<h1 style="text-align:center;">Looking Through A New Lens</h1>RENEW believes Ethiopia and other developing economies are rife with opportunity for investment. Early adopters on both small and large scales agree – and have already <a href="http://www.wsj.com/articles/rock-star-bob-geldof-spearheads-u-s-private-equity-push-into-ethiopia-1427706330">acted on</a> these beliefs by investing in these budding economies. RENEW and the Impact Angel Network just made their fourth investment since opening RENEW’s Ethiopia office in 2013, and are set to close another investment soon.Despite this upward trajectory of investing in developing economies, many investors are still squeamish when they hear ‘Africa’ and ‘investment’ in the same sentence. While investing in frontier markets can be a challenging endeavor, with potential risks of inflation, currency depreciation, political instability, natural disasters and other uncertainties associated with developing countries, the social impact and opportunities to create financial returns are great.So how can impact investment advisory firms help Western investors to see Africa as a land of opportunity and to become comfortable with investing in frontier markets?THE SOLUTIONRENEW strives to provide the members of the Impact Angel Network an unforgettable investment experience. In order to achieve this goal and address the very real challenges that investing in developing countries bring, RENEW's team provides full on-the-ground support to investors looking to invest in frontier markets, but who typically do not have the local presence to source, conduct due diligence and monitor their investments on their own. The majority of RENEW’s team works in our Addis Ababa office in Ethiopia, full-time, to maintain a presence on-the-ground. We believe this component is crucial to the success of investments in frontier economies.<figure class="image"><img src="/uploads/econ_tourism_2015_overview_solution_collage_ebe839ff1f.jpg"></figure>RENEW tailors the investment experience to our members' specific needs. Investors are encouraged to travel to Ethiopia and participate in an Econ-Tourism trip, during which they can meet with entrepreneurs, tour their facilities and see the current state of the businesses first-hand. This experience provides investors with the chance to gain a better understanding of the economic and investment environment in Ethiopia. This in turn allows our members to invest with confidence, knowing that RENEW is selecting high-growth potential companies, properly vetting the entrepreneurs and managing all investments post-closing.THE OUTCOMEInvestors are usually surprised to see so much development, growth and opportunity in Ethiopia. They notice signs of a rising middle class and are encouraged by the wonderful people they meet who want to work and build their country into an economic powerhouse. Our investors see first-hand the desires of Ethiopians to work and partner with U.S. investors, and the wide range of sectors in which to invest, from manual labor to technology.<figure class="image"><img src="/uploads/econ_tourism_2015_overview_outcomes_collage_0_d2c06f0b5f.jpg"></figure>As Econ-Tourism trip participants speak with Ethiopian entrepreneurs, they often comment about the positive attitudes and drive of the management teams they meet, the signs pointing to growth in the agriculture, healthcare, energy, and technology sectors, and the work of the companies to improve the lives of employees. &nbsp;

How impact investment advisory firms can change the way Western investors see Africa.

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Looking Through A New Lens

<h1 style="text-align:center;">Impact Angel Network Joins the Angel Capital Association</h1>RENEW is proud to announce that the Impact Angel Network recently became a member of the Angel Capital Association (ACA), the "largest angel professional development organization in the world."*<figure class="image"><img src="/uploads/acamemberlogo_forweb_1_0_6b71dcafa6.jpg"></figure>According to information provided by the group, <a href="http://www.angelcapitalassociation.org/">ACA</a> is a trade association focused on fueling the success of accredited angel investors and portfolio companies in high-growth, early-stage ventures. ACA acts as a voice in the angel industry, providing comprehensive services in support of members working in angel groups. ACA provides professional development, public policy advocacy and significant benefits and resources to its membership of more than 12,000 individual accredited investors in 220 angel groups and platforms.As part of our membership with ACA, the Impact Angel Network is also now rolling out its new investment pipeline management tool through Gust, “a global SaaS funding platform for the sourcing and management of early-stage investments.”** This online platform gives savvy entrepreneurs the ability to collaborate with informed individual investors and angel investor networks by “virtually supporting all aspects of the investment relationship, from initial pitch to successful exit.”It is our belief that these new platforms will provide even more unforgettable experiences for members of the Impact Angel Network and allow RENEW to better focus on our mission – to grow companies, help build nations and leave important legacies.

The largest angel professional development organization in the world.

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Impact Angel Network Joins the Angel Capital Association

<h1 style="text-align:center;">RENEW Team Member Interviewed by Home &amp; Family Finance Radio</h1><a href="http://www.radioamerica.com/program/home-and-family-finance/#audioCont2">Home &amp; Family Finance Radio</a> talkshow host, Paul Berry, posed several thought-provoking and in-depth questions during the interview, from “How is impact investing different from philanthropy or charity?” to “What are the risks associated with this type of investing, and how do I protect myself?” Matt thoughtfully responded and shared his expertise in the field.According to Matt, the main difference between impact investing and philanthropy or charity is that with this type of investment, people are looking to receive both financial returns and social returns; they are measuring these two outcomes equally. If investors choose to make such investments in frontier markets, then Matt suggests working with a company, like RENEW, that has a “boots-on-the-ground” approach and who will manage the entire investment process.RENEW and the Impact Angel Network encourage you to listen to the entire interview to better understand the complexities that surround this type of investing. Please click on the following <a href="http://livearchive.radioamerica.org/loudwater/hff/000022571_000_000000019.mp3">LINK</a> or the image below:<div class="raw-html-embed"><video controls="" autoplay="" name="media"><source src="http://livearchive.radioamerica.org/loudwater/hff/000022571_000_000000019.mp3" type="audio/mpeg"></video></div>

Matt Davis discusses all things impact investing with HFFR host Paul Berry.

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RENEW Team Member Interviewed by Home & Family Finance Radio

<h1 style="text-align:center;">RENEW to Participate in the 2015 Global Entrepreneurship Summit</h1>This week, one of RENEW’s founding partners, Laura Davis, will be speaking on a panel on Crowdfunding and Angel Investing at the 6th Annual Global Entrepreneurship Summit (GES). This important event is to be held in Nairobi, Kenya from July 25 to 26. According to the U.S. government, the summit will be a “gathering of entrepreneurs at all stages of business development, business leaders, mentors, and high-level government officials.”*<figure class="image"><img src="/uploads/ges_logo_47154ab1b2.png"></figure>RENEW is excited to be a part of the president’s initiative to generate new investment in entrepreneurs around the world, by not only attending this event, but also by facilitating impact investments in small to medium sized enterprises in Ethiopia. President Obama will be traveling to Ethiopia after the close of the summit, which will mark the first time in U.S. history that a sitting president will have visited the country.Immediately prior to GES, Laura will also be participating in discussions surrounding women and local entrepreneurship alongside Village Capital, Steve and Jean Case of the <a href="http://casefoundation.org/">Case Foundation</a>, and Jim Sorenson of the <a href="http://sgiicenter.com/">SGII Center</a>.

Laura Davis to speak on a panel at the 6th annual gathering in Nairobi, Kenya.

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RENEW to Participate in the 2015 Global Entrepreneurship Summit

<h1 style="text-align:center;">Case Study: Afghanistan</h1>PIONEERING A NEW MODEL FOR ECONOMIC DEVELOPMENT<figure class="image image_resized" style="width:100%;"><img src="/uploads/graphic_renew_afghanistan_web_d0529c4229.png"></figure>RENEW was hired by the U.S. Department of Defense to attract impact “angel” investors to Afghanistan. RENEW spent six months working in Afghanistan to build a vetted portfolio of investment opportunities for investors.We organized a group of angel investors in Washington, D.C. for a retreat to preview the portfolio, and then escorted them to Afghanistan to attend a “deal show” to meet with local entrepreneurs. Entrepreneurs received pre-investment support from experienced financial analysts, training and coaching from investment professionals, and were then introduced to seasoned investors.The investor group is currently working with the U.S. government to set up an impact fund, and continue to explore other opportunities in Afghanistan. Key deliverables included:-A portfolio of vetted SME investments -An Afghanistan Angel Group -A matchmaking “deal show” in AfghanistanKey outcomes were that SMEs in RENEW’s portfolio received over $1M in investments from local and foreign investors.FIND OUT MORE ABOUT OUR PROJECTS IN AFGHANISTAN:<a href="https://www.renewcapital.com/newsroom/Afghanistan%20Looking%20Beyond%20the%20News" target="_blank" rel="noopener noreferrer">Afghanistan: Looking Beyond the News</a><a href="https://www.renewcapital.com/newsroom/Photos%20from%20Afghanistan" target="_blank" rel="noopener noreferrer">Photos from Afghanistan</a> <a href="https://www.renewcapital.com/newsroom/No%20Guts%20No%20Glory" target="_blank" rel="noopener noreferrer">No Guts. No Glory.</a> <a href="https://www.renewcapital.com/newsroom/Afghanistan%20Portfolio%20Update">Visit RENEW's Afghanistan Blog Page</a>

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Case Study: Afghanistan

<h1 style="text-align:center;">Afghanistan: Looking Beyond the News</h1><figure class="image"><img src="/uploads/DSC_0012_1_0_0964633060.jpg"></figure>Herat is in the news more and more these days, and not for good reasons. But from where I sit, I have hope that these blips of bad news represent the darkness that comes before dawn. The stories that fuel my hope are in front of me every day as I go about my work here. I see the dawn coming in the form of business owners who are making it despite pretty significant odds, the university students that are going to school and starting businesses, people buying and selling goods everywhere, new manufacturing facilities going up in the nearby industrial park, semitrailers packed to the gills with goods swaying down the road to market. Despite 30 plus years of war, the economy is showing signs of growth.<figure class="image"><img src="/uploads/DSC_0188_2_cfd7bc533d.jpg"></figure>According to the <a href="http://www.aisa.org.af/">Afghanistan Investment Support Agency (AISA)</a>, there was only one telephone landline per 1,000 people in 2002 and no Internet Service Providers (ISP). As of 2010, Afghanistan is leapfrogging over the lack of copper lines and there are 13.3 million cellular subscribers, serviced by five main GSM operators. Their towers now cover 80 percent of this mountainous country. The cost of activating a cellular phone has dropped from $200 to $25 dollars. What a story of how investment can change even a war torn landscape in less than 10 years.Local experts estimate that 20 to 25 percent of Herati’s now have laptop or desktop computers in their homes. Five years ago, the average person didn’t know about the Internet or have an email address, but that is all changing as Afghanistan comes online. There is opportunity everywhere I look...Who wants to be a part of Afghanistan’s next big ICT growth spurt? I know some great entrepreneurs looking for partners. Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC to find out more. &nbsp;

Herat is in the news more and more these days, and not for good reasons.

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Afghanistan: Looking Beyond the News

<h1 style="text-align:center;">RENEW's Brand Story</h1>Picture it.Your plane just landed in a new country. Based on what other people have mentioned, you are excited to explore all the possibilities of this new place. As you exit the plane you are faced with the hard realities that you already knew. You don’t speak the local language or understand the native customs. And more than that, the long trip has left you exhausted and bleary-eyed. You scan the airport for something, anything recognizable — a sign, symbol or friendly face that will point you in the right direction.Enter RENEW: navigating today’s emerging economies. &nbsp;<figure class="image image-style-align-left"><img src="/uploads/renew_logo_tag_small_23_7253e02813.png"></figure>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That’s the back story for our brand, and it’s the analogy that we like to use to explain what we do for the Impact Angel Network. For small and medium enterprises and investors, we act as personal navigators, strategically guiding them to achieve success.Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> or follow us on Twitter @RENEWLLC.

Picture it. Your plane just landed in a new country.

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RENEW's Brand Story

<h1 style="text-align:center;">Investing in Unfamiliar Territory</h1>We believe that some of the strongest opportunities for financial growth and social impact currently exist in Africa. Contact us if you would like to define a strategy for investing in emerging African economies. Here are ten reasons to consider investing in Africa:<ul><li>African markets offer among the highest return on investment in the world. Nearly every African stock market index outperformed the S&amp;P 500 over the past three years in U.S. dollar terms—in most cases by a significant margin. A sampling of overall equity market returns in 2006: Botswana +34%, Cote d’Ivoire +17.7%, Ghana +109%, Kenya +18%. (Source: Barron’s</li><li>U.S. investors are behind the curve. According to the World Bank, sub-Saharan Africa’s economic performance over the past five years suggests that it may have achieved a milestone in its quest for sustained growth. Growth averaged 4.0% between 2000 and 2005, compared with less than 1% during the early 1990s. In 2006, GDP expanded by 5.6% in sub-Saharan Africa and is projected to climb to 5.8% through 2008. The Congressional Research Service reports that “the growth seen in the current period is less volatile and more evenly distributed among African countries than in the past.” Yet over half of the $19.6 billion total U.S. investment in this region is in the petroleum sector. Reuters reports that the U.S. is so far behind that it had little presence at a recent meeting of the mobile phone industry group, the GSM Association, to discuss a $50 billion investment in sub-Saharan Africa in the next five years. Many such non-extractive sectors are nearing a tipping point, ready for investment.</li><li>Multinationals are re-assessing Africa. Reuters reports that major U.S. companies watching Africa’s rapidly improving investment climate will be examining ways to increase their activity. Merck &amp; Co, Boeing Co, 3M Co, Cargill, General Motors, Chrysler, Hewlett-Packard and Coca-Cola were among the participants in the 2007 U.S. Africa Business Summit.</li><li>New opportunities are emerging in consumer industries. Brisk demand for the commodities that comprise traditional large-scale foreign investment in Africa—oil, mining, agriculture—is creating secondary opportunities in consumer markets. Banking, telecommunications and tourism are among the sectors receiving a boost; renewable energy has the potential to leapfrog infrastructure obstacles the same way mobile phones have done. (Source: MoneyWeek, Investec Asset Management)</li><li>Information gaps remain, even as investment opportunities multiply. “I think there is a lack of information about the quality of opportunities and potential that continues to exist in Africa within the American business community.” (Robert Mosbacher, President of the U.S. Overseas Private Investment Corporation, speaking to Reuters). Renew aims to bridge those gaps by conducting comprehensive business assessments tailored to the needs of U.S. investors.</li><li>RENEW focuses on areas where experts say African markets can make progress. Experience suggests that fund managers are leery of Africa for two primary reasons: 1) Markets are comparatively very small; 2) Investments are illiquid—it’s too difficult to exit. In their 2007 analysis of African capital markets, experts from the Center for Global Development chart the following path forward:“A long-term strategy for attracting equity investment should concentrate on increasing the supply of available securities—since demand will come naturally through the market. Increasing supply means tackling the barriers of small market and firm size to encourage the growth of more and larger firms on the continent. Solutions to increasing the size and scope of the African private sector must focus on improving the investment climate, reducing the level of risk and uncertainty, and providing greater means for small, indigenous firms to survive and grow.”RENEW mitigates risk, channels needed resources and provides the expertise that will enable promising firms to grow and compete globally.</li><li>The continent is opportunity rich. “Many ideas that have been tested in the developed world, like cell phones, are still novel in Africa. Good business ideas and capable management are [the elements] in short supply. Most institutional investors are still frustrated by the quality of the deals available.” At the same time, few market sectors are saturated with products or teeming with competition, leaving plenty of niches for new ventures. As a result, “differentiated products can command a significant premium.” (Kehinde Oyeleke, executive director of Asset &amp; Resource Management, interviewed by Knowledge@Wharton).</li><li>Africa boasts extraordinary entrepreneurs. Local versions of Apple’s Steve Jobs are changing the playing field throughout Africa by creating enterprises that drive progress. Adenike Ogunlesi built a winning clothing brand by mixing African fabrics with Western styles and fabrics. She’s grown her business to the point where her company, Ruff ‘n’ Tumble, is not only a leader in Nigeria but receives orders from WalMart as well. Ogunlesi managed to scrape together enough capital from friends and family; others like her need access to better options. (Source: Africa Open For Business).</li><li>There is a new generation of African leaders who understand the promise and possibility of business in Africa. Paul Kagame — President of Rwanda and winner of the 2006 and 2007 ICT Africa Award for his innovative use of information and communications technology—has earned the nickname “The Entrepreneur President” for his business and technology-driven plan for Rwanda. Ngozi Okonjo-Iweala, the former Finance Minister of Nigeria and currently a director at the World Bank, emphasizes reform, economic growth and business opportunity. “The best way to serve Africa today is to help Africans stand on their own two feet, to create jobs,” she says. Imagine if Africans did not depend on others to cure their diseases or educate their children. Jobs enable Africans to do these things for themselves. (Source: Forbes, TED Conference)</li><li>The big picture is getting better. Since 2000, more than two-thirds of African countries have had multiparty democratic elections. In the past three years, the average rate of growth on the continent has moved from 2.5% to 5%, better than many of the wealthiest OECD countries. Conflicts in Africa are down from an average of 12 per year a decade ago to three per year today. (Source: World Bank, TED Conference)</li></ul><figure class="image"><img src="/uploads/i_Stock_000005377907_FOR_Proposal_1_38668a1611.jpg"></figure>

We believe that some of the strongest opportunities for financial growth and social impact currently exist in Africa.

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Investing in Unfamiliar Territory

<h1 style="text-align:center;">Afghanistan Portfolio Update</h1><figure class="image image_resized" style="width:100%;"><img src="/uploads/renew_banners_afghan_7_47313654ae.png"></figure>Afghanistan. ICT. SMEs. Herat. TFBSO. One hundred meetings later, the RENEW team has identified a portfolio of six good ICT SMES. Several are located in Herat. Several are based in Kabul with plans to expand to Herat. There is more happening in ICT in Afghanistan than one would expect. We have a number of investors interested in our new model, and we are excited to help formulate the first angel investment group for Afghanistan. &nbsp;

Impact Investing