<h1 style="text-align:center;">How Private Investments are Advancing the SDGs</h1>In 2016, the <a href="https://sustainabledevelopment.un.org/?menu=1300">Sustainable Development Goals</a> (SDGs) of the 2030 Agenda for Sustainable Development came into effect during the UN Sustainable Development Summit in New York. With a 15-year timeline, these goals encourage countries and various stakeholders to help improve the lives of people around the world. As we approach the 3-year mark, a number of organizations have started to report on the progress and approaches being used to help make these goals a reality by 2030.<figure class="image image-style-align-right image_resized" style="width:63.87%;"><img src="/uploads/screen_shot_2018_12_04_at_9_21_34_am_be8b7be502.png"></figure>One report, released in November 2018 by <a href="https://www.convergence.finance/">Convergence</a>, outlined the importance of blended finance to achieve the SDGs in developing countries. Although investments (development assistance and foreign direct investments) total $1.4 trillion annually, the United Nations estimates that in order to achieve the goals, $3.9 trillion is needed, leaving a large funding gap of $2.5 trillion. Blended finance, for its part, actively aligns itself to 11 of the 17 goals, with the main alignment happening in Goal 17 (Partnerships for the Goals) and Goal 1 (No Poverty) (Convergence, pg. 1).In terms of blended finance, most deals to date have focused on climate-change related SDGs and infrastructure-aligned SDGs. Currently, 48% of blended finance projects align with Goal 7 (Clean Energy), 43% of projects align with Goal 11 (Sustainable Cities) and 41% align with Goal 13 (Climate Action). Interestingly, different regions have also been targeted for specific blended finance solutions. Notably, in Sub-Saharan Africa, many solutions target Goal 9 (Industry, Innovation &amp; Infrastructure) (pg. 2). Another interesting finding in this data brief is the alignment of various investor types with specific SDG goals. Development agencies and other public sector organizations align most frequently with Climate Action and Clean Energy, commercial investors with Gender Equality and Clean Energy, and impact investors with Gender Equality and Climate Action (see Figure 8 below for a more detailed breakdown) (pg. 3).<figure class="image"><img src="/uploads/screen_shot_2018_12_04_at_9_31_06_am_010d329bf3.png"></figure>The key takeaway regarding the SDGs, blended/social finance and private investments is that investments alone cannot achieve the SDGs by 2030. Rather, it’s a combination of governments, private stakeholders, and other parties that will jointly bring these goals into fruition. Private investments tend to target some of the key themes of reducing poverty and sustainable infrastructure, but also put less emphasis on a number of the goals not related to these overarching themes. While private investments are playing a role in the SDGs, the report also highlights where further emphasis needs to be placed to achieve sustainable solutions for the future, and where some of that funding gap needs to be focused on in the years to come.Here at RENEW, we are still doing our part to help push these goals forward, and we believe that we are actively doing work that supports 15 of the 17 goals, with a large amount of resources going towards Goal 8 (Decent Work and Economic Growth) and Goal 17 (Partnerships for the Goals). It could be said that the SDGs are baked into the very core of RENEW’s business model and the portfolio companies in which RENEW and the IAN invest. In our <a href="https://www.renewcapital.com/newsroom/The%20Third%20Annual%20Impact%20Report">Third Annual Impact Repor</a><a href="third-annual-impact-report.html">t</a>, we take a deeper dive into our direct impact with the SDGs and explain how RENEW and the <a href=" https://www.renewcapital.com/investing" target="_blank" rel="noopener noreferrer">Impact Angel Network</a> are doing our part to make these goals a reality. Even though these goals can seem lofty, big changes do not happen without big dreams and even bigger goals to get you there.<hr>Sources: Convergence, Data Brief, Blended Finance &amp; SDG Alignment, November 2018 (Available to members of Convergence. To learn more about Convergence and their membership levels, please visit their <a href="https://www.convergence.finance/">website</a>.)&nbsp;

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How Private Investments are Advancing the SDGs

<h1 style="text-align:center;">Press Release: RENEW's Impact Angel Network Closes Eleventh Investment in East Africa</h1><a href="https://latest-api.renewcapital.com/uploads/November_8_2018_RENEW_Press_Release_IAN_Texas_LLC_FINAL_245f5ff617.pdf" target="_blank" rel="noopener noreferrer">Download the Full Press Release.</a>Addis Ababa, Ethiopia, November 8, 2018-- RENEW and members of the Impact Angel Network (IAN) have closed an investment in ET Fresh, LLC (ET Fresh). ET Fresh will specialize in increasing the branding, value and market reach of Ethiopian products into the Middle East and other markets. The company is a partnership between the IAN and Tesfalidet Hagos, the General Manager of Luna Export Slaughterhouse PLC, a family owned Ethiopian agriculture conglomerate.Initially, ET Fresh will focus on increasing the export of high-quality, processed and branded meat products from Ethiopia. ET Fresh intends to expand from this initial focus to become an umbrella brand that will launch a series of fresh product lines that are all-natural, premium quality and sustainable.In pursuing this strategy, the company will leverage the cattle ranching expertise which members of RENEW’s Impact Angel Network bring to the venture, as well as Mr. Hagos’ strong track record as a manager of industry-leading companies involved in processing fresh food in Ethiopia. RENEW will provide ET Fresh with branding and marketing support to position the company’s products for new markets, as well as supporting management in the areas of governance, financial management and recruiting.RENEW expects that this investment will contribute to the creation of hundreds of new jobs in Ethiopia, as well as greater income for pastoralists and increased foreign currency and tax revenue for Ethiopia.<figure class="image"><img src="/uploads/screen_shot_2018_11_06_at_10_47_50_am_0_d42c8ac59f.png"></figure>“I have great enthusiasm to work with [the] RENEW team and [they] will definitely make a difference in our marketing operation. It will give us a great opportunity to promote our country’s products internationally with a much better image and branding,” commented Mr. Tesfalidet Hagos.“We are excited to partner with Mr. Hagos and Luna,” said Matthew Davis, CEO of RENEW. He added, “Ethiopia has one of the largest livestock populations in Africa. It is a huge asset for the country and we are excited to help Luna and the citizens of Ethiopia realize greater economic and social value from this resource.”RENEW and the Impact Angel Network are one of the most active private equity investors in Ethiopia and recently expanded to Uganda. RENEW and the IAN seek to become the most successful SME investment firm in Sub-Saharan Africa, investing in hundreds of companies across twenty countries. Their mission is to find, invest and help grow great companies led by visionary leaders. The IAN and RENEW believe the greatest impact they can have in a country is realized through investing in strong companies and creating good jobs . They are able to accomplish this objective in Ethiopia and this investment in ET Fresh with support from Global Affairs Canada through a blended finance model. The investment in ET Fresh, LLC is the Impact Angel Network’s eleventh investment in a portfolio of ten companies in East Africa.&nbsp;###&nbsp;To find out more about RENEW, please visit <a href="../../index.html">www.renewcapital.com</a>. RENEW manages the Impact Angel Network (IAN) and provides professional management and consulting services to portfolio companies.

Increasing the export of high-quality, value-added products from Ethiopia.

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Press Release: RENEW's Impact Angel Network Closes Eleventh Investment in East Africa

<h1 style="text-align:center;">Kirsten’s Journey to RENEW</h1>For as long as I can remember, I’ve always wanted to help people on an international scale – to be able to see other parts of the world, connect with people from other cultures and work with them to improve their communities. It probably struck most of my friends and family as somewhat of an odd dream, being from a small town in Minnesota and never having left the United States (other than a family vacation to Canada as a kid, which, for a Minnesotan, can barely be considered international travel). Nevertheless, this dream has persisted over the years, leading me on many adventures and ultimately charting the course that led me to RENEW.<figure class="image"><img src="/uploads/img_5168_fotor_4d53b50c72.jpg"></figure>Throughout college, when thinking about how to accomplish this dream, I had many ideas – should I join the Peace Corp, work for an NGO, move abroad? Ultimately, I felt that I needed to develop a valuable skill set before I could start giving back. This took me on a journey to law school, where I studied international law, and spent a summer term and a semester taking comparative law and international development courses in London. From there, I spent the next six years living in London and New York, working at an international law firm doing project finance. I was learning a lot and building up the credentials I felt I needed, but the dream was still there, waiting for the right chance to emerge.<figure class="image"><img src="/uploads/img_5780_fotor_f96107017d.jpg"></figure>In 2017, I finally took a trip to Africa, traveling throughout South Africa and Mozambique. Though I have now traveled to many other places in the world (beyond just Canada), there was something about Africa that I could not shake. Shortly after returning from my trip, a friend gave me a copy of a book called “The Blue Sweater”. The book captured the fascination and intrigue I had felt for Africa, as well as the outlook and beliefs I held about investing rather than giving – it was as if the book put everything I had been thinking and feeling into words, and it opened my eyes to the world of impact investing. From that moment, I knew it was finally time. I had gained the skills and knowledge I needed and was ready to find an organization with which I could fulfill my dream.Luckily for me, this coincided with RENEW’s search for an associate general counsel. After one look at their website and mission, I knew RENEW could be the opportunity I was looking for, and my hunch was very quickly confirmed after interviewing with the partners. I could tell immediately that they shared my values and outlook and that RENEW would be a great place for me to learn and grow. It’s now going on two months, and I couldn’t be happier that I am finally living my dream!<hr><a href="../../about-renew/team.html">Click here</a> to learn more about Kirsten and the rest of the RENEW team.

Following a dream to help people on an international scale.

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Kirsten’s Journey to RENEW

<h1 style="text-align:center;">Building a New Class of Finance Executives for Ethiopia</h1>The CFO100 program is a joint effort between <a href="../../index.html">RENEW</a>, <a href="http://www.international.gc.ca/gac-amc/index.aspx?lang=eng">Global Affairs Canada</a> and the <a href="https://www.accaglobal.com/ca/en.html">Association of Chartered Certified Accountants</a> (ACCA) to increase the credibility, quantity, and quality of CFOs and finance managers in Ethiopia. The CFO100 program will combine an intensive self-study training around ACCA’s selected papers alongside a practical training from RENEW.The CFO100 program provides a strong foundation of advanced accounting and real-world financial management skills that is designed to give participants a career advantage.We have just opened the application process for our third cohort of the CFO100 program which begins in February 2019. The application deadline is January 14, 2019.Apply here for RENEW's CFO 100 Program and become a finance leader in your company. For more information on how to apply, eligibility and the admission process, contact our team member Filseta Asrat (<a href="mailto:fasrat@renewcapital.com">fasrat@renewcapital.com</a>).Here's what previous graduates are saying...“The training was excellent. The CFO 100 program contributed to keeping updating myself on accounting skills, professional networking, budgeting experience, work with a team, building confidence, time management [...] The program also provided me with the opportunity to register for ACCA, on September 2018. I recommend the program to other financial professionals.”Emebet Beyene, CFO100 second cohort graduate"Joining the CFO 100 program, it was my expectation to acquire some inputs about what a well-equipped finance person would possess as a skill and attributes and […] I have been exposed to these through the classroom sessions and experience sharing stages created in the program.”Alazar Zeleke, CFO100 Program second cohort top score graduate and ACCA Member<figure class="image"><img src="/uploads/1_14_0_06844ba1cb.png"></figure>

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Building a New Class of Finance Executives for Ethiopia

<h1 style="text-align:center;">November Resource Blog</h1>This resource blog contains the profile of two business leaders and their keys to running large global companies. Additionally, the blog looks at research on the outperformance of family businesses and key indicators about long-term thinking associated with family-run businesses.<ul><li><a href="https://www.cbinsights.com/research/bezos-amazon-shareholder-letters/?utm_source=CB+Insights+Newsletter&amp;utm_campaign=320ed67ec5-TuesNL_10_16_2018&amp;utm_medium=email&amp;utm_term=0_9dc0513989-320ed67ec5-89425349">21 Lessons From Jeff Bezos’ Annual Letters To Shareholders</a>: Each year, Jeff Bezos writes an open letter to Amazon's shareholders. Over the last two decades, these letters have become an unparalleled source of insight into how the world's richest man — and his company — think about customers, innovation, building products, and more. (CB Insights)</li><li><a href="https://www.credit-suisse.com/corporate/en/articles/news-and-expertise/the-family-business-premium-201809.html">Family Business. Premium Performance</a>: Superior growth and returns have been a feature of family-owned companies over time and act as a backdrop to their stock market outperformance. The Credit Suisse Family 1000 report assesses why. (Credit Suisse Group)</li><li><a href="https://www.forbes.com/sites/chloesorvino/2018/10/10/exclusive-in-n-out-billionaire-lynsi-snyder-opens-up-about-her-troubled-past-and-the-burger-chains-future/">In-N-Out Billionaire Lynsi Snyder Opens Up About Her Troubled Past And The Burger Chain's Future</a>: Exclusive interview of In-N-Out's Lynsi Snyder, the company’s billionaire president. (Forbes)</li><li><a href="https://www.forbes.com/sites/randalllane/2018/08/30/bezos-unbound-exclusive-interview-with-the-amazon-founder-on-what-he-plans-to-conquer-next/">Bezos Unbound</a>: Exclusive Interview With The Amazon Founder On What He Plans To Conquer Next. (Forbes)</li></ul><figure class="image"><img src="/uploads/screen_shot_2018_11_05_at_1_22_36_pm_0_3a0eaf1ffa.png"><figcaption>Image Source: Credit Suisse Group: <a href="https://www.credit-suisse.com/corporate/en/articles/news-and-expertise/the-family-business-premium-201809.html">Family Business. Premium Performance</a></figcaption></figure>&nbsp;

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November Resource Blog: 2018

<h1 style="text-align:center;">September Investor Trip</h1>At the end of September, RENEW partners Matt &amp; Laura Davis visited Charlottesville, Virginia and Wilmington, Delaware. The week was packed with investor meetings and a happy hour in Wilmington. The trip was a great opportunity for the partners to share the work that the Impact Angel Network and RENEW are doing in Ethiopia and Uganda.Here are some of the trip highlights:<ul><li>The first stop was in Charlottesville, Virginia. Matt and Laura spent the day in the city and met up with four IAN Members. The partners enjoyed providing updates on the network’s investments and learning more about this growing chapter of the IAN.</li><li>The second stop on the trip was in Wilmington, Delaware. Matt and Laura spent three packed days in the city! RENEW held a happy-hour at the University and Whist Club where they hosted a great group of people, including a number of IAN Members. It was a great opportunity to share about RENEW’s Impact Angel Network and the work our investment team is accomplishing on the continent, specifically in Ethiopia and Uganda. A big thank you to IAN Members Larry &amp; Beth DiSabatino, Don Fulton, and Jeff &amp; Donna Turi for making this event a success.</li><li>Additionally, in Wilmington, the partners were able to meet with a few other IAN families and host our IAN Advisory Board meeting in person!</li></ul><figure class="image"><img src="/uploads/delaware_ianessentials_5c9bdb8228.jpg"></figure>Thank you to everyone who helped make our September trip so successful! Our next trip will be in the beginning of November to Toronto, Canada, where we’ll be hosting a luncheon aimed at accredited investors interested in the Impact Angel Network. If you would like to additional information about this event, please contact us for more information.

Highlights from Charlottesville and Wilmington

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September Investor Trip

<h1 style="text-align:center;">Discovering a New Home with RENEW</h1>The first time I googled RENEW, I was captured by a statement in their philosophy which stated, “we focus on investing rather than providing handouts”. As soon as I read that, I knew this was a company that wanted to change the economic and social landscape of Sub-Saharan Africa, and I had to be a part of it.My legal background in project finance helped me to appreciate the importance of having a grounded plan that inspired entrepreneurs, lenders and investors to believe in that same idea. The use of cash flow-based lending to finance a project or business is something that has always fascinated me, but it also made me question why it was only the large million-dollar business plans that were being supported. I found myself asking who takes care of the small and medium businesses? Looking around, the majority of the large projects that I was working on were either foreign or government-owned. Again, it made me wonder, who took care of the average Ugandan trying to make a direct and immediate impact in the lives of those around them?<figure class="image"><img src="/uploads/teamphoto_0_064b605c18.jpg"></figure>After an attempt to try and help the very small shops in my community by lending based on “future cash flows”, I stumbled on the job advertisement for a Legal Counsel at RENEW. Impact investing in SME’s was exactly what I had been thinking about and trying to accomplish. I didn’t know it then, but with every scroll, I saw my ideas lining up with RENEW and I was excited to know more.During the interview process, the individual who interviewed me, also had a background in project finance. I clearly knew then that great minds gravitate towards the same goals at RENEW. When I spoke with one of the partners, Mathew Davis, I found out he had watched “The Office” and he understood my references to Michael Scott - I was sold.As I was still trying to wrap my mind around getting this job, I was asked to go meet the team in Ethiopia! Once I got there, I felt at home…literally. Everyone was very warm and caring and made sure the onboarding process was seamless. There was a lot to learn from the investment team at The Exchange. I came back to <a href="press-release-renew-enter-uganda-market.html">Uganda</a> excited to emulate what I had learned from everyone in Ethiopia.This company made me feel at home, and I’m excited to make Uganda a new home for the RENEW family.

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Discovering a New Home with RENEW

<h1 style="text-align:center;">Checking in on the Accelerating Business Growth Project</h1>In 2016, RENEW signed a collaboration agreement with the development arm of the Canadian federal government, Global Affairs Canada, for a project known as <a href="http://w05.international.gc.ca/projectbrowser-banqueprojets/project-projet/details/D002584001">Accelerating Business Growth </a>(ABG). The ABG Project aims to support high potential, responsible small and medium enterprises (SMEs) in Ethiopia so they can attract and efficiently use finance to scale up, enabling them to play a stronger role in the Ethiopian economy. The project addresses the gap in the capital markets in Ethiopia and many other countries in Africa, called the “missing middle”. This missing middle limits the ability of SMEs to access finance to grow their businesses and create sustainable jobs for women and men.<figure class="image"><img src="/uploads/amalsa_f864b090f8.jpg"></figure>The project’s ultimate outcome is to increase employment and generate income opportunities for men, women and young adults from Ethiopia’s small and medium enterprises sector and related value chains. Specifically, RENEW is aiming to support a total of 5,000 jobs and help Ethiopian SMEs attract $52.5M (CAD) of financing to help scale their companies by the time the project concludes in May 2021. A sampling of other outcomes and results expected from the ABG Project are:<ul><li>500 SMEs trained on finance within the PE500 program</li><li>An annual sales growth rate increase of 10% achieved by companies who participate in The Exec’s Program</li><li>Ongoing technical assistance provided to 50 companies (SMEs) and 20 resource providers in Ethiopia</li><li><a href="https://www.renewcapital.com/investing">Impact Angel Network </a>(IAN) grown to 175 individuals and families</li></ul>For more information on ABG, read the blog we published in November of 2016 shortly after the project launch.<figure class="image"><img src="/uploads/the_exchange_training_1_0124e42b5d.jpg"></figure>Through the first years of the project, RENEW is pleased to report that strong progress has been made on the targets. The following list highlights some of our achievements through May 2018:<ul><li>314 business owners have been trained on private equity under the PE500 program.</li><li>Provided legal support and closed investments in two SMEs: one in a logistics company (<a href="../2017/press-release-ian-invest-logistics-and-e-commerce-ethiopia.html">Roadrunner Technology Solutions LLC</a>) and one in a global restaurant brand (FC Specialty Restaurant PLC).</li><li>Graduated the first cohort of the <a href="https://www.renewcapital.com/companies">The Exec’s Program</a>, and launched the second cohort with a total of 17 executives enrolled, representing 14 SMEs of which nine are women-led.</li><li>Graduated cohort one of the <a href="https://www.renewcapital.com/companies">CFO100</a> program, and launched the second cohort with a total of 33 finance professionals enrolled, representing 33 SMEs from which 10 are women.</li><li>Grew the Impact Angel Network (IAN) by 36 members.</li><li>Helped accelerator companies attract more than 10M CAD of financing from private sources.</li><li>Provided on-going business growth support and technical assistance (TA) for companies that are supporting 3,021 jobs in Ethiopia, 57% of which are held by women.</li><li>Launched Chigign ‘Tobiya, in partnership with <a href="http://www.tonetormultimedia.com/">Tonetor Multimedia</a>, aimed at raising awareness and building interest in entrepreneurship locally in Ethiopia. The TV series is broadcast on national television (FANA TV), and involves entrepreneurs looking to raise capital by pitching their ideas to a panel including RENEW and three other local angel investors.</li><li>Launched the ‘The Women in Finance Series’ aimed at empowering and inspiring women finance professionals in Ethiopia. Held two sessions; one in November 2017, in partnership with Zemen Bank with the theme "How to communicate and influence decision making" and the second edition with Enat Bank in March 2018.</li><li>Analyzed the ABG’s 2017 Exec’s Program results against the Global Accelerator Learning Initiative (GALI) survey showing companies that have gone through the Exec’s Program are outperforming the benchmarks in the following areas: job growth, job creation, revenue growth, and capital securing.</li></ul>The ABG 2017 Exec’s Program reported the creation of 8.7 jobs year-over-year, whereas GALI companies reported only 1.33 jobs. Nearly 90% of the companies in The Exec’s Program increased their staff numbers after joining, compared to the GALI survey results of 70% on the accelerated ventures based in Sub-Saharan Africa. On average, companies that went through the Exec’s Program increased their revenues by $391,832 while the accelerated companies surveyed in the GALI report, increased their revenues on average by $22,321.At RENEW, we’re proud of the progress made to date on the ABG Project and will continue working to meet or exceed all of the project’s targets while making a significant impact on Ethiopia’s private sector. This blended finance arrangement with the Canadian Government is an innovative model that is truly helping bridge the financing gap in Ethiopia’s economy. Thank you to Canada for the continued support and for helping RENEW scale private equity investing and education in Ethiopia.<figure class="image"><img src="/uploads/screen_shot_2018_10_03_at_5_03_23_pm_be35f82c68.png"></figure>

How RENEW’s partnership with Canada is impacting the SME ecosystem in Ethiopia.

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Checking in on the Accelerating Business Growth Project

<h1 style="text-align:center;">October Resource Blog</h1>This blog post focuses on stories covering two iconic brands (Domino’s Pizza and Lao Gan Ma) and how they started their businesses and what decisions they made over the years to help them reach their current scale and visibility. The last article provides tools to make better decisions to improve long-term consequences of your company.<a href="https://producthabits.com/dominos-pizza-drove-90x-increase-stock-value-acting-like-tech-startup/">How Domino’s Pizza Drove a 90x Increase in Stock Value by Acting Like a Tech Startup</a>: “Startups can learn some of the most valuable lessons on product and marketing from the growth of the world’s biggest pizza chain. The story of Domino’s Pizza is a hero’s journey. It’s a story of reinvention. Domino’s had a 180-degree company overhaul and turned critics into superfans by being honest with themselves about their weaknesses. They took a huge, scary risk and completely scrapped and remade their core product: pizza”. (Product Habits)<a href="https://www.whatsonweibo.com/lao-gan-ma-story-chinas-spicy-godmother-tao-huabi/">Lao Gan Ma: The Story of China’s Most Spicy Godmother Tao Huabi</a>: “She is China’s ‘Old Godmother’: Tao Huabi is the creator of one of China’s most famous chili sauces and is the embodiment of the ‘Chinese dream.’ By following her own path and relying on her business instinct, Tao rose from poverty and became a multi-billionaire”. (What’s on Weibo)<a href="https://www.nytimes.com/2018/09/01/opinion/sunday/how-make-big-decision.html">How to Make a Big Decision</a>: When you face a complex decision that requires a long period of deliberation, a decision whose consequences might last for years or even decades, you might have a need to see the current situation from new perspectives, to imagine new possibilities, to weigh your options with more sophistication. The article shares tools, hacks, and nudges to help you make these decisions. (The New York Times)<figure class="image"><img src="/uploads/screen_shot_2018_10_01_at_1_17_00_pm_0_555ca1fba0.png"><figcaption>Image Source: The New York Times: <a href="https://www.nytimes.com/2018/09/01/opinion/sunday/how-make-big-decision.html">How to Make a Big Decision</a></figcaption></figure>

A look at how big brands have scaled their businesses.

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October Resource Blog

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