<h1 style="text-align:center;">Standing Ground with Effoi Pizza</h1>Look for RENEW’s latest Impact Report next week! This year, we’ll explore what it was like for our investors, entrepreneurs and our team to stand our ground during the pandemic in East Africa. The report will feature key statistics and amazing photos and stories from our work in East Africa.In anticipation of the Impact Report, we wanted to share the story of one entrepreneur who more than stood his ground in 2020. Meet Tsega Wubishet (aka Gigi) of Effoi Pizza. Effoi Pizza, a bustling pizza operation in Addis Ababa, now includes 6 branches and more than 190 employees. Gigi previously participated in RENEW’s Exec’s Program, which is how we came to know and love him. So sit back, relax and enjoy how Gigi describes in his own words what it was like to stand his ground and grow his company in 2020.<figure class="image image-style-align-center"><img src="/uploads/gigi_0_954008b5a7_026315a9c4.jpg"></figure>How did you and your company experience the pandemic?By March 2020, Ethiopia recorded it’s first COVID-19 patient and everyone was washing [their] hands, and all the necessary actions were being taken.At Effoi, we initially decided to close in-restaurant dining. By observing the precautions, we continued with takeaway and pizza delivery. The government passed laws requiring clubs and bars to close, but restaurants could stay open at half capacity, with 3 people at a table. We followed instructions and business was back. With the rules, we still managed to pull through that period, mostly with delivery.As an entrepreneur, the one thing I learned is that nothing is certain. We can have 1 year, 5 year strategy, but that is something we keep in our heads and if that doesn’t work, you have to adapt. As long as you have a growth mindset in your head, you come up with new ways to get things done. It was actually good for my business. It [the pandemic] helped me think a lot.Are you familiar with the phrase “Standing Ground”? What does it mean to you as an entrepreneur?Standing ground was actually something I was contemplating in 2020 as I was working on our Entoto project because I was working among trees. It’s a matter of having deep roots in the community. Also as you grow, you have to fortify your system, thicken your trunk, then you can weather the storm. You always sway. That’s why a tree doesn’t break. When you do that, you can consider yourself standing ground. But a tree cannot be healthy by itself, you need to support the entire ecosystem. You cannot stand on your own. You have to support others around you. That tree provides service to the community.Note: Entoto Mountain overlooks Addis and has recently been remade into a beautiful, tree filled recreational area where visitors can take a long hike on a paved bike path and enjoy some of Ethiopia’s best brands, including Effoi Pizza.What is the current state of your business?Business is higher by 50% [compared to] pre-pandemic. We are used to seeing improvements on a weekly and daily basis. We are always breaking records, which means we are always improving. Pandemic slowed down our improvements, but now we are back, and we are breaking records.As you look forward, further into 2021, and beyond the COVID-19 pandemic, what dreams and visions do you now have for your business growth?In the coming 5 years, life will continue. The vaccine will help with that. For Ethiopia, once the vulnerable portion of the society is vaccinated, the cases will go down. This will continue and we will go back to normal. And the young people will always want to go out and dine and enjoy.What did you take away from RENEW’s Exec’s Program?I am grateful to have attended [The Exec’s Program]. I now know how Effoi can and should grow. I may not have had the time to sit and implement everything we were taught, but I now know what is needed.Make sure to check out our Impact Report which will feature more stories of resilience in East Africa.

An Interview with Tsega Wubishet in the Entoto Forest

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Standing Ground with Effoi Pizza

<h1 style="text-align:center;">RENEW's 2020-2021 Impact Report</h1><a href="https://latest-api.renewcapital.com/uploads/RENEW_2020_2021_Impact_Report_web_5e1a98866d.pdf">Read our 2020-2021 Impact Report</a>RENEW announces our 2020-2021 Impact Report. This document is shareable and documents RENEW and the Impact Angel Network’s investment journey through 2020, the pandemic, and how our entrepreneurs responded and stood their ground.Please share this with anyone who might be interested in what we’re doing in Africa.&nbsp;<figure class="image"><a href="https://latest-api.renewcapital.com/uploads/RENEW_2020_2021_Impact_Report_web_5e1a98866d.pdf"><img src="/uploads/RENEW_IR_2021_social_IG_khaki_big_map_58a726bf84.png"></a></figure>&nbsp;

RENEW and the Impact Angel Network’s Investment Journey Through 2020

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RENEW's 2020-2021 Impact Report

<h1 style="text-align:center;">From Rwanda with Love</h1>While I was completing my secondary and university education in Uganda, I came to appreciate the importance of teamwork, structure and organization. I played rugby for my varsity team and a local rugby club where these fundamentals were important in order to win games. They remain ingrained in my mind even as I returned to Rwanda and continue to shape who I am today.I realized I should pay attention when not one, but two of my cousins sent me the link to the job listing for Rwanda legal counsel at RENEW. I immediately embarked on the application process. We all had an intuition that I was well suited for this impact investment position having just completed a startup incubation and acceleration program a year before. I craved structure and organization which I had a hunch RENEW would offer.<figure class="image image-style-align-center image_resized" style="width:100%;"><img src="/uploads/rwanda2_fotor_0_8befebb212_336ea1f54f.jpg"></figure>Despite being continuously advised about the proper interview etiquette, I used every chance to go off script and let the RENEW team know how passionate I was about the investment space. My training at 250Startups was short, and I knew I had more to learn and more to give to the investment space in Rwanda. Sure enough, my Christmas miracle occurred. At the start of the year I was hired as legal counsel for RENEW in Rwanda. Perfect timing for me to caption every social media post of mine, “NEW YEAR, NEW ME!” Someone even said that now I can say I’ve been ‘RENEW-ed’ (I’ve trademarked this already, sorry Matt).At the beginning of February, I had the chance to travel to Addis Ababa. I’m a bit of a cultural history buff so the onboarding trip was very welcome. The trip was meticulously planned by the team, and I had an absolute blast the whole time I was there. On the first day, I was welcomed by Paul who shared a couple of stories and jokes about flights and layovers. We then had a coffee meeting with the whole team where we got to know everyone. Turns out part of the team has the skills to moonlight as a band and the other as a rugby team. Talk about a diverse team. &nbsp;<figure class="image"><img src="/uploads/screen_shot_2021_05_05_at_1_15_06_pm_579e9281ea_d7fd4634ff.jpg"></figure>I also got the chance to get fully immersed in the Ethiopian culture; I learned a few phrases in Amharic, visited Emperor Haile Selassie’s Palace Museum, won a treasure hunt, almost got recruited to a dance troupe at Yod Abyssinia and ate loads of injera from the source. It was such a fast paced, yet fun filled week, from the daily hotel pick ups and rides to work with Eyerus, Birru, Pranay and Philemon through the busy streets of Addis Ababa, to the early morning dose of amazing coffee and donuts. RENEW really is one big family, as some of the team members I had spoken to had alluded to and it was very evident during our onboarding week. I come from a very big family so it was really refreshing to see similar ideals being practiced by the RENEW team. They made sure my every need was taken care of and took a genuine interest in getting to know me.RENEW is true to its values and ideals of being loyal and welcoming the challenge of being trailblazers. That is what made me want to join the team and that is what motivates me each day.Rwanda has so much untapped potential and I’m looking forward to identifying and investing in exceptional individuals and businesses as part of the RENEW team. Just like you believed in me to represent RENEW in Rwanda, please believe in my fellow country people who have harnessed the culture of teamwork, community and Agaciro (dignity/pride). A recipe for success in the Rwanda investment ecosystem.

Lincoln Ford Linguyeneza’s Journey to RENEW

Rwanda

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From Rwanda with Love

<a href="https://latest-api.renewcapital.com/uploads/Press_Release_Rwanda_Final_e91a7d55e4.pdf">Download the Full Press Release</a>&nbsp;<hr><h1 style="text-align:center;">RENEW Enters Rwanda Market</h1>Denver, CO and Kigali, Rwanda, April 29, 2021 -- RENEW, an impact investment firm, announces its expansion into its third African country, Rwanda. RENEW Investment Advisors Ltd. was officially registered with the Rwanda Development Board on April 19, 2021. RENEW also welcomes Lincoln Ford Linguyeneza to the team, as the firm’s Rwandan Legal Counsel.<figure class="image"><img src="/uploads/kigali_fotor_e488f89abb_9736ceced7.jpg"></figure>RENEW’s partners first traveled to Rwanda in 2006 and have been closely watching the county’s growth and improving investment and business climate, while building up the firm’s investment practice in Ethiopia and Uganda.“Now is a good time to establish a presence in Rwanda,” says Matthew Davis, CEO and partner at RENEW. “Investors are moving out of saturated markets in the region to find better valuation in secondary markets. We believe RENEW and our investors can find and build up strong companies led by passionate and visionary Rwandans that can attract larger investments. While Rwanda is small, other countries around the world have proven that when capital is respected and cared for, size doesn’t matter. Rwanda has consistently made it easier for investors to do business and that is something very attractive to RENEW and our investors.”Rwanda has experienced strong growth with a GDP of $10.53 billion and a GDP growth of 9.45% (2019 est.). Several factors make it an attractive destination for RENEW and the Impact Angel Network (IAN), including a growing population (currently estimated at 12.3 million), a rising middle class with a per capita GNI of $2,250 and little to no restrictions on foreign investors. Rwanda is also ranked by the World Bank as the second best country in Africa to do business in and 38th in the world.&nbsp;RENEW first entered East Africa in 2012, when it opened an office in Ethiopia, becoming the second private equity firm in the country. Since then, with the IAN, RENEW has become one of the most active SME investors in East Africa. RENEW and the IAN work in partnership with the development community and impact investors to build vibrant investment and entrepreneurial ecosystems in the countries where RENEW operates. RENEW focuses on SMEs, which globally are the main providers of jobs, but in Africa are trapped in the “missing middle” - an area in the capital market between microenterprises and larger, bankable deals where little capital exists. RENEW is focused on job creation and women’s economic empowerment by building gender-smart management teams in the SMEs it backs.“We believe SMEs can be the engines of job creation and women’s empowerment, and deliver strong returns for investors,” says Laura Davis, RENEW partner and co-founder of the IAN. “We see a lot of opportunity and plenty of deal flow in Rwanda.”###About the Impact Angel Network and RENEWRENEW’s Impact Angel Network (IAN) is one of the most active private equity investors in Ethiopia. Its members seek to achieve both significant positive social impact and financial returns through investments in small and medium enterprises (SMEs) in Africa, a proven engine of economic growth and job creation which often lack capital and management capacity due to their size. RENEW and IAN members believe that targeting employment through SMEs is, dollar-for-dollar, the most effective and sustainable way to reduce poverty. RENEW, with its largest office in Addis Ababa, Ethiopia, manages the IAN’s investment operations and provides investment advisory and consulting services in support of its investments. RENEW’s work in Ethiopia was piloted with USAID and is currently undertaken with financial support from the Government of Canada provided through Global Affairs Canada. The project, Accelerating Business Growth, aims to promote sustainable job creation for low-skilled workers, including women and young adults, through a dynamic and growing small and medium business sector in Ethiopia.###To find out more, please visit <a href="https://renewcapital.com/">www.renewcapital.com</a>.

RENEW Announces its Expansion into Third African Country, Rwanda

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RENEW Enters Rwanda Market

<h1 style="text-align:center;">The Commercial Code of Ethiopia is Changing How the Country Does Business</h1>When investors think about Ethiopia, they often see the country as a difficult one to do business in. According to the World Bank, Ethiopia ranks 159 out of 190 in their <a href="https://www.doingbusiness.org/en/rankings">Ease of Doing Business</a> ranking. While several reasons contribute to this ranking and the challenging business environment, the country has been working to rectify this and has been progressing their laws and programs to entice more people to invest in the country. One of the major changes that happened in 2019 was the adoption of the <a href="https://www.renewcapital.com/resources/blogs/The%20Ethiopian%20Business%20Environment%20in%20Light%20of%20the%20Homegrown%20Economic%20Reform%20Program">Homegrown Economic Reform Program</a>, which aimed to transition the country’s economy and improve the country’s ranking. Since 2019, the country has been working to update outdated codes, including the most recently adopted <a href="https://www.wipo.int/edocs/lexdocs/laws/en/et/et014en.pdf">Commercial Code of Ethiopia, Proclamation No. 1243/2020</a> (the “New Code”). This repealed the Commercial Code of the Empire of Ethiopia Proclamation No. 166/1960 (the “Repealed Code”), which served the country for more than six decades.The enactment of the New Code, which happened in March 2021, has been in the works for years, even before the 2019 reform program enactment. However, with the reform program, the Ministry of Trade and Industry was given the mandate to drive the enactment process forward. As such, the Ministry submitted a draft to the Council of Ministers last year. The Council of Ministers endorsed the draft code back in June 2020 following which Parliament approved the enactment with a unanimous vote in March 2021.<figure class="image"><img src="/uploads/ethiopiapic_0_fe034a7838_feb3e07c4b.jpg"></figure>Many factors necessitated the need for a revision to the Repealed Code, which all came down to its incompatibility with the current state of doing business. Many things have changed during the past six decades which made the Repealed Code outdated and inadequate to regulate current trade developments. The New Code is expected to accommodate the current state of how businesses operate and is expected to serve the country for the next 30 years.Keep reading to find out more about the changes you can expect to see within the New Code:1. Definition of a TraderThe Repealed Code defined a trader as a person engaged in specific activities, listed under an exhaustive list, mentioned in the code. Any person engaging in a sector that is not listed in one of those areas was not considered a trader. This meant that even though a person engaged in an activity that they believed was profitable and was something they could undertake professionally, they would not be considered a trader if that activity was not explicitly listed in the code as an act of trade, and, hence, they could not enforce the provisions of the commercial code.The New Code resolved this problem in two ways. First, it expanded the number of areas considered as trade from twenty-one to thirty-seven. Second, it changed the listing mechanism from exhaustive to illustrative, which means if a certain person does an activity “professionally” and “for gain” that person can be considered a trader even though the activity is not specifically listed in the code. This allows the New Code to accommodate activities that could be introduced in the future, which are not currently anticipated as trade activities.2. Changes in the Types of Business OrganizationsThe Repealed Code classified business organizations into two broad categories: partnerships and companies. Partnerships were further classified into Ordinary Partnership, Joint Venture[1], General Partnership (GP) and Limited Partnership (LP). Companies were classified as Private Limited Companies and Share Companies.The New Code got rid of the Ordinary Partnership business organization form and kept the other three forms. In addition, the New Code introduced a Limited Liability Partnership (LLP) as a new form of partnership. The LLP is a business organization designed specifically for people who hold professional licenses, like lawyers and accountants, to render professional services.Separately, the New Code added a One-person Company in addition to the Private Limited Company and Share Company forms that were preserved from the Repealed Code. As the name implies, the One-person Company can be formed by one person, something that was not previously allowed under the Repealed Code.<figure class="image"><img src="/uploads/city_0_5beeaf3725_4054b492c2.jpg"></figure>3. Operation of Branch Offices for Foreign CompaniesEven though the opening of branch offices in Ethiopia by foreign companies is not new, it is new for the Commercial Code to incorporate the details of that under a separate title.The New Code provides details about the management of a branch and the duties and responsibilities of a branch manager.4. Getting Rid of the Articles of Association RequirementThe formation of a company is made through a public memorandum which contains the details of the company such as name, address, membership, capital contributed, etc., which is referred to as the ‘memorandum of association’. In addition to the memorandum of association, the Repealed Code required articles of association, which govern the operation of the company.However, the New Code got rid of the requirement to have articles of association as part of the formation of the company. Under the New Code, the mere adoption of the memorandum of association by the founders is sufficient to establish a company.5. Forms of SharesThe Repealed Code recognized two forms of shares: registered and bearer shares. Bearer shares are owned by a person who has the share certificate and can be transferred by mere delivery of the certificate to another person. On the other hand, registered shares need to be registered in the name of a specific shareholder under the company’s registry, hence, any transfer needs to be registered.The New Code, compatible with other share transfer rules of the country, got rid of bearer shares. Also, the New Code came up with an incorporeal form of shares, which is a share created electronically by a financial institution licensed by the National Bank of Ethiopia, which is a reference to shares traded in stock markets.The New Code gives a grace period of three years for people who are already holding bearer shares based on the Repealed Code. These people need to convert their bearer shares to registered shares within the coming three years, after which the holder of a bearer share will not have any membership rights in a company.<figure class="image"><img src="/uploads/salt_5f088428f4_7058c63b0b.jpg"></figure>6. New Rules Concerning Share TransfersA. Mandatory Redemption by Request of Minority ShareholderThe New Code introduced a minority shareholder protection clause in which a minority shareholder holding less than 10% of the shares in a company may request a majority shareholder, holding more than 90% of the shares in a company, to redeem its shares. With the request, the minority shareholder needs to provide the basis used for determining the redemption price. If the price proposed by the minority shareholder is not acceptable to the majority shareholder, they can refer the case to court, and the court will appoint an expert to determine the price.B. Redemption by a Majority ShareholderA shareholder holding more than 90% of a company can request that the minority shareholders have their shares redeemed by that shareholder, and the request shall take effect in 5 weeks. The same rules apply, discussed above, for determining the redemption price.C. Mandatory BidIf any person wants to buy shares representing 50% or more of the total capital of a company, that person will be required to make a tender offer to all the shareholders of the company. Despite having this provision, the New Code is not clear about the circumstances and conditions in which this mandatory bidding process will occur.7. Board Related ChangesIn the ladder of corporate governance, the role of the Board of Directors is immense. Under the Repealed Code, the establishment of a Board of Directors is only recognized for share companies. Under the New Code, the following major changes are adopted concerning a Board of Directors.A. Non-Shareholder Board MembersIn the Repealed Code, only shareholders of the company were allowed to be represented in the Board of Directors. This requirement has been eliminated by the New Code, which allows companies to appoint non-shareholders as directors. This change enables independent directors to sit on the Board, bringing an outside perspective and more objective viewpoint to the company.B. Board of Directors in Private Limited CompaniesThe New Code introduces a Board for private limited companies. As discussed above, only share companies used to be required to establish a Board of Directors. However, members of a PLC have been given the option to establish a Board of Directors under the New Code.C. Introduction of a Supervisory BoardCompanies have been given an option to establish a supervisory board, in addition to a Board of Directors. The number of supervisory board members may not be less than three or more than five. Only shareholders of the company who are not already members of the Board of Directors can be appointed as members of the supervisory board.This change introduces a tiered board system to the Ethiopian company law. A supervisory board is empowered to oversee the Board of Directors and the management to ensure that directors and managers are discharging their responsibilities properly. The supervisory board also oversees the financial affairs of the company and can recommend corrective measures when they see acts that jeopardize the interest of the company. Finally, the supervisory board is empowered to undertake the role of a board of directors in the absence of directors in terms of calling general meetings of shareholders, and the supervisory board will have a non-voting seat on the Board of Directors.8. Recognition of Holding CompaniesThe New Code recognizes holding companies. Even though the commercial registration and business licensing proclamation No. 980/2016 recognized the possibility of establishing a holding company, the practicality of it has been in question as the proclamation left several gaps.The New Code fills those gaps and sets out a description of what categorizes a holding company. It recognizes the holding company’s right to access information from the subsidiary, the right of the holding company to give instructions to the management of a subsidiary, and the right to redeem the shares of minority shareholders of the subsidiary, among others.9. Detailed Rules about Merger and Division of a Business OrganizationThe New Code includes detailed rules about mergers and division of business organizations. These rules align with the current legal and institutional framework of doing business. The New Code provides details about the merger and division decision-making process, rights of different stakeholders and the practical procedures for completing these functions.

Ethiopia

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The Commercial Code of Ethiopia is Changing How the Country Does Business

<h1 style="text-align:center;">The Ins and Outs of Investing Through an IRA</h1>Did you know accredited, entrepreneurial-minded investors from the United States can invest in companies with RENEW from an Individual Retirement Account (IRA)? An IRA is a tax-advantaged investing tool that sets aside funds for retirement savings. A special type of IRA, known as a self-directed IRA, allows you to invest in different asset classes, beyond the typical investments that IRAs can usually hold. Self-directed investments can include alternative asset classes, such as investments with RENEW and the Impact Angel Network (IAN). In order to invest with RENEW through your IRA, you’ll need to work with a custodian that can accommodate self-directed investments into alternative asset classes.For members of the IAN who wish to invest in companies through their IRA, RENEW can work with any custodian that is set up to facilitate self-directed investments into alternative asset classes. If you already have a custodian who allows this, we can work with them.Want to learn more? Here are some more resources:<ul><li><a href="https://www.investopedia.com/terms/i/ira.asp">A Guide to Impact Investing using an Individual Retirement Account (IRA)</a></li><li><a href="https://www.investopedia.com/ask/answers/102714/what-are-differences-between-selfdirected-ira-and-traditional-ira.asp">Self-Directed IRA vs. Traditional IRA: What Are the Differences?</a> (Investopedia)</li></ul>Contact us at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a> if you have questions. And if you aren’t already a member, we invite you to apply to join the <a href="https://renewstrategies.formstack.com/forms/renew_investor_accreditation_form">Impact Angel Network</a>.<figure class="image"><img src="/uploads/sdg_b1dd846a75_d2d6e641da.png"></figure>

How Investments Work with an Individual Retirement Account

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The Ins and Outs of Investing Through an IRA

<h1 style="text-align:center;">The African Resilience Investment Series for Women Entrepreneurs</h1>On Tuesday, April 6, Alliance for a Green Revolution in Africa (AGRA), will launch the African Resilience Investment Series for Women Entrepreneurs (ARISE) in partnership with RENEW. The launch event will bring together top female leaders within the agribusiness ecosystem, including financing and development partners, to share perspectives and highlight the impact COVID-19 has had on women-owned SMEs. To register for the launch event, please visit: <a href="https://zoom.us/webinar/register/WN_BG-VCEHpQt6EMqbUyf3gqQ">https://zoom.us/webinar/register/WN_BG-VCEHpQt6EMqbUyf3gqQ</a>.The ARISE program will provide various elements of support to women in agriculture businesses and hopes to shed light and raise awareness on the need to support women-led agri SMEs and to solicit a multi-agency response to help women in agriculture recover from COVID-19 impacts. The program aims to reach more than 2,000 women in agriculture-focused SMEs across sub-Saharan Africa and will provide managerial capacity building, coaching on investment readiness and how to pitch to investors, among other elements of support.&nbsp;<figure class="image"><img src="/uploads/arise_sm_files_1200_x_637px_01_00adf112ec_1_5113e9f66d.jpg"></figure>

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The African Resilience Investment Series for Women Entrepreneurs

<h1 style="text-align:center;">Cut the Fluff: 7 Undeniable Stats Why Women at the Top Grow the Bottom Line</h1>Leading up to International Women’s Day (March 8), we wanted to honor women executives and managers by sharing seven compelling statistics that should get even the slowest of companies to change and encourage everyone to find ways to promote or put women into leadership at their companies. We were so moved by these facts that we built our entire investment strategy around it:1. 20% Better Annual Returns: Gender-balanced senior investment teams in private equity and venture capital funds outperform all-male teams by 20% in annual returns. <a href="https://www.ifc.org/wps/wcm/connect/topics_ext_content/ifc_external_corporate_site/gender+at+ifc/resources/gender+smart+investing+guide">LINK</a>2. 50% Higher Profitability: Where women made up at least 15% of senior managers, companies had more than 50% higher profitability than those where female representation was less than 10%. <a href="https://www.wgea.gov.au/sites/default/files/documents/csri-gender-3000.pdf">LINK</a>3. 38% Increase in Revenues from Innovative Products: In one study, companies that had higher diversity in management earned 38% more of their revenues, on average, from innovative products and services than those companies with lower diversity. <a href="https://www.catalyst.org/research/why-diversity-and-inclusion-matter/">LINK</a>4. 65% of Household Purchasing Power: Women control 65% of global household spending and an estimated global consumer spending of about $40 trillion. <a href="https://www.google.com/url?q=https://www.deginvest.de/DEG-Documents-in-English/About-us/What-is-our-impact/DEG_Gender-Lens-Investing-Paper_Final.pdf&amp;sa=D&amp;source=editors&amp;ust=1614745322344000&amp;usg=AOvVaw2sB5DNR05eRaccBccOctmi">LINK</a>5. &gt;50% Better at Launching Companies: Startups founded by women receive only half as much capital from investors, but for every dollar of funding, women-led startups generated 78 cents compared to just 31 cents generated by male-founded startups. <a href="https://www.deginvest.de/DEG-Documents-in-English/About-us/What-is-our-impact/DEG_Gender-Lens-Investing-Paper_Final.pdf">LINK</a>6. 10% Increase in Inclusion Improves Absenteeism: When employees feel they are part of a diverse and inclusive environment, even a small increase of 10% in these perceptions improves absenteeism at a company, which adds a day a year per employee. <a href="https://www.google.com/url?q=https://www.catalyst.org/research/why-diversity-and-inclusion-matter/&amp;sa=D&amp;source=editors&amp;ust=1614745304642000&amp;usg=AOvVaw1rPSwfV3_qNajX_2m5rmG1">LINK</a>7. 37.9% Better Assessment of Customers: When organizations have inclusive business environments, they’re 37.9% better at assessing their customers interests and demands. <a href="https://www.google.com/url?q=https://www.catalyst.org/research/why-diversity-and-inclusion-matter/&amp;sa=D&amp;source=editors&amp;ust=1614745304642000&amp;usg=AOvVaw1rPSwfV3_qNajX_2m5rmG1">LINK</a><figure class="image"><img src="/uploads/IMG_021_c065013f9d.jpg"></figure>&nbsp;Some think RENEW is investing in the most challenging companies, in the most challenging countries in the world. Maybe we are; if it was easy everyone would be doing it. We’re constantly testing new processes to improve our investment playbook, and searching for new strategies to improve performance. In 2019, we made one of the best and most obvious decisions that every fund manager should be making, given the overwhelming data that has recently come out: Going forward, every company we invest in, we will work to build gender-balanced executive teams. We were cautious about this decision because we didn’t want to sound like we were pandering to the development community, which has been advocating for this type of pivot from firms like ours for years. But the data made it clear, and we had first-hand experience of the power of a gender-balance at our own firm. So the decision was simple: now we need to execute.At RENEW, we’re working hard to walk the walk. We have 38% of women in executive leadership roles at our firm, 45% of RENEW’s team consists of women, our portfolio supports 2,288 women employees, we have trained 51 women executives through our CFO100 and Exec’s program, and we’re hell-bent on moving the needle in Africa to build world-class companies that have gender-balanced exec teams at the top to grow the bottom line!

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Cut the Fluff: 7 Undeniable Stats Why Women at the Top Grow the Bottom Line

<h1 style="text-align:center;">The Men Who Care About Gender Equality</h1><a href="https://www.internationalwomensday.com/">International Women’s Day</a> (IWD) is a global day to celebrate the achievements made by women, while also putting forth a call to action to accelerate women’s equality. This year, the IWD theme is Choose to Challenge (#ChooseToChallenge): Challenging the status quo, challenging how the world views women, challenging people and organizations to call out gender bias and inequality. We can all do our part and we can all choose to create a more inclusive world, and we can choose to celebrate women and their achievements. “From challenge comes change, so let’s all choose to challenge” (IWD).&nbsp;<figure class="image"><img src="/uploads/cd294f62_ef0c_4718_9f53_e84ce1e40d5a_fotor_0_708d52ba91.jpg"></figure>At RENEW, we choose to actively challenge gender equality on a daily basis, by creating gender-balanced management teams, by supporting women in leadership roles, and by instilling the benefits of gender equality in our portfolio companies and through our training. While in years past we’ve highlighted all the women on our team for IWD, this year, we wanted to find the men who also care about this day and these ideals just as much as the <a href="https://www.renewcapital.com/about/teams">women on our team</a>. So with the theme in mind, we approached the men who are actively challenging the status quo, the ones who see and inherently understand the importance of gender equality. Here are some of the stories from the men on our team.Scroll down or click through to the following team members<ul><li><a href="https://www.linkedin.com/in/matthew-davis-a948772/">Matthew Davis, Managing Partner &amp; CEO - Ethiopia</a></li><li><a href="https://www.linkedin.com/in/justin-reesor-019a942a/">Justin Reesor, Director of Admin &amp; Finance - Canada</a></li><li><a href="https://www.linkedin.com/in/yoseph-getachew-98184366/">Yoseph Getachew, Portfolio Manager - Ethiopia</a></li><li><a href="https://www.linkedin.com/in/lincoln-ford-linguyeneza-0674b0b9/">Lincoln Ford Linguyeneza, Legal Counsel - Rwanda</a></li></ul><hr>&nbsp;<a href="https://www.linkedin.com/in/matthew-davis-a948772/">Matthew Davis</a>, Managing Partner &amp; CEO - EthiopiaIs there a woman in your life you look up to? If yes, tell us the story? Yes. My wife. She's a trailblazer, fearless in the face of challenges, and she has become a powerful force in the investment world.Is there a female leader you look up to? If yes, why? I like how Bill and Melinda Gates have co-led the Gates Foundation. I think their partnership, respect and shared vision are a model for how couples who are trying to change the world can and should work together.What opportunities and benefits do you see for companies in East Africa to create gender-balanced management teams? Sales teams? HR policies? Financial decisions? Half the population is female. Half the market is female. Half the workforce is female. Is half the company's leadership female? If not - huge opportunity.<hr>&nbsp;<a href="https://www.linkedin.com/in/justin-reesor-019a942a/">Justin Reesor</a>, Director of Admin &amp; Finance - CanadaIs there a woman in your life you look up to? If yes, tell us the story? My grandmother. She embodies the spirit of being selfless and has dedicated her life to taking care of others: from simple acts such as remembering and celebrating meaningful dates to fostering children.Is there a female leader you look up to? If yes, why? Since hearing about Malala Yousafzai's story, I have always looked up to her and admired her courage and persistence. At such a young age, she has been able to make such meaningful change, in spite of the significant trauma she has been through.What opportunities and benefits do you see for companies in East Africa to create gender-balanced management teams? Sales teams? HR policies? Financial decisions? It's a well-documented fact that organizations with strong female representation at the senior management and board-level outperform their male counterparts. I believe SMEs in East Africa have a significant opportunity to scale and become world-class companies simply by focusing on execution and becoming gender-smart and even leapfrog western economies in terms of female representation and management participation.<hr>&nbsp;<a href="https://www.linkedin.com/in/yoseph-getachew-98184366/">Yoseph Getachew</a>, Portfolio Manager - EthiopiaIs there a woman in your life you look up to? If yes, tell us the story? Abebech, my mother, for me is everything that you wish a human to be; well respected by her coworkers, friends and family because of the spirit and joy she creates in everything she does. She is a true role model for her children and the entire family.Is there a female leader you look up to? If yes, why? Taytu Betul(ጣይቱ ብጡል) the queen of Ethiopia and wife of emperor Menlik, who was not overshadowed by her husband and is behind some of the great things that took place in Ethiopia: from leading an army of her own and winning critical battles to establishing historical cities like Addis Ababa.What opportunities and benefits do you see for companies in East Africa to create gender-balanced management teams? Sales teams? HR policies? Financial decisions? As humans, what makes us powerful is our diversity and what we all bring to the table. Those who win the competition are those who recognize that women are at the core of it all and should be represented if one chooses to stand out from competition irrespective of the size of the company, SMEs included.<hr>&nbsp;<a href="https://www.linkedin.com/in/lincoln-ford-linguyeneza-0674b0b9/">Lincoln Ford Linguyeneza</a>, Legal Counsel - RwandaIs there a woman in your life you look up to? If yes, tell us the story? Yes. I look up to my late paternal grandmother, Stella. She sacrificed her opportunity to receive an education and instead single handedly put her kids, siblings, and other close relatives through school in the late 50s when the African society frowned upon women getting a formal education.Is there a female leader you look up to? If yes, why? Mrs. Patience Mutesi Gatera, Rwanda Country Director; Trademark East Africa. She has blazed a path for women entrepreneurs in Rwanda. She has given several inspiring talks and interviews in the areas of finance and entrepreneurship.What opportunities and benefits do you see for companies in East Africa to create gender-balanced management teams? Sales teams? HR policies? Financial decisions? Uganda and Rwanda have taken significant strides towards creating gender-balanced systems which have helped maximize efficiency in fields of management, sales, HR and finance. In Rwanda, women make up 52% of the cabinet. Uganda leads Africa in countries that have a high number of women-owned enterprises as a percentage of total business owners. Hopefully, this will set a precedent for other countries to create gender-balanced management teams as a way of promoting financial inclusion.