<h1 style="text-align:center;">7 Reasons Why We’re Still in Ethiopia During the Crisis</h1>In our latest white paper, we outline seven reasons why RENEW believes a ‘stay the course’ approach to investing in SMEs in Ethiopia is the best response both to the economic crisis created by the COVID-19 outbreak and the equally threatening locust swarms.&nbsp;<a href="https://renewstrategies.formstack.com/forms/7reasonswhywereinethiopia">DOWNLOAD WHITE PAPER</a>&nbsp;Investing in SMEs to help them weather the current storms is the best COVID response we know at RENEW. While we make no promises, we join others moving capital right now in the belief that investors who respond when capital is scarce may benefit from more reasonable valuations now followed by improving times ahead.<figure class="image"><img src="/uploads/ianchristmann_0_7b382cb1ca.png"><figcaption>Photo by Ian Christmann: <a href="http://ianchristmann.com/">www.ianchristmann.com</a></figcaption></figure>We may look back and find that the detrimental impact of current circumstances on SMEs and their employees, especially women, outweighs the impact on the physical health of Ethiopians. We see broad opportunities to be investing in SMEs generally, as they are the backbone of Ethiopia’s economy and the provider of the majority of private-sector jobs. Their resilience will determine whether Ethiopia can continue progressing economically and benefit from the last fifteen years of momentum or give up significant gains in poverty alleviation and growth.To learn more about what RENEW and our portfolio companies are doing to respond right now, we invite you to read the following blog post (<a href="https://www.renewcapital.com/resources/blogs/Peace%20of%20Mind%20Emergency%20and%20Care%20Services%20for%20Diaspora">LINK</a>). Also, stay tuned for an announcement about an investment we expect to close in the coming weeks and other initiatives we are implementing to ensure Ethiopia’s private sector is able to preserve jobs and even thrive in these challenging times.

Why RENEW believes a ‘stay the course’ approach to investing in SMEs in Ethiopia is the best

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7 Reasons Why We’re Still in Ethiopia During the Crisis

<h1>Why So Few Cases in Africa?</h1>Recently, on RENEW's monthly Impact Angel Network Members' Call, we discussed the current situation on COVID-19 in East Africa and why the case numbers here are so low. We compare numbers from Ethiopia, Uganda, China, and the U.S., and share the prevailing theories and possible economic and health outcomes that could happen in the weeks ahead. Here is a short clip of the recording.&nbsp;<a href="https://renewstrategies.formstack.com/forms/covid_19_recording">LISTEN TO THE RECORDING</a>&nbsp;At RENEW, we are saying to ourselves every day "Get capital into companies and save jobs." This helps us stay focused and energized in these challenging times. Keep up the good fight, and stay healthy and encouraged - we will get through this.Please <a href="https://renewstrategies.formstack.com/forms/feedback_on_the_marketplace__copy">contact us</a> if you need help or have ideas you'd like to partner on. You can also apply to join the Impact Angel Network (<a href="https://renewstrategies.formstack.com/forms/renew_investor_accreditation_form">LINK</a>) and be a part of the next Members’ Call.<figure class="image"><img src="/uploads/covid19blog_0_5c5aeb5a92.png"></figure>

Download a clip from our recent IAN Members’ Call.

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Why So Few Cases in Africa?

<h1 style="text-align:center;">The Workplace Response Tripartite Protocol that Forgot the Role of the Third Actor</h1>Since the outbreak of the COVID-19 pandemic, the government of Ethiopia, led by PM Abiy Ahmed, has been taking many different measures to contain the effect of the pandemic on human health and the economy. These efforts were strengthened when the first coronavirus case was reported in Ethiopia on March 13, 2020. The efforts have not been limited to Ethiopia. PM Abiy’s government has also been spearheading the response for all of Africa. PM Abiy’s request of $150 billion to the members of the G20 and securing continental support from the Jack Ma Foundation are the major efforts to mention. Read his letter to the Financial Times: LINK. Internally, several efforts have been made to contain the spread of the disease and save more lives. The government has also been taking measures to mitigate the social and economic impact of the pandemic.As part of the latter measure, the Ministry of Labour and Social Affairs (MoLSA) issued the COVID-19 Workplace Response Protocol (Protocol). As could be understood from the preamble, the Protocol is sourced from the International Labour Organization’s (ILO) Guideline on how to respond and manage natural and manmade crises in the workplace.The Protocol underlines the need to take logical, participatory legal and administrative measures with proactive tripartite consultations and direction. Consistent with the general aim, the Protocol has two major objectives. The first objective is to protect workplace actors from contracting COVID-19. In line with this objective, the Protocol outlines the basic workplace preventive measures that should be taken by employers, workers and safety officers. From the employer’s perspective, the Protocol requires employers to take certain measures like ensuring the provision of sanitary materials, eliminating congestion in workers’ transportation service and making sure social distancing is maintained. Similarly, workers are required to comply with these protective measures provided by the employer and take the responsibility of reporting workplace symptoms and cases to the appropriate body, among others.<figure class="image"><img src="/uploads/photo_2020_08_25_15_46_19_1_0_dd8d478476.jpg"></figure>The second objective of the Protocol, and the focus of this blog, aims to mitigate the impact of the pandemic on (1) the national economy, (2) the sustainability of enterprises, and (3) the social and economic situation and livelihood of workers. In order to address these challenges, the Protocol proposes certain administrative and legal measures that need to be taken step by step. In effect, the Protocol restricts employers from laying off employees as a result of this pandemic.As could be understood from the Protocol, with the proposed administrative and legal measures, the Protocol provides what steps an employer should take in order to ensure workers’ social security. Similar to what has been provided in the ILO guideline, the Protocol emphasizes the need to provide social protection for workers, who could be affected during this crisis.However, in its adoption, the Protocol has left out, what seems to be intentionally, certain parts of the ILO guideline. Whereas the guideline by the ILO is framed as a tripartite protocol between the government, employers and workers, the Protocol by the Ministry was issued in a form of an order for workers and employers to comply with. The Protocol provides the administrative and legal measures that employers and workers should avail themselves of. However, it doesn’t state what the role of the government should be. It totally imposes the responsibility of ensuring workers’ social protection on employers. In contrast, the ILO guideline provides for the need to protect employment and income, but it also provides that this can only be done with the combined efforts of workers, employers and the government.As per the ILO guideline, in these combined efforts, the government needs to take the lion’s share. Among others, the government is expected to stimulate the economy and labor demand. This is done by adopting active fiscal policies, particularly social protection measures such as unemployment benefits, along with public investment and tax relief for low-income earners and MSMEs. The government also needs to adopt accommodative monetary policies like interest rate reductions, reserve rate relaxations and targeted liquidity provisions. Because the crisis hits certain sectors particularly hard, like aviation, tourism and hospitality, and MSMEs in general, targeted lending financial support is required for these segments of the economy.These measures should not be left for a single government ministry. They require the commitment of the government in general. The issue is not only about determining what the relationship between employers and workers should be, but it is also about making sure that the country’s economy survives this crisis with minimal effect. We can only do that with carefully calculated policy decisions, which should involve all branches of the government. Protocols such as the one issued by MoLSA will not be able to address all those issues and could do more harm than good.In all these efforts, the government should focus on short-term workers social security and also long-term businesses continuity. It is only the balance of these two that can ensure sustainable social protection. This could be done by availing tax reliefs, providing credit facilities and loosening certain regulatory barriers imposed on employers. Otherwise, with the current bilateral arrangement between employers and workers, the government might ensure short-term social security but that would be at the cost of the national economy in general and businesses continuity in particular.Considering the current status of the country, the government of Ethiopia might not be able to provide all of the recommended support mechanisms by itself; however, this should undoubtedly be one of the areas where it seeks support of its international partners. This will require a huge investment, but it is something that needs to be done for the revival of the economy after the impending economic crisis.Uniform, large-scale, and coordinated policy measures are needed at times like this to save the economy. Making employers shoulder the burden of social protection is not a sustainable approach to workers’ social security. In fact, such uncoordinated measures could result in the death of hundreds of companies, especially MSMEs that cannot shoulder this responsibility for long. This unquestionably will result in a long-term social security crisis and it could take much time for the country’s economy to revive after the COVID-19 crisis is over.

How restricting employee layoffs creates problems for the private sector

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The Workplace Response Tripartite Protocol that Forgot the Role of the Third Actor

<h1 style="text-align:center;">Peace of Mind Emergency and Care Services for Diaspora</h1>Over the past few weeks, we’ve been encouraged and inspired by our portfolio companies and their response to COVID-19 in East Africa, and how they’re choosing to respond in order to help the community at large. One of these responses is from East Africa Emergency Services (EAES). EAES has recently teamed up with Tebita Ambulance to offer Peace of Mind Services in Addis Ababa, targeted at diaspora in the U.S. who are separated from their loved ones.<figure class="image"><img src="/uploads/tebtia1_7ba81d9c85.png"></figure>This new service allows U.S. Diaspora to sleep better at night knowing their loved ones have a provider lined up in case of an emergency. Medical emergencies are inevitable. But having the right services in place can make all the difference. The key to survival is often having a trained professional on the scene of the emergency as soon as possible.The two services they’re offering are:<ul><li>Peace of Mind Services - provides 24-hour emergency response for your loved ones living in Addis Ababa, Ethiopia. Together, we can make Ethiopia a safer country for those you love!</li><li>COVID-19 Care Packages - A contactless check-in and care package delivery within Addis Ababa. This service includes a thoughtful care package of basic essentials (such as injera, spices, shiro powder, fresh vegetables, coffee and fresh fruit, and personal care items such as soap and toilet paper) and also a friendly check-in with your loved one.</li></ul>Tebita Ambulance is a pioneer in providing pre-hospital and emergency services and first aid training across all of Ethiopia. It is the first private ambulance and emergency service of its kind in Ethiopia. Established in November 2008 by Kibret Abebe, a dedicated professional anesthetist, Tebita has become internationally recognized as the emergency care provider in Ethiopia.Sign up your loved one today (<a href="https://www.eastafricaems.com/peace-of-mind-services.html">link to registration</a>)!<figure class="image"><img src="/uploads/tebtia3_29375274a1.png"></figure>&nbsp;

COVID-19 Response from Our Portfolio Company

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Peace of Mind Emergency and Care Services for Diaspora

<h1 style="text-align:center;">COVID-19, Bright Spots in RENEW’s Portfolio</h1>We hope you and your loved ones are healthy and safe in these turbulent times. Here in Ethiopia, as of noon on April 7, 2020, there have been 42 cases of COVID-19 and 2 deaths. Nearby, Uganda is reporting 52 cases with 0 deaths. Some have questioned these numbers, but my opinion is that the governments of Ethiopia and Uganda are doing remarkably well in responding to the pandemic with limited resources.Matthew, Brooklyn, our 18-month-old daughter, and I remain in Ethiopia, where we plan to stay for the foreseeable future to continue our work supporting our portfolio and helping East Africa’s private sector weather this storm and recover fast. Here in Addis, our office remains open until the government tells us to shut down or until our team votes to close. We are implementing strict COVID-19 protocols and have moved all in-person meetings to phone and internet meetings. We have also been active with sharing best practices with our pipeline and portfolio companies and have also gone steps beyond that to equip our neighbors with tools and equipment to help curb the spread of COVID-19. In North America, Uganda and abroad, our team is working virtually as most normally do, so the impact on our day to day work culture has been minimal.<figure class="image"><img src="/uploads/tebita_69e17dd0d2.png"></figure>We have been able to continue supporting our portfolio companies and encouraging our team and our companies to use this crisis as an opportunity to get creative. We believe local companies in Africa may be hit harder by local and global instability than companies in developed countries. Supply chains and financing mechanisms are disrupted, and in some cases, entire markets have dried up. We are determined to play our part in not letting the economy lose a decade of progress.We are working on response efforts on many fronts, including running virtual training sessions with companies, acting as extra hands for management, lining up resources to address operational disruptions, leading major marketing initiatives, and helping restructure their financing to free up cash so they can weather (even thrive) during these uncertain times. This week we are running a session on contingency planning (both for COVID and the upcoming election). Let us know if you are interested in receiving a syllabus of the training, entitled “Contingency Planning: What is Your Plan B?” by emailing <a href="mailto:renew@renestrategies.com">renew@renestrategies.com</a>.<figure class="image"><img src="/uploads/da_0_4a0c7e8bd9.png"></figure>Here are some bright spots that are happening with our portfolio companies that go beyond their core business to help their customers during this unprecedented time:<ul><li>EAES | Tebita - Our team has launched a program that will allow U.S. Ethiopian Diaspora to pay for 24-hour peace of mind emergency response services for their loved ones via Tebita Ambulance and East Africa Emergency Services. The service includes on-demand ambulance services, home health check-ins (contactless unless otherwise dictated) and critical food delivery services for those who need to stay home because of old age or compromised immune systems. Visit <a href="https://www.eastafricaems.com/peace-of-mind-services">https://www.eastafricaems.com/peace-of-mind-services</a><a href="https://www.tebitambulance.com/"> </a>to learn more or subscribe.</li><li>RoadRunner | Deliver Addis - The company is working hard to respond to the surge in demand, and the RENEW team is assisting with marketing, relationships, etc. to increase their capacity. You can even get a reusable cloth mask as part of the company's grocery marketplace! We hope this helps consumers get access to critical food and also minimizes the risks of the virus spreading. If you are in Addis, visit <a href="https://deliveraddis.com/">https://deliveraddis.com/</a> to order food, groceries, alcohol or flowers for delivery!</li><li>dVentus - We are working with the engineers from dVentus to explore developing a ventilator prototype for Ethiopia. They have a design with locally available products and now we need to prototype and test it. We hope we don’t need it.</li><li>Kijani Baby - The need for reusable diapers is greater than ever. <a href="https://www.wsj.com/articles/as-coronavirus-changes-shopping-nappy-lady-races-to-meet-cloth-diaper-demand-11585906201?mod=hp_lead_pos12">Read more in WSJ</a>. We are working to help the Kijani team contact new buyers, shore up their supply chain and figure out how to legally operate under Uganda’s strict COVID-19 stay at home orders.</li></ul>Looking to the future, the need for capital to help local SMEs restart operations after a global/local shutdown and rehire employees will be critical for the country's stability/future. Our company, <a href="https://www.renewcapital.com/resources/blogs/Following%20Along%20with%20Travel%20Ethiopia">Travel Ethiopia</a>, is among those that are hard hit, and we are working with the company’s founder, Samrawit Moges, to shore up resources, adapt and weather the storm. Read <a href="https://cepheuscapital.com/wp-content/uploads/2019/01/Macroeconomic-Impacts-of-the-Corona-Virus-A-Preliminary-Assessment-for-Ethiopia-r1.pdf">Cepheus’ initial analysis of sectors that will be impacted</a>. As we always do, we are exploring various innovative sources of capital to help meet the needs. If you have any questions or ideas, please let us know. Also, if you would like to arrange a "virtual coffee", we'd love to catch up.<figure class="image"><img src="/uploads/dventus_1_81897a3d1a.png"></figure>&nbsp;

Supporting business in Africa is more important than ever

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COVID-19, Bright Spots in RENEW’s Portfolio

<h1 style="text-align:center;">April 2020 Resource Blog</h1>For this month’s resource blog, we collected articles focusing on the global response to COVID-19. These articles include: best practices for businesses, information on government bailouts, design specifications for ventilators to encourage rapid manufacturing and an article on grief from the Harvard Business Review.<ul><li style="text-align:justify;"><a href="https://www.notion.so/Best-Practices-for-Founders-in-the-wake-of-COVID-19-54f0c0db17064e6f9e5dd456d9cb26de">Best Practices for Founders in the Wake of COVID-19</a>: A resource guide put together by major investors in India for founders to help them with difficult decisions in these uncertain times. The document contains knowledge and best practices from across the startup ecosystem on how to deal with the crisis at hand both tactically and strategically. (Notion)</li><li style="text-align:justify;"><a href="https://qz.com/1819776/here-are-the-coronavirus-bailouts-being-prepared-around-the-world/">Government Bailouts are Beginning: We’re Keeping Track</a>: The article covers information on various government bailouts for corporations, households and small and medium businesses to extend help during these uncertain times. (Quartz)</li><li style="text-align:justify;"><a href="https://hbr.org/2020/03/that-discomfort-youre-feeling-is-grief">That Discomfort You’re Feeling Is Grief</a>: David Kessler, an expert on grief, shared his thoughts with HBR on why it’s important to acknowledge the grief you may be feeling, how to manage it, and how he believes we will find meaning in it. (Harvard Business Review)</li></ul>Interested in learning more about a specific topic? Contact us and let us know what interests you at <a href="mailto:renew@renewcapital.com">renew@renewcapital.com</a>.<figure class="image"><img src="/uploads/screen_shot_2020_04_07_at_12_44_49_pm_0_27cadbc6be.png"><figcaption>Image Source: Harvard Business Review: <a href="https://hbr.org/2020/03/that-discomfort-youre-feeling-is-grief">That Discomfort You’re Feeling Is Grief</a></figcaption></figure>&nbsp;

A focus on the global response to COVID-19

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April 2020 Resource Blog

<h1 style="text-align:center;">Econ-Tourism Trip 2020</h1>Over my eight years in Ethiopia, I have hosted over 35 families from the Impact Angel Network on Econ-Tourism Trips and a number of others for one-off trips. It’s always invigorating to have these world changers here with us and to see Ethiopia with the fresh eyes they bring. We work to create an unforgettable experience for them and to answer each of their questions with the thoughtfulness it deserves.This last trip, February 16-22, 2020, was no different. It was a small group, something we like, and the group spent several days in Ethiopia followed by a few days in Uganda. One of the highlights is always the happy hour where we open the doors of our office, The Exchange, to the business community, our development partners and our investors. It’s so fun to listen in on the conversations that ensue and see the enjoyment and light bulbs of understanding that continue to go off for our IAN members who choose to spend their time with us.<figure class="image"><img src="/uploads/ettfeb2_0d25aaf533.jpg"></figure>We hope you consider the October 4-10, 2020 trip. During that trip, we have plans to continue to enhance the experience so our investors can build relationships, connect with other members and entrepreneurs, find ways to give back and share their knowledge, and process the legacy they are building through the Impact Angel Network.

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Econ-Tourism Trip 2020

<h1 style="text-align:center;">Is Money the Problem or is it Management?</h1>On February 27th, RENEW and the <a href="https://www.aspeninstitute.org/programs/aspen-network-development-entrepreneurs/">Aspen Network of Development Entrepreneurs</a> (ANDE) co-hosted a panel at SANKALP in Nairobi called “Is Money the Problem or is it Management?”. The panel was moderated by RENEW’s <a href="https://www.linkedin.com/in/matthew-davis-a948772/">Matthew Davis</a>, and the panel was made up of <a href="https://www.linkedin.com/in/nathalie-gogue-ebo-53a7602/">Nathalie Gogue-Ebo</a> of <a href="https://opencapital.com/">Open Capital Advisors</a>, <a href="https://www.linkedin.com/in/rebecca-harrison-2730bb18/?originalSubdomain=ke">Rebecca Harrison</a> of <a href="https://www.africanmanagers.org/">African Management Institute</a> and <a href="https://www.linkedin.com/in/paul-breloff-5638b67/?originalSubdomain=ke">Paul Breloff</a> of <a href="https://www.shortlist.net/">Shortlist</a>.The goal of the session was to help business owners, investors and the development community get away from thinking that the missing middle gap is just a money problem. At RENEW, we believe that if a stakeholder is ignoring the management gap, it could damage the small and growing business (SGB) impact investing space. The panelists questioned whether anyone would even attend as the venue is known to be a conference for companies to connect with capital. But the fears were unfounded –all the target stakeholders attended, it was standing room only and the panel received great feedback after.<figure class="image"><img src="/uploads/sankalp_kenya_2020_9405_fotor_0eb8fdeafb.jpg"></figure>Here are some of the key takeaways and comments from the panelists.<ul><li>CEOs are very aware of the management gap.</li><li>Recruiting is broken. Often, men over-glorify their CVs while women downplay them. If you just use CVs to recruit, you'll miss good talent. Using data to drive vetting is a better way.</li><li>Many employees and managers don't know what good looks like. There are not enough good models to point too. What leaders are looking for is people to come in and help them build systems, but if they don’t know what a good finance department, sales department, marketing department, etc. team and systems looks like, how can they build it?</li><li>The pay gap between what people think they should get and what they are getting is a problem. Also, remuneration in sub-Saharan Africa is all over the board. There is as much as a 2.5x distribution for similar positions.</li><li>Companies should look to hire managers that buy into the organization’s mission.</li><li>Listen to a potential employee describe the mission of the company back to you and see if they are excited. Ask what the last books were that they read. Consider compassion in your recruits. This is an overlooked attribute.</li><li>Timing is an issue with companies. If you know you need to hire management and you need to raise capital to do that, fine. Investors in the room agreed that it’s ok to pitch for capital and explain which positions you are hiring for. That will help you.</li><li>As a CEO, if you aren’t investing 40-60% of your time finding and developing your staff, you aren’t focused right.</li><li>The people who recruit the best on small budgets are good at storytelling. Up to a point, it’s money, but after that, it’s not. If your employees don’t feel connected to the vision, they will leave. You also need to get success. People want to feel like they are on a winning team.</li><li>Pay people what they are worth even before they ask!</li><li>We don’t have a shortage of talent, just a shortage of good management practices and models.</li><li>Generally, people hire too fast and fire too slow. The advice of "when should you fire someone? When you first think of it" might not be quite right. Perhaps an employee is in the wrong position. However, you should fire employees as soon as you know they don’t align with your company’s values.</li><li>Fall in love with the problem. Everyone on the panel agreed that entrepreneurs aren’t spending enough time developing human capital. The development community isn’t spending enough investing in the ecosystem. Investors aren’t investing enough in it.</li><li>Companies should consider coaches or advocates for women. Men need to step in to help their partners do more for their careers.</li></ul>In summary, it is important to first recognize that there is a management gap. If you do, you are ahead of your peers. Recognize that investing in your people and your culture is one of the best investments you can make. To help you, Open Capital Advisors is augmenting to help fill the management gap; Shortlist is redesigning recruiting; and Africa Management Institute is developing world-class management teams. These are three pieces of the puzzle. ANDE, on the other hand, will continue to serve as the leading champion for the SGB sector and work with its members to address some of the key sector challenges including SGB investing, impact management and talent development.<figure class="image"><img src="/uploads/logos2_dcf60d907d.jpg"></figure>A big thank you to ANDE for co-hosting this event with RENEW. For those of you reading this who aren’t familiar, ANDE is an incredible convener of organizations and practitioners involved in supporting SBGs and entrepreneurship in emerging markets with the purpose of creating jobs, stimulating long-term economic growth, and producing environmental and social benefits. At RENEW, we strongly align with ANDE in believing that SGBs are one of the main drivers that will lift entire countries out of poverty.For the last 10 years, ANDE has been addressing talent development challenges through their talent learning labs and by providing funding opportunities like the <a href="https://www.andeglobal.org/page/AATC">Argidius-ANDE Talent challenge</a> that sought to find highly promising solutions to human capital constraints.Under their <a href="https://www.andeglobal.org/page/ANDEStrategy2019">new strategy</a>, ANDE will continue to serve as the leading champion for the SGB sector and work with its members to address some of the key sector challenges including SGB investing, impact management and talent development.To learn more about becoming a member, visit: <a href="https://www.andeglobal.org/page/Membership">www.andeglobal.org</a>.

A Panel on the Real Missing Middle Opportunity

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Is Money the Problem or is it Management?

<h1 style="text-align:center;">Be the Woman who Fixes Another Woman’s Crown…</h1>International Women’s Day (IWD) is a global day to celebrate the achievements of women, while simultaneously acknowledging and accelerating gender equality. Gender parity is an issue that should be on everyone’s radar, especially businesses. At RENEW, we believe that gender equality and gender-smart companies are enabling factors that, in addition to being just, will also help economies in sub-Saharan Africa thrive. As the IWD website states, “the race is on for the gender-equal boardroom, a gender-equal government, gender-equal media coverage, gender-equal workplaces, gender-equal sports coverage and more gender equality in health and wealth.” (<a href="https://www.internationalwomensday.com/">International Women’s Day</a>).In celebration of IWD, and with gender equality always at the forefront of our work and business, we wanted to highlight a few perspectives from some of the amazing women on our team. These women are from diverse backgrounds and are located across four different countries and two continents where RENEW currently has operations. While we still have work to do to continue our push for gender equality, gender-balanced teams, and gender-smart policies, we’ve taken steps and have set goals to make this a reality (read more about <a href="renews-gender-equality-report-card.html">RENEW’s Gender Equality Report Card</a>). In the meantime, we hope you enjoy these perspectives on the challenges and opportunities our team has seen in the impact investing and investment space.Scroll down or click through to the following team members:<ul><li><a href="#dagi">Dagmawit Shiferaw, Project Manager - Ethiopia</a></li><li><a href="#erin">Erin O’Connor, Marketing &amp; Investor Relations - Canada</a></li><li><a href="#kirsten">Kirsten Newman, Associate General Counsel - U.S.A.</a></li><li><a href="#mary">Mary Adoi, Legal Counsel - Uganda</a></li></ul><figure class="image image_resized" style="width:95.82%;"><img src="/uploads/dagi2_0_77e3f8db27.jpg"></figure><a href="https://www.linkedin.com/in/dagmawit-shiferaw-8665943b/">Dagmawit Shiferaw</a>, Project Manager - Ethiopia:Why did you choose to work with RENEW? What drew you to the company? At first, the job description was very interesting; then during the onboarding the whole vision of the company was in line with my values.What does career success look like? What holds you back? Career success for me is to have impactful work, successful results and appropriate compensation. What might hold me back is my desire to spend more time with my family/kids.Are there any opportunities or challenges you face as a woman in this industry? Opportunities in the industry require critical thinking and careful reasoning which I believe the women have and the industry is acknowledging they need this balance. The challenge is that the industry is more time demanding and it might be challenging for women with a family to accommodate this need. Also, some of the industry players are still not recognizing that women can actually be as good or better than men and are either not giving them the opportunity or are not paying them enough.What is it like working in the investment industry? Do you feel women are well represented in the industry? In impact investing? As a whole impact investing is a new phenomenon in Ethiopia, but usually women are more attracted to impact investing as they witness the social impacts around them and they are usually trying to solve the social challenges by also improving their family’s livelihood. But as the women-owned businesses are often very small, they are not well represented in the impact investing space.Is there a female executive you look up to? If yes, why? Bethlehem Tilahun of soleRebels. She has been able to execute a big vision and have an internationally competitive brand.Is there any advice you have (or have you heard) for women executives or women in finance? For women executives, don't try to do it all. Delegate, know what’s happening in your business (know your numbers), understand what each division does and set milestones to keep them accountable, then track their performance. This will give you confidence and also the respect from your staff.<figure class="image"><img src="/uploads/erin01_154e147c6d.png"></figure><a href="https://www.linkedin.com/in/erinhoconnor/">Erin O’Connor</a>, Marketing &amp; Investor Relations - Canada:Why did you choose to work with RENEW? What drew you to the company? Having worked in the investment industry, I had heard murmurs about impact investing and it became my mission to join a company where my ideals and values would line up with the work I was doing. I was looking for a company that I could get behind, and one that I would feel good about contributing to at the end of the day. That’s when I found RENEW and joining the team was a no-brainer for me.What does career success look like? What holds you back? Career success for me is being with a company that acknowledges your contributions and being in a role that is challenging and always evolving. What holds me back? I think guts. Just having the guts to really grasp for what I want and go for it.Are there any opportunities or challenges you face as a woman in this industry? I think the investment industry as a whole is still male-dominated and has that “boys club” mentality. As a woman, that can be a challenging barrier to break through at times. I do think more and more companies are making concerted efforts to put more women in higher positions and are striving for more gender-balanced teams, which I think is a great opportunity that is slowly presenting itself.What is it like working in the investment industry? Do you feel women are well represented in the industry? In impact investing? I think working in the investment industry, in general, can be challenging at times in terms of being heard and listened to. However, I don’t think you see this bias as much in impact investing. So many impact investing companies and stakeholders are oftentimes trailblazers for gender equality issues. I think the industry as a whole could learn a lot from this sector.Is there a female executive you look up to? If yes, why? I felt a bit corny writing this, but as much as I tried to think of someone well-known, I kept coming back to my mom. She started her own business in a heavily male-dominated industry, and I was always so impressed with how she gained respect and got herself a seat at the table, oftentimes being one of the only women there. I’ve always been inspired by her strong work ethic, the hours she was willing to put in, and seeing how people respected and listened to her.Is there any advice you have (or have you heard) for women executives or women in finance? “Be the woman who fixes another woman’s crown, without telling the world that it was crooked”. I think it’s good work and life advice for women in any role, in any job.<hr><figure class="image image_resized" style="width:100%;"><img src="/uploads/kirsten_2133d69eb7.jpg"></figure><a href="https://www.linkedin.com/in/kirsten-newman-10301aa7/">Kirsten Newman</a>, Associate General Counsel - U.S.A.:Why did you choose to work with RENEW? What drew you to the company? I was looking for meaningful work in the development space, something that had an international focus and that I could be proud to be a part of. After learning about RENEW, I was intrigued by its unique approach to investing and its belief that investing (and not charity) is the best way to empower developing countries.What does career success look like? What holds you back? To me, career success is being in a role that is challenging and stimulating, that pushes me to grow and learn, but that is also rewarding -- that is making a difference in the world in some way -- and that provides a balance between life and work. Doing impactful, challenging, meaningful work (but also recognizing that life doesn't revolve around work).Are there any opportunities or challenges you face as a woman in this industry? I think there are always challenges for women in the finance industry regardless of setting. In my experience, finance in the development space perhaps presents fewer challenges, as the companies and partners we are working with recognize the importance of gender equality and gender-balanced teams. But the typical stereotypes and barriers of women in finance are always out there, regardless of industry or sector.What is it like working in the investment industry? Do you feel women are well represented in the industry? In impact investing? To me, it seems like women are better represented in the impact investing / development space than in the finance industry overall. I think generally in the finance industry, there are still a lot of barriers for women who face the "old boys' club" mentality, but I'm glad to see this being broken down and am pleased with the number of women I encounter in our work at RENEW.Is there a female executive you look up to? If yes, why? I look up to one of the partners at my old law firm -- she was an immigrant, single mother and became a partner at one of the most prominent law firms in the world in eight years (which is basically unheard of these days). She was also only the second female partner in our practice group. She is brilliant, and she stands her ground, never letting anyone in the room speak over her or diminish her voice and opinions.Is there any advice you have (or have you heard) for women executives or women in finance? Overcoming the "impostor syndrome" -- the feeling that you aren't qualified or don't deserve a seat at the table. Own your accomplishments, force yourself to speak out and offer ideas, and recognize that your ideas and input are valuable. Find your voice and use it.<figure class="image image_resized" style="width:100%;"><img src="/uploads/mary_50c9948e6e.jpg"></figure><a href="https://www.linkedin.com/in/mary-adoi-0317b0b8/">Mary Adoi</a>, Legal Counsel - Uganda:Why did you choose to work with RENEW? What drew you to the company? The diversity of the team and hands-on approach to developing economies in developing countries.What does career success look like? What holds you back? Playing a pivotal role in transforming industry and economies across East Africa. What holds me back: Time. With RENEW and similar companies, this impact is a matter of time and concerted effort.Are there any opportunities or challenges you face as a woman in this industry? Surprisingly, none. Coming in, I thought this would not be the case but, I have been pleasantly surprised. The "boys club" has an open door policy.What is it like working in the investment industry? Do you feel women are well represented in the industry? In impact investing? Women are underrepresented at the point of investment and deciding where capital is placed; however, there are more women in the business acceleration/ incubation end of investment.Is there a female executive you look up to? If yes, why? Anne Juuko. She is the youngest and first female CEO of Stanbic Bank Uganda and has risen through the ranks in the financial sector. I look up to her because her appointment was based on merit and she played her part well, in a “man's world".Is there any advice you have (or have you heard) for women executives or women in finance? There are no excuses, you have to do your time.