<h1 style="text-align:center;">2018/19 IAN Advisory Board Members</h1>Each year we love to announce the stellar folks who step forward to be a part of the Impact Angel Network Advisory Board. But before telling you about our new chairs, we'd like to take a minute to acknowledge the amazing work by the chairs who will be stepping down after their two-year term: Jodi Morris, David Grizzle and Beth &amp; Joel Marquette. Thank you for your commitment over the past two years. Your dedication and help have been invaluable in advising the RENEW team and growing the IAN!This year, we are thrilled to welcome two new chairs to the IAN Advisory Board: Danielle Gibbie and Don Fulton. Along with existing chairs, Larry &amp; Beth DiSabatino and Nicholas &amp; Anne-Mieke Howle, we can't wait to see what great ideas the board will have to help push the IAN and RENEW forward.<figure class="image"><img src="/uploads/advisoryboard_1_f388f8864d.jpg"></figure>Below is a brief introduction to help you get to know the 2018 chairs:<a href="https://www.linkedin.com/in/danielle-gibbie-71608312/">Danielle Gibbie</a>: Danielle is from Calgary, Canada and is the Executive Director of the D. Keith MacDonald Foundation (DKM). DKM is currently active in Ethiopia, Kenya and Tanzania, and has been a member of the IAN since 2017. Danielle is passionate about building communities and loves a good adventure.<a href="https://www.linkedin.com/in/don-fulton-68753212/">Don Fulton</a>: Don is from Wilmington, DE and is an IAN Investor and Member since 2013. He's been an active member attending National Gathering's and also attended an Econ-Tourism Trip in 2017. He's a Managing Partner at George J. Weiner Associates and an active member of various community building initiatives in Wilmington.<a href="https://www.linkedin.com/in/larry-disabatino-094ba85/">Larry &amp; Beth DiSabatino</a>: Larry and his wife Beth are world travelers and intuitively understand RENEW and the Impact Angel Network's mission and vision. Larry is the President of DiSabatino Construction Company and Managing Member of DiSabatino Ventures. Larry and Beth live in Wilmington, DE and are active members in the community through the local Rotary Club chapter and other causes. This is their first year serving on the Board.<a href="https://www.linkedin.com/in/nick-howle-1207695b/">Nicholas</a> &amp; <a href="https://www.linkedin.com/in/anne-mieke-howle-elderhorst-8b0723141/">Anne-Mieke Howle</a>: Nick and his wife Anne-Mieke are no strangers to Ethiopia, having participated in an Econ-Tourism trip in February 2017 and their son Sebastiaan completing a summer internship with RENEW in 2016. The Howle family has been very engaged in sharing the IAN experience ever since. This is their first year serving on the Board.Welcome Danielle and Don! We are thrilled to have you join us and look forward to your ideas and feedback.Emeritus members of the Impact Angel Network Advisory Board include <a href="https://www.linkedin.com/in/andrewumhau/">Andrew Umhau, M.D.</a>, Alan Gardner, <a href="https://www.linkedin.com/in/jeffrey-turi-7b883a13/">Jeff</a> &amp; <a href="https://www.linkedin.com/in/donna-turi-57721a9/">Donna Turi</a>, Joel &amp; Beth Marquette, <a href="https://www.linkedin.com/in/davidgrizzle/">David Grizzle</a> and <a href="https://www.linkedin.com/in/jodimorrissf/">Jodi Morris</a>.&nbsp;

Announcing the 2018/19 IAN Advisory Board.

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2018/19 IAN Advisory Board Members

<h1 style="text-align:center;">Marking the Milestones With a Mouthwatering Menu</h1>Major transformations need milestones to mark and celebrate key points along the journey. The National Gathering is an annual milestone marker for RENEW’s Impact Angel Network. Now with more than 100 families spread across North America and increasing around the world, the National Gathering creates a platform to celebrate our progress in seeing opportunities rather than problems and investing in some of Africa’s best entrepreneurs. The event also provides an opportunity for investors and thought leaders to share innovative ideas about impact investing and Africa. The RENEW team works hard to create a warm and relaxing venue for investors to connect with each other, strengthen their personal networks, hear stories of success, understand the risks and the challenges and continue their venture into the new and exciting world of impact investing.It’s less than a month away, and we can't wait. My mouth is watering for the experience of being with so many great people on this journey with us; and of course for the menu that is being curated by our guest of honor Marcus Samuelson, an Ethiopian-born, Swedish-raised chef who has&nbsp;been featured on Anthony Bourdain's Parts Unknown and Iron Chef America. His story of entrepreneurship is exceptional, and I look forward to hearing it firsthand.What else can attendees expect? For our members, we will have additional events on October 28th , when we provide an in-depth look at RENEW’s pipeline and portfolio and touch on the latest news and information from Ethiopia, relevant to investors. We still have a few tickets left, so consider joining the network on this journey and experiencing the warmth and impact of the Impact Angel Network at the <a href="http://mailchi.mp/69232fa434a9/invitation-renews-impact-angel-networks-national-gathering">National Gathering</a>.<figure class="image image_resized" style="width:97.15%;"><img src="/uploads/marcus2_0_f2f40fce5d.jpg"><figcaption>Source: <a href="http://marcussamuelssongroup.com/">http://marcussamuelssongroup.com/</a></figcaption></figure>

The “why” behind the National Gathering, Oct. 27th

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Marking the Milestones With a Mouthwatering Menu

<h1 style="text-align:center;">From Brazil to Ethiopia</h1>When you move to a country like Ethiopia, one of the first questions people ask is “where are you from?” and when I reply that I am from Brazil, I usually get a mixture of positive and curious reactions which allows me to engage with people and to start a conversation.In my pursuit to work closer to impact investments since I finished my master’s degree, I decided, together with my boyfriend, to look for opportunities in East Africa, in which both of us hoped to find experiences that would change our lives.<figure class="image"><img src="/uploads/renata_0_bbafde9618.jpg"></figure>Before we decided to move to Ethiopia, my boyfriend was already in country working for a mission, and on a short trip to Lalibela, he met with a young man named <a href="../2016/research-due-diligence-and-football.html">Sebastiaan Howle</a> who was finishing a summer internship at an impact investing firm based in Addis Ababa: RENEW.A few minutes later, my boyfriend sent me an e-mail to look into RENEW. That’s when it all started. I was back in Brazil, working for an accelerator for social impact businesses but I wanted to know more about this part of the world, experience the challenges and learn about doing business here. I found a lot on RENEW’s website, blog posts, podcasts, and the impact report, to understand more about the company, but mostly to learn about Ethiopia’s business environment.&nbsp;<figure class="image"><img src="/uploads/img_20170716_131928705_1_b91cbfa9e7.jpg"></figure>I was fascinated with the type of businesses that made up the portfolio companies. This was when I first read about a company exporting fresh injera to the U.S., for example. For most people in Brazil, and I would say even South America in general, this part of the world seems so distant, so different, but what I discovered is that there are a lot of lessons and experiences to be shared. Like Ethiopia, Brazil is also a country majorly focused on agribusiness, exporting coffee, a country of creative and entrepreneurial people, of family businesses developing into larger companies. In fact, I believe there are many lessons to be learned, and I recognize how my professional background coming from an emerging market helped me to navigate in the ecosystem here. But I’ve also learned so much with the entrepreneurs in Ethiopia, with their passion and persistence to achieve their vision, the commitment with employees and the community.&nbsp;I am glad that I pursued my goal to work with impact investing in Africa and I am lucky that a random encounter in Lalibela made me aware of RENEW.I will continue to follow my goals persistently and endure in the journey of achieving them and I hope to get a little bit of luck along the way too.

Renata’s journey to work with impact investing in Africa

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From Brazil to Ethiopia

<h1 style="text-align:center;">Guest Blog: An Inside Look at the Investment Pipeline</h1>GUEST BLOG:This is a guest blog by Jeff Turi who is a member of the Impact Angel Network (IAN) and proud investor in many of the IAN's portfolio companies.As an active member of the IAN, I enjoy listening to the monthly pipeline calls. It's always exciting when a new company is discussed or an existing opportunity comes closer to funding. On the flip side, it can be frustrating when new companies are not coming up for discussion.For the past month, I've had the opportunity to work with RENEW and the team in Addis Ababa. It was great to be able to "lift the curtain" and see the work that the team does to move a company through the pipeline from first introduction to funding. My goal with this blog is to help investors get better insights into how companies are screened and how they work their way through the pipeline. I was pleasantly surprised to see there is a very detailed and rigorous workflow that ensures only strong companies and entrepreneurs get shown to the IAN.<figure class="image"><img src="/uploads/jeff1_fotor_4cbea20e47.jpg"></figure>Step 1: The Pre-Pipeline Process:Each member of the RENEW team knows they are a salesperson. Everyone is responsible for identifying prospects via sector research, industry events, networking and even walking through Merkato. The group has a 2018 KPI of holding initial screening interviews with 120 companies. After this initial meeting, the team works to gather information, receive financial information and further qualify the entrepreneur and their company. The last hurdle in this phase is convincing the Investment Committee to approve the company to move to the next step in the funnel.Step 2: Active Pipeline #1:In this section, the team conducts much more detailed interviews with the entrepreneur and gathers significant company and industry intelligence. Financial models are created to examine the investment, working capital growth and future cashflows. As requested by investors, companies will be discussed with the IAN for the first time, either during an Econ-Tourism Trip or via the monthly Members Call. The last hurdle in this phase is ensuring that the potential forecast reaches a 25% IRR under conservative conditions.Step 3: Active Pipeline #2:Initial information gets loaded onto the Gust website (make sure you check out this really nice database). The term sheet is negotiated to ensure we can reach favorable terms. Also, the difficult work of creating the Confidential Information Memorandum (CIM) is completed. The last hurdle is asking investors for their financial commitments so the team knows the deal is supported for funding.Step 4: Active Pipeline #3:Extensive due diligence is conducted using the experience of our local team to really turn over all the rocks to identify any show stoppers.Step 5: Active Pipeline #4:This is the final stage of the pipeline but also a difficult one. I am amazed at how challenging it is to get through the government bureaucracy in Ethiopia! Besides completing all the legal documentation, the entrepreneur has the opportunity to enroll in the 18-week Exec's Program. The final CIM is completed and reviewed with investors. Only after all these steps are managed is the capital call made for investors and the deal closes. Whew - that's a long and exhausting process. HOWEVER, even after all this hard work and analysis, the amount of business risk is still large. This is a developing country so nothing is ever easy or guaranteed.<figure class="image"><img src="/uploads/jeff2_fotor_fbcc3f6eed.jpg"></figure>Hopefully, members of the IAN can appreciate how hard it is for companies to get through the screening process and why a company you might have been interested in from the the initial presentation is no longer being discussed. The goal for 2018 is to start with 120 in order to make 3-4 investments in businesses. Investing in a company that is 3,000 miles away can certainly seem scary. Now that I know more about the detailed pipeline process, I am even more comfortable with the investment opportunities that will be provided for my consideration.<a href="https://www.linkedin.com/in/jeffrey-turi-7b883a13/">Jeff Turi</a>, IAN member since 2013

Jeff Turi discusses the investment pipeline process after being in Addis with RENEW.

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Guest Blog: An Inside Look at the Investment Pipeline

<h1 style="text-align:center;">Guest Blog: Orientation at RENEW</h1>GUEST BLOG:This is a guest blog by Jeff Turi who is a member of the Impact Angel Network (IAN) and proud investor in many of the IAN's portfolio companies.Over the years, I've worked at several companies and had many new assignments. Usually, the new employee orientation is handled by someone from HR and consists of going through a thick employee handbook which details all the rules - so you don't sue the company. After that, your manager shows you to your desk or office and then… not much else. At RENEW, the on-boarding process is completely different. Right from the beginning, you get an immersive, thorough and intimate understanding of the company.In February, I had time available so decided to come to Addis. I have been an active member of the IAN for the past 5 years and have invested in many of the portfolio companies. I wanted to learn more about the company and work with the team for a month. WOW; right from the beginning I was impressed by the professionalism of the RENEW on-boarding process.<figure class="image"><img src="/uploads/img_3625_dd322b7a9f.jpg"></figure>Everyone is Involved: My "orientation class" consisted of me, a financial analyst and a new driver who was hired by the group. Most people would be surprised that all of us would be receiving the same orientation. But within the RENEW culture, everyone plays a critical part in delivering a clean, polished and first-rate experience to all its partners.Very Thorough: The on-boarding document was 65 slides long and was presented during 3 ½ hours over two days. The topics we covered included: The Big Picture, The Business, The Organization, and General Admin &amp; Getting Started.Strong Grounding: A critical element of RENEW's success is that all employees understand and live its key principles. Everyone can recite by heart the company's Vision, Mission, Values, and Strategy. Every Monday and Friday we start the weekly task meetings by going over these important statements.Actively Engaging: The final section of the on-boarding process helps new employees hit the ground running from the start. Employees are introduced to the company's critical planning tools and its regular meetings. People get to understand the regular rhythms: how the annual plan links to quarterly, to monthly, to weekly, and importantly to daily tasks and meetings.Reinforced: Just in case you thought that this on-boarding was just a "check the box" exercise, you're wrong. Making sure that everyone internalizes these ideas and behaviors is critical to success. So, a very difficult written test is administered one week after the orientation. Good thing I did some serious studying of the material!<figure class="image"><img src="/uploads/jeff6_fotor_b8ae8c5b9f.jpg"></figure>It is pleasant to see "behind the curtain" to understand how the management processes at RENEW are professional and well ordered to help the company grow. How that translates into day-to-day activities is that any member of the team can clearly articulate who RENEW is, what the company's purpose is and how they want to help both local companies and the IAN. There is a clear sense of purpose and vision when they meet with company executives, they do their analysis and socialize with the regular stream of people that visit the office.With too many organizations, the visions and values are just something that is on a poster on the wall that is read as part of an annual compliance exercise. In this case, it is part of the core structure of the company and is a milestone that is strived for each day by everyone who is a part of the organization from the CEO to the driver that shuttles you around on your Econ-Tourism trip visit. It is refreshing to see this and gives me, as an IAN investor, more comfort that we are partnered with the right organization in Ethiopia.<a href="https://www.linkedin.com/in/jeffrey-turi-7b883a13/">Jeff Turi</a>, IAN member since 2013 &nbsp;

A guest blog by Jeff Turi on RENEW's Orientation process

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Guest Blog: Orientation at RENEW

<h1 style="text-align:center;">The Impact Angel Network Grows in Europe</h1>The partners had an amazing week traveling around Europe speaking with investors, connectors, entrepreneurs and advocates about investing in Africa for both social impact and financial returns. Here’s what we learned and observed from our trip:<ul><li>First, we were hosted by Anne-Mieke and Nick Howle, champions of impact investing and members of the Impact Angel Network. This family is not only passionate about what they are doing, they are exceptional entrepreneurs, and great hosts. But they also have a great family. You may remember that their son Bas was RENEW’s first in-country intern. Read about his time with us <a href="../2016/research-due-diligence-and-football.html">here</a>. The Howles hosted three events, at their home in Stratford, in London and in Amsterdam. Each event attracted a great mix of like-minded people who asked amazing questions.</li><li>We had three events with an average of 25 people per event</li><li>The London event was co-hosted with the <a href="http://thebaobabnetwork.com/">Baobab Network</a>. <a href="https://www.linkedin.com/in/tom-fairburn-89957842/">Tom Fairburn</a> and <a href="https://www.linkedin.com/in/toby-hanington-44990035/">Toby Hanington</a> are two young visionaries that have a passion to help link talent in the West with tech talent in Africa. Baobob is creating opportunities for employees working at multinational companies to share their skills and abilities with business owners in Africa. They are also exploring investments into companies on the continent.</li><li>In Amsterdam we were co-hosted by <a href="https://vc4a.com/">VC4Africa</a>, which is providing an online platform to connect companies and investors. <a href="https://www.linkedin.com/in/bertilvanvugt/">Bertil van Vugt </a>shared about the vision and mission of the organization along with the group’s connection to <a href="https://abanangels.org/">African Business Angel Network (ABAN)</a>. We also had the pleasure of meeting the team at <a href="http://www.bidnetwork.org/">BidNetwork</a>; a group helping local companies prepare and pitch to investors in Europe.</li><li>Most in the audience were well-informed about investing in Africa and the potential the continent holds for growth and impact investing.</li><li>A number were actively investing in companies already. We counted at least 10.</li><li>The questions were well-informed and focused on the tactics of investing. The top questions were related to political stability, foreign currency issues, tax issues and exit strategies.</li><li>Many were planning trips to the continent. At least 7 were planning investment and business trips to the continent in the coming weeks.</li><li>The Ethiopian Embassy made a cameo appearance at the Amsterdam event and offered to support anyone exploring investments in the country.</li><li>The Amsterdam event was hosted at <a href="https://www.bocca.nl/">Bocca Coffee</a>– which Matt and Laura went back to everyday while they relaxed for the weekend in Amsterdam with visionary food entrepreneurs Xavier and Eliza, the founders of <a href="http://goaddistours.com/">Go Addis</a> and <a href="http://gokigalitours.com/">Go Kigali tours</a>.</li></ul>The key takeaway from the trip: Europe is primed and ready for impact investing to take hold and become the major connection between sources of capital and opportunities in Africa. We expect big things for the two countries visited and for the Impact Angel Network’s increasing presence in Europe in the coming years.<figure class="image"><img src="/uploads/2017_0_e67b85d746.jpg"></figure>

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The Impact Angel Network Grows in Europe

<h1 style="text-align:center;">Sharks vs. Angels</h1>Yes, they may be angel investors, but things got heated up with some hard hitting questions when six companies stood before members of RENEW’s Impact Angel Network (IAN) to pitch investment opportunities in Ethiopia. The setting: our beautiful space, The Exchange, located above Galani Café in Jacros.<figure class="image"><img src="/uploads/2017_sept_ett_0_d41225dc83.jpg"></figure>Ten members of the Impact Angel Network traveled from their homes across the United States to Ethiopia from September 19-23, 2017 to decide firsthand their thoughts on investment opportunities and also visit with companies they had already invested in.The IAN is now one of the most active private equity investors in Ethiopia, and more than 75 investors have participated in the Econ-Tourism Trips in the last 5.5 years since RENEW opened an office in Addis Ababa. Each trip the companies toured and considered for investment are different and the Econ-Tourism Trip experience is unique and exciting in its own way, based on the interests and personalities of the investors and the trip’s agenda. Unique opportunities also help make the trip informative and enjoyable, such as riding on Africa’s first light rail in the heat of rush hour. This September’s trip was no different.<figure class="image"><img src="/uploads/2017_sept_ett1_bb175b5886.jpg"></figure>Some of our classic trip components include bumping along on back roads on the hunt for great companies; our business cocktail reception that includes no speeches, only connections with investors and other members of the business community; and good, local Ethiopian cuisine at some of Addis’ finest restaurants.Stay tuned in the next few months for more information on the investments the IAN and RENEW have decided to move forward with.

Ten members of the Impact Angel Network traveled from their homes across the United States to Ethiopia

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Sharks vs. Angels

<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

Press Release: Angel Network to Showcase Impact Investing in Africa at its Third National Gathering Download the Full Press ReleaseThe 2017 Impact Angel Network National Gathering is right around the corner on October 27 at the Embassy of Canada in Washington D.C.! Join IAN members and distinguished guests while they share stories of conscious capitalism and impacting investing.This year, we welcome Chef Marcus Samuelsson, an Ethiopian-born, Swedish-raised celebrity chef known for his appearances on Iron Chef America, Chopped, and Anthony Bourdain’s Parts Unknown. Marcus has curated a special menu for the event that promises to impress.Tickets for the event are available until Monday, October 23rd and can be purchased <a href="https://2017-impact-angel-network-national-gathering.eventbrite.com/">here</a>. Additional events will be held exclusively for IAN members on October 28. The IAN membership is free and open to accredited investors. Learn more about the IAN <a href="https://www.renewcapital.com/investing">here.</a>We look forward to seeing you at the 2017 National Gathering!If you have any questions about the event, please contact: Erin O’Connor at <a href="mailto:eoconnor@renewcapital.com">eoconnor@renewcapital.com</a>

Event will feature celebrity chef & stories of impact