plans;</li><li>Tools that can be used to facilitate their (new) regional market entry.</li></ul>Business leaders that complete the two-part training will be eligible to apply to a Trade Mentorship program and receive customized support in implementing their trade plans for a period of up to 18 months.This program is a part of the&nbsp;<a href="https://www.renewcapital.com/newsroom/press-release-government-of-canada-and-renew-capital-sign-a-seven-year-partnership-to-expand-the-firms-business-model-across-africa">Accelerating Regional Business Growth Program</a>, which is dedicated to catalyzing regional economic integration through the avenue of trade and investment facilitation. East Africa is well-positioned to experience significant private sector growth in the coming decade fueled by increased regional integration, policy reform, trade and investment.&nbsp;The program is supported by the Government of Canada – there are no costs for participating. *Ecosystem activation, pipeline development and capacity-building support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.

Learn more about the ARBG Regional Trade Program and register now to secure your spot in the upcoming trainings

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New Trade Facilitation Program Recruiting SMEs Ready to Blaze Trail of Regional Integration - Register NOW! 

<h1>CFO100 Program Recruiting Elite Finance Executives</h1>Learn more about the CFO100 Program and secure your spot in the upcoming trainingThe CFO100 Program, our signature training series for finance professionals, is back and ready to accept applications! The program content has been updated and we are excited to welcome talented professionals who are ready to level up as leaders in business finance.&nbsp;Training sessions will be held every Monday beginning February 6 and run through April 10.&nbsp;&nbsp;The CFO100 Program is a 10-week, in-depth finance, accounting and cash flow management training program that builds a strong foundation in real-world business management skills. By the end of the program, participants will not only be able to prepare and analyze financial reports but also transform that information into tools for critical decision-making.&nbsp;<figure class="image"><img src="/uploads/CFO_100_f1fba1974f.png"></figure> “[A] key takeaway from today’s session is [financial] analysis is the secret weapon to really understand how a company is performing” - former CFO100 participant“I [now] understand that I need to go beyond the accounting part of the CFO work. I should go for analysis and other roles of the profession.”&nbsp; - former CFO100 participantCEOs around the world need finance professionals they can trust to help them understand and manage their company’s financials. They need professionals who understand the business; demand quality and timeliness of their team; identify risks weeks before they become problems; make course corrections to avoid cash shortages; and build budgets and set up systems to control the company’s most critical asset –&nbsp;cash.The goal of the CFO100 Program is to help build an elite class of finance executives and managers across East Africa. It was originally developed under the Accelerating Business Growth program, supported by Global Affairs Canada (GAC), to increase the credibility, quantity and quality of CFOs and finance managers in Ethiopia. The program is now being expanded regionally with GAC’s support.The program will consider candidates from a wide variety of industries and backgrounds, but all applicants must have the desire to build upon their finance, accounting and cash flow management skills and knowledge. In completing the CFO100 program, participants will be better positioned to demonstrate to current and future employers a mastery of a broad range of practical and critical financial accounting and cash flow management skills.The CFO100 curriculum covers concepts and skills that are useful at all stages of a finance career, including presentation skills. The workload is designed to be manageable as participants continue in their current roles.&nbsp;The program is entirely funded by the Government of Canada – there are no costs for participating.<a href="https://docs.google.com/forms/d/e/1FAIpQLScHxDFIl0R28q2N49u3xBbeg4Vz5BR5APKTSEjumBNcaippmQ/viewform?usp=sf_link">Apply Now</a> - Please apply and share with your networks.

Learn more about the CFO100 Program and secure your spot in the upcoming training

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Apply Now! CFO100 Program Recruiting Elite Finance Executives

<h1>Strategic marketing and sales training to help agri-businesses grow and thrive!</h1>Women are a large part of the agricultural workforce yet there is a gap in access to finance and training that makes women-led agribusinesses more vulnerable to shocks like COVID-19 and the impact of climate change on farming. In 2021, the Alliance for a Green Revolution in Africa (AGRA) and Renew Capital partnered up to support women in agribusiness through the&nbsp;<a href="https://www.renewcapital.com/newsroom/ARISE%20Relaunches%20the%20Last%20Week%20of%20September%202022">African Resilience &amp; Investment Series for Women Executives (ARISE) Program</a>, which boosts resilience through capacity building in areas such as business financials; sales and marketing; and investment preparedness.&nbsp;The following is part of a series of blogs detailing ARISE’s most recent training sessions.&nbsp;The next set of those same sessions kicked off on November 16. ARISE encourages women in agribusiness to sign up and join AGRA’s business management on the&nbsp;<a href="https://value4her.hivebrite.com/">Value4HerConnect</a> portal.&nbsp;Join the Enhanced Pitch Coaching Session: December 15&nbsp;<a href="https://agra-org.zoom.us/meeting/register/tZAocemhrjojGNJNu03M_J2WBv4cyF_eNnpZ">Register Here</a>Increasing sales and profit are important measures of success for small businesses but beyond that, female-owned agribusinesses have a role in boosting food production and reducing food insecurity. ARISE is interested in helping these businesses move from merely surviving; to thriving, and with that goal in mind, in October it presented women in agribusiness with a basic marketing and sales training workshop titled Thrive.&nbsp;<figure class="image"><img src="/uploads/Updated_2x_2c0ea79f2d.jpg"></figure>Defining and Executing a Marketing StrategySince entrepreneurs often do not have expertise in marketing and sales, ARISE’s training starts by defining the main function and principles of this topic. According to Renew Capital’s Head of Shared Growth Services, JC Oelofse, “marketing is any activity that enables the business to meet its revenue targets” which are laid out in the business’s yearly or quarterly plan. Marketing is customer-centric and therefore, marketing activities should be able to deliver and communicate value to the customer.&nbsp;“The world right now is–- grow or die. If you are just sustaining your business, eventually you will die because you are not moving forward, you are not growing revenue,” Oelofse added.&nbsp;Just like any other strategic plan, the marketing plan must be written down and it should help focus and align a company's efforts toward achieving growth. That written plan should include the following:&nbsp;Define a Target Market&nbsp;In defining a company’s target market, its leaders need to be as specific as possible by learning about their customers and creating detailed personas, using demographics and psychographics of people who need the product or service and their attributes and behaviors.&nbsp;As an example, he told the group, “Your persona should be something like this: a 22-25-year-old Ugandan woman with an income of 500,000 Ugandan shillings, who has a four-year degree, single, and just started her first job.”&nbsp;Identify the Core Benefit&nbsp;There are three possible core benefits of a product which are quality, price, and service, and understanding them will help business leaders know the selling point on which they can engage in marketing. Some customers are focused on the quality of your product while others are looking for the cheapest option. This can be easily applied to agri-products even when product prices are determined by directives from the government, explained Oelofse.&nbsp;“When you are in a price-controlled market, you are kind of stuck between two parameters but that drives you to the principle of product market fit. Is there another way to present your product? Is there another channel to present your product? Is there something else you can do to add value before it hits the market?”Consistency&nbsp;Whatever the plans to implement, a business leader wants to make sure they are being consistent in driving it forward and making sure that they are always top of mind for their customers. This means reaching out to your customers as much as possible and using different channels to remind customers of the products the company can offer.&nbsp;Bad Marketing vs Good Marketing&nbsp;The session also taught the participants how to understand the difference between good and bad marketing. Here are some examples:Bad Marketing&nbsp;<ul><li>﻿﻿Not focused or consistent, thus consuming a lot of energy and money, but with few results.</li><li>﻿﻿Not backed up by market research.</li><li>﻿﻿The company is not delivering on its marketing commitment.</li><li>﻿﻿The competition can easily copy the plan.</li><li>﻿﻿The plans, goals and key performance indicators (KPIs) aren’t tracked.</li><li>The marketing plan has no rhythm.</li></ul>Good Marketing&nbsp;<ul><li>Focuses on a core value proposition or benefit to the customer.</li><li>The entire company is designed to deliver that benefit.</li><li>The marketing function is clearly different from the sales function.</li><li>Information on the target market and competitors is regularly gathered and analyzed.</li><li>There is a regular standing meeting each week and month to review marketing goals, activities and KPIs.</li><li>The CEO works closely with the marketing manager to build strategies to take the business forward</li></ul>Gender Smart-Marketing&nbsp;The session also looked at marketing through the often-overlooked gender-smart lens.&nbsp; This strategy is built around the understanding that according to the United Nations World Population Prospects Report,&nbsp;<a href="https://www.un.org/development/desa/pd/sites/www.un.org.development.desa.pd/files/wpp2022_summary_of_results.pdf">women make up almost 50% of the population</a>, and&nbsp;<a href="https://hbr.org/2009/09/the-female-economy">more than half&nbsp;</a>of the purchasing power is held by women. As such, more effort should be put into marketing that speaks to women, without reinforcing gender stereotypes in advertising.Marketing vs SalesAlthough marketing and sales usually feed into each other, they are two vastly different functions. As such, ARISE’s program emphasized the importance of understanding a given business to decide whether it’s marketing or sales that should lead. If the products are small, relatively less costly, and do not require much explanation, marketing leads. However, with products that are more complex and considered expensive, sales leads.&nbsp;Setting Up a Sales TeamSetting up a successful sales team comes down to getting the right people and creating processes to review progress. Oelofse told participants that teams must consist of determined individuals because evidence shows on average it takes up to 12 touchpoints with a customer to make a sale.&nbsp;To ensure a good sales process, he said it was important to consider the following:&nbsp;<ul><li>A detailed description of the ideal customer experience one’s company hopes to deliver.</li><li>A disciplined and persistent person or team running sales.</li><li>A written sales system followed by those assigned to use it.</li><li>A religiously updated and reviewed sales pipeline.</li><li>Sales metrics that are reported to management on a weekly or monthly basis.</li><li>A well-run, focused weekly sales meeting to update the pipeline and KPIs.</li><li>Alignment between the sales teams' compensation and the company’s sales targets.</li><li>A system for gathering and measuring customer feedback and satisfaction.</li><li>Customer feedback is gathered, documented, and reviewed by management, and new initiatives are implemented to improve scores.&nbsp;</li></ul>Following the training, Samrawit Geremew, a Renew Capital senior project manager in Ethiopia, expressed her contentment with the way the training in this partnership with AGRA is growing a more gender-balanced agricultural workforce.&nbsp; “We want women in agribusiness to come away from this training knowing they have what it takes and learn how to make the best of their acquired skills to grow sustainable businesses that will become pillars of the African economy.”&nbsp;

Enhanced Accelerated Women Executives Training

Gender Equality

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Strategic marketing and sales training to help businesses grow and thrive!

<h1>JICA and MinT Invite Ethiopian Innovators to Apply for a Chance to Participate in an Acceleration Program and Pitch Competition</h1><a href="https://latest-api.renewcapital.com/uploads/FINAL_Press_Release_JICA_NINJA_b584106735.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release&nbsp;</a>Ethiopia, December 7, 2022 — According to the UN World Population Prospects 2022, it is estimated that&nbsp;<a href="https://population.un.org/wpp/Download/Standard/Population/">close to 70% of Ethiopia’s population of 120 million people are under the age of 30</a>, making the country ripe for economic growth through innovation and startups. With that in mind, Japan International Cooperation Agency (JICA) Ethiopia office, in collaboration with Ethiopia’s Ministry of Innovation and Technology (MinT) is inviting aspiring entrepreneurs with innovative tech-enabled ideas to apply for the ‘Next Innovation with Japan (NINJA) Acceleration Program in Ethiopia 2022’ competition.&nbsp; JICA and MinT have several programs to support startups in Ethiopia as part of “<a href="https://www.jica.go.jp/activities/issues/private_sec/project_ninja/index.html">Project NINJA (Next Innovation with Japan)</a>,” and in addition to exploring that website, more information can be found in this&nbsp;<a href="https://www.youtube.com/watch?v=OIkXrsxIXtM&amp;t=148s">video</a>.&nbsp;<figure class="image"><img src="/uploads/Social_Media_Post_English_892035ce3b.png"></figure>Implemented in partnership with Renew Capital, the ten-month acceleration program and pitch competition are aimed at improving and enhancing the environment of startups by helping entrepreneurs obtain training, improve access to funding and connect them with critical resources to actualize their business plans.&nbsp;“One of the main objectives of Project NINJA is to encourage innovations solving the prominent problems of the society by utilizing emerging technologies. Innovative startups contribute significantly to economic growth and employment nationwide,” explained JICA “It also helps develop new and innovative solutions to challenges faced by traditional industries through cross-sector innovation, thereby creating a more dynamic and competitive society.”In the month of January 2023, the NINJA Accelerator Program team will screen applications for the initial round of screening out the 30 startups. These selected startups will spend one week receiving basic training in pitching their projects, then presenting those pitches to a panel of evaluators. From this round, a total of 15 startups will be advanced to the next level of competition, provided the evaluators will conduct in-person and virtual workplace visits and second-round interviews. From there, the evaluators will make their final decision on which six startups have earned the opportunity to participate in the intensive accelerator program, which will apply best practices from successful acceleration programs, support the startups in creating business networks and/or partnerships, build their capacity and business acumen as entrepreneurs, and address baselined needs.At the end of June 2023, the six accelerated startups will then present their final pitches to a wide audience of local and international investors, as well as officials from the governments of Japan and Ethiopia, local stakeholders and media outlets during a Final Pitch Event (demo day). The final six startups will get a disbursement amount of ETB 500K each upon delivery of two reports. The funding will be used to further refine their minimum viable product. Additionally, they will get the chance to visit Japan for training and meet with potential investors and mentors.If you are the founder of an innovative startup that: (a) is legally registered and operating a company in Ethiopia; (b) has a tech-enabled product (c) has a clear and focused business plan; (d) has a desire to scale operations; (e) is seeking expansion capital; and (f) is coachable and willing to learn, then please check out the&nbsp;<a href="https://docs.google.com/forms/d/e/1FAIpQLSeBjYbRvgf_tUumb6zbCVni1UvxhhZeNmzg6GBJRbWL0e6ICg/viewform">APPLICATION LINK</a> for more details on eligibility criteria and how you can apply for consideration. The Application will open on Monday, December 05 and will close on Monday, December 26 at 05 PM or (11 o'clock - local time).For more information on Renew Capital visit&nbsp;<a href="http://www.renewcapital.com">www.renewcapital.com</a>.&nbsp;About Renew CapitalRenew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. With a presence in Ethiopia, Rwanda and Uganda, Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. Since the establishment of the network in 2012, the Angels have been actively investing in the region, mobilizing millions of dollars into Africa's middle market.### &nbsp;&nbsp;

Announcing the launch of the NINJA acceleration program and application in Ethiopia


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JICA and MinT Invite Ethiopian Innovators to Apply for a Chance to Participate in an Acceleration Program and Pitch Competition

<h1>One year strong: Business after the SG2X Gender-Smart Exec’s Program</h1><h3>Q&amp;A with Rebecca Mugwanya, CEO of Ugandan-based Lhexcopt Investments&nbsp;</h3>For the past six years, Renew Capital has been helping to build the capacity of East African small and medium businesses through its training platform, the Renew Capital Exchange. Addressing gender imbalances and enhancing the role of women in SMEs has increasingly become an integral focus of that program as noted in the firm’s <a href="https://latest-api.renewcapital.com/uploads/Renew_Capital_2021_22_Impact_Report_b027a62dd1.pdf" target="_blank" rel="noopener noreferrer">latest Impact Report</a>.&nbsp; Today, Renew Capital is furthering that effort through the creation of an SME Gender Growth Acceleration (SG2X) Playbook and its corresponding SG2X Gender-Smart Exec’s Program.&nbsp;&nbsp;Ugandan business leader Rebecca Mugwanya was one of its 2021 participants and agreed to share some of her learnings with Renew Capital. Rebecca has worn many hats in her career and within her community, something that explains her passion for community-centered interventions. Today, she is the CEO of Lhexcopt Investments, the owner of the Orga registered trademark. In 2018, Rebecca got her start with the value addition of sugarcane, producing natural sugarcane juice that is preserved with lemon, ginger, and passion fruit. This was after a life-threatening situation that took her off all carbonated soft drinks and processed sugars, as well as wheat. Through this innovation, her purpose was to provide a healthy alternative to the many carbonated soft drinks that are currently flooding the Ugandan market. Together with her innovative team, the company later added on more products like cane caramel, pumpkin-based flours, gluten-free pumpkin rice, and cassava blended flours for baking and for porridge that are now in a number of supermarkets.&nbsp;She says she continues to pass the value of SG2X throughout the business, and she is seeing the difference that it’s bringing to the company, such as successfully achieving gender balance in their senior management team.&nbsp;-This interview has been edited for length and clarity.<figure class="image"><img src="/uploads/New_Thumbnail_b07105a899.jpg"></figure>Q.&nbsp;Roughly one year has passed since you were part of the SG2X Gender-Smart Exec’s Program. What are some components that still stand out in your mind?A.&nbsp;The Five Habits of Effective CEOs training changed my way of thinking and doing things, especially the habit of practice. As entrepreneurs, we learn a lot, go through many training sessions, and read a lot, but the challenge is that we don’t put it into practice. During training, I learned that you first learn to do, and then go ahead and teach others. That's integrity because you cannot teach what you're not doing. And then the other habit is the habit of mindset, having a winner's mindset, waking up early and having my desk set, journaling my day, making sure I take my water, making sure I work out, making sure that I repeat my vision, the vision of the company and the vision of my life. I find that very interesting and exciting. You know you wake up and you're all bubbling with energy because you're focused. You have reason to live. You have reason to win. I find that very encouraging and very interesting.&nbsp;Q. In what ways did the tools you learned during the training have an impact on the way your business operates?A. When we started working with Renew Capital, I was afraid of strategic planning. I thought of an encyclopedia of plans that are too broad and too wide, and that you cannot put into practice. The training demystified that, asking what your future state is, what is the case for change, what are the bottlenecks and barriers, and what is the strategy. And then, of course, there’s the execution system that enables you to achieve your strategy. The other thing that really stood out for me was, as a team, we didn't know whether our product is a sold product or a bought product, but when we did the mastery of sales and marketing training, we learned that our product is a niche product, and therefore it is a sold product. That means sales leads and marketing support. Now that we know who our clients are, we’ve stopped getting into the spaces of clients that don’t belong to us, and we are already seeing the results.&nbsp;Q. The sessions specifically focus on teaching SMEs how to incorporate gender equality, diversity, and inclusion. How have you been able to incorporate gender-smart practices in your business?A. Right from lesson one, I remember gender balance was intertwined throughout the course. We were challenged about the mindsets that we hold even as entrepreneurs, even ladies, and gentlemen. For example, we learned that the two genders balance each other. You cannot afford to have so many ladies and you cannot afford to have so many gentlemen. We learned that as a company, these two contribute effectively when they're well balanced. So as a team, we did have a board, but that board was basically male-dominated. During the training, we were able to work through that. So as a team we are now cognizant of the need for gender balance. Whether it's in the production function or in the senior management, you find that we are well-balanced. For example, my production manager is a male. I'm the CEO. Our head of operations is male. Our finance is female. Our HR is female, and the head of marketing is male.Q. Have there been any difficulties in implementing gender-smart business practices?A.&nbsp;We realized that it can sometimes be hard to recruit the right talent while working to create workforce gender equity because of already existing opportunity gaps in education and professional development in which women haven’t been afforded the same privileges as men. At the same time, we also know that attitudes about women’s place in society have an impact on employers giving them a chance to show their skills and talents.&nbsp;You need to constantly keep educating because we come from different backgrounds. But as a team, we are determined to make sure that we challenge negative beliefs, stigmas, and gender biases that we had held on to. All of us are works in progress, I would say. Once in a while, you find something that is not gendered smart, or this is not favorable. And then because you are already aware of the challenges that all of you are dealing with as a team, then you're able to discuss it openly and see how best it can be resolved.<figure class="image"><img src="/uploads/Screen_Shot_2022_11_30_at_6_09_25_PM_1_1b71a07a32.png"></figure>The SME Gender Growth Acceleration (SG2X) Playbook portal for entrepreneurs&nbsp;Q. What advice would you give to SMEs deciding if they want to take the journey to become gender-smart?A.&nbsp;&nbsp;So, for an SME to progress and grow and flourish, we need to have gender-smart goals, and we have to be very intentional, right from the board. Having a board that is full of one gender will definitely affect the talent that you're bringing and can cause the company to miss out. Just be focused always on being gender-smart and setting gender-smart goals.&nbsp; We come from different backgrounds, and we are raised by the culture of the communities that we live in. But some of the culture we grew up with is making us miss such a very important component when it comes to the growth of an SME. I'm just encouraging them to try it out. It has worked for us, and I know it will work for them.Q. How could these tools be improved? Or what would you like to see more support in to develop your gender-smart business?A.&nbsp;I think that gender smartness starts from home. Those of us who have worked in the community as development workers can tell you that sometimes when a parent does not have enough school fees for all children in the household, the boy goes to school and the girl stays home. Sometimes you find that religious institutions have been key in promoting gender&nbsp;inequality. How do we promote gender equity at the school and community levels? This is a journey that we have started, but I know that it can't be solved by just having training of a certain few individuals.&nbsp;I am requesting that entrepreneurs, SMEs, the business community, and the development partners come together on this journey that we are supposed to work on as a team. We need more corporate social responsibility in that area of educating our people,&nbsp;of educating the different power centers about the need for gender equity and its benefits also at the family level, just knowing that all children are equal.As a&nbsp;CEO, you are at a level of influence, and you’re interacting with farmers and suppliers. You can identify key players in the community. We need to get started now by knowing how to deliver this material, how to influence, how to train, how to sensitize what you should say, what you shouldn't say, what may sound offensive. We need help in that direction.&nbsp;Q. Do you have any final words of encouragement for people who are thinking of participating in the training?&nbsp;A. We've just been onboarded by one of the biggest players in the confectionery industry and they were clear that they want to work with us because of the way that we do things. Where did we learn all these things that we are doing differently? From Renew Capital. The training has transformed our business forever. So, I'm encouraging those who have not yet gone through the SG2X Playbook training. For me, it is the best business training I've attended. I don't think there is anything that can transform an enterprise as well. It changes not only the business, but also changes your family, your mindset, and the way you carry yourself. I'm encouraging my fellow SMEs and my fellow CEOs. Let's get on board. It's what Africa needs. Check out the&nbsp;<a href="https://sg2x.squarespace.com/entrepreneurs">SME Gender growth Acceleration (SG2X) Playbook&nbsp;</a>for Women Entrepreneurs to access gender-smart business resources.&nbsp;

One year strong: Business after the SG2X Gender-Smart Exec’s Program

Q&A with Rebecca Mugwanya, CEO of Ugandan-based Lhexcopt Investments 



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One year strong: Business after the SG2X Gender-Smart Exec’s Program

<h1 style="margin-left:auto;text-align:justify;">SG2X Playbook Advantage: From the Entrepreneur's Perspective</h1>We look forward to seeing you on September 22 to celebrate the launch of USAID and RENEW’s SME Gender Growth Acceleration (SG2X) Investment Playbook (or “the Playbook”) hosted by the 2X Collaborative. The Playbook is part of their growing toolbox of resources for the responsible investment community.&nbsp;In our past communication, we focused on the purpose of the Playbook and the trainings, templates, tools, etc. it contains. Today, we want to share feedback from entrepreneurs who have first-hand experience with the training and related materials.&nbsp;Most of the SMEs with whom we spoke said the implementation training program changed the course of their companies as well as their day-to-day lives.&nbsp;<figure class="image"><a href="https://us02web.zoom.us/meeting/register/tZYsfumorzMsGNFbdSErJAJWZ99xB9aJMEn9"><img src="https://latest-api.renewcapital.com/uploads/SG_2_X_Promo_V2_2x_253a849373.jpg"></a></figure>“We covered certain foundational principles that I simply didn’t know. This information was not available to me in other business or entrepreneurship training programs that I’ve taken. Things like board governance, gender-smart marketing, cashflow management – I didn’t realize how important they were until after I took the program.”Many of the participating companies joined the training after seeing how their businesses were negatively impacted by the COVID-19 pandemic, and needed to decide how to manage cash flows, add new business lines, or pivot to a new industry.“My company is pivoting in what we do because of COVID-19, and I found the tools to be immensely helpful in executing our new strategy and managing my time as CEO.”“My business badly needed this overhaul at this point in time, especially after COVID-19. My understanding of executive management and having the business move to a more secure future is now much more clear.”Since men still typically dominate the executive space, participants also came to learn the value of gender inclusion and promotion in the business environment.“I appreciated that the program had a consistent message throughout that gender equality contributes to the bottom line. Financial performance and gender equality don’t have to be at odds with one another.”“Even as a female executive, I didn’t understand why I had to intentionally pursue gender equality, but now I understand why it’s so important, which makes it easier to implement. Now that I understand the “why” and have that reasoning in hand, I feel that I can now go to my team and properly explain.”One of the consistent praises from those that have interacted with the Playbook is how accessible and user-friendly it is. We can all understand the frustration of opening up a guidebook and staring down countless pages of description and methodology without a clear step-by-step implementation plan and practical tools to support the process.&nbsp;“I loved the fact that they were brief! I don’t have the time to read really long documents; one to two pages is enough. When you produce a piece of information that’s 30 pages, it’s hard to maintain your attention. The tools are easy to talk about and drum into people’s minds. In fact, my eyes were opened to the potential of tools already at my disposal. I now have a fresh perspective on how to leverage the simplest of tools, like my calendar.”<a href="https://us02web.zoom.us/meeting/register/tZYsfumorzMsGNFbdSErJAJWZ99xB9aJMEn9">REGISTER TODAY</a> to learn more about this innovative toolkit and how it can benefit you and your business(es).&nbsp;<ul><li>DATE: Thursday, September 22, 2022</li><li>TIME: 9:00 a.m.-10:30 a.m. EST; 4:00 p.m.-5:30 p.m. EAT</li></ul>

Hear from entrepreneurs who have directly benefited from the training encapsulated in the SG2X Playbook and how that training transformed their business.