<h1 style="text-align:center;">March 2020 Resource Blog</h1>For this month’s resource blog, we collected articles on gender equality and women in the workforce in honor of International Women’s Day on March 8. Read through the articles below to learn more about gender equality in Africa and in the venture capital and private equity space.<ul><li><a href="https://www.mckinsey.com/featured-insights/gender-equality/the-power-of-parity-advancing-womens-equality-in-africa">The Power of Parity: Advancing Women’s Equality in Africa</a> - A McKinsey report makes the economic case for gender parity in Africa. The punchline: $316B could be added to the continent’s GDP in 2025 if all countries matched the progress towards gender equality of their best-performing neighbor. (McKinsey &amp; Company)</li><li><a href="https://www.theguardian.com/global-development/2020/jan/20/worlds-22-richest-men-wealthier-than-all-the-women-in-africa-study-finds?CMP=Share_iOSApp_Other">World’s 22 Richest Men Wealthier than All the Women in Africa, Study Finds</a> - Oxfam calculates that the world’s 22 richest men are wealthier than all the women in Africa, with a total of 12.5B hours a day of unpaid care work. (The Guardian)</li><li><a href="https://www.weforum.org/agenda/2019/04/how-women-vcs-invest-says-a-lot-about-the-inequality-in-their-field">How Women Venture Capitalists Invest Says a lot About the Inequality in their Field</a> - The vast majority of female VCs are investing primarily in early-stage startups, in the seed and series A funding rounds. Part of the reason they are investing mostly in the early stages is that female VCs have trouble pooling the large sums of money needed for later-stage funding, says Jessica Peltz, a partner at VC firm MDC Ventures. “It’s a big problem,” she adds. (World Economic Forum)</li><li><a href="https://www.ifc.org/wps/wcm/connect/79e641c9-824f-4bd8-9f1c-00579862fed3/Moving+Toward+Gender+Balance+Final.pdf?MOD=AJPERES">Moving Toward Gender Balance In Private Equity Markets</a> - Women are significantly underrepresented among the investment decision-makers at private equity and venture capital firms, as well as in the leadership of companies that receive this investment capital. Women hold only 10 percent of all senior positions in private equity and venture capital firms globally, and women-led enterprises collected less than 3 percent of global venture capital in 2017. (IFC)</li></ul><figure class="image image_resized" style="width:100%;"><img src="/uploads/resourceblog_0_a5d3b90294.jpg"><figcaption>Image Source: World Economic Forum: <a href="https://www.weforum.org/agenda/2019/04/how-women-vcs-invest-says-a-lot-about-the-inequality-in-their-field">How Women Venture Capitalists Invest Says a lot About the Inequality in their Field</a></figcaption></figure>

A focus on gender equality and women in the workforce

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March 2020 Resource Blog

<h1 style="text-align:center;">IMF’s USD 2.9 Billion Financing Package for Ethiopia</h1>It has been approximately two years since Prime Minister Abiy Ahmed took power as the head of the government. Since then, the country has gone through various political and economic reform programs.The release of opposition political leaders and journalists are noteworthy events in the political reforms undertaken by PM Abiy. On the economic front, the government has adopted a new Homegrown Economic Reform Program (“Reform Program”) tailored to the country’s needs.The Reform Program was introduced as a tool to leverage the achievements of the Growth and Transformation Plan (GTP) for private sector development. The Reform Program is based on three pillars, i.e., macroeconomic reforms, sectoral reforms and structural reforms. It aims to correct the emerging macroeconomic imbalances prevalent in the country, ease structural bottlenecks and introduce efficient and transparent institutions, among others.<figure class="image image_resized" style="width:100%;"><img src="/uploads/ethiopia_0_154186cf55.jpg"></figure>With this background, the International Monetary Fund (IMF) staff team visited Addis Ababa for consultation with the Government of Ethiopia from October 29 to November 8, 2019. During the meeting, the Government requested a three-year $2.9 billion financing package that could be supported by the IMF under its Extended Credit Facility (ECF) and Extended Fund Facility (EFF). The IMF has approved the loan in support of the Reform Program, which is designed, as per the IMF report, to eliminate macroeconomic imbalances and lay the foundation for sustainable and inclusive growth. This is supported by the Ethiopian Government’s new trend towards allowing the private sector to take the wheel in leading the economy.The IMF financing package will primarily support the implementation of the macroeconomic pillar of the Reform Program. Specifically, the financing will be used to address the foreign exchange shortage prevalent in the country, reduce debt vulnerabilities, reform the financial sector and boost revenue mobilization. Moreover, the IMF package is expected to facilitate the transformation of the economy from public to private sector-led growth.Ethiopia has been one of the fastest-growing economies in the world, averaging around 9% economic growth per year from 2007/08 to 2017/18 (World Bank). However, the economy has recorded a decline in the rate of growth in the past couple years. This is mainly due to the forex crunch that the country is facing. The facilitation of this financing package by the IMF, and its focus, in part, on addressing the foreign exchange shortage, is expected to boost the country’s economic growth. In addition, the IMF funds can be seen as an example that, together with the Reform Program, the government is loosening its stronghold in the economy and providing a new play ground for the private sector.Read more in a recent article by the Financial Times: <a href="https://www.ft.com/content/81993af2-1c23-11ea-9186-7348c2f183af">IMF Poised to Approve Landmark $3Bn Loan for Ethiopia</a>.

A look at the Economic Reform Program and the recent IMF loan.

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IMF’s USD 2.9 Billion Financing Package for Ethiopia

<h1 style="text-align:center;">Gender Equality: When the Market Demands It, the Private Sector Will Respond</h1>I have been asking myself the question, “what will it take to achieve genuine gender equality in companies in sub-Saharan Africa?” After all, we still face massive inequalities in the West. I look eagerly toward the day when we no longer need to bring attention to and advocate for women through wonderful efforts like International Women’s Day. It may take us decades yet, but even in the last few years, sentiments and actions are shifting in what I believe to be the right direction.As consumers, investors, entrepreneurs, governments, the development community, and as women, we must all take responsibility and align our behaviors and policies to ensure we move the public sentiment in the right direction.<figure class="image"><img src="/uploads/destaian_0_2810ad183e.png"><figcaption>Photo by Ian Christmann: <a href="http://ianchristmann.com/">www.ianchristmann.com</a></figcaption></figure>I think we can, and here’s a tangible example of how I can see it working. It upsets me to visit companies in Ethiopia, or anywhere in the world for that matter, where the workers are not using personal safety equipment. When I ask managers or entrepreneurs, they often say, “we provide the equipment, but we can’t make them wear it.” While I know it is difficult to achieve compliance with safety standards across organizations, this comment really frustrates me. First, I believe it starts with leadership. Second, building a culture of compliance and the understanding of “why” something is important is possible. But recently, I noticed something new. I visited one of our portfolio companies that has achieved a host of internationally recognized accreditations. The company is audited annually by related organizations. I also heard from the entrepreneur about the latest string of buyers and their requirements prior to sending a purchase order. I have seen the entrepreneur invest in additional safety features for the building and policies for the work environment. I saw compliance across the company for simple things like earplugs and steel glove usage, and I said to myself...Aha... When the market demands it, the private sector responds. On the issue of safety, I have seen it work. I believe we can do the same thing with gender.The development community, including <a href="https://www.international.gc.ca/gac-amc/index.aspx?lang=eng">Global Affairs Canada</a> and their <a href="https://www.international.gc.ca/world-monde/issues_development-enjeux_developpement/priorities-priorites/policy-politique.aspx?lang=eng">Feminist Assistance Policy</a>, has set the bar for other stakeholders to follow. They are doing their job. So whether you are an Ethiopian government official, a consumer, an investor or an entrepreneur, let’s do our part. Let’s think about ways we can insist on gender equality and gender-smart policies in the companies you work with. We can do this!

We can insist on genuine gender smart policies!

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Gender Equality: When the Market Demands It, the Private Sector Will Respond

<h1 style="text-align:center;">RENEW’s Gender Equality Report Card</h1>As International Women’s Day approaches on March 8, I thought it would be a good time to take a step back and look at RENEW’s scorecard as it relates to gender equality. While we aren’t perfect, gender equality and gender-smart policies are something we genuinely aim for. Here’s how that currently stacks up.<ul><li>55% of the SMEs currently in the IAN's <a href="https://www.renewcapital.com/portfolio">portfolio</a> have female shareholders.</li><li>60% of the jobs provided across our portfolio are held by women.</li><li>43% of participants in <a href="https://www.renewcapital.com/resources/blogs/Key%20Resources%20for%20Executives">The Exec’s Program</a> are women.</li><li>36% of the professionals in the <a href="https://www.renewcapital.com/resources/blogs/Building%20a%20New%20Class%20of%20Finance%20Executives%20for%20Ethiopia">CFO100</a> are women.</li><li>43 or 28% of the <a href="https://www.renewcapital.com/apply">Impact Angel Network</a> members are women. We want to have more women join the IAN.</li><li>And finally, 47% of RENEW’s <a href="https://www.renewcapital.com/about/teams">professional team</a> are women.</li></ul>To read real-life perspectives from some of these key stakeholder groups referenced above, check out the following blogs:<ul><li><a href="https://www.renewcapital.com/resources/blogs/Desta%20is%20Like%20Family">Desta is Like Family</a> (Tadelech Buto, a manager in the textile sector)</li><li><a href="https://www.renewcapital.com/resources/blogs/An%20Angel%20Investor%E2%80%99s%20Perspective">An Angel Investor’s Perspective</a> (Beth Marquette, an Impact Angel Network member)</li><li><a href="https://www.renewcapital.com/resources/blogs/Made%20in%20Ethiopia">Made in Ethiopia</a> (Lulit Negash, a former RENEW team member)</li></ul><figure class="image"><img src="/uploads/renew_team_e3591578e1.png"><figcaption>Photo by Ian Christmann: <a href="http://ianchristmann.com/">www.ianchristmann.com</a></figcaption></figure>&nbsp;

We aren’t perfect, but we are proud of our results!

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RENEW’s Gender Equality Report Card

<h1 style="text-align:center;">Following Along with Travel Ethiopia</h1>You may have noticed that we at RENEW often share proudly when we close an investment, but we don't always do a good job of sharing stories that allow you to follow along with the incredible entrepreneurs we partner with. Today, we’d like to give you a closer look into Travel Ethiopia.Samrawit Moges graduated from <a href="https://www.renewcapital.com/resources/blogs/Key%20Resources%20for%20Executives">The Exec's Program</a> and, in late 2019, received an investment from the Impact Angel Network. The investment helped her company, <a href="https://www.travelethiopia.com/">Travel Ethiopia</a>, enhance its corporate governance and will allow her company to bring on a professional to improve its back and front office systems in order to become a top tour company in Ethiopia. Samrawit graduated from Addis Ababa University in 1983 where she studied journalism. After graduating, she entered a compulsory lottery to draw the institution she would be working for. She ended up drawing the national tour operator.<figure class="image image_resized" style="width:100%;"><img src="/uploads/samrawit_0_91ff51b895.jpg"><figcaption>Image Source: Love Everything Travel: <a href="https://loveeverythingtravel.com/interview-with-samrawit-moges-travel-entrepreneur-in-ethiopia/">Interview with Samrawit Moges | Travel Entrepreneur in Ethiopia</a></figcaption></figure>In 1994, she and her husband founded Travel Ethiopia using personal savings as start-up funding. At the time, they hired five people, and now she employs 41, of which 40% are women. In 2019, Samrawit lost her husband, and is now continuing forward with the company they founded. Determined to leave a legacy, Samrawit is passionate about exposing predatorial tour companies that cater to prostitution in Ethiopia. She is proud to be the first company to hire and train female tour guides.Read more about the<a href="https://drive.google.com/file/d/1rycvnlOOmX9CSqhsJg6WAYeLWzhuCIHU/view?usp=sharing"> investment</a> from the IAN, and check back soon for more photos of Samrawit along with more information about how our Accelerating Business Growth program with <a href="https://www.canada.ca/en.html">Global Affairs Canada</a> and The Exec's Program she participated in are impacting her business.Learn more about Samrawit in the following interviews:<ul><li>Macropolis: <a href="https://marcopolis.net/exclusive-interview-with-travel-ethiopia-a-woman-led-tour-operator-from-ethiopia.htm">Exclusive Interview with Travel Ethiopia, a Woman-Led Tour Operator from Ethiopia</a></li><li>Love Everything Travel: <a href="https://loveeverythingtravel.com/interview-with-samrawit-moges-travel-entrepreneur-in-ethiopia/">Interview with Samrawit Moges | Travel Entrepreneur in Ethiopia</a></li></ul>

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Following Along with Travel Ethiopia

<h1 style="text-align:center;">Management: The Real Missing Middle Opportunity</h1>As an avid angel investor in Africa and a manager of one of the most active SME investment firms in Ethiopia, seeing the development community take up the ‘entrepreneurship cause’ these last few years is refreshing. It has become popular for big foundations to fund impressive African entrepreneurship pitch days, accelerators and incubators from Lagos, Nigeria to Addis Ababa, Ethiopia. Because of this, Ethiopia is now home to more than a dozen private equity offices; up from only two firms eight years ago when we opened RENEW’s office here.Governments like the Federal Democratic Republic of Ethiopia are working to support the startup ecosystem and are developing local angel networks, rather than focusing solely on attracting large foreign direct investments. By the looks of it, the world is slowly moving in the right direction to fill the “missing middle” in Sub-Saharan Africa by growing a prosperous and vibrant private sector with balanced economies.While these developments are moving in the right direction, I think we are missing a small but critical piece of the puzzle. A piece that I believe could unlock even better, stronger and more sustainable growth.If the first step is building up cadres of promising entrepreneurs, our next job needs to be turning these big ideas into scaling companies. This requires strong management. While not as sexy as hearing a pitch, closing a deal or investing capital, businesses need solid executives and middle management to scale - ideas are good, but execution is everything. Unfortunately, there is a dearth of quality middle management in Africa. I argue the lack of management might be as critical (if not more) as the lack of capital that so many economists talk about.<figure class="image image_resized" style="width:100%;"><img src="/uploads/execsfeb_b5a597cae4.jpg"></figure>After eight years of backing companies in Ethiopia and meeting with hundreds more, we are not consistently seeing entrepreneurs effectively execute on their ideas and scale their companies. Which leads RENEW to a hypothesis: is there a huge opportunity for the development community to widen their lens and partner with investors to build up a class of local executives and managers that can scale companies into market leaders? We certainly believe so.At RENEW, we have been searching for patterns in SME success, looking across our portfolio and beyond to see why some companies fail and others succeed. We have concluded that those that fail have weak management. In markets across Sub-Saharan Africa, where competition is low, it’s not product-market fit or timing, it’s management. This is why we are working on an SME investment playbook that amasses years of best practices and lessons learned for building up the middle management in SMEs.Part of the playbook is training and hands-on experience, working alongside experienced executives that can transfer knowledge to budding CFOs and COOs. To start, we built a frills-free executive training program that teaches managers the basics of running effective management meetings, working their calendars, scanning their cash flow statements, and hiring and firing. Next, our program goes beyond the classroom and into the company - teaching real-world tactics alongside successful executives that we place into companies to mentor and build up local teams around them.We’d like to give a huge hat-tip to <a href="https://www.international.gc.ca/gac-amc/index.aspx?lang=eng">Global Affairs Canada</a> for stepping into the private sector development space and taking the narrative beyond capital and into the critical world of executive and management building by funding <a href="https://www.renewcapital.com/resources/blogs/Key%20Resources%20for%20Executives">The Exec’s Program</a> and <a href="https://www.renewcapital.com/resources/blogs/Building%20a%20New%20Class%20of%20Finance%20Executives%20for%20Ethiopia">CFO100</a>.We regularly hear that the development community wants solutions that create impact at scale. As an investor, I want companies that create profit at scale and, in doing so, create jobs, pay taxes and have a huge multiplier effect. Let’s not just throw capital at the problem. I recommend that the development community take a lesson from Canada - go beyond the glitz of the demo days and start training executives to lead these companies.To dig deeper into this issue of the middle management gap, come see us at Sankalp where we’ll be hosting a panel in conjunction with <a href="https://www.andeglobal.org/">ANDE</a> and Open Capital Advisors. Visit ANDE to find out more and <a href="https://www.andeglobal.org/events/EventDetails.aspx?id=1331628&amp;group=">register for the event</a>.

Scaling companies in Africa requires management plus capital.

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Management: The Real Missing Middle Opportunity

<h1 style="text-align:center;">February Resource Blog</h1>This month’s resource blog takes a look at a wide range of topics from the past month, including how to value a company, unblocking your company's growth and collecting feedback.<ul><li><a href="https://hbr.org/2020/01/the-loyalty-economy#how-to-value-a-company-by-analyzing-its-customers">How to Value a Company by Analyzing Its Customers</a>: The true purpose of a business, Peter Drucker said, is to create and keep customers. This article shows that loyalty leaders—companies at the top of their industries in Net Promoter Scores or customer satisfaction rankings for three or more years—grow revenues roughly 2.5 times as fast as their industry peers and deliver two to five times the shareholder returns over the next 10 years. The author discusses a framework to evaluate customers as a method to value a company. (Harvard Business Review)</li><li><a href="https://www.permanentequity.com/writings/table-stakes">Table Stakes: Unblock Your Business</a>: If a small business stays small, there are two dominant causes. Either the business model or the leadership team, or both, are holding it back. The playbook in this article provides a checklist to help you build your business and increase its value. (Permanent Equity)</li><li><a href="https://venturebeat.com/2020/01/26/i-hate-every-meeting-except-this-one/">I Hate Every Meeting Except This One</a>: In this article, the author highlights the importance of “Voice of the Customer” meetings to solicit feedback from all of the company’s customer-facing departments and deliver it directly to product managers to create a strong product or service. (Venture Beat)</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/resourcefeb_0_92f255522f.png"></figure>&nbsp;

Our favorite articles from the past month: February 2020

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February Resource Blog: 2020

<h1 style="text-align:center;">2019 in Review and a Sneak Peek at 2020!</h1>As we start off the new year and decade, it’s one of our traditions at RENEW to look back at the last 12 months and ahead to the next. February 2020 will mark eight years RENEW and the IAN have been in Ethiopia. Before we arrived, there was one PE firm, now there are over a dozen. RENEW’s <a href="https://www.renewcapital.com/what-we-do/investing">Impact Angel Network</a> is the most active SME investment group in Ethiopia, and we have already achieved two exits! Before the IAN, most of the private sector had no option for financing. Unless you had a micro-enterprise or a huge company, there was nowhere to get $500K. Now, friends advise entrepreneurial friends to speak with RENEW's angel network or pitch on <a href="http://www.tonetormultimedia.com/">Chigign 'Tobiya</a>, the investment TV show RENEW helped launch. The work is not just happening in Ethiopia and Uganda, but it's happening around the world with the Impact Angel Network. Here are some of the highlights for RENEW in 2019.January - We started the year with our annual partners planning session in Colorado. We also held an Econ-Tourism Trip that took place in Ethiopia, Uganda and Rwanda!February - We held our third round of the <a href="https://www.renewcapital.com/companies">CFO100</a> and <a href="https://www.renewcapital.com/companies">The Exec’s Program</a>. We also funded a second investment in Roadrunner Technology Solutions LLC (Roadrunner), which partners with Universal Courier Services PLC (<a href="https://deliveraddis.com/">Deliver Addis</a>) to expand the burgeoning logistics and e-commerce industries in Ethiopia.March - We celebrated International Women’s Day with an Ode to Africa’s Businesswomen and started making plans for an investment vehicle focused on women.April - RENEW and the Impact Angel Network committed capital to a fund dedicated to investing in women-owned and led companies in Ethiopia and Uganda. RENEW and the IAN designed the fund to address a pressing need to close the financing gap for women-owned companies in Sub-Saharan Africa. We also visited our partners, <a href="https://www.international.gc.ca/gac-amc/index.aspx?lang=eng">Global Affairs Canada</a>, in Ottawa, Canada.May - This was a big month at RENEW! We successfully exited two investments to a regional private equity fund and a family office. RENEW and the IAN provided two rounds of angel financing to support the launch of an Ethiopian production company that exports to international markets. We also held our fourth International Gathering weekend in Washington D.C., and we released our <a href="https://www.renewcapital.com/resources/blogs/The%20Fourth%20Annual%20Impact%20Report">Fourth Annual Impact Report</a>.June - We attended the 5th Annual Private Equity in East Africa Conference (hosted by EAVCA) and participated on the "Investing in Women is a Good Idea" panel discussion.July - We made our first investment in Uganda from the Women-Owned Business Investment Fund. The fund was set up to invest in female entrepreneurs in Ethiopia and Uganda, and the first company to receive an investment was Kijani Baby (<a href="https://www.kijanionline.com/">Kijani</a>).August - We closed our second investment from the Women-Owned Business Investment Fund. This investment was made into a company that supports tourism in Ethiopia, which partners with Travel Ethiopia PLC (Travel Ethiopia).September - We visited with our IAN Chapter in Virginia and spent some quality time with some IAN members and investors. The partners also visited London and the Netherlands.October - RENEW had the pleasure of hosting a panel discussion in partnership with the Aspen Network for Development Entrepreneurs (<a href="https://www.aspeninstitute.org/">ANDE</a>), <a href="http://www.trust.org/trustlaw/">TrustLaw</a> (Thomson Reuters Foundation) and <a href="https://www.international.gc.ca/gac-amc/index.aspx?lang=eng">Global Affairs Canada</a> on the changes that are coming to the legal and regulatory framework for investing in Ethiopia. We also launched our fourth cohort of The Exec’s Program and CFO100, and we had several members of the Impact Angel Network visit us in Ethiopia.November - We attended the <a href="http://www.ipsnews.net/2019/11/global-gender-summit-2019-african-leaders-take-responsibility-urgently-close-gender-gap/">Global Gender Summit</a> in Kigali along with 20+ female entrepreneur delegates from Ethiopia who had won the <a href="https://invest2impact.africa/">Invest2Impact</a> Challenge. What an inspirational time and an encouragement to double-down on our strategy to build gender-balanced, gender smart management teams!December - We announced an important strategic shift in our investment strategy to the Impact Angel Network. Look for more background on this in 2020, but here are the broad strokes of it. Going forward, we intend to bring capital, training and skilled management into companies the IAN and RENEW take controlling positions in. With this strategy, we will be able to provide opportunities for existing team members to learn from veteran managers that have successfully led similar companies. Owners of portfolio companies will be freed to focus on their core competencies. A critical piece of this strategy is that RENEW will manage the back-office services for portfolio companies in the areas of finance, accounting, marketing, HR, sales, IT and potentially others to achieve economies of scale. We will also continue to provide training to company managers and will work with them to implement the lessons they learned within the companies we invest in.Throughout the year, we enjoyed connecting with members of the Impact Angel Network in Ethiopia, Uganda and around the world. As we start this new year and decade, we are grateful to the <a href="../../new-strategy/partners.html">Government of Canada</a> who makes our work in Ethiopia possible, members of the Impact Angel Network who believe in the potential of businesses to be the engines of prosperity, our team who works tirelessly around the world and the inspirational entrepreneurs leading our <a href="https://www.renewcapital.com/portfolio">companies</a>.The year and decade ahead look bright. This year will be about implementing the strategy shift we announced in December and providing high-quality professional services as we build businesses into market leaders, adding value to their employees and the markets in which they operate in. Here's to a great 2020.The Renew Team, Matthew Davis, Tom Scriven, Laura Davis, Justin Reesor, Erin O’Connor, Emily Ziethen, Prasoon Raghuwanshi, Lulit Negash, Yoseph Getachew, Tsegamlak Solomon, Kirsten Newman, Teddy Fantahun, Dagmawit Shiferaw, Filseta Asrat, Mary Adoi, Tamiru Belayneh

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2019 in Review and a Sneak Peek at 2020!

<h1 style="text-align:center;">December Resource Blog</h1>Thinking about starting a company? Looking for some inspiration? Need to learn the basics of cash management? Our December Resource Blog takes a look at our favorite articles on these topics from this past month.<ul><li style="text-align:justify;"><a href="http://grahamduncan.blog/letter-to-a-friend-who-may-start-a-new-investment-platform/">Questions to ask before launching a startup</a>: Almost every wannabe entrepreneur goes through the debate about whether to take the plunge. If you are having similar thoughts, then you might like to ask yourself a series of seven questions as you contemplate the possibility of launching your own startup. (Graham Duncan)</li><li style="text-align:justify;"><a href="https://www.worth.com/how-jonathan-rubinstein-turned-joe-coffee-into-new-yorks-hometown-brand/">How Jonathan Rubinstein Turned Joe Coffee into New York’s Hometown Brand</a>: The article tells the story of Joe Coffee: a burnt-out 33-year-old Manhattan talent agent who leaves his ambitious corporate career, spends seven months subsisting on unemployment checks and then decides to open an artisanal coffee shop. After 17 years in business and a multimillion-dollar investment from Danny Meyer’s Enlightened Hospitality Investments, Joe Coffee is ready for the next level of coffee shops. (Worth)</li><li style="text-align:justify;"><a href="https://avc.com/2019/11/cash-management-in-startups/">Cash management in startups</a>: This article highlights the importance of modelling cash flow on a weekly basis in a startup, as there are all sorts of unpredictable things (revenue, infrastructure costs, hiring pace, receivables, etc.) that might happen. But like all practices, it is about the practice. You have to engage in cash forecasting, you have to engage in it regularly, you have to adapt to changing conditions on the ground, and you have to internalize the puts and takes and their impact on operations. (AVC)</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 image_resized" style="width:100%;"><img src="/uploads/resourceblogdec_0_604ce57238.jpg"><figcaption>Image Source: Government of Canada: <a href="https://www.canada.ca/en/services/science/educationalresources.html">Science Education Resources</a></figcaption></figure>