<h1 style="text-align:center;">From Enterprising Adventurer to Adventurous Enterprises</h1>I come from a family of adventurers. They gave me both a passion for new experiences and, from an early age, the privilege and opportunity to travel broadly. It was these adventures to distant lands that brought me close to people.At five years old, I played with joyful Shuar children on the banks of the Rio Upano in Ecuador and, at eight, sat in a field overnight through an earthquake with frightened families in Turkey. It was experiences like these that showed me that no matter where we are from or what our situation, we have more in common with each other than not. I also came to realize the power of connecting with another human being, of trying to understand each other, and the gift of shared laughter.<figure class="image"><img src="/uploads/Screen_Shot_2022_03_07_at_12_26_35_PM_1e774fe22f.png"></figure>Through these adventures, I have learned what it means to be a global citizen and the responsibility that entails. While we are more alike than different, we are not all born into equitable circumstances and provided with the same share of opportunities. These experiences also showed me that we can learn the most when we are willing to step into the unknown, when we are prepared to listen rather than speak, to learn with humility, and laugh at ourselves when we fall down.&nbsp;This passion and curiosity has fueled my journey. It has led me down many delightful paths I could never have imagined, and ultimately, brought me here, to RENEW. With all that the world and its people have given me so far, it is my hope to lead a life of empowering others to chase their own adventures and reach for their own dreams, and maybe even fall into a puddle or two and roll out with a smile on their face.A persistent theme throughout my endeavors to address inequities is the limitations imposed by lack of capital, whether that be monetary or human. We can dream as big as we want and work as hard as we can, but without the right resources and support, only a fortunate fraction of us will succeed, no matter our brilliance or drive. Recognizing this led me to the field of impact investing, to put capitalism to work for good.While in graduate school, I developed a regional expertise and focused my research on Ethiopia and the greater Horn of Africa. Looking beyond the great coffee, phenomenal food, and wonderful people, which is reason enough, I chose this concentration because I truly believe in the country’s potential to be a driving force for economic and political development in the region.Graduating in the onslaught of the pandemic, I was fortunate to be offered a position at a Europe-based impact investment firm focused on agricultural SMEs in the most underdeveloped countries. This gave me the hands-on impact investing experience I sought but left me yearning to put boots on the ground -&nbsp; and ideally, breathing in the mountain air of Addis Ababa every morning.&nbsp; On a crisp October morning in 2021, this became a reality as I stepped off Ethiopian Flight 575 and took the first deep breath of my next adventure. I haven’t missed a morning buna since.

Screen Shot 2022-03-07 at 12.26.35 PM.png

From Enterprising Adventurer to Adventurous Enterprises

<h1 style="text-align:center;">A Globetrotter Who Found Her Way Back to Uganda</h1>I recently celebrated my one-year anniversary at RENEW. The journey has been a rollercoaster, in a positive way.&nbsp;A few months before joining RENEW, I completed my MBA at Warwick Business School. Going back to business school full-time was challenging initially, as I had spent years working in the SME investing field and developed a passion and increased desire for investing and transforming businesses to achieve their long-time vision, and I took a break to embark on an educational adventure. The reason I say it was an adventure is because for the last thirteen years, my life had been a series of adventures, where I called different places home and had a lot of introspection and exposure to different cultures.&nbsp;<figure class="image"><img src="/uploads/Diana_76e9ca7187.png"></figure>I was born and raised in Kenya, and I would classify myself as someone that is really patriotic and proud of my roots. After seventeen years growing up in Kenya, I moved to Canada for my final year of high school and that is when my journey of being a global citizen began. It was here that I was initially exposed to an environment that was incredibly diverse with students from Canada, Kazakhstan, China, Nigeria, to mention but a few. As a naturally curious person, I was fascinated by the divergence in values, perceptions of the world and desires of different individuals. However, one thing that was clear was despite our differences there was a general understanding as to what makes us human and the priorities of different nations, including economic empowerment. Soon after completing high school, I moved to Rutgers University in New Jersey, U.S.A. to pursue a bachelors of science in finance. While at Rutgers, which again was an incredibly diverse environment, I gained key tools that have formed the foundation of who I am. It was during this adventure that I believe I began to find my purpose. Upon graduating from Rutgers, I was itching to put into practice what I had learned. It was clear to me that my desire was to play a significant role in the development impact and economic empowerment of Kenya. The question was, how could I play a significant role, at the time when there was a wave of economic and social change. It is this passionate desire and indebtedness to my homeland that led me to move back home to Kenya, after living abroad for five years.After a challenging but active job search, the opportunity to join Pearl Capital Partners (PCP) presented itself and it seemed like the perfect fit because it focused on African emerging markets, Kenya included, and they were attracting a great degree of private equity and venture capital funding. Additionally, it tied into my long-term goal as the firm’s investment thesis was to invest in businesses that would generate social and environmental impact alongside a healthy financial return. Thus, getting a foot in the door at my age would open vast opportunities. While at PCP, I was immersed into substantial work from the beginning and was exposed to investment opportunities across eastern and southern Africa. I was fortunate enough to not only be involved on the investment side, but also got to represent the fund on different boards and be part of a team that was driving companies to become robust businesses that could scale.&nbsp;In February 2017, I moved to the Uganda office after being promoted to senior investment analyst and transitioned to the role of investment team lead. The general assumption is that Uganda and Kenya, given that they share a border, have cultures that are more or less similar. However, I was shocked to realize that while our cultures have similarities, there are certain cultural nuances that differentiate Kenyans. I soon realized that I had to tame my initial “aggression” or zeal to close investments in Uganda and had to initially take some time to appreciate and learn the country. As I flashback to July 2018, when I closed my first investment as a deal lead, I recall the feeling of euphoria and sense of self-actualisation that was awakened. The due diligence process and approval process was tough as the fund’s investment committee scrutinized the investment to detail. This accomplishment validated my long-term vision and inspired me to pursue my long-term goal of obtaining my MBA.In 2018, I began the long and grueling process to go back to business school. While it was tough, I was focused on the fact that my long-term career goal was to be a senior leader in the SME investing field and to have the ability to invest in businesses that could catalyze growth in Sub-Saharan Africa. To achieve this goal, it was essential that I develop strong soft skills such as managerial and leadership skills and to widen my network. My MBA experience at Warwick was a transformative and amazing experience. The challenging, yet scintillating, multicultural learning experience, provided the ideal environment to broaden my perspectives, whilst providing the perfect platform to share insights. Further, the expected differences of the students in the cohort were a hallmark of my experience and provided the opportunity (despite the COVID-19 pandemic) to unify the student cohort through thoughtful, honest and genuine intellectual forums.Fast forward to the end of the MBA program, I wasn’t sure where my career would take me - London, Nairobi, Paris or Kampala. As fate would have it, the opportunity to join RENEW presented itself, and it was clear that there was a reason that I needed to move back to Kampala. During the onboarding process in Addis, I felt at home knowing that I was part of a team that shared the same values. That is the desire to address the missing middle and support SMEs in Africa in order to scale and be regional champions. The multi-faceted approach that RENEW takes from the Exchange, to the Asset Management Division and finally the Shared Growth Services team fascinated me and I knew that I was part of a team that had a compelling vision and took a pragmatic approach in investing.&nbsp;People ask me what I’m most proud of on this journey. The answer is simple: my constant evolution and growth as an individual while staying true to my long-term vision and values. While the journey has led me back to Kampala, I can say with confidence that I’m excited about the adventure ahead, wherever it will lead me.&nbsp;&nbsp;

Diana.png

A Globetrotter Who Found Her Way Back to Uganda 

<h1 style="text-align:center;">Enabling Rockstars in East Africa!&nbsp;</h1>Though 59 universities produce fresh graduates every year in Ethiopia, a lack of business etiquette and job skills is seen among many of those who aim to enter the workforce. Even if these graduates have the right academic scores, they often lack mentorships and apprenticeships to prepare for the corporate world.&nbsp;One of the focuses of the Government of Ethiopia with regards to its higher education system is to improve the quality and employability of university graduates. RENEW has designed an internship program, launched first in Ethiopia, with the goal of enabling and preparing fresh university graduates for success in their career paths. Our internship program targets fresh graduates from all regions in Ethiopia giving equal opportunity through a diversity conscious and gender smart selection process. Our aim is that interns at RENEW grow as people and professionally through proper guidance in the right career path.&nbsp;“I am proud of how far I have come. I have met talented, easy going, fun, genuine professionals and a great mentor who wants to help me grow at work as well as my life. I am so grateful for my beautiful and new experience here at RENEW.” – Abigael&nbsp;<figure class="image image_resized" style="width:97.32%;"><img src="/uploads/intern_picture_8a9f4ea213.jpg"></figure> Led by a program coordinator, the internship program takes 6 months, shortlisting 10 excellent candidates from marketing, business and economics, legal, and project management studies every year from universities around Ethiopia. Selected interns are provided with onboarding training, business skill development training (communication, negotiation, presentation, work ethic, professional conduct, etc.). This is coupled with technical or project based “on the job training” according to their fields of study and interest, special mentorship sessions with experienced professionals, team outings and CSR activity participation and dynamic research project assignments for different divisions. Other benefits offered to them are appropriate stipends and medical insurances.“When I saw RENEW's flyer for an internship, my gut feeling told me to apply. It has now been more than 4 months since I joined the program, and I have gotten amazing mentorship from senior members of the team and familiarized myself with the professional space.” – Hermela&nbsp;Interns also get a chance to take The Exec’s Program at The Exchange. They are periodically assessed based on KPIs like implementing disciplines, the progress they made in various areas, qualities of their deliverables and the initiative they show to manage up for the team.&nbsp;“For a new graduate, having a chance to get an internship at RENEW has a special meaning. I got the chance to have a practical outlook on the concepts I learned theoretically in my economics studies at the university. It also enabled me to understand more about my strengths and weaknesses that I should keep and improve for my future career.” - SolomonAs RENEW expands to other countries in Africa, we look forward to seeing our internship program enable and empower the youth to be competitive and confident candidates as well as create further job opportunities by collaborating with reputable local universities.&nbsp;&nbsp;

RENEW has designed an internship program, launched first in Ethiopia, with the goal of enabling and preparing fresh university graduates for success in their career paths.

intern picture.jpg

Enabling Rockstars in East Africa! 

<h1 style="text-align:center;">ANDE Helps RENEW-Backed Company Become Gender-Smart</h1>&nbsp;On December 15, 2021, ANDE announced the winners of the Gender-Smart Investing Capacity Building Facility funds, an activity under the ANDE Gender Equality Initiative (AGEI). RENEW, along with four other organizations, were picked to advance their gender lens investing strategies. The funds, provided by the United States Agency for International Development (USAID), targets investors who are committed to advancing gender equality through investments into SGBs. Each of the five organizations are slated to receive up to $30,000 and support SGBs operating in India, Brazil or the East and Southeast Asia, Andean or Eastern African regions.&nbsp;Learn more about this announcement in ANDE’s recent press release: <a href="https://www.aspeninstitute.org/news/press-release/ande-gender-smart-investing/">ANDE Announces Winners of the Gender-Smart Investing Capacity Building Facility</a>.<figure class="image image_resized" style="width:100%;"><img src="/uploads/desta_713214ebe3.jpeg"></figure>

On December 15, 2021, ANDE announced the winners of the Gender-Smart Investing Capacity Building Facility

desta.jpeg

ANDE Helps RENEW-Backed Company Become Gender-Smart

<h1 style="text-align:center;">Lessons Learned from the GAC &amp; RENEW Blended Finance Event</h1>On Tuesday, October 26, Global Affairs Canada (GAC) and RENEW co-hosted a learning session titled “A Blended Finance Project in Ethiopia, Start to Finish: What Did We Learn?”. The learning event explored the Accelerating Business Growth (ABG) program, which ran in Ethiopia from May 30, 2016 to May 31, 2021, supported over 6,700 jobs and helped facilitate over $79M CAD in financing to SMEs trapped in the “missing middle”. ABG was designed by RENEW and GAC, and implemented by RENEW.&nbsp;&nbsp;During the webinar, four different stakeholders shared their experience with ABG and the lessons they learned from the blended finance project: GAC, the donor; RENEW, the project manager; Ethiopian SMEs, the local beneficiaries; and investors, the private capital providers.&nbsp;&nbsp;The lessons learned have been captured in the <a href="https://drive.google.com/file/d/1eL9zLckuX2a-yxdg0jSJHOby3MGFTvVD/view?usp=sharing">ABG Program Summary</a>, which also provides a high-level overview of the program’s objectives, results, case studies, and more.&nbsp;Some of the noteworthy lessons learned include:<ul><li style="text-align:justify;">From GAC (The Donor): Blended finance (BF) is a new model needed to close the funding gap to achieving the SDGs. While the awareness of BF is growing as a tool for accomplishing the SDGs, significant pushback still exists within donor government organizations when implementing innovative BF models. Donors’ systems and cultures still favor and are better positioned to work with big NGOs with a traditional lens to development.</li><li style="text-align:justify;">From an ABG-supported SME (Local Beneficiary): Practical, hands-on training for SME executives (i.e., The Exec’s Program) is essential and not available in the market. While training is good, more active support with implementation and regular touchpoints and refreshers would increase longer-term impact on SMEs and local beneficiaries.</li><li style="text-align:justify;">From Impact Investor (International Beneficiaries): International impact investors need full-service investment advisors operating in-county, like RENEW, to carry out BF program services in order for SME investing to work. There is growing desire but a larger pipeline is desired that spans multiple countries.</li><li style="text-align:justify;">From RENEW (Project Manager): For other BF project managers, be careful not to get overburdened with reporting - you serve two masters and it is important to align, where possible, the impact metrics and reporting to both at the onset of the project. Otherwise, sizable resources will be spent reporting to both masters.&nbsp;</li></ul><figure class="image"><a href="https://drive.google.com/file/d/1eL9zLckuX2a-yxdg0jSJHOby3MGFTvVD/view"><img src="/uploads/Screen_Shot_2021_10_19_at_4_20_22_PM_66c0dd7057.png"></a></figure>Several more interesting and valuable insights on organizing, implementing and managing blended finance models and projects are provided in the <a href="https://drive.google.com/file/d/1eL9zLckuX2a-yxdg0jSJHOby3MGFTvVD/view?usp=sharing">ABG Program Summary</a>; we encourage you to read it!&nbsp;And, in case you missed the ABG Learning Event, please feel free to watch a <a href="https://www.youtube.com/watch?v=rhPs8DVpbe4">recording of the webinar</a> uploaded to our YouTube channel.&nbsp; &nbsp;

Perspectives from four blended finance stakeholders: donors, investors, SMEs and project manager

Screen Shot 2021-11-02 at 4.05.23 PM.png

Lessons Learned from the GAC & RENEW Blended Finance Event

<h1 style="text-align:center;">A Blended Finance Project in Ethiopia, Start to Finish: What Did We Learn?</h1>We recently published a <a href="https://drive.google.com/file/d/1h3dztXbnlp1dIQRDVsC3reLXBN3fXVUr/view?usp=sharing">program summary</a> for the Global Affairs Canada Accelerating Business Growth (ABG) project, which ran in Ethiopia from May 30, 2016 to May 31, 2021. The summary provides a high-level overview of the program’s objectives, results, case studies, and more.&nbsp;&nbsp;<figure class="image image_resized" style="width:59.73%;"><a href="https://drive.google.com/file/d/1h3dztXbnlp1dIQRDVsC3reLXBN3fXVUr/view?usp=sharing"><img src="https://lh3.googleusercontent.com/k3xVoFDyjTbOc-7jFpZP-8v0bs8LinAK7w-jrCdzMMoBaaVE9nvN6q5VPUKXE8He7sltAn27Uz0wrsiQqSPWeTr13BlAanRCA7dHzNtQkQIyzAu16R6_B8Xedh8LIXeUvoBg3fog=s1600"></a></figure> In partnership with Global Affairs Canada, the ABG program helped mobilize $79.6M CAD of capital for and supported 6,744 jobs in SMEs that were a part of the program. Of the 6,744 jobs supported (60% of which were for women), 2,632 jobs were created over the life of the program.Five years of implementation of ABG in Ethiopia was a meaningful journey and a significant learning experience. What is clearer now more than ever is the importance of the private sector and development sector working together to implement blended finance solutions such as ABG that address the constraint of SMEs, and of persisting through challenges, no matter the scale.We invite you to <a href="https://teams.microsoft.com/registration/22T3OmbKiEGoDHvv7nBQpg,WaMFc_bLZ0-fk4_df0G0Mg,IybsuXl5mEWes-lNfFW3lQ,xwQfs94gCE-9BGlHA8zMnQ,iEXNRl_Sv0iyyGUSNJsmfA,PAUQ1sVH3U-2xzl31lFCzA?mode=read&amp;tenantId=3af764db-ca66-4188-a80c-7befee7050a6&amp;skipauthstrap=1">join us virtually</a> on Tuesday, October 26 from 9 to 10:30 AM EST (4 to 5:30 PM EAT) for a learning session hosted by GAC and RENEW to:<ul><li>Recognize the role that GAC played in shaping Ethiopia’s investment landscape and SME ecosystem;</li><li>Hear from ABG project beneficiaries and stakeholders about their experience and gain further lessons learned and ideas for future blended finance projects; and</li><li>Share lessons learned and discuss best practices to advance blended finance models to develop SME ecosystems in SSA.&nbsp;</li></ul>Be sure to <a href="https://teams.microsoft.com/registration/22T3OmbKiEGoDHvv7nBQpg,WaMFc_bLZ0-fk4_df0G0Mg,IybsuXl5mEWes-lNfFW3lQ,xwQfs94gCE-9BGlHA8zMnQ,iEXNRl_Sv0iyyGUSNJsmfA,PAUQ1sVH3U-2xzl31lFCzA?mode=read&amp;tenantId=3af764db-ca66-4188-a80c-7befee7050a6&amp;skipauthstrap=1">register today</a> to secure your spot for next week’s learning event.&nbsp; &nbsp;

Download a project summary and join us Oct. 26 to learn more

International Gathering - 2.jpg

A Blended Finance Project in Ethiopia, Start to Finish: What Did We Learn?

<h1 style="text-align:center;">Reflections After a Recent Visit to Addis</h1><h3>Jonathan Baker, an investor with RENEW, shares his background and motivations for impact investing.&nbsp;</h3>Tell us about your background?​My career started in management consulting in the late 80s. My primary role was on the business development side where I brokered the insights of some very smart colleagues amongst C suite executives around the world. Whatever cachet conveys with, “I was a management consultant” is not mine to claim. I was a glorified “sales guy” whose job was to grow the firm’s client base. The firm, Corporate Executive Board, had a successful IPO in 1999. In 2001, I was able to pivot to investing in start-ups across a broad spectrum of industries (renewable energy, life sciences, SaaS, consumer goods, IT &amp; various technology plays). My very first investment was a terrific success; that was unlucky as it led me to believe I had the “Midas Touch,” and it took several&nbsp;subsequent investments (i.e., total losses) for me to grasp just how hard start-up investing can be.<figure class="image"><img src="/uploads/JB_1_907d6aef21.jpeg"></figure>How did you learn about RENEW and the Impact Angel Network?&nbsp;After hearing I had done some small-scale investing in Ethiopia (also total losses), a mutual acquaintance, David Grizzle, introduced my wife, Julie, to Laura Davis. Julie had come alongside an NGO in Ethiopia that was helping women rebuild their lives after prostitution. In 2015, Laura helped Julie find employment for these women.&nbsp;&nbsp;Why are you interested in Ethiopia? Tell us about some experiences in Ethiopia? What do you remember about your first visit?&nbsp;I first came to Ethiopia in 2009 and was completely smitten. So much so I returned with my entire family (six of us!), and we lived there for three months. What struck me, and has stayed with me, is the depth of relationships Ethiopians have with each other. In the fast-paced world of the West, we have lost the joy of just being together without distraction.What lessons did you learn from your first investments in Ethiopia?The primary reason my initial, personal investments failed in Ethiopia was because of some unfounded assumptions on my part.&nbsp; Basic business principles (accounting, finance, governance, operations, etc.) were missing AND I did not stay on the ground with these companies to help them. I wrote a check, got fewer and fewer updates as time went on and then I stopped hearing from them altogether. Granted these were very small investments, but (at least) two principles hold. First, failure to define and agree upon frameworks and methods of business processes prior to investing won’t end well, regardless of the smarts and integrity of the entrepreneur being backed. Second, given how much time this first part takes, if you are not on the ground, cheek to jowl, day in and day out, having close, substantive, “in the weeds” exchanges, you will not be able to effectively assess and prioritize what needs to happen next.<figure class="image"><img src="/uploads/JB_2_8ee906aa5b.jpeg"></figure>What motivates you to be involved in impact investing?Like any human, I can’t see the suffering of extreme poverty. Over the years, I have gotten involved with various international aid efforts – everything from drilling freshwater wells to medical education and training for people working with very sick children. While this work has been life-changing for its recipients, it hasn’t changed the circumstances surrounding them. Investing in viable enterprises and seeing them through to ever-expanding horizons of success displaces poverty and its concomitant miseries. As a businessman, I see profit and ROI as the only reliable markers to identify which businesses are viable. The aim in impact investing is to make money, but if I do, I know it will ultimately replace suffering with opportunities for other humans to flourish.&nbsp;

Jonathan Baker, an investor with RENEW, shares his background and motivations for impact investing. 

JB 1.jpeg

Reflections After a Recent Visit to Addis

<h1 style="text-align:center;">Positioned to Help Investors Scale in Sub-Saharan Africa</h1>The landscape of impact investing in emerging economies is changing rapidly. Interest is growing, and having surveyed the space for more than three years, RENEW is uniquely positioned to assist investors in accessing quality investment opportunities in sub-Saharan Africa.Our East Africa network is growing and across the industry private equity funds slated for Africa are increasing (an estimated $5 billion is earmarked for Africa). Success stories are emerging and <a href="http://allafrica.com/stories/201002010795.html">policy changes</a> are making way for more investments.A recent news story posted on <a href="http://www.reuters.com/article/idUSTRE60P04120100128">Reuters.com</a> by Ed Cropley and Ben Hirschler details the current sub-Saharan Africa investment landscape. The piece quotes a range of folks involved in the space and summarizes recent work by the World Bank and International Monetary Fund.The RENEW team is invigorated by the growing life we see in the Impact investment market. Feedback on our services and Marketplace is positive and we are making regular trips to visit businesses and partners.Let us know if you need help finding quality businesses in East Africa.<figure class="image"><img src="/uploads/Find_Assess_Grow_png_84188d2a87.jpg"></figure>&nbsp;

The landscape of impact investing in emerging economies is changing rapidly.

Renew_logo_tag_8.png

Positioned to Help Investors Scale in Sub-Saharan Africa

<h1 style="text-align:center;">What Are RENEW's Social Goals?</h1>That is a question that we, the RENEW team, have asked each other many times - and one that is common to most investors who approach African businesses with a social lens. Without question, we see tremendous opportunity for specific kinds of businesses to, say, revolutionize healthcare delivery or provide clean, affordable energy to rural areas.But there is a more fundamental idea that drives RENEW's model - and helps us keep in check the temptation to define exactly how social change should occur. Carl Schramm, president of the Kauffman Foundation, captures it succinctly in his article in the spring issue of the Stanford Social Innovation Review: <a href="http://www.ssireview.org/articles/entry/all_entrepreneurship_is_social">All Entrepreneurship is Social</a>. He writes:<blockquote>One danger... is that the use of the modifier social will diminish the contributions of regular entrepreneurs—that is, people who create new companies and then grow them to scale. In the course of doing business as usual, these regular entrepreneurs create thousands of jobs, improve the quality of goods and services available to consumers, and ultimately raise standards of living. Indeed, the intertwined histories of business and health in the United States suggests that all entrepreneurship is social entrepreneurship.</blockquote>Schramm goes on to elaborate how much social return plain, old-fashioned entrepreneurship has produced. RENEW seeks to capture that idea in our mission - "Serving Investors. Growing Businesses. Igniting Change."As investors discover the potential of more and more African entrepreneurs, RENEW aims to continue to show the social impact of all kinds of entrepreneurship, done well.

Investing in Africa