<h1 style="text-align:center;">The Best of 2016</h1>The RENEW team wishes you all a happy New Year! As 2017 is newly minted and we look to the future, the RENEW team would like to take a moment and reflect on some of our favorite (and most popular) thought-content pieces of 2016:The Rise of Private Equity in East Africa: This is an analysis of the current state and future state of private equity in the East Africa region, as well as the country of Ethiopia. This content piece examines the regional trends from the previous seven years, looks at the prospects of growth in private equity investment in Ethiopia, and explains how the rise of the global impact investor plays an integral role in this investment.Never Forget Africa: RENEW experienced some exciting growth this year by expanding our team, including Justin Reesor, our Operations Manager. In his introductory blog, Justin tells the story of his journey to RENEW, which started as a promise he made to himself during a college cross-cultural trip to South Africa to ‘Never Forget Africa’. Read Justin’s inspiring blog, and don't forget to check out <a href="../2016/going-against-grain.html">Tristan Pelham-Webb</a> or <a href="../2016/africa-final-frontier.html">Prasoon Raghuwanshi’s</a> equally compelling personal stories as well.10 Things You Should Know About Ethiopia's Business Environment: The World Bank published its 2015 Enterprise Survey on Ethiopia, which outlines some very interesting information about the biggest obstacles private sector companies face in Ethiopia. The RENEW team compiled 10 key takeaways, focusing our analysis on the outliers – indicators that differed significantly in Ethiopia compared to the general region of sub-Saharan Africa (SSA). Some of the findings may come as a surprise so be sure to <a href="/newsroom/10-things-you-should-know-about-ethiopias-business-environment">read more</a>.Member of the IAN Visit Ethiopia: 2016 kicked off with an exciting start! In mid-February, RENEW hosted an Econ-Tourism Trip for members of the Impact Angel Network from San Francisco, Los Angeles and Minneapolis. The group met with many Ethiopian entrepreneurs, from both RENEW’s portfolio and investment pipeline, and visited a number of businesses in and around Addis Ababa. Read more about their experience and consider joining us this upcoming February 2017 for our annual Econ-Tourism trip!UHNW Millennials and Impact Investing: Impact investing is gaining popularity across all generations, and none more so than with millennials, who are expected to inherit some $59 trillion in the coming decades. In this content piece, the RENEW team takes a closer look at what UHNW millennials value most, as well as the interactions between millennials, their parents and their advisors.Read more or tune into RENEW's Investing On The Frontier podcast on millennials.<figure class="image image-style-align-right"><img src="/uploads/2016_feb_econ_tourism_bd05a0e087.jpg"></figure>

The RENEW team reflects on our favorite and most popular content pieces from 2016.

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The Best of 2016

<h1 style="text-align:center;">Members of RENEW’s Impact Angel Network Visit Ethiopia</h1>2016 is off to an exciting start! Last week, RENEW hosted an Econ-Tourism Trip for members of the Impact Angel Network from San Francisco, Los Angeles and Minneapolis. The group met with many Ethiopian entrepreneurs, from both RENEW’s portfolio and investment pipeline, and visited a number of businesses in and around Addis Ababa.<figure class="image image_resized" style="width:99.68%;"><img src="/uploads/site_visits_6a1789ef5f.jpg"></figure>The investors were introduced to a total of twelve companies, spanning across multiple sectors – from chemical and food manufacturing to coffee and pulses - eight of which are being considered for upcoming investments. The remaining four companies are current <a href="../../marketplace/portfolio.html">portfolio investments</a> of the IAN, including Desta PLC, METAD Agricultural Development PLC, Mama Fresh Injera PLC, and a food and beverage company. One of the many highlights of the visits was the soft launch of Mama Fresh’s visitors center, where members of the IAN were able to experience the entire production line of injera (from grain to flour to dough to baking), and sample some of Mama’s home-made Ethiopian dishes.<figure class="image image_resized" style="width:98.76%;"><img src="/uploads/cultural_31ce456388.jpg"></figure>Throughout the trip, the group experienced Ethiopia’s historic culture and delicious cuisine. During the first day, several members of the group explored the famous Piazza district of Addis Ababa, visiting places such as <a href="http://www.tomocacoffee.com/">Tomaco Coffee</a> and the <a href="http://taituhotel.com/">Itegue Taitu Hotel</a> (the oldest hotel in the city). The following day, the entire group went on a sightseeing tour of Addis Ababa, took a look back in history with a stop at the National Museum of Ethiopia, home of the infamous <a href="https://en.wikipedia.org/wiki/Lucy_(Australopithecus)">Lucy</a> skeleton, and went on a food tour with local foodies Xavier Curtis and Eliza Richman of <a href="http://www.addiseats.com/">Addis Eats</a>. The group also visited Mercato, the largest open-air market in Africa, enjoyed a happy hour at the RENEW office with development partners and members of the business community, and spent a day exploring <a href="http://whc.unesco.org/en/list/18">Lalibela’s</a> famous 11 monolithic rock-hewn churches.RENEW is in the midst of planning the next Econ-Tourism Trip, which is slated to take place this summer with a focus on a multi-generational experience. Contact us to learn more about scheduling your own Econ-Tourism Trip!

IAN members visited several Ethiopian entrepreneurs and businesses around Addis Ababa.

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Members of RENEW’s Impact Angel Network Visit Ethiopia

<h1 style="text-align:center;">Back to the Source: Energy</h1>In July 2013, members from the Impact Angel Network closed an investment in <a href="http://www.dventus.com/">dVentus Technologies PLC</a>, an ISO 9001: 2008 certified high technology company of U.S. origin incorporated in Addis Ababa, Ethiopia in 2010. The investment helped dVentus to design, develop and manufacture smart grid solutions, energy efficient power generation and distribution solutions. dVentus is strategically situated to respond to the needs of the domestic and international markets with solutions specifically targeted for the clean energy, energy efficiency and smart grid technology sectors.Anticipated social impact from this investment includes millions of Ethiopians with access to more reliable, efficient electricity and the increased employment of professional and highly skilled engineering jobs. In fact, the company currently employs more than 85 hardworking, intelligent and extremely talented men and women to work on product concept design, R&amp;D, development and manufacturing in its state-of-the-art facility.&nbsp;The fostering of these bright minds and innovative companies is critical if Ethiopia hopes to achieve its goal to become a middle-income country by 2025 through increased agriculture and industry. A reliable power grid providing adequate sources of electricity to its residents and industries is a reality that Ethiopia needs to quickly put in place.While Ethiopia is equipped with access to vast renewable energy resources and has the potential to generate more than 60,000 megawatts (MW) of electric power from hydroelectric (86%), wind and solar (8%), as well as geothermal sources (6%), the country only has approximately 2,300 MW of installed generation capacity.(1) With a population of over 95 million people and projections suggesting that the total demand for power will grow by 30% per year, the country is facing an electricity deficit.(2) And of Ethiopia's 95 million citizens, about 80% live in rural areas and only 2 million (mainly urban dwellers) have access to electricity distributed by Ethiopian Electric Power’s (EEP) grid.(3) This translates to a meager rate of 23% connectivity for the entire country.(1)<figure class="image"><img src="/uploads/usaid_power_africa_graphic_545f437012.png"></figure>It will come as no surprise then that Ethiopia ranks 159th out of 190 countries in the World Bank’s <a href="http://www.doingbusiness.org/data/exploreeconomies/ethiopia/">Ease of Doing Business 2017 Report</a>, and in their <a href="http://www.enterprisesurveys.org/data/exploreeconomies/2015/Ethiopia">2015 Enterprise Survey</a>, electricity was ranked as the second highest business environment obstacle for firms. The major constraints of the power sector in Ethiopia are inadequacy of supply, poor quality of supply, poor customer service, lack of trained labor and lack of finance.(3) However, there is a clear political will in Ethiopia to ensure the fulfillment of the development goals in the Growth and Transformation Plan (GTP), as the power sector has been identified as a key in achieving these goals.Under the first GTP, the Government of Ethiopia intends to increase generation capacity to 10,000 MW upon the completion of two major hydropower plants set to become operational in 2017 and 2018.(1) The second GTP has a new, equally ambitious target to increase generation capacity to over 17,000 MW by 2020, with an overall potential of 35,000 MW by 2037.(1) This increase in generation capacity would help sustain the economic growth Ethiopia has experienced and enable it to become a regional renewable energy hub in East Africa.Assisting Ethiopia in achieving its goals under GTP is the Power Africa initiative, a multi-partner program launched by President Obama in 2013. Power Africa’s goals are to increase electricity access in sub-Saharan Africa by adding more than 30,000 megawatts of cleaner, more efficient electricity generation capacity and 60 million new home and business connections.(1) Power Africa is supporting Ethiopia’s energy goals through wide-ranging technical assistance in cooperation with the government of Sweden and Norway, the World Bank, the International Finance Corporation, European Commission, the UN, and DFID.(1) However, Ethiopia is not only looking to the public sector for assistance in developing its energy sector, but also to private investors who are seeking attractive financial and social returns, like the Impact Angel Network.<figure class="image"><img src="/uploads/bts_dventus_c693df3693.jpg"></figure>According to EEP, "the opportunities in the power sector represent about $3 to $4 billion per year. Of this, 65% is in generation, with the rest spread across transmission, universal access and engineering services."(3) The long-term goal is to maximize the country’s energy power potential, one that dVentus fully supports through its products and service offerings.dVentus’ portfolio of products includes smart electric meters, smart water meters, system solutions, generators and converters, and their service offerings range from electric power and water analysis to system design and smart grid upgrades, all in the effort to assist Ethiopia and the world beyond in sustainably powering enterprise and economic development.RENEW and the IAN are proud to be a part of dVentus’ story.

An overview and analysis of one of the key ingredients that drive many of dVentus’ product lines.

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Back to the Source: Energy

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

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

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On the Ground Perspective

<h1 style="text-align:center;">RENEW Speaks at Posner Center Business Leaders’ Event in Denver</h1><figure class="image image-style-align-left image_resized" style="width:40.07%;"><img src="/uploads/posner_logo_2_fa8185fdf9.png"></figure>Last week, I had the pleasure of speaking at the <a href="http://posnercenter.org/">Posner Center for International Development’s</a> annual Business Leaders’ event in Denver, Colorado. The event highlighted activities of Posner Center tenants and international companies working together to pursue both business goals and development objectives.I was honored to join keynote speaker, Kelly Brough, CEO of the Denver Metro Chamber of Commerce, in commending the Colorado-based businesses and NGOs in attendance to continue their already vibrant collaborations in the international arena to realize business growth and social impact. Developing countries, such as those on the African continent in which RENEW operates, present unique opportunities for such collaboration. These countries possess new markets, new supply chains, and opportunities for technology transfers, strategic acquisitions and equity investments.Ethiopia is an example of one market that is seeing significant growth and attracting the attention of NGOs, businesses and investors alike. Ethiopian companies in RENEW’s portfolio are responding to the growing demands of the country’s more than 95 million people and an ever increasing middle class. These dynamics are contributing to Ethiopia being consistently ranked among the top 10 fastest growing economies in the world.International businesses and investors are looking to Ethiopia for its significant agricultural potential, particularly in areas of coffee, sesame, honey, cut flowers, livestock, and cotton, among others. But, there are clear needs for technology transfers, value chain improvements and outside expertise to unlock this potential. Attractive returns on investments can be realized by responding to these needs. Companies like Samsung, Dow, Heineken, Coca Cola, H&amp;M, WalMart, GE, among many others, as well as RENEW’s Impact Angel Network (IAN), are making or actively considering these opportunities to benefit from and help contribute to Ethiopia’s growth.Collaboration is often key to these investments, as companies seek to navigate an unfamiliar regulatory environment and tailor products and services to local consumer preferences and needs. During my conversation at Posner last week, I highlighted several examples of such collaboration between U.S. businesses and Ethiopian companies, including those in the Impact Angel Network <a href="../../marketplace/portfolio.html">portfolio</a>. These partnerships are providing access to new markets and knowledge transfers, which benefits both companies – the Ethiopian portfolio company and the U.S,-based partner.Frontier markets, like Ethiopia, are still volatile, so it is important to have appropriate hedging strategies in place (talk to your investment adviser, if you are considering investment opportunities in these markets). There are challenges to investing and doing business that warrant patience. In some instances, an effective strategy may be to enter a frontier market with a local partner and, in a more limited way, initially to allow for adaptation to the local context while building a company that operates to international standards. This is one reason why RENEW and the Impact Angel Network focus their investments on small and mid-size companies: invest in smaller companies and provide them the capital, networks and mentoring they need to scale. In this way, a small investment can now provide significant upside potential and exposure to an exciting part of the world economy.RENEW thanks the Posner Center for International Development for inviting us to participate in its annual Business Leaders’ event. The Posner Center is a Denver, Colorado-based shared work space and community of innovators whose mission is to grow lasting solutions to global poverty.<hr>RENEW is an impact investing firm working in Ethiopia through its partnership with USAID activities. It has been facilitating impact investments in East Africa and Asia since 2008. RENEW manages the Impact Angel Network, one of the largest U.S. based angel networks for Africa. &nbsp;

Partner Tom Scriven discusses impact investment and business opportunities in frontier markets.

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RENEW Speaks at Posner Center Business Leaders’ Event in Denver

<h1 style="text-align:center;">The Rise of Private Equity in East Africa</h1>&nbsp;CURRENT STATE OF PE IN EAST AFRICAAccording to the African Private Equity and Venture Capital Association, there were reportedly&nbsp;158 private&nbsp;equity transactions in the East African&nbsp;<figure class="image image-style-align-center image_resized" style="width:29.76%;"><a href="http://www.avca-africa.org/media/1314/avca-spotlight-on-east-africa-private-equity-public-version.pdf"><img src="/uploads/avca_infographic_0_51f293adde.png"></a></figure>region between 2007 and 2014, totaling approximately $1.5B (1). Now, with Ethiopia being the second most populous country on the continent with over 95 million people, one would expect for the majority of the capital to have been deployed to this country. Unfortunately, Ethiopia still has a ways to go. Only 4% of said 158 deals completed in the region took place in Ethiopia, accounting for only 7% of the impact capital distributed (see <a href="http://www.avca-africa.org/media/1314/avca-spotlight-on-east-africa-private-equity-public-version.pdf">figure</a> to the right) (2). Kenya, with less than half Ethiopia’s population, has attracted the majority of private equity transactions and has become known as the private equity hub of the region. In addition, according to the Global Impact Investing Network’s 2015 impact investing report on East Africa, “Ethiopia’s financial services sector - and particularly the financing options available to small and medium enterprises (SMEs) - lags that of other major East African economies” (3).While it seems Ethiopia may have been receiving the short end of the stick in recent years, many in the investing world believe this will soon be changing.FUTURE STATE OF PE IN ETHIOPIA:There are several reasons why Ethiopia is becoming a rising star in the region, one being the country’s double-digit gross domestic product (GDP) growth rate over the past ten years, which is expected to continue over the next five years (4).In line with Ethiopia’s economic growth, the country’s population is expected to continue to increase. If economic output advances faster than population growth, the country will see a broadening of its middle class. As real / disposable incomes rise, demand for higher quality goods and services will rise and the private sector will respond and compete for customers. The good news is that there are plenty of driven and professional Ethiopian entrepreneurs who are more than ready to meet this growing domestic and international demand by providing local value-chain addition across various industries.The Ethiopian government is in favor of this new industry and has thrown its support and weight behind the small to medium sized enterprises that, with the right partners, could become the market leaders of tomorrow. The government’s Growth and Transformation Plan II seeks to make Ethiopia a lower-middle income country by 2025 through rapid (double-digit) economic growth, industrialization and structural transformation (5). The two pillars that will drive this major development will be manufacturing and agriculture.Ethiopia is home to many promising investment opportunities in both of these key sectors, among several others, a fact that is not lost on international private equity investors. The agriculture industry is ripe with investment opportunities in major commodities such as coffee, honey, teff, sesame, flowers and livestock. And the manufacturing industry is just as plush with its ever growing market for fast moving consumer goods, textiles, etc. In fact, in 2014 a major private equity firm - KKR - invested $220M into an Ethiopian rose farm. While large deals by private equity firms and institutional investors are important and vital to the country’s continued growth, they unfortunately do not address the important issue raised before - Ethiopia remains one of the most capital constrained economies in the region for SMEs.&nbsp;CUE THE RISE OF THE GLOBAL IMPACT ANGEL INVESTOR.High net worth individuals (HNIs) across the United States are looking to engage their personal wealth in ways that are different from the typical financial portfolio or fund. High impact (and at times higher risk) investments in frontier economies, such as Ethiopia, are increasingly becoming an important part of said investors’ financial goals. The reason? Investing in SMEs located in developing countries can provide investors with a double or even triple bottom line - financial returns, positive social impact and positive environmental impact. Every dollar invested has the potential to not only provide the company with the ability to scale, but also create jobs in the local community, pay workers a better wage, provide employees with healthcare, pay taxes, and so much more. Impact investing essentially combines the best elements of philanthropy and traditional investing.Operating under the philosophy of “doing well, by doing good”, many governments and NGOs are seeing impact investing as the long-term development solution for emerging economies, as it sustainably contributes towards a country’s economic growth. In lieu of giving a hand out, investors and development organizations can, together, give these countries a hand up - empowering them to take over their own development stories.<figure class="image"><img src="../../sites/default/files/pe_blog.jpg"></figure>Investors should not discount the challenges that these frontier markets possess though - in many instances, it’s still very much the Wild West. RENEW believes that every investor needs to talk with their financial advisors before considering making such investments and should work with a trusted in-country partner. Whether it is large institutional players or boutique investment firms, Western investors can find investment professionals working out of offices in Addis Ababa, Nairobi and Accra. In Ethiopia, where RENEW has an office, we offer our angel investors a full, turnkey, in-country investment service through our Impact Angel Network. And, while Ethiopia trails Kenya’s in private equity, we believe the country will soon be changing that story as well. In fact, we are already seeing progress! In just four years, the Impact Angel Network has closed seven investments and we are gearing up for another strong year in 2016.(1) <a href="http://www.avca-africa.org/media/1314/avca-spotlight-on-east-africa-private-equity-public-version.pdf">African Venture Capital and Private Equity Association: Spotlight on East Africa Private Equity</a> (2) <a href="http://www.avca-africa.org/media/1314/avca-spotlight-on-east-africa-private-equity-public-version.pdf">id.</a> (3) <a href="https://thegiin.org/assets/documents/pub/East Africa Landscape Study/09Ethiopia_GIIN_eastafrica_DIGITAL.pdf">The Global Impact Investing Network: The Landscape for Impact Investing in East Africa</a> (4) <a href="https://thegiin.org/assets/documents/pub/East Africa Landscape Study/09Ethiopia_GIIN_eastafrica_DIGITAL.pdf">id.</a> (5) <a href="https://www.africaintelligence.com/c/dc/LOI/1415/GTP-II.pdf">Africa Intelligence: The Federal Democratic Republic of Ethiopia, Second Growth and Transformation Plan</a>

The RENEW teams take a closer look at the current state and future state of private equity in Ethiopia.

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The Rise of Private Equity in East Africa

<h1 style="text-align:center;">RENEW Participates at the Wharton Club Africa 2016 Investment Summit</h1>Last week, the Wharton Club of Africa hosted the 2016 Investment Summit and CEO forum in Addis Ababa, Ethiopia. According to the WCA’s website, the event is a “premiere, global, and high impact Pan-African Executive Investment Summit” that features over 100 of the continent’s top investors, wealth managers, family offices and investors from 35 countries from across the globe.*Matt Davis, CEO of RENEW, joined Africa’s “leading regional and international investors, executive game-changers, Ministers, industry titans, and award-winning entrepreneurs” with the goal of brainstorming, collaborating and delivering “game-changing” industry intelligence on investing, investment operations, financial returns, business leadership and development on the continent.*<figure class="image image_resized" style="width:98.76%;"><img src="/uploads/wca_6954a77b6f.jpg"></figure>The following are Matt’s takeaways from his time at the event and as a speaker on the entrepreneurial leadership and impact investing panel:• I was impressed with the audience and speakers that the event attracted, which was a mix of investors and business people all interested or experienced in doing business and investing in Africa.• The chemistry on our panel was great thanks to: 1) a diverse group of people with different philosophies about impact investing, 2) people who have actually invested on the continent, and 3) a great facilitator who had deep experience in the impact investment industry and knew how to steer the discussion.• We also had a good audience that asked interesting questions: the most memorable being whether we had any investors reject a deal because the financial returns were too high - the audience member was working with an office that had rejected a deal on these grounds and they wondered if this was common. My response was that I personally had never experienced such a situation, nor had I heard of any investor rejecting an investment on the grounds that the financial returns were too high; however, this is an interesting problem in the impact investment space. As capital comes from a variety of sources (foundations, donor advised funds, private investment accounts, etc.) unique criteria arise that traditional investment managers may have not encountered before.• I emphasized that those in the industry should be open to a wide range of definitions about impact investing, because the space needs to grow and mature. But, investors and their managers should still be clear about how they individually define their impact investment philosophy and approach.• And, while a broad approach at the moment is appropriate, I also encouraged investors and managers to remember that in the end, impact investing is investing and needs to deliver a financial return. If the industry, which is garnering a lot of attention as of late, goes too long without these returns, we may see a correction; like what happened with the microfinance industry.• I ended by saying that RENEW is more keen on Africa's economic prospects - specifically Ethiopia – versus the broader growth of the impact investment space. In the end, for RENEW and our investors, impact investing is filling a gap in financial markets in countries like Ethiopia, between microfinance and larger private equity, and addressing the problem of the “missing middle”.Overall, I enjoyed the event and hearing the various perspectives from the fellow panelists. A special thanks to Aubrey Hruby, who chaired the panel. Aubrey is the Co-Founder of the Africa Expert Network. And to Lisa Lambie, who organized the whole conference.*<a href="http://www.wcaexecsummit2016.com/why-unique.html">WCA Executive Investment Summit &amp; CEO Forum 2016</a>

Partner Matt Davis speaks on an entrepreneurial leadership and impact investing panel.

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RENEW Participates at the Wharton Club Africa 2016 Investment Summit

<h1 style="text-align:center;">Mama Fresh Opens New Teff and Injera Learning Center in Ethiopia</h1><figure class="image image-style-align-left image_resized" style="width:21.87%;"><img src="/uploads/mftc_logo_tm_1_c24c612c9f.png"></figure>Mama Fresh is excited to announce the soft opening of its <a href="http://www.mama-fresh.com/visit/">Teff and Injera Learning Center</a> at its Addis Ababa export facility. Mama Fresh aims to make the entire world fall in love with Ethiopian cuisine by providing a wonderful educational and cultural experience that is great for the whole family.For those who are unfamiliar with this ancient and nutrient-rich grain, teff is naturally gluten free, native to Ethiopia and is an integral part of the Ethiopian diet. Teff can be eaten in a variety of ways, including being used as the main ingredient in the Ethiopian staple bread product, <a href="http://www.cnn.com/videos/world/2015/12/14/spc-marketplace-africa-teff-a.cnn">injera</a>. To make injera, teff grain is first ground into flour, then combined with water, allowed to ferment over several days, and finally baked into a spongy, unique and sourdough-like flatbread that is enjoyed with other meats and spices at every meal.Mama Fresh is the country’s largest commercial manufacturer and exporter of fresh-baked injera. Because teff is so vital to this country’s economy, Visitor Center guests will start experiencing the grain’s most famous output - injera - through the various stages of production. From teff grain and flour, to injera dough and baking. Visitors will also have a chance to bake their own piece of injera! Trust us, it’s harder than it looks.&nbsp;So the next time you find yourself in Ethiopia, be sure to stop by Mama Fresh to experience teff and injera like you’ve never before.Hours: Thursday to Saturday, 10 AM to 4 PM, by appointment only. Location: Wolo Sefer across from the Wongelawit Building (near to the Gotera intersection on Ethio-China Road). For Appointments: +251 (0) 93 001 3713&nbsp;

The portfolio company is excited to announce the soft launch of its Addis Ababa visitor’s center.

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Mama Fresh Opens New Teff and Injera Learning Center in Ethiopia

<h1 style="text-align:center;">A Weekend of Connections, Discussion and Positive Impact</h1>This past weekend, members of the Impact Angel Network (IAN) and distinguished guests met in Washington, D.C. for the second annual National Gathering, which was filled with introductions, connections, and meaningful discussion on how conscious capitalists can change how the West views Africa.The weekend event commenced on Friday evening with a dinner and discussion at the Cosmos Club. Guests mingled and enjoyed cocktails in the East Garden, and then moved into the Club's Warne Ballroom to hear global economist, New York Times bestselling author and TEDTalk speaker - <a href="http://dambisamoyo.com/">Dr. Dambisa Moyo</a> - shared insights on investing, opportunities and major economic shifts that are occurring in developing markets, like Ethiopia.<figure class="image"><img src="/uploads/2nd_annual_national_gathering3_6679e06676.jpg"></figure>In line with the weekend’s theme of sharing real stories of impact, entrepreneurship and innovation, the evening continued as members and guests alike shared their personal stories and experiences with impact investing, development, and Ethiopia (<a href="https://twitter.com/hashtag/whatsyourstory">#WhatsYourStory</a>). Ambassador Girma Birru opened dinner, encouraging attendees to continue seeing the economic growth potential that SMEs have in Ethiopia. Hussein Hirji, Economic Counselor of the Canadian Embassy, spoke to the unique public-private model that Global Affairs Canada is implementing in Ethiopia in partnership with RENEW.The night concluded with Miraf Hailu, deputy-manager of <a href="http://www.mama-fresh.com/">Mama Fresh Injera</a>, sharing about the beginning of RENEW and the IAN’s relationship with the company and just how far they’ve come. Starting in an outdated bakery to becoming a leading injera export manufacturing facility that is positively impacting the local community through job creation and tax revenue. It was a truly inspiring story of growth, opportunity and impact!On Saturday morning, IAN Chapter Chair David Grizzle and his wife Anne hosted network members for a morning of learning and review. RENEW went over the current status of each of the IAN portfolio companies including progress made to date, challenges and opportunities, and the plans going forward. All members participated in a lively discussion to brainstorm ideas on how the IAN can add more value to our portfolio. Guests were given a little taste of Ethiopia by participating in a traditional Ethiopian coffee ceremony.The weekend concluded with the investment pipeline dinner, hosted by IAN Chapter Chair, Dr. Andrew Umhau and his wife Cary. During this relaxed evening of community and fellowship, the RENEW team provided important updates on the network's investment pipeline, while guests were able to sample some Mama Fresh’s delicious Ethiopian cuisine - truly, home cooking at its finest!The RENEW team would like to thank Dr. Dambisa Moyo, Ambassador Girma Birru, and the <a href="https://renewcapital.com/impact-angel-network/advisory-board">IAN advisory board chairs</a>, Dr. Andrew Umhau, David Grizzle, Jeff and Donna Turi, Alan Gardner, Beth and Joel Marquette and Jodi Morris, and the staff of the Cosmos Club for helping deliver an unforgettable event. We also thank the members of the IAN and their families for coming to D.C. for a memorable fall weekend.

Investing in Africa