<h1 style="text-align:center;">The Second Women in Finance Event</h1>On March 21s, 2018, RENEW co-hosted the second Women in Finance event in partnership with Enat Bank, an Ethiopian Bank focused on the vision of leveraging women's economic capabilities. This session focused on developing financial products for women, in an effort to promote gender equality within the Ethiopian financial market.The speaker for the discussion was Abeba Tesfai who is Director of Women's Financial Services &amp; Marketing at Enat Bank, and has been collaborating with RENEW for a few years as a Resource Provider, referring women-led businesses to be considered for equity investment. Abeba has been with Enat Bank for nearly three years in her current role, focusing on the bank's program policies, and creating partnerships focused on women's economic empowerment. Abeba is Ethiopian, grew up in Sudan and moved to the US where she completed her undergraduate studies and her master's degree in Business Management at Stayer University. For over a decade, she worked for Bank of America, then, Freddie Mac and Treliant Advisors. She is a seasoned finance professional who decided to return to her home country after so many years to share her expertise and her passion for promoting financial inclusion and to have an effective impact.<figure class="image"><img src="/uploads/img_4444_0_cb937171ea.jpg"></figure>Most of the participants in the series were women CFOs and business woman, and a good part of the discussion centered on sharing advice on how to feel confident and empowered as financial professionals and when interacting with financial institutions.Abeba presented interesting insights on her experience in banking in Ethiopia to start off the discussion on "Developing Financial Products for women as an effective tool to promote gender equality". Most of the discussion was centered on how to make banking more attractive for women in Ethiopia. Abeba shared her perspective about her work at Enat, how they are focused on servicing SMEs and how they are working to provide easier access to financial resources for those without formal collateral (land, etc.).Abeba also shared data from the latest Women's Entrepreneurship Report, which stated that Africa produces more women entrepreneurs than any other region in the world. The regional average for female entrepreneurial activity rate as percentage of the female population aged 16 to 64 is 18% in Africa, in Latin America and Caribbean it's 17% and North America is 12% <a href="#fn1">(*)</a>.<figure class="image"><img src="/uploads/img_20180321_wa0025_617ea44d52.jpg"></figure>&nbsp;During the Q&amp;A, a point was made that some Ethiopian women are more afraid to inquire about financial information than their male counterparts. When going to banks for loans, one of the main challenges Ethiopian women face is lack of collateral - usually in the form of land - as land deeds are often made in the husband's name.In addition, Abeba shared a very interesting story that really made me reflect on the impact of that night event. Through their work at Enat Bank, they have discovered that women of the local Gurage ethnic group were advocating for women land ownership rights as far back as the 1500's in Ethiopia. This history led Enat Bank to name one of their branches of the bank in the group's honor.This story made me reflect as a woman, as a finance professional and on my day to day work with entrepreneurs at RENEW and how important it is to encourage each other and be persistent. It is certainly very challenging to raise funding for a small or medium enterprise in Ethiopia, and especially as a women entrepreneur. An interesting report produced through the Entrepreneurship Database Program, led by a consortium of organizations <a href="#fn2">(**)</a> mapped the performance of a large sample of new ventures all over the world, that have attended an Acceleration Program. They have identified that women owned/led businesses on average perform better in terms of revenues and growth, than men led business, but are half as likely to report capital raised (equity and debt) when compared to men led business.These meetings, roundtables and forums are designed to create a space for women in finance, such as CFOs, business leaders and women bankers to share our stories, challenges, successes but most importantly to encourage each other to move our organizations in a path towards gender equality.

Developing financial products for women as an effective tool to promote gender equality

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The Second Women in Finance Event

<h1 style="text-align:center;">Women in Finance Roundtable</h1>At RENEW, we truly believe that in order for an economy to be robust and its private sector to flourish, its finance industry needs to be enabled with strong decision-makers with diverse backgrounds and opinions. One aspect of this much-needed diversity is the presence of both male and female professionals who are empowered to think critically, plan and make decisions based on the numbers.However, the reality in Ethiopia right now looks much different from what we hope to see. The finance industry lacks strong CFOs and aspiring female finance professionals often lack the skills and presence&nbsp;to move beyond basic bookkeeping.&nbsp;Here at RENEW, we have been asking ourselves, “What can we do to help women in finance build up their confidence and skillset to overcome the challenges in this ecosystem?”On November 29, RENEW partnered up with Zemen Bank and hosted the&nbsp;Women in Finance Roundtable: How to communicate and influence decision making.&nbsp; A diversified pool of 20 female participants from all corners of the finance industry attended, including: senior leaders and managers of private banks, medium and large corporations, and from the chamber of commerce, to name a few.&nbsp;<figure class="image"><img src="/uploads/img_9204_fotor_1_699a9234b8.jpg"></figure><a href="https://www.linkedin.com/in/berhane-demissie-ab989914/">Berhane Demissie</a>, Managing Partner of Cepheus Capital, shared stories of her incredible journey to become the first female to own her own fund in Sub-Saharan Africa and generously answered everyone’s questions.Her path has not been without a bigger-than-average dose of challenges. I truly found that the candidness, humbleness and passion with which she spoke about her beliefs and approach to a career in finance (and to life in general) very relatable and empowering.Here are some of my favorite takeaways from the Roundtable:<ul><li>Having a balanced life with pillars of friends, family, religion, work (or however that looks for you personally) is extremely important. All those pillars together are what gives you strength in the face of challenges.</li><li>We should not be ashamed of failing. The trick is never to get the same scar in the same place.</li><li>As a female, we have advantages. We can play to our instincts and to our strengths. We have a lot to offer, we just need to package it right and communicate it well to make it work for us.</li><li>To achieve success in the industry, having the knowledge of the environment is equally important as knowledge of finance.</li><li>We all need an "I can do it!” attitude. Never lose sight of “I can do it” and never accept excuses.</li></ul>What an inspiration, indeed! Thank you Berhane.Applications are now being accepted for the second offering of the CFO 100 Program which starts in February 2018. Visit the <a href="https://www.renewcapital.com/companies">CFO 100 Program</a> page on our website to learn more.

A night focused on communicating and influencing decision making.

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Women in Finance Roundtable

Through investments into METAD, an Ethiopian specialty coffee company, Renew Capital helped support thousands of jobs and educational opportunities for the surrounding community.

<h1 style="text-align:center;">METAD, an SDG Case Study</h1>The following blog is taken from our <a href="https://latest-api.renewcapital.com/uploads/RENEW_Impact_Report_2017_c0d6c8251c.pdf">2017 Impact Report</a>. Be sure to download the report to read more about RENEW’s approach to the United Nations Sustainable Development Goals.The expression, “It’s not our job, it’s theirs” is a phrase that resonates with the RENEW team. As we look around our portfolio, we see great examples of Ethiopian entrepreneurs, committed to their businesses and communities and making significant impact that aligns with the SDGs. METAD is one such example.The IAN closed an investment into METAD, an Ethiopian specialty coffee company, in October 2013 and made a second investment in 2015. The investments helped establish two coffee processing facilities on the METAD coffee farms, located near Yirgacheffe in the districts of Hambela and Gedeb in the Oromia region of Ethiopia. At the end of 2017, the company reported they were employing 200 people on a permanent basis and 1,200 seasonal laborers, in addition to supporting 5,400 out growers.<figure class="image"><img src="/uploads/moving_dried_coffees_to_the_hambela_warehouses_d435e600d1.jpg"></figure>We sat down recently with METAD’s CEO Aman Adinew and this is what he said.What’s your vision for METAD? From a business standpoint, we aim to be the best in specialty coffee. We started out to build a company that is socially responsible, environmentally conscious and making the highest possible impact in the community. That’s why we chose coffee. We saw the gaps and problems in the value chain, and we’ve focused on the opportunity of building a trusted, specialty coffee brand. Enhancing the lives of the people we work with…that’s the vision. That’s the biggest impact we can make.How do you engage the community? It’s key to meet leaders, elders and the community. Once you gain acceptance, they treat you like their son. They trust and respect you. We’ve been lucky at both our processing sites. The people welcomed us and truly know we are there to help them. We’ve significantly raised the average price per kilogram of coffee for the farmer by 30-40%.We focus a lot on education. It matters, because we have the opportunity to groom the next generation of leaders. Ethiopia is still a tribal place. My farm is in an area dominated by a tribe that is not my own. My presence and community engagement is breaking down stereotypes. The people see me putting additional money in their pockets, educating their children and helping to build the community. This is more satisfying than the EBIDTA that I have been able to accomplish.Specifically, we subsidize teacher salaries; we have built a school that holds 800 students; and we are adding an additional wing this year. The community leaders are asking for water, so we are hoping to build a well soon. We also sponsor 105 students from the area to attend college at Gilla University. For our 5,400 out growers, we have built a community center where we provide training to enable them to get premium values for their coffee, and we make a second payment to them at the end of the year, to essentially share our profit with them. We’ve been able to get all of them certified organic. The community center is also used for community meetings and other trainings including family planning seminars. The average family size is 12 in their area. Some families have 15-20 children which is unfortunately some of the highest per capita in the world.<figure class="image"><img src="/uploads/408_students_received_new_uniforms_edfae8f0a2.jpg"></figure>What kind of diversity are you aiming for in your work force? At the farm about 70% of our workers are women. At our headquarters, it’s about 50%. I won’t say there aren’t challenges, it’s hard for women from our headquarters to be taken seriously by some in the field near the farm, but we are working on it. Our staff are highly paid in our industry. We try to recruit the best, and then when the company grows, they benefit. We also encourage our team to take courses. Our high performing people attend conferences and also learn the export side of the business. Above all, I try to lead by example. I even stay at the farm for two months during the coffee harvest to show them that I am committed and with them.Any special programs for women? We helped bring Grounds for Health to Ethiopia and they run a program in coffee areas to screen workers and out growers, and others in coffee for cervical cancer. It’s an important and lifesaving initiative, we are proud to be a part of.We are also founding members of a group called Equal Origin which encourages women in coffee. Currently of our 5,400 out growers, most are men, but this doesn’t mean that the women don’t play a key role in the coffee production. So, we are educating families about equal rights, and in partnership with some of our buyers, including Intelligentsia, we are encouraging husbands, brothers and fathers to register their wives, sisters and daughter on the land documentation. Women are doing a lot of the work, and we, along with our buyers, are willing to pay a premium for families who are willing to recognize equal rights. Some people are rigid, but what we find in the communities where we work, is that most are open to change. And the economic benefit helps too!Why do your customers choose METAD? Our customers care about our story. That’s the beauty of specialty coffee. Specialty coffee is all about the community in which the coffee is produced. Buyers are willing to pay for good coffee. A whole story like METAD is exciting to them. Coffee they can find anywhere. But good coffee with a story is what our buyers are looking for

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METAD is an Ethiopian specialty coffee company with a vision for crop-to-cup coffee. The Company has strengthened Ethiopia’s coffee brand in the international market, and helped local farmers improve the quality and value of their harvested crop.

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Metad.avif

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METAD, an SDG Case Study

<h1 style="text-align:center;">Gender Equality and Women in the Workforce Mini-Series: Blog 1</h1>Wherever you look these days, there are countless articles, media stories and statements being released about gender equality. Gender equality in the workforce, politics, and even in home life have been at the forefront of a global conversation in recent years and continues to gain momentum. But what exactly does it all mean? How do you, as an individual or an organization, actively support gender equality and women in the workplace? Here at RENEW, we’ve been following these conversations, and are committed to contributing to the growing dialogue about gender equality and women in the workforce.To begin, it’s important to understand what gender equality is. Often, what you read or hear may present the terms gender equity, gender equality, and women empowerment interchangeably. So, to better understand what gender equality really is, let’s take a step back and understand the distinction in these three terms. Gender equity is making a concerted effort to promote fairness between men and women, by acknowledging and implementing measures that allow women and men to operate on an even playing field. Gender equity naturally leads to gender equality, which exists when women and men have equal access to these opportunities and resources. When inequality exists, it is women who are excluded from decision-making and access to resources, silencing them from the critical conversations that take place within organizations every day. The key outcome of gender equality is women empowerment, which follows when organizations focus on identifying and addressing power imbalances and ways to overcome them (UNFPA, 2005).<figure class="image"><img src="/uploads/8f5a4683_fotor_8a557da330.jpg"></figure>To achieve gender equality, the conversation needs to shift to a spot where we’re considering why this topic is critical to everyone, and not solely women. A key way to look at this, is how gender equality plays out in the workforce. In a 2015 McKinsey Report, they found that companies and organizations that embrace gender diversity generally have better performance than those that don’t. Those companies are 15% more likely to outperform the companies that rate low for diversity in the workplace (Huhman, 2017). A common misconception about gender equality in the workplace is that women need to be given more advantages. Gender equality means allowing every employee the same access to benefits and rewards. Equality needs to be an everyone issue, not just an issue surrounding women (2017).When it comes to women in the workforce, as of 2017, women made up 39% of the labor force. Broken down by country, in Canada, women make up 47.2%, in the United States, they account for 45.9% and in Ethiopia they account for 46.9% of the work force (The World Bank, 2017). Globally, when we focus specifically on the finance sector as a whole, nearly half of employees in finance are women. However, women in leadership roles within this sector remain low, showing women holding only 25% of senior management roles, 18% holding CFO roles, and 4% holding the title CEO (Catalyst, 2015).As an impact investing firm, RENEW has a vested interest in embracing equality both in our investments, and internally. We run our business the same we hope to see other companies run theirs: with a gender-diverse team with women in key leadership positions. Similarly, in our investments, we always value companies that support women and offer services that allow them to succeed in the workplace and in their private life.Keep an eye out for more blogs in this series in the upcoming months.<hr>Other blogs in this series:<ul><li><a href="gender-equality-and-women-workforce-mini-series.html">Gender Equality and Women in the Workforce: A Partner's Perspective</a></li><li><a href="../2018/gender-equality-and-women-workforce-mini-series-blog-3.html">Gender Equality and Women in the Workforce: Government Resources</a></li><li><a href="../2018/gender-equality-and-women-workforce-mini-series-what-can-i-do.html">Gender Equality and Women in the Workforce: What Can I Do?</a></li></ul><hr>(1) <a href="http://www.catalyst.org/knowledge/women-canadian-us-and-global-financial-services">Catalyst, 2015. Women In Canadian, US, And Global Financial Services</a> (2) <a href="https://www.entrepreneur.com/article/298563">Huhman, 2017. 3 Reasons Why Gender Equality is an "Everyone" Issue</a> (3) <a href="http://www.unfpa.org/resources/frequently-asked-questions-about-gender-equality">UNFPA, 2005. Frequently Asked Questions About Gender Equality</a> (4) <a href="https://data.worldbank.org/indicator/SL.TLF.TOTL.FE.ZS">The World Bank, 2017. Labor force, female (% of total labor force)</a>

The first blog in a mini-series on gender equality and women in finance

Gender Equality

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Gender Equality and Women in the Workforce Mini-Series: Blog 1

<h1 style="text-align:center;">Gender Equality and Women in the Workforce Mini-Series: Blog 2</h1>Blogging is not my favorite thing in the world, much less talking about topics to which I feel like I have not dedicated enough time to fully develop a compelling position. So with that as a caveat, I will own it. I do have something to say about my own journey as a female entrepreneur in the male dominated space of private equity. I sit at the intersection of a lot of spaces: private equity, economic development, impact investing, angel investing, Africa, and entrepreneurship. I’ve seen efforts that align with my sense of true north related to female economic empowerment and equality and also efforts I find infuriating, such as well-meaning but poorly branded development efforts that lump female and youth entrepreneurs together, for example. What the hell? As if I, a female, can’t have a world changing, scalable idea. Offense aside, let’s focus on the opportunity side of being a female entrepreneur and maximizing our unique strengths in the private equity space.United States to Afghanistan to Ethiopia – I’ve learned so much about the role of women and economic empowerment within the context of these very diverse cultural situations. In the United States, we have a tendency to see the genders as equal and the same. In Afghanistan, it was, unfortunately, clear that the struggle is often a belief that the genders are different and unequal. Some females there encouraged me to flaunt my Western freedoms. But I had a job to do, so I decided to do my best to adopt the cultural norms. Here in Ethiopia, at least among the educated, it feels like the prevailing thought is more aligned with my own belief about gender: We are different and equal. That being said, I am not naïve enough to think that this would be my reality if I was a rural female farmer in Ethiopia. No matter the prevailing cultural norms, my advice is to respect the cultural context and choose your battles wisely.<figure class="image"><img src="/uploads/dsc_0157_chada_2_b6ba1d7979.jpg"></figure>“You don’t know what she’s going through.” – Once, as I was lamenting a female entrepreneur falling off our radar (discontinuing responding to emails and calls), someone here in Ethiopia warned that I had “no idea the circumstances that might be on the entrepreneur’s shoulders”, and that I should give her another chance. I think she was right. Here in Ethiopia, and frankly in most parts of the world, certain family obligations fall more completely on the shoulders of wives and daughters, and it is our duty to keep these cultural nuances in mind as we conduct business internationally. I still think about this encounter, and hope this plucky, gutsy young female entrepreneur comes back on my radar. I think she may have what it takes to be a world changer.Focus on the advantages – It’s so easy as humans, no matter our gender, to dwell on our disadvantages. My own experience as a female entrepreneur has proven we provide certain advantages that men in this industry generally struggle with. For example, entrepreneurs initially tend to be more comfortable sharing about their businesses with me than some of my male counterparts. Another is that my “female intuition” is usually spot on when it comes to assessing a person, or situation, or investment opportunity. Us women just have that sixth sense, if you know what I mean. However, some days I can still get discouraged in the unique challenges I face as a woman, but when I can stop myself and persist through the challenges, the outcomes our powerful and rewarding. I plan to continue leveraging my voice for all it is worth. Regardless of gender, that’s what winners do!<figure class="image"><img src="/uploads/img_e9230_6cfe23d931.jpg"></figure>In summary, finding a position and supporting efforts that support gender equality and female economic empowerment are great. But in my opinion, we all walk a fine line in developing efforts that bring dignity and enlarging the issues we are trying to overcome. I am not sure we have it quite right yet, but some of our current efforts at RENEW include:<ul><li>Establishing a quarterly Women in Finance Roundtable in Ethiopia! Read about our first. I was so inspired by our guest, Berhane Demissie.</li><li>We are supporting 1,523 female jobs across our portfolio, which is 73% of the total.</li><li>Our first cohort of CFO100 consisted of 13 females, good for 54% of the group. We are aiming for similar numbers for our second group beginning in 2018.</li><li>We encourage our executives to pursue a diverse leadership team. Currently, 50% of our portfolio companies are partly owned by women.</li></ul>

A female partner’s position: different and equal

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Gender Equality and Women in the Workforce Mini-Series: Blog 2

<h1 style="text-align:center;">Gender Equality and Women in the Workforce Mini-Series: Blog 3</h1>In the first blog of this mini-series, we clearly defined the relevant definitions related to gender; gender equality, gender equity, women empowerment. We also looked at the numbers around how women are under-represented globally in mid-level and senior positions in the workforce. We found that companies who prioritize equal representation in management level positions actually outperform those who do not. In the second blog, Laura Davis shared her own experience and advice being a woman in a male-dominated space, and reiterated the importance of allowing women to use their natural and unique gifts to grow companies and be involved in the strategic decision-making process.To fully appreciate the emphasis being put on gender equality worldwide, and the importance that this represents in alleviating poverty, we can take a step back, and look at the top priorities from major development agencies and organizations worldwide:<figure class="image image_resized" style="width:99.45%;"><img src="/uploads/canada_usaid_sdg_b9686467be.png"></figure><ul><li>When the UN released its updated set of <a href="https://sustainabledevelopment.un.org/?menu=1300">Sustainable Development Goals</a> in September 2015 (the ‘SDGs’), it listed gender equality as number 5 on its list of 17, ahead of clean water and sanitation, decent work and economic growth, and reduced inequalities between countries, to name a few. The resounding sentiment is that until women and men receive equal access to resources and opportunities, working towards the other goals on the SDG list will remain futile. (<a href="https://sustainabledevelopment.un.org/?menu=1300">source</a>)</li></ul>Key quote: Achieving gender equality and the empowerment of women and girls will require more vigorous efforts, including legal frameworks, to counter deeply rooted gender-based discrimination that often results from patriarchal attitudes and related social norms.<ul><li><a href="http://www.international.gc.ca/international/index.aspx?lang=eng">Global Affairs Canada</a> released its own list of action areas for international development within its ‘Feminist International Assistance’ policy with, you guessed it, ‘gender equality and the empowerment of women and girls’ sitting atop a list which also includes human dignity, industry growth and renewable energy, environment and climate action, inclusive governance, and peace and security. (<a href="http://international.gc.ca/world-monde/issues_development-enjeux_developpement/priorities-priorites/policy-politique.aspx?lang=eng">source</a>)</li></ul>Key Quote: Empowerment is about people&nbsp;—&nbsp;both women and men&nbsp;—&nbsp;taking control over their lives: setting their own agendas, gaining skills, building self-confidence, solving problems, and developing self-reliance. It is not only a collective, social and political process, but an individual one as well&nbsp;—&nbsp;and it is not only a process but an outcome too.<ul><li><a href="https://www.usaid.gov/">USAID</a> lists 11 priority sectors in its fight “to end extreme global poverty and enable resilient, democratic societies to realize their potential”, with ‘gender equality and women’s empowerment’ making the list along with education, health, food security, and economic growth. (<a href="https://www.usaid.gov/what-we-do">source</a>)</li></ul>Key Quote: Progress cannot be made if half a country’s talents are never developed or utilized. For societies to thrive, women and girls must have access to education, healthcare and technology. They must have control of resources, land and markets. And they must have equal rights and equal opportunities. Closing these gaps can unlock human potential on a transformational scale.<figure class="image"><img src="/uploads/8f5a4796_fotor_efd6457d22.jpg"></figure>The theme with all of these agencies’ official statements is simple and consistent; gender equality is so interwoven into all issues related to poverty alleviation that focusing on gender equality is as, or more critical, than providing some of human’s most basic physiological needs, including access to clean drinking water, ending wars, creating jobs for the unemployed and having access to an income, and all other measures you think of when it comes to reducing poverty.At RENEW, we can appreciate this mindset, as sustainability of social impact outcomes is our main driving force. We believe in fostering social impact in emerging markets in Africa by creating sustainable economic growth through investment in the private sector. We are uninterested in short term initiatives which have all the right intentions, but inevitably fizzle out soon after the project wraps up. Instead, we believe in aligning incentives that result in long term job creation: private capital grows businesses, spurs employment, creates market leaders and remains impactful long after the exit of the investment. In the same way, creating a world that inherently provides equal opportunity for men and women, a societal foundation that is equitable and sustainable, allows for critical progress towards poverty alleviation to be realized.This is not to say that any of this is easy, and working towards equality does not bear fruit overnight. We also recognize that through our work in Africa, we must continue to make a concerted effort to go beyond traditional venues and communication channels to make women aware of and benefit from our training programs, and create a system and culture which provides women entrepreneurs with an equal opportunity to pitch their companies to our leadership team and investor network. We will keep moving forward with this agenda, and we will be a small part of the engine driving towards equality, equity and empowerment.<hr>&nbsp;

Government resources and information surrounding gender equality.

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Gender Equality and Women in the Workforce Mini-Series: Blog 3

<h1 style="text-align:center;">An Ode to Africa's Businesswomen</h1>Close your eyes for a few minutes and imagine that you are a businesswoman in East Africa. What inequalities might you face? What extra challenges might come into play as you go about the daily work of growing your business? Are there extra family obligations your life might entail that your male counterparts don’t typically face? How about equal access to land, finance and markets?According to a recent study conducted by the IFC, Sub-Saharan Africa (SSA) has the largest proportion of financially constrained small and medium enterprises (SMEs) (54%) in the world.[1] Women-owned SMEs in SSA face additional barriers to trade and finance because they often lack the collateral, banking relationships and market linkages afforded to their male counterparts. The same IFC study outlines that, despite their smaller average size, female-owned businesses in SSA account for an outsized share of the finance gap, at $42B.[2]As an example, one of our portfolio companies, Mama Fresh, is an injera company in Ethiopia and is a family business comprising of Konjit Zewdie and her husband Hailu and son Miraf. The Mama Fresh team has been baking injera daily in Ethiopia since 2003. With entities registered in Ethiopia and the United States, the company now offers a range of traditional Ethiopian food products and consumers can find Mama Konjit’s food in restaurants and retail outlets in Ethiopia, the United States, Sweden, Norway, Germany, Hong Kong, Kuwait and Nigeria. The company currently has 39 employees, and 69% are women.<figure class="image"><img src="/uploads/mamafresh_0_d4d0a5ebff.jpg"></figure>Global Affairs Canada (GAC) worked with RENEW to design and implement the Accelerating Business Growth (ABG) Project in Ethiopia. ABG helps address some of the challenges faced by companies like Mama Fresh. The project helps SMEs, especially women-owned and managed, access finance from a growing network of domestic and international angel investors committed to building Ethiopia’s economy. The ABG project goes beyond addressing access to capital; it provides an executive training program for the C-suite of companies, helping them build and strengthen their governance, financial management and sales and marketing. All of this aims to create thousands of jobs in Ethiopia and build a vibrant and sustainable economy in Ethiopia.Here are some numbers that we are tracking for the ABG to keep us focused on building gender equality:<ul><li>40% of the SMEs that have received an investment from our angel investors have female shareholders. We want this to get above 50%.</li><li>70% of the jobs provided across our portfolio are held by women.</li><li>40% of participants in The Exec’s Program are women. We will push to get this to 50%.</li><li>38% of the professionals in the CFO100 are women. We want more!</li><li>39 or 27% of the North American angel investors are women. We want to have more women join the IAN.</li></ul>And finally, 50% of the RENEW team that manages the ABG project are women. Gender-balanced! Why is gender equality so important for projects like ABG? Just as women are often the backbone of a family, they are also the backbone of an economy. And this is why all of the work we do at RENEW and with our partners at Global Affairs Canada emphasizes gender empowerment and equality.So please stay in touch to keep learning about the high-impact work we are doing in Sub-Saharan Africa. There is much more coming on the horizon.

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An Ode to Africa's Businesswomen

<h1 style="text-align:center;">Press Release: RENEW &amp; the IAN Commit Capital to an All-Women Fund</h1><a href="https://renewcapital.com/sites/default/files/press_release_-_womens_package_-_final_1.pdf">Download the Full Press Release.</a>Denver, CO and Addis Ababa, Ethiopia, April 23, 2019 --RENEW and the <a href="https://www.renewcapital.com/what-we-do/investing">Impact Angel Network</a> have committed capital to a fund dedicated to investing in women-owned and led companies in Ethiopia and Uganda. RENEW and the IAN, now one of the most active investment groups in East Africa focusing on small and medium enterprises (SMEs), designed the fund to address a pressing need to close the financing gap for women-owned companies in Sub-Saharan Africa.Worldwide, only one-third of SMEs are managed by women (World Bank, 2015). In developing countries in particular, studies have shown that women-owned businesses face higher challenges to business success, especially in the area of financing. It is estimated that 70% of women-owned SMEs in emerging markets are not being properly served by the financial institutions in the area, resulting in a $285 billion financing gap. The World Bank notes that “addressing this financing gap and investing in women-owned enterprises is one of the highest-return opportunities available in emerging markets” (2015).<figure class="image"><img src="/uploads/womenspackage_dc94f294e2.jpg"></figure>The new fund will make investments in 3 to 5 women-owned companies, pending satisfactory completion of due diligence. In creating the fund, RENEW and the IAN used a new approach to address social and financial barriers holding back the private sector in Africa. The fund, which supports the <a href="https://sustainabledevelopment.un.org/?menu=1300">Sustainable Development Goals</a> (SDGs), was oversubscribed by the IAN and will support job creation for women and youth and empower women entrepreneurs in Ethiopia and Uganda."There is data that shows that despite comparative investment outcomes, female entrepreneurs are often overlooked by the business and investment communities,” said Laura Davis, Partner &amp; Head of Investor Relations at RENEW. “We hope the Impact Angel Network can show others that by investing in women-led companies we are not just advancing a social agenda, we are making sound investments.”The inspiration for the fund came after a number of the owners being considered for the fund took and excelled in RENEW’s <a href="https://www.renewcapital.com/resources/blogs/Key%20Resources%20for%20Executives">Exec’s Program</a>, a four-month business program which provides participants with the tools they need to successfully scale their businesses. All the companies currently being considered for the fund have completed or are currently participating in The Exec’s Program. “We've known the women we are planning to work with as part of this fund through our Exec's Program, and we have been impressed with their companies," explained Laura Davis.The all-women investment fund has been made possible because of RENEW’s partnership with <a href="https://www.canada.ca/en.html">Global Affairs Canada</a> (GAC). RENEW’s public-private partnership with GAC aims to support high potential, responsible SMEs in Ethiopia, providing them with the tools, resources and training they need to attract and efficiently use finance to grow, thereby enabling them to play a stronger role in the Ethiopian economy.Several of the entrepreneurs being considered for this fund will be attending RENEW’s Impact Angel Network <a href="https://www.renewcapital.com/resources/blogs/Press%20Release%20%202019%20International%20Gathering">International Gathering</a> on May 17, 2019 in Washington D.C.About the Impact Angel Network and RENEWThe Impact Angel Network is one of the most active private equity investors in Ethiopia. Its members seek to achieve both significant positive social impact and financial returns through investments in small and medium enterprises (SMEs) in Africa, a proven engine of economic growth and job creation which often lacks capital due to their size. RENEW and IAN members believe that targeting employment through SMEs is, dollar-for-dollar, is the most effective and sustainable way to reduce poverty.RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments. RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims at sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.To find out more, please visit <a href="../../index.html">www.renewcapital.com</a>.&nbsp;###&nbsp;Source: The World Bank, 2015: <a href="http://www.worldbank.org/en/news/feature/2015/11/16/financing-women-entrepreneurs-in-ethiopia">SME Financing: Women Entrepreneurs in Ethiopia</a>&nbsp;###

The Fund will support female entrepreneurs and job creation for women and youth in Sub-Saharan Africa

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Press Release: RENEW & the IAN Commit Capital to an All-Women Fund

<h1 style="text-align:center;">Press Release: RENEW &amp; the IAN Close Investment in a Tour and Safari Company</h1><a href="https://renewcapital.com/sites/default/files/final_press_release_-_travel_-_aug_21_2019.pdf">Download the Full Press Release.</a>Denver C.O. and Addis Ababa, Ethiopia, August 21, 2019 -- RENEW’s <a href="../../impact-angel-network/impact-angel-network.html">Impact Angel Network</a> (IAN) have closed their second investment from the recently capitalized <a href="press-release-renew-ian-commit-capital-all-women-fund.html">Women-Owned Business Investment Fund</a>, which was set up to invest in female entrepreneurs in Ethiopia and Uganda. The second investment will be made into a company that supports tourism in Ethiopia, which will partner with Travel Ethiopia PLC (<a href="https://www.travelethiopia.com/">Travel Ethiopia</a>). Travel Ethiopia was founded by Samrawit Moges, who is also the Managing Director.Samrawit Moges graduated from Addis Ababa University in 1983 with a degree in journalism. At that time, Ethiopia was under a socialist regime and it was compulsory to enter a lottery for employment after graduation. Samrawit was assigned to the sole tour company in Ethiopia (the government-owned National Tour Operator (NTO)). Though it was not her intent to work in tourism, once placed there, it became her passion. After the socialist government was overthrown in the early 1990s, Samrawit resigned from the NTO and established Travel Ethiopia in 1994 with her now late husband.Travel Ethiopia is a private, eco-minded tour and safari company which offers a variety of tour packages, with varying experiences, durations and price points, for travelers wishing to explore Ethiopia. The company’s tours are full-service, with multilingual guides, a fleet of vehicles and (where needed) camping gear. Their mission is to provide a high standard of services to its clients while allowing them to enjoy a unique experience and taste of Ethiopia, its culture, history and natural environment.<figure class="image"><img src="/uploads/skyline_f7b9ec9989.png"></figure>As a member of the responsible tourism network, Travel Ethiopia tries to minimize negative social, economic and environmental impact and generate economic benefits for local communities. They’re especially committed to contributing to women’s empowerment in Ethiopia. The company was the first tour agency in the country to hire permanent female guides.“The investment and collaboration with RENEW certainly will take Travel Ethiopia one step up,” said Samrawit Moges.“Samrawit has a rare combination of grit, elegance, and confidence,” says Matt Davis, Partner at RENEW. “Samrawit was front-and-center during The Exec’s Program sessions, and she was extremely determined to implement what she learned. This is exactly the type of owner we’re looking to partner with. And she has an incredible passion for shaping the travel industry in Ethiopia - cleaning it up and making it top-tier. As a woman, it’s hard enough to make it work in Africa, but watching Samrawit in action, if there’s anyone that can make it happen, it’s her.”About the Women-Owned Investment FundRENEW and the IAN committed capital to a fund dedicated to investing in women-owned and led companies in Ethiopia and Uganda. The fund is considering investments in other female entrepreneurs, pending completion of due diligence. The fund was designed by RENEW and the IAN to address social and financial barriers holding back female entrepreneurs in Africa. The fund, which supports the <a href="https://sustainabledevelopment.un.org/?menu=1300">Sustainable Development Goals</a> (SDGs) and will support job creation for women and youth and empower women entrepreneurs in Ethiopia and Uganda, was made possible by RENEW’s partnership with Global Affairs Canada under the Accelerating Business Growth (ABG) project.<a href="press-release-renew-ian-commit-capital-all-women-fund.html">Click here for the full Press Release</a>About the Impact Angel Network and RENEWThe IAN is one of the most active private equity investors in Ethiopia. Its members seek to achieve both significant positive social impact and financial returns through investments in small and medium enterprises (SMEs) in Africa, a proven engine of economic growth and job creation which often lack capital due to their size. RENEW and IAN members believe that targeting employment through SMEs is, dollar-for-dollar, is the most effective and sustainable way to reduce poverty.RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments. RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims at sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.&nbsp;###&nbsp;To find out more, please visit <a href="../../index.html">www.renewcapital.com</a>.