<h1 style="text-align:center;">Tebita &amp; WSU: Working Together to Save More Lives</h1>Of the many goals we set out to achieve alongside our portfolio companies and their driven entrepreneurs, such as social impact and financial returns, RENEW and the Impact Angel Network (IAN) also seek to add value to the companies in the form of strategic relationship building.Members of the IAN closed an investment in EAES in May 2015. EAES serves providers of emergency medical services and training in East Africa, Ethiopia in particular, in order to ensure that international and domestic clients have access to reliable, high-quality emergency care. EAES works in partnership with local firms, such as Tebita, by offering business development, procurement, and administrative support. This support drives medical service companies to operate more efficiently and thus, frees them up to focus on their core functions; providing quality medical care for patients in crisis.<figure class="image"><img src="/uploads/desktop20_e32f0440f8.jpg"></figure>EAES and Tebita, together, aim to improve the quality of and access to emergency healthcare services across Ethiopia and beyond. And now, we’re excited to announce that through RENEW and EAES’ business development efforts, Tebita will have a U.S. partner to assist them in the coming years on their journey to becoming a leader in emergency healthcare and response - <a href="http://www.weber.edu/CHP/EthiopiaEMS.html">Weber State University</a>.In July 2016, Bill Robertson, department chair and assistant professor of emergency medicine at Weber State University (WSU), spent a week in Ethiopia accompanied by Lisa Trujillo, director of clinical education in WSU’s Respiratory Therapy Program. Robertson and Trujillo met with the Kibret Abebe (founder of Tebita) and his team, visited the company’s training center and spoke with the deputy director to the Ethiopian Ministry of Health to discuss the future of EMS in Ethiopia.Robertson and Abebe collaborated on how WSU’s emergency care and rescue department could assist Tebita with developing programs that will further the efforts to establish educational and credentialing standards, and to provide a sustainable workforce of qualified emergency medicine providers for Tebita, as well as other agencies in Ethiopia.“With the development of newer educational technologies, and the ever-increasing availability of broad-band internet capabilities in the developing world, we are able to collaborate with areas of the world such as Ethiopia in offering at least the didactic component of medical education,” Robertson said. “The face-to-face component of medical education that is necessary for skills and hands-on training is still a must, but with the ability to lecture from a distance, the time we spend there in person has become much more practical.”As this relationship between WSU and Tebita continues to flourish, so too will the overall quality of emergency medical care in Ethiopia, leading to the prevention of unnecessary deaths and thousands of more lives saved. And that is a success story we all can get behind!

A new partnership that will lead to better emergency care in Ethiopia.

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Tebita & WSU: Working Together to Save More Lives

<h1 style="text-align:center;">1,000 Mountains Ahead and Behind</h1>The Africa we know today is not the same Africa our grandparents knew. The continent has changed drastically over the last decade or two, and continues to do so rapidly. What makes this shift interesting is that for so long, most of us in the West loved "helping Africa", but did so in a way that generally took the form of charity, emergency aid or some other method of a providing a handout or a ‘Band-Aid solution’ to a crisis. The possibility of investing in and growing companies, building cities and focusing on sustainable private sector growth was nearly unimaginable.But, here we are in 2017, witnessing rapid development and opportunity before our very eyes, while also reflecting on the incredible growth from the past several decades. Africa has transcended our outdated perspectives of its economy and our aid-centric view of its existence. But while the continent continues moving towards a highly competitive and increasingly industrialized economic position in the world, there still exists a great lack of options for individuals to be part of this story, and capture the vast opportunity which it presents.This is where RENEW comes into play... Years ago we saw this shift occurring. In Africa, there were companies growing bigger than microfinance institutions were equipped to finance, yet were still considered too small and too risky for larger private equity funds to pay attention to. The result was an increasing amount of companies in the $1-2M in sales range with 20-30 employees, but nowhere to turn for the capital required to scale and become $50M companies employing 500 people. In the U.S., we started seeing the rise of compassionate capitalists, philanthropists, individuals, and families who wanted a better and more successful model than straight giving as a way to help; a shift towards investing in companies that create jobs and build economies. However, there was no expertise on the ground to source and manage investments, let alone a vehicle for facilitating the process. RENEW saw the supply and demand, and asked, “how do we connect these dots and turn this into an opportunity?”.The barriers required to realize this vision and overcome its challenges were (and still are!) high – including, but not limited to, information asymmetry, differing business culture and norms, a lack of trust with entrepreneurs and business partners, 7,000 miles of distance, time zone complications, and an enormous gap in understanding and information on both sides. We can confidently say we’ve climbed 1,000 mountains these last five years, and the result is an investment platform called the Impact Angel Network and a growing portfolio of exceptional companies.RENEW and the IAN build companies through an all-inclusive and innovative model: we find, vet, perform due diligence, negotiate, invest in and then actively help them grow (think Shark Tank meets Indiana Jones) by providing technical assistance and consulting in key areas of their business, namely finance, marketing and sales, and governance. We love building great companies in challenging parts of the world where small to medium-sized enterprises (SMEs) are needed most, and we just happen to be an investment firm with one heck of a mission and an unparalleled experience for our investors to boot.So what have we accomplished over the past 5 years? We’ve invested in 7 incredible companies and entrepreneurs, we are supporting over 1,100 jobs and 3,500 smallholder farmers, we are generating export revenue for the country, we’ve attracted an additional $10.3M in financing for the portfolio in Ethiopia, and we’re just getting started.Looking at 2016 in particular, we launched a public-private partnership with the <a href="../2016/accelerating-business-growth-project.html">Canadian government</a> to expand the IAN into Canada and scale up our work in Ethiopia. We opened The Exchange - an amazing business acceleration space where we'll be taking companies through our growth acceleration program and coaching them into becoming market leaders. We’ve learned how to navigate in-country political and civil unrest and technological hurdles and to come back from these experiences stronger and more equipped to deal with future challenges that will surely be faced. We learned the importance of staying the course; because what we're doing - creating jobs - in turn, builds stability and requires our commitment to the vision we’ve laid out. We are a small but growing player in the development of a stable and thriving economy, and it is a robust SME sector that is a hallmark of a thriving economy.So, what do we plan to do in the year ahead? We've got some great investments lined up across multiple priority sectors. We are going to launch multiple training programs at The Exchange, our new space in Ethiopia, and across the country. We will continue working with our portfolio companies to optimize their governance and operations, and increase sales. We will also continue teaching Ethiopian companies the basics of private equity investing by coaching them on how to pitch their companies the larger funds. We're doing some heavy lifting behind the scenes to help build the private equity industry in Ethiopia from the ground up and we couldn’t be more driven! We also plan to implement several new investor experiences for members of the IAN, to continue growing an amazing network of compassionate capitalists, and to host our third annual National Gathering in Washington, DC in October.We truly are excited for what the future has in store and invite you to come on this journey with us in growing companies, building nations and leaving a legacy.

RENEW Celebrates 5 Years of investing in Ethiopia and looks to the future.

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1,000 Mountains Ahead and Behind

<h1 style="text-align:center;">The Second Annual Impact Report</h1>RENEW announces the Impact Angel Network’s (IAN) second annual impact report. We hope it will give you key insights into the IAN’s vision, the portfolio in Ethiopia and the IAN itself, and in doing so, we will take you back to the source of some of Ethiopia’s greatest resources.With seven investments in Ethiopia, the IAN now supports 1,490 jobs, with 812 having been created post investment. Our portfolio companies now source from more than 4,300 small holder farmers. Read our Impact Reports: •<a href="https://latest-api.renewcapital.com/uploads/RENEW_Impact_Report_2017_c0d6c8251c.pdf"> Impact Report (June 2017)</a> • <a href="https://latest-api.renewcapital.com/uploads/RENEW_LLC_Impact_Report_2016_d7bb848962.pdf">Impact Report (June 2016)</a><figure class="image"><img src="/uploads/renew_report_cover_fotor_001380ba9e.jpg"></figure>

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The Second Annual Impact Report

<h1 style="text-align:center;">Back to the Source: Cotton</h1>In December 2015, members of the Impact Angel Network closed an investment in a family-owned textile and apparel manufacturing facility, Desta PLC. Established in 1992, Desta PLC is a multi-faceted company that oversees several production lines, including embroidery, knitting, cut-and-sew, fabric and garment manufacturing. The company’s dedication to quality and timely service has garnered trust and confidence from domestic and international customers.One could say, though, that this dedication is not only applied to Desta’s customers but its employees as well. At any given time, Desta employs more than 550 individuals, mostly young men and women, and ensure that each day they have access to a healthy subsidized meal, a fair wage, a medical nurse, team trainings and opportunities for advancement. Desta is committed to the fair treatment of its employees and adherence to guiding principles of sustainability, setting it apart from the trajectory this industry has taken in many other low and middle-income countries. Desta is accredited by international standard and compliance organizations. It passed an audit by BSCI (Business Social Compliance Initiative), proof that Desta has created suitable working conditions and takes care of employees. In addition, Desta undergoes a social audit twice a year by SGS, a leading inspection and certification company headquartered in Switzerland. Worldwide Response Accredited Production has also certified the company.<figure class="image"><img src="/uploads/cotton_blog5_216389c621.jpg"></figure>The company’s commitment to sustainability and corporate responsibility is assisting Desta in becoming a market leader in an industry that is just now starting to take hold in Ethiopia and the East Africa region. While the first textile mill in Ethiopia was established nearly 80 years ago, the entire cotton-textile-apparel (CTA) value-chain has been one of the country’s least developed industries, only marginally contributing to the country’s GDP. The reasons for this are many, but two significant causes are lower cotton cultivation rates and a lack of vertical integration across the value chain (1).If you know anything about Ethiopia and the important role that agriculture plays in its GDP, this may actually come as a surprise. While cotton has long been considered a “cash crop” that is grown by commercial and smallholder farmers alike, cotton cultivation has yet to reach its full potential. Ethiopia currently cultivates only 3% of the total 2.6 million hectares that are suitable for cotton production, and out of 84,000 hectares of land that are under cotton cultivation, only 35,000 hectares are irrigated while the remaining is rain-fed (2). This translates directly into the country’s export figures. In 2012, total CTA exports amounted to roughly $27.2M, of which only $4.7M was directly from cotton production (1) - as a comparison point, coffee exports for the same year amounted to $694.6M (3). In addition to lower cultivation rates, up to 70% of cotton that is grown in Ethiopia and the East Africa region is exported to other countries (1). To date, only a handful of textile and garment manufacturers are vertically integrated from “dirt to shirt,” leaving the remaining facilities to import costly raw materials from other countries and stunting the overall textile industry (1).Bringing this point closer to home, 60-70% of what Desta produces is made from 100% cotton or a cotton blend. Of these cotton products, only about 20% is actually made from locally grown Ethiopian cotton, while the remaining 80% is made from imported cotton or polyester-cotton blends. However, this reliance on expensive imports may not be for long. Global sourcing for apparel is currently undergoing a significant realignment due to a rise in labor wages in China, the world’s largest textile exporter; buyers are now looking elsewhere to source apparel (1). So, where might these buyers be looking? You guessed it - Ethiopia.<figure class="image"><img src="/uploads/dsc_0159_10ddd9e6bc.jpg"></figure> To put this in context, the East Africa region currently produces approximately $1B in cotton products (cotton fiber through apparel) on an annual basis, whereas China exported $159.6B in garments alone in 2012 (1). “If one-half of one percent of China’s current garment exports were to relocate, this would represent a near doubling in the value of all CTA exports from East Africa” (1). And Ethiopia is well positioned to take advantage of this shift. The country is rapidly becoming a top destination for textile manufacturing on account of competitive labor costs, government incentives, and low energy costs. Companies such as H&amp;M, Tesco, Gap, Belk, and Walmart, among others, are now sourcing textile products from the country (4).In light of these global shifts, the government of Ethiopia has recently taken steps to further ensure the future success of the sector in naming the CTA industry, across the entire value chain, as a priority sector under the Growth and Transformation Plan II (GTP II). According to <a href="http://allafrica.com/stories/201607151027.html">AllAfrica</a>, the country plans to “increase cotton output from the land productivity level of 15 quintals/ha in 2015 to 28 quintals/ha by 2020. In the long-term, Ethiopia has set out to become self-sufficient in lint cotton supply” by the completion of GTP II. The country is also taking advantage of initiatives such as the Africa Growth and Opportunity Act (AGOA), Common Markets of East Africa (COMESA) and other bilateral trade agreements with Western countries that offer free trade benefits and access to the global and regional markets. And to ensure that facilities are taking full advantage of these agreements, the Ethiopian government has established a National AGOA Center under the Ministry of Trade to help companies better utilize AGOA.In strengthening the cotton cultivation segment of the CTA value chain, Ethiopia will not only support full integration of the important textile industry (one that is expected to significantly contribute towards Ethiopia’s future GDP), but it will also positively affect food and income security for rural populations. “In addition to production for the value chain, by-products include cotton oil and cotton seedcake for home use and cattle feed. Cotton production for smallholder farmers has a strongly positive impact on food security through raising rural incomes. It is highly suitable to be grown in rotation with other staple crops and provides the cash necessary for the farmer to invest more heavily in food crops” (1)All in all, the continued development of the CTA value-chain not only positively affects textile manufacturers, like Desta PLC, but it will also economically benefit the country and the lives of the farmers who are involved in cotton cultivation.

The RENEW team takes a closer look at the cotton, textile, apparel value chain and its role in Ethiopia’s economy.

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Back to the Source: Cotton

<h1 style="text-align:center;">We Hit 100!</h1><figure class="image"><img src="/uploads/toast_5a775dbfe1.jpg"></figure>This past month, the Impact Angel Network hit an important milestone: It reached 100 members. Only one order of magnitude from our vision of thousands of investors investing into hundreds of companies across 20 countries on the continent of Africa.&nbsp;Perhaps it's worth explaining why this milestone, and RENEW’s vision for a thousand-member network, is so important.First, there is much more to this story than angel investing.If we go back in time, to the point when nations start to accelerate beyond their agrarian roots, to industrialized countries and a thriving private sector that pulls many out of poverty into the middle class – it’s entrepreneurs that are at the center of that story. The young and determined that went on to claim the title of captains of industry. While far from perfect, Rockefeller, Carnegie,&nbsp;and Morgan, and then Jobs&nbsp;and Gates, did amazing things for my country. And yes, they all started as an idea, then a garage and then a mid-size company, that they grew into great ones. They were determined, passionate, hard-working and visionary. And they had some help along the way…from investors.We believe this talent can be found on the continent of Africa. You must seek them out, but they are here, working hard at innovating and bringing value to their markets. They are overlooked by much of the world and definitely underserved by the local capital market. There is virtually no medium-term, risk capital available for these young Edisons. There within lies the problem and the opportunity. RENEW’s Impact Angel Network seeks to find and invest in these future business legends, and unlock the massive economic force inside each nation. In doing so, we create&nbsp;jobs,&nbsp;and provide better access to healthcare, education and clean water for the thousands we employ and eventually the millions living in the communities where these legends build their companies. Read more in our latest <a href="second-annual-impact-report.html">Impact Report.</a>Recently,&nbsp;the UN Secretary General, António Guterres,&nbsp;<a href="https://news.impactalpha.com/deadline-2030-less-than-5-000-days-and-counting-to-meet-global-goals-7bde7d7e4085">asked for the private sector's help&nbsp;</a> in achieving the Sustainable Development Goals (SDGs).&nbsp;Well, I am proud and inspired by the more than 100 amazing families that I have personally gotten to know since the IAN was founded in 2013 that are already taking up this call-to-action. And I am also incredibly proud of the hundreds of amazing entrepreneurs who I personally know who are working day-in and day-out to build companies that bring new products and services to their markets, creating valuable jobs, and acting as good stewards in their communities. Here is a peak at a few of their <a href="https://youtu.be/FhLyVJwqS9c">stories</a>. I believe this is exactly what Mr. Guterres is asking for.<figure class="image"><img src="/uploads/first_trip_1_45d7edd176.jpg"></figure>Many people have told us that building an angel network dedicated to investing in growth business on the continent of Africa was impossible: we’ve heard “They will ask you too many questions, and it will be awful to manage.” Or “You will have so many problems investing in small and medium sized businesses in Africa; they are too much work.” Thankfully, I find solace in these statements of doubt; it means RENEW and the IAN are onto something disruptive and game-changing! We’re trailblazers.So, find us when we get to 1,000, or join us now and be part of the adventure. We'll still be here, driving entrepreneurship; playing our part in building Africa's private sector; providing a platform for conscious capitalists to invest good companies; and I believe making a dent in the&nbsp;<a href="http://www.undp.org/content/undp/en/home/sustainable-development-goals.html">SDG goals.</a>This is the story and the vision of the Impact Angel Network. <a href="http://renewcapital.com/impact-angel-network/join">Join us!</a><figure class="image"><img src="/uploads/grow_build_leave_tagline_1_3a96cb57f5.jpg"></figure>

The Impact Angel Network crosses the 100-member mark

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We Hit 100!

<h1 style="text-align:center;">Building Up the Angel Investing Ecosystem in Ethiopia</h1>A big thank you to the <a href="http://addischamber.com/">Addis Ababa Chamber of Commerce and Sectoral Associations</a>! Yesterday, on July 26th, RENEW and the Addis Ababa Chamber, one of our City Partners, hosted a Private Equity seminar as part of the Investment Challenge. We had a full house at the event and were joined by over 50 entrepreneurs, mainly in Addis Ababa’s manufacturing sector.<figure class="image image_resized" style="width:99.54%;"><img src="/uploads/screen_shot_2017_07_27_at_12_17_31_pm_747101acc8.png"></figure>As one of the pioneers of equity investing in Ethiopia, our investment workshops helps participants understand private equity, why it exists and how it can help their business. Our goal is to help build and strengthen the investment ecosystem through targeted trainings, making good investments and growing great companies, in turn leading to financial returns and creation of jobs in Ethiopia.Want to learn more about the Investment Workshops offered by RENEW? <a href="https://www.renewcapital.com/contact">Contact us</a> today for more information and upcoming events.The Investment Challenge, a part of RENEW’s Accelerating Business Growth (ABG) project, is undertaken with financial support of the Government of Canada provided through Global Affairs Canada. Please see the following&nbsp;press release&nbsp;on the ABG project for more details. To find out more about RENEW or the Impact Angel Network, contact us at&nbsp;renew@renewcapital.com, follow us on Twitter <a href="https://twitter.com/Renew_Capital">@Renew_Capital</a> or find us on Instagram <a href="https://www.instagram.com/renewcapital/">@renewcapital.</a>

RENEW hosted a PE Seminar with the Addis Ababa Chamber of Commerce and Sectoral Association

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Building Up the Angel Investing Ecosystem in Ethiopia

<h1 style="text-align:center;">My Journey to RENEW Through the Busy Streets of Addis</h1>"Erin.... we are hoping that you are available to come to Addis Ababa, Ethiopia from about May 1...."&nbsp; As I read this email early one morning, I knew my work life was about to get flipped completely around. It’s not every day that a new job asks you to take a transatlantic flight to Sub-Saharan Africa on your first day of work…--------Joining the RENEW team was a no-brainer for me. I was on the hunt for a company where my ideals and values would line up. A company that I could get behind and one that I could feel good about contributing to at the end of the day. Coming from a background in the investment field, I had heard of impact investing, and knew that if I was to stay in this industry, that was where I needed to be. Working at a small company taught me how to wear several different hats, but it also taught me where my strengths truly lie and what I value most in this field: using investments for the greater good. Right from the first conversation I had with RENEW, I could see my values and skills lining up with the company and position.<figure class="image"><img src="/uploads/collage_fotor2_d14841c0ff.jpg"></figure>Which brings me to about four weeks ago, where on day two of work, I landed at Bole International Airport; bright-eyed, bushy-tailed, and bag-less. As I drove through the city of Addis Ababa to The Exchange (our office in Addis Ababa), the sites around me were overwhelming. I had never seen so much traffic and so many people all trying to vie for the right of way. Rush hour in the city felt disorganized and hectic. After a good 30-minute drive, I finally made it to The Exchange and was greeted by a friendly team and positive work environment. A small hidden gem tucked inside a coffee warehouse down a dirt road in the heart of the city.Right from day one of work, I could tell&nbsp;this position would be fast-paced and right up my alley.&nbsp;One common theme that kept popping in my head over the two weeks I spent in Ethiopia, was something Matt and Laura told me in my interview. They said they’re a hard-working group, but at the end of the day, their company is like one big family. Over the two weeks in Addis, I saw that adage really come to light, and I saw first-hand that they live and breathe that. I also experienced the passion that was behind RENEW, and saw that the team truly stood behind and embodied the company’s values: "we are loyal and welcome the challenge of being trailblazers".&nbsp;<figure class="image"><img src="/uploads/erin_eat_ethiopian_2_e1293f19f1.jpg"></figure>While in Addis, I also had the chance to visit a few of our projects. To hear and see first-hand what impact our investments have, and to meet the people behind the portfolio, was truly eye-opening. Learning about where these companies started, versus where they were today because of the equity investments by the IAN, was a testament to the work being done by RENEW and the impact being created.Over the next two weeks, Addis eventually became less about the busyness and felt more and more like everyday life. The people were friendly and helpful and the city was alive and exciting.&nbsp;I woke up to the sound of morning prayers and church bells every morning; which on day 2, I was convinced my co-worker was blasting music at 5 AM. It made it hard to sleep, but you could feel how alive with energy the city was at the same time.Being able to see our investments, the country, and the circumstances that surround them, gave me such a strong grounding and understanding of what we're offering. Not only are we trying to create huge social impacts, but we're working with the community to move it forward, and ultimately, provide good financial returns to our angel investors.One month in, and I’m still getting my feet wet, but I can already tell this is somewhere I want to make a splash.<figure class="image"><img src="/uploads/renew_team_9361509dcd.jpg"></figure>

My first impressions of RENEW and Ethiopia.

Perspectives

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My Journey to RENEW Through the Busy Streets of Addis

<h1 style="text-align:center;">The RENEW Partners are Heading to London on September 27!</h1>The RENEW partners will be touching down in London, England this September to meet with investors. If you have time to meet the partners, or know other like-minded investors who would be interested in learning more about RENEW, the IAN or our upcoming deals, please join us on Wednesday, September 27 at Airspace in London, England with The Baobob Network. Please <a href="https://www.eventbrite.co.uk/e/impact-investing-and-tech-in-africa-drinks-networking-updates-tickets-36651623994">RSVP</a> by September 20th to secure your spot.We hope to see you this September!Visit our <a href="../../impact-angel-network/events.html">Events Page</a> for other stops on their fall trip, and visit the <a href="https://www.renewcapital.com/investing">Impact Angel Network</a> page to learn more about joining the network.<figure class="image"><img src="/uploads/london_bridge_0_22cc094596.jpg"></figure>

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The RENEW Partners are Heading to London on September 27!

<h1 style="text-align:center;">The RENEW Partners are Heading to Amsterdam September 28!</h1>The RENEW partners will be touching down in Amsterdam this September to meet with investors. If you have time to meet the partners, or know other like-minded investors who would be interested in learning more about RENEW, the IAN or our upcoming deals, please join us on Thursday, September 28 at Bocca Coffee in Amsterdam with The African Business Angel Network (ABAN) and VC4A. Please <a href="https://www.eventbrite.co.uk/e/impact-investing-in-africa-drinks-networking-updates-tickets-37057284335">RSVP</a> by September 20th to secure your spot.We hope to see you this September!Visit our <a href="../../impact-angel-network/events.html">Events Page</a> for other stops on their fall trip, and visit the <a href="https://www.renewcapital.com/investing">Impact Angel Network</a> page to learn more about joining the network.<figure class="image"><img src="/uploads/amsterdam_the_netherlands_rapenburgwal_65d1e60582.jpg"><figcaption>Source: <a href="https://en.wikipedia.org/wiki/Amsterdam#/media/File:Amsterdam,_the_Netherlands_-_Rapenburgwal.jpg">Wikipedia: Amsterdam</a></figcaption></figure>

Investing in Africa