<h1 style="text-align:center;">35 Years from 300 Miles Up - What's Changed in Addis Ababa?</h1>NASA recently released almost 3 million photographs of Earth, which were taken over the course of 17 years from just beyond the outer limits of our atmosphere in space by the Advanced Spaceborne Thermal Emission and Reflection Radiometer satellite (or ASTER for short).* So what does outer space have to do with Ethiopia or investing?The World Economic Forum combed through the massive collection of images and pulled out six of the best photographs, and the capital of Ethiopia, Addis Ababa, is one of them! The photograph of Addis is listed among several others that portray man-made and natural phenomenon, like the Great Wall of China or the rainforests of South America.<figure class="image"><img src="/uploads/addis_ababa_outer_space_01_6ddcead63d.jpg"></figure>What is unique about this photo is that the top image shows what Addis Ababa’s urban development looked like in 1973 (from satellite Landsat MMS) versus what the city looked like in 2007. Clearly, the capital of Ethiopia has undergone serious growth and rapid urbanization over the past 35 years, and this comes as no surprise to RENEW.Ethiopia is considered to be one of the fastest growing countries on the continent of Africa and in the world, with double-digit annual GPD growth over the past decade (at 10.8% per annum) and an ever-increasing population (of 95 million people).** The country is quickly becoming a rising star in the region and is ripe with investment opportunities in many key sectors - a fact that is not lost on institutional and angel investors, like RENEW’s Impact Angel Network.With support from outside investors and the Ethiopian government’s Growth and Transformation Plan II, which seeks to make Ethiopia a lower-middle income country by 2025 through economic growth, industrialization and structural transformation, the country’s entrepreneurs and innovators are ready to step in and place Ethiopia on this path of development.We can’t wait to see what Ethiopia and Addis Ababa look like from space in another 35 years - we think it will be a beacon of light that rivals that of any major U.S. city.*<a href="https://www.weforum.org/agenda/2016/04/nasa-has-released-3-million-images-of-earth-these-are-6-of-the-best?utm_content=buffera043c&amp;utm_medium=social&amp;utm_source=linkedin.com&amp;utm_campaign=buffer">World Economic Forum</a> **<a href="http://www.afdb.org/en/countries/east-africa/ethiopia/ethiopia-economic-outlook/">Africa Development Bank Group</a>

NASA satellite captures the city's rapid development and urbanization over 35 years

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35 Years from 300 Miles Up - What's Changed in Addis Ababa?

<h1 style="text-align:center;">RENEW Publishes First Annual Impact Report</h1>RENEW is proud to introduce the Impact Angel Network’s (IAN) first annual impact report; we hope this will be the first of many impact reports that we share with you. Included in the report, you will find a blend of quantitative and qualitative information on our Ethiopia portfolio, the IAN and RENEW.To start, 2015 was a good year. We closed five investments; four of those were in new portfolio companies, bringing the total size of our portfolio to seven great companies. We saw triple digit top-line growth across our portfolio, and double-digit bottom line growth as the improvements we are making across the portfolio begin to take hold. We did not exit any investments, we did not lose any companies, and one company made distributions to investors.Be sure to take a few minutes to read through our 2015 Impact Report:<figure class="image"><a href="https://renewcapital.com/sites/default/files/renew_-_2015_impact_report_0.pdf"><img src="/uploads/impact_report_256c9f5dbb.png"></a></figure>&nbsp;

Report captures financial and impact metrics, as well as stories from the portfolio

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RENEW Publishes First Annual Impact Report

<h1 style="text-align:center;">The Africa Beat</h1>Over the past few weeks, several articles have been published about impacting investing, investing in Africa and investing in Ethiopia. Here are a few of our favorite recent stories on these topics:<figure class="image"><img src="/uploads/desktop7_914634394d.jpg"></figure>IMPACT INVESTINGCNN Money: Millennials are dreamers and doers - they not only seek to make the world a better place, but also pursue activities that positively impact the world around them, be it philanthropy or value-based investments. It should come as no surprise then that in a recent U.S. Trust survey of individuals with $3M or more in assets, “93% of Millennials believe social impact is key to their investing decisions.” And while Baby Boomers are a bit slower to hop on the impact investing bandwagon, 51% of responders believe impact investing is where they should allocate their portfolios. <a href="http://money.cnn.com/2016/05/26/investing/millennial-impact-investing/">Read More</a>.INVEST IN AFRICACFA Institute: Bob Geldof was the keynote speaker for the CFA Institute’s 69th Annual Conference, which took place in Montréal, Canada this year. During his keynote address, he challenged attendees to stop ignoring the continent that is full of innovation and is poised for massive economic growth. “There is only one place left on Earth where growth can start from almost zero! Why don’t you do it?” Many incite geo-political instability as the reason, which has been recently created by terrorists groups operating from the Middle East. But, what would happen if the West invested in those economies, and created jobs and opportunities for the Africans who fight for such groups? <a href="https://blogs.cfainstitute.org/investor/2016/05/16/bob-geldof-the-promise-of-africa/">Read More</a>.INVEST IN ETHIOPIAAfrican Business: Over the past several months, we’ve seen several negative headlines regarding Ethiopia’s drought and political protests among indigenous minorities, which has made several among the finance community ask whether the country is still sure ground for investment? Sophisticated investors from countries such as China, the United States and Europe believe “yes.” And, as they say, the proof is in the pudding - foreign direct investment into Ethiopia has “risen from about $200m in 2005 to $2.2bn in 2015, now equating to 3.6% of Ethiopia’s GDP.” Private equity groups, such as KKR and Black Rhino Group, along with multi-national corporations, like Coca-Cola and Unilever, see the vast opportunities and resources Ethiopia has to offer. <a href="http://africanbusinessmagazine.com/sectors/finance/ethiopia-still-sure-ground-investment/">Read More</a>.

RENEW takes a look at recent headlines concerning impact investing, investing in Africa and Ethiopia.

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The Africa Beat

<h1 style="text-align:center;">ANDE’s 2015 Report on the Small and Growing Business Sector</h1> The Aspen Network of Development Entrepreneurs, or <a href="http://www.andeglobal.org/">ANDE</a> for short, recently published its 2015 impact report on the world’s small and growing business (SGB) sector. Since its founding in 2009, ANDE has seen a transformation of the small and growing business sector on almost every continent, from North and South America to Africa and Asia, and more specifically in countries that have emerging economies.The report starts off by reviewing the global achievements of 2015, from the United Nations ratifying the Paris Agreement, a pledge to combat climate change, to agreeing on 17 Sustainable Development Goals, which focus on economic development and reducing global inequality. ANDE, and many others, view this as a prime opportunity for the SGB sector. “Recognition has grown that the private sector can contribute positively to development, and in fact is necessary to achieve these ambitious targets… [SGBs] are typically embedded into communities, and have strong links to the last mile of distribution or sourcing that can be so challenging for larger organizations.”The report also touches on the growing field of sustainable, responsible and impact investing, which has turned into more than a $6B industry. ANDE believes that an increasing number of socially conscious entrepreneurs will continue the impact investing momentum, and the SGB sector will consequently play a large role in the deployment of that capital.And while these SGB sector trends are certainly good news, the 2015 global financial slowdown still impacted the sector’s overall growth. Last year was a “particularly tough year in emerging markets, with low growth and even recessionary conditions in some countries.” Of these emerging markets, ANDE has six established regional chapters: Brazil, Central America/Mexico, East Africa, India, South Africa and West Africa. We encourage you to read the entire <a href="http://ande.site-ym.com/blogpost/737893/249581/State-of-the-Small--Growing-Business-Sector-2015-Impact-Report">report</a>, but RENEW’s interest lies in the East Africa chapter.<figure class="image"><img src="/uploads/ande_efcc282a53.png"></figure>Not surprising to RENEW, Ethiopia is not mentioned in this particular report, as the country is still developing its private sector and equity investment acumen (see RENEW’s blog on <a href="rise-private-equity-east-africa.html">Private Equity in East Africa</a> for a more detailed explanation). The information in the East Africa chapter is still of interest though, particularly the data on the top sectors and the deal sizes. Agriculture and financial services are the most popular, followed by the energy and healthcare sectors, which is in line with Ethiopia’s current investment environment. In fact, the Ethiopian government has designated the country’s agriculture industry as one of the pillars of growth in it’s Growth and Transformation Plan II, which aims to make Ethiopia a middle-income earning country by 2025.And while it is heartening to see that of the $1.4B invested in the region, $132M was invested across 333 deals at $1M or less, is still means that a staggering $1.27B was invested in deals that were over $1M each. This leaves a lot to be desired by the small to medium sized enterprises (SMEs) that make up the SGB sector; businesses that typically need a $200K to $1M investment for expansion or working capital.Luckily for Ethiopia, companies like RENEW and the Impact Angel Network are working to fill that financing gap.

RENEW takes a closer look at the report’s findings.

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ANDE’s 2015 Report on the Small and Growing Business Sector

<h1 style="text-align:center;">Research, Due Diligence and Football</h1>The following blog was written by Sebastiaan Howle, RENEW's 2016 summer intern:As my time as a RENEW summer intern comes to a close, I reflect on what has been a great experience over the last three weeks.Being from the UK, the principal shock was adjusting to a culture very different and distant from my own (except maybe for the mutual love of football). There is a pride in how Ethiopians hold themselves, and this clearly transfers to the way in which they do business. The RENEW team set objectives for me to complete encompassing a range of tasks and challenges that are close to what the RENEW Ethiopia team has to address on a day-to-day basis. These tasks varied from online research projects, to in the field due diligence (including a visit to the largest African open air market, Mercato), to analyzing and providing potential improvements for some of the Impact Angel Network’s current investments. In visiting a variety of investment pipeline and portfolio companies, I was given the chance to meet the full spectrum of the management teams, from the executives all the way to the basic staff. I met several impressive entrepreneurs, who all demonstrated the rising talent in Ethiopia’s ever growing economy. The RENEW staff allowed me to participate on calls with some of these managers, and I even sat in on a few board meetings. The combination of these experiences has given me an encompassing view on the work that RENEW does both pre- and post-investment.<figure class="image"><img src="/uploads/seb_howle_7ef9d026e4.jpg"></figure>As a university student going into my final year, I am close to the stage where I will have to go out and start forging a career path for myself. This internship has given me the first stepping blocks on this path by letting me become more independent and think for myself. Of the many tasks set in front of me, none were aided heavily and all needed a lot of personal research and drive to complete. The focused, in-depth due diligence on potential investment pipeline companies improved my research skills. In being asked to sieve through extensive data and pick out the important content, I have greatly improved by myself.Two highlights stand out for me. First, visiting <a href="http://www.mama-fresh.com/">Mama Fresh</a> and working with the management team to implement standard operating procedures for the company’s visitors center. This gave me a better feel for what RENEW does post-investment out in the field. Second, presenting my findings on the distribution system in Ethiopia to the RENEW team in Addis. I greatly enjoyed being able to present my research to the team, as well as gain the positive acknowledgement for my efforts on the task. Oh, and one more highlight, I saw a cow in a pick-up truck. Classic Ethiopia.<figure class="image"><img src="/uploads/untitled1_4e0798cb20.png"></figure>But to be clear, it wasn’t all work during my time in Ethiopia. With the football European Championship currently in France, I was able to catch every England game in packed bars. There is a huge passion for football (or ‘soccer’ as Matt and Laura call it) in Ethiopia, which enabled me to meet with lots of locals over a match. For me, this has further aided my learning of the culture and people of the country. Apart from sports, the majority of people in Ethiopia are deeply religious. My short trip up to Lalibela highlighted this for me, with the twelve churches built in the 12th to 13th century that are still in use.So to conclude, I was given an overall amazing experience in Ethiopia, even though the main reason for my visit was to be an intern for RENEW. I thoroughly enjoyed every second, and the skills and acquired practice will be extremely useful for all future endeavours. Finally, I want to say a huge thank you to the RENEW team, both in Ethiopia and the U.S., and specifically, to Matt and Laura for making me feel very welcome and pushing me to perform at my best possible level.Sebastiaan Howle’s father is an investor in the Impact Angel Network. RENEW hosted Bas as our first ever intern in Ethiopia in June 2016. We wish Bas all the best in his future pursuits. With his independence, personal drive, humor and “can do” attitude, he set a high bar for future interns to follow!

RENEW’s 2016 summer intern, Sebastiaan Howle, reflects on his time in Ethiopia.

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Research, Due Diligence and Football

<figure class="image"><img src="/uploads/desta_logo_3_26ae75c82d.png"></figure><h1 style="text-align:center;">A Woman's Perspective of an Ethiopian Garment Factory</h1>In the latest installment in our Q&amp;A series with the employees of RENEW’s portfolio companies, I had the pleasure to speak with one of the supervisors at <a href="http://www.desta-garment.com/">Desta PLC</a>, the Impact Angel Network's most recent investment.Desta aims to positively impact the burgeoning textile sector in Ethiopia. The company is committed to the fair treatment of its employees and adherence to guiding principles of sustainability, setting it apart from the trajectory this industry has taken in many other low and middle-income countries. In fact, Desta recently became <a href="http://www.desta-garment.com/">BSCI Certified</a>, adopting the "labor standards of the International Labour Organization and other important international regulations." By doing so, Desta and other BSCI Certified companies will improve the social performance of suppliers, ultimately creating better working conditions in textile and garment factories across the globe.Bethelehm Amare, who has lived in Addis Ababa all her life, spoke to me about her experiences at Desta, as well as the opportunities the company offers to its employees.How did you hear about Desta? I was working at another garment factory when I heard about an opening at Desta. I was very interested in joining because Desta is an exporting company and the quality of work is remarkable. I started working at Desta three years ago.How did you become one of Desta’s sew line supervisor? I joined Desta as a sewing operator, I was then promoted to the sample room to work on samples for clients, which led me to the position I now have as supervisor of one of the sewing lines.What education or training have you received to date? I did not complete high school, I only went through 10th grade, but I received multiple trainings through my former employer and at Desta in relation to sewing and general quality controls.<figure class="image"><img src="/uploads/desta_qa_0_af8d84f6f9.jpg"></figure>What is your position title at Desta, and what are your responsibilities? I am a line supervisor to one of the sewing lines at the Desta textile manufacturing facility. My responsibilities are managing my subordinates, both on the business and overseeing their work, in regards to the quality of their work and reporting back to the plant manager. I also control the targets on the line I am managing.What makes Desta unique from its competitors? I worked at another textile company, which was also engaged in a similar type of business but just for the local market. Desta is an exporting company, with a much higher quality and standard of products compared to the past company I worked at. I also received multiple trainings from experts in the field, which are mainly expats. So, in my opinion, in comparison to other textile companies this is what makes Desta unique – it’s an export focused business with better quality products, and it is a much better place to work with its continuous training opportunities for employees.What kind of leadership opportunities has Desta created for you and the other workers in your sewing line? If you are a good performer and you are seeing progress in your current position, the management will pay close attention to each worker and will promote him or her. The company also gives trainings to employees.How has working for Desta changed your life for the better? It has improved my way of living with regards to finance - i.e. the salary I receive now is much better compared to what I used to earn when I was a sewing operator.Has your job at Desta made you feel empowered as an individual? I can say that working at Desta at the position that I currently hold has empowered me to be the best I can be. It has boosted my confidence and I have learned how to manage employees and have implemented that in my personal life as well. I enjoy managing people, the relationships I have with my juniors is the best part of my job. My salary has also improved from what I used to earn before.What hopes do you have for the future? In the next five years, I see myself improving my technical skills and management skills, and overall growing professionally. In the future, I would like to start my own business, because I will be able to say that I have management skills and knowledge. My position at Desta has inspired me to be a better leader, knowing that if I perform well then I will be rewarded for my efforts.Be sure to check out the other blogs in our Q&amp;A series with the employees of the RENEW and the IAN's portfolio companies - <a href="../2015/dventus-technologies-creating-brighter-future-ethiopia.html">dVentus Technologies: Creating a Brighter Future for Ethiopia</a>, <a href="../2015/metad-plc-force-innovation-ethiopias-coffee-industry.html">METAD PLC: A Force of Innovation in Ethiopia's Coffee Industry</a>, <a href="../2015/mama-fresh-baking-injera-and-creating-impact-ethiopia.html">Mama Fresh: Baking Injera and Creating Impact in Ethiopia</a>, <a href="../2015/innovation-healthcare-industry-one-ambulance-ride-time.html">Innovation in the Healthcare Industry, One Ambulance Ride at a Time</a> and Ethiopia and the Entrepreneurial Dream.

Read the latest installment in RENEW's Q&A series with a sew line manager at Desta PLC.

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A Woman's Perspective of an Ethiopian Garment Factory

<h1 style="text-align:center;">A Buffett-Like Approach to Investing in Africa</h1>There are great companies on the continent of Africa to invest in. And, while Africa is slowly recovering from decades of issues that have given it a less than stellar brand, thankfully that story is changing. Some of the fastest growing economies in the world are on the continent. Countries like Ethiopia, which still has some issues, has a relatively stable government, improving infrastructure, and a young and growing workforce. This growth has attracted investors with a number of different strategies. Some are searching for deals in Silicon Savanah in Nairobi, seeking out the next big start-up and fintech companies. Others are repackaging philanthropy into impact investments – private sector solutions for poverty alleviation – things like innovative cook stoves and agriculture technologies. Even the aid agenda is changing; aid organizations are entering into the private sector game through what are commonly referred to as <a href="../../new-strategy/partners.html">public private partnerships</a>.With all of this private sector and investment excitement, RENEW and the Impact Angel Network are choosing a more traditional approach to investing – what some might call a value-approach in a growth market. We are ultimately trying to follow an adaptation of what a young man from Omaha started using in the 50’s in the U.S., but doing it here on the continent of Africa.FROM ADDIS TO OMAHAWhat better place to learn about value investing, the approach perfected by the great Warren Buffett, than to travel to Omaha to meet the oracle himself. In late April, <a href="https://www.linkedin.com/in/laura-davis-25764430">Laura Davis</a> and I, on one of our whirlwind tours around the U.S. to meet with investors, stopped by Omaha for the now infamous Berkshire Hathaway annual shareholders’ meeting. The meeting has grown into a weekend packed with hours of hearing Warren and Charlie Munger speak to thousands of shareholders about their philosophy on investing, their thoughts on the current state of the market, and answer questions about Berkshire. It is also a great time to connect with other like-minded investors from around the world.<figure class="image"><img src="/uploads/bh_blog_9cbf724fd5.jpg"></figure>We joined up with the cohort from <a href="https://www.theinvestorspodcast.com/">The Investor’s Podcast</a>, led by <a href="https://www.linkedin.com/in/prestonpysh">Preston Pysh</a> and <a href="https://www.linkedin.com/in/stigbrodersen">Stig Brodersen</a>. This group of value investors organized dinners, meet-ups and even a pub-crawl on the last night (we sadly had to miss that). And while the annual meeting felt like we were at the super bowl of value investing, Laura and I were certainly the odd-couple; we are not investing in public securities in the U.S. with low P/E multiples. We are investing in mid-size private companies in Africa. Which begs the question, why were we there?The answer is that deep down RENEW believes one can take a Buffett-like approach to investing in Africa; and we’re setting out to prove that theory - we’re only seven investments in, and we still have decades of investments to go.BUFFETT AND VALUE INVESTINGThe investment world likes to categorize stocks and investors into types. A common category is growth and value. To over simplify, growth investors might follow and buy hot stocks, and hope they earn more in the future to compensate for the premium they paid over earnings. They like to get into new things; technology is a classic growth sector. Value investors, on the other hand, generally invest in established companies that are selling below their (intrinsic) value because of some negative event or an overall downturn in the market. Value investors like bargains; they hunt for opportunities that are undervalued. They patiently wait until the price is right before they buy. They are natural contrarians; when the market is up they might sell. When the market is down, they are likely buying companies they have been watching closely. Benjamin Graham is one of the greatest professors of value investing, and Warren Buffet, his greatest pupil.In the mid-1950s Buffett started pooling money from friends and family, and using Graham’s value approach to buy “cigar butts” – companies that were selling at prices below their net current asset value. If they were to go under, Buffett could sell off their assets and make his money back with a good return. He later modified his approach with the help of his friend and now vice-chairman, <a href="https://25iq.com/2015/08/29/a-dozen-things-ive-learned-from-charlie-munger-about-benjamin-grahams-value-investing-system/">Charlie Munger</a>, to buying great companies at a good price. As Buffet is famously quoted, <a href="http://www.valuewalk.com/2014/09/warren-buffett-famous-quotes/">“Price is what you pay, value is what you get.”</a> You want value to be higher than the price.Value can be generally calculated as the sum of the company’s discounted cash flows over some period of time. Cash flow being what you, the investor, gets. The discount rate being a function of the opportunity cost of investing, or the risk of the investment. At heart, I am a value investor. On my bookshelf is ‘The Intelligent Investor’ by Benjamin Graham. On weekends I listen to ‘The Investors Podcast’, and in the early hours of the morning I pour over Buffett’s annual letters to his shareholders. While I am investing in growth stage companies in Ethiopia, I believe some of the core principles that Buffett and other value investors use, can be very effective on the continent. Here's how we do it.VALUE INVESTING IN ETHIOPIAFirst, find companies with good economics and an enduring competitive advantage. Finding these is not easy, but it is not rocket science either. With a little hindsight, one can look at a developed market like the U.S., find companies that have been around for decades, and then search for their counterparts here, in Ethiopia. Growth investors might be running after mobile banking and tech companies in Kenya; I am hunting for the next See’s Candy in Ethiopia.Next, buy these companies at a good price. Thankfully, the law of supply and demand works in my favor. Due to a generally bad "brand" of poverty, corruption, disease and war, which still hangs over the continent today, much of the investment world drives right past the Africa investment market. Africa has 54 individual markets, some are middle-income countries and some are just starting to emerge. However, the world generally thinks of Africa as one place. What if we claimed that investing in Greece was the same as investing in Germany because both belong to the European Union? A similar range of market variation exists in Africa - South Africa is not Ethiopia, which is not Somalia, but the bad news of one country hangs over the others. The risks of one country impacts the others, and the investors keep driving right by. For me and other investors operating on the continent, this keeps competition low and allows us to buy good companies at a good price. I expect we will not enjoy this windfall for much longer, but for now the discount rate is high and the companies are on sale.Finally, find great managers. This is where you separate the wheat from the chaff. You have to be here, to invest the time in relationships to get this right; and I don’t claim to be an expert. But if you don’t do this part, forget the rest. Finding a great manager is like finding a soulmate – it rarely happens on a barstool, and it definitely doesn’t happen in a hotel lobby. Get an apartment and spend the time.As an investor, I also like to look at history, which makes identifying good companies easier. I look across the skyline of Addis Ababa, the capital of Ethiopia, which is littered with scaffolding and cranes and think this is what J.P. Morgan must have seen as he walked the streets of New York City in the early 20th century. I believe, if done right, RENEW, our investors and others can recreate the success that Buffett and other value investors did starting in the mid-1950s in the U.S., here in Africa. Some say that many economies here are 40 to 50 years behind the rest of the world. I say, great. I can model the legends that came before me. Now, let's find that candy company.

RENEW takes a closer look at how Buffet's investment philosophy could be used in Africa.

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A Buffett-Like Approach to Investing in Africa

<h1 style="text-align:center;">#What’sYourStory?</h1>Matt and Laura Davis have recently returned from Ethiopia to the United States to meet with investors and members of the IAN in Los Angeles, Chicago, Ottawa, Montreal and Boston from mid July through early August.Last week, RENEW co-hosted an informal info session and happy hour in Los Angeles for network members and their guests. We of course want to give a huge thank you to network <a href="https://renewcapital.com/impact-angel-network/advisory-board">Chapter Chair</a> Jodi Morris, who drove down from San Francisco to share about her experiences with the IAN, and introduce her close friends Teri and Steve Carcano, who opened up their beautiful Malibu home to us.<figure class="image"><img src="/uploads/malibu1_9c491e6eea.jpg"></figure>The theme of the evening was centered on uncovering the motivations and stories that connected each person to the event, to each other, to impact investing and to places in Africa, like Ethiopia. Jodi, Matt, Laura and a host of others, including Michael Adinew of <a href="https://metadplc.com/index.php?option=com_content&amp;view=article&amp;id=13&amp;Itemid=128">METAD</a>, shared stories about what brought them to the event and connected them to each other. It was an enlightening and lively discussion that revealed many interesting and unexpected linkages.Matt and Laura will soon be traveling to the cities of Chicago, Ottawa, Montreal and Boston to meet with members of the IAN, local investors and host information sessions on RENEW and the growing fields of angel and impact investing. Please be sure to reach out if you are interested in more details, or would like to connect with the partners while they are in the U.S.

RENEW’s Matt and Laura Davis are in the States connecting with investors and members of the IAN.

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#What’sYourStory?

<h1 style="text-align:center;">IAN Introduction Yields New Bakers at Mama Fresh</h1>IAN member and advisory board chair <a href="https://www.linkedin.com/in/davidgrizzle">David Grizzle</a> recently introduced the RENEW team to Julie Baker over email. Julie was headed to Ethiopia, on one of her regular trips to the country as part of her work with Connect Education Innovators (<a href="http://www.connectei.com/">ConnectEI</a>). ConnectEI supports educational projects in partnership with several NGOs in Addis, including <a href="http://hopeforkorah.atticdoorstudios.com/">Hope for Korah</a> - an organization that works to better the lives of those who live in local community called Korah. This community is located next to the city’s largest trash dump, Koshe. Korah is notorious for illness and extreme poverty, and many who live there scavenge the dump for a living.Laura Davis, partner of RENEW, met with Julie Baker during her time in Addis and the two discussed educational programming and work opportunities for clients of the Ethiopian NGOs she works with in-country. Out of that conversation, staff from Hope for Korah brought several women to interview to be bakers at Mama Fresh. Five women are now busy baking injera, given meals during each shift, financially supporting their families, and enjoying many other benefits of full-time employment.<figure class="image"><img src="/uploads/img_1223_4ef6bbb5d6.jpg"></figure>RENEW’s Laura Davis recently visited Mama Fresh’s manufacturing facility in Addis Ababa, and was introduce to the new bakers. Mama Fresh’s operations manager, Rajesh Dahiya, reports that the new employees are all doing very well.We love this example of the positive impact that all members of the Impact Angel Network can have in frontier markets, such as Ethiopia.And of course, a special thank you to David and Julie for making this success story possible! RENEW is so excited to make more of these happen in partnership with the IAN.

How a conversation in Washington, D.C. led to new job opportunities in Addis Ababa.