<h1 style="text-align:center;">The RENEW Partners are Heading to London on September 27!</h1>The RENEW partners will be touching down in London, England this September to meet with investors. If you have time to meet the partners, or know other like-minded investors who would be interested in learning more about RENEW, the IAN or our upcoming deals, please join us on Wednesday, September 27 at Airspace in London, England with The Baobob Network. Please <a href="https://www.eventbrite.co.uk/e/impact-investing-and-tech-in-africa-drinks-networking-updates-tickets-36651623994">RSVP</a> by September 20th to secure your spot.We hope to see you this September!Visit our <a href="../../impact-angel-network/events.html">Events Page</a> for other stops on their fall trip, and visit the <a href="https://www.renewcapital.com/investing">Impact Angel Network</a> page to learn more about joining the network.<figure class="image"><img src="/uploads/london_bridge_0_22cc094596.jpg"></figure>

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The RENEW Partners are Heading to London on September 27!

<h1 style="text-align:center;">Why Our Investment Firm Decided to Launch a Mini-University</h1>When we set out to launch RENEW in Ethiopia, we aimed to build a company that would help shift the West’s focus from giving to investing in Africa (what nation can attribute its success to a history of giving?), and people thought we were crazy. When we chose to target companies that were stuck in a financing gap between micro-finance and larger private equity, our investment colleagues shook their heads and said “no way. It’s too much work.” But when we decided to launch a mini-university focused on building CFOs for our portfolio companies, and helping executives learn the fundamentals of planning and execution, everyone said “now, that might just work.” I am happy to say they were finally right.In May of this year, after years of observing, watching and making a healthy amount of mistakes, we packaged up all of the things we had learned and designed and kicked-off <a href="https://www.renewcapital.com/companies">the CFO 100 Program</a> and <a href="https://www.renewcapital.com/companies">The Executive’s Program</a>. For three months, we took a dedicated set of Ethiopia’s finest and most determined executive teams through what is covered over several years at a university, including topics from the CFA Program, ACCA papers, multiple board meetings, and a lot of consulting secrets and tips often only privy to companies with large budgets.During the Executive’s Program we focused mostly on the art of execution. Reflecting on my experience as a consultant, I was struck by the things I learned that were never taught in business school: How to run effective meetings; using my calendar to drive multiple projects forward each week; write a concise email that would get opened and elicit a response; plan and launch a project; evaluate and kill a bad project; design a meaningful performance metric; design an achievable but aggressive goal; communicate my plans to an executive team; etc. When I sat on my first board as an investor in a company in Ethiopia, I quickly realized that I was spending a large amount of my time explaining the why, what and how of these tools of execution. After multiple formal and sidebar discussions with executive teams and boards of the companies we invested in, the request was clear: This training is more valuable to us than the money, so do more of it. And thus the Executive’s Program was born.<figure class="image"><img src="/uploads/the_exchange_training_0_8ce8815152.jpg"></figure>One floor down, in the finance department, the same thing was happening but with the finance manager and his or her team. These were sharp people with degrees and designations. But they didn’t understand why or how to close their books each month, build and use a budget, constantly update their 13-week cash flow, decide whether to raise prices, or master the art of collections. After years of back-and-forth sessions cleaning up excel files and asking “why, why, why, why…” we decided to co-launch the CFO 100.Time will tell whether the Executive’s Program and the CFO 100 will truly impact the bottom line and drive returns to shareholders, though I am happy to report that the board meetings I attended, and the monthly financial reports we have received from our portfolio companies, just weeks after these programs finished have been a night-and-day difference.What have I taken away from this experience? When you set out to do something that has never been done and the world is telling you you’re crazy, you must always innovate and try something new. The business and operating models that work in California may not work in Ethiopia. We love this challenge at RENEW, and hope the CFO 100 and Executive’s Program will be something we look back on 20 years from now and say “now that worked!”

The what and why of The CFO 100 and The Executives’ Program

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Why Our Investment Firm Decided to Launch a Mini-University

<h1 style="text-align:center;">What Do the SDGs Have to Do With Me?</h1>Have you heard people throwing around the term Sustainable Development Goals or SDGs and wondered what it’s all about? Is it just meaningless development jargon, or is there something more to the United Nations efforts of setting an audacious goal and getting stakeholders headed in one direction? Keep reading for a synopsis of the goals and for information on what goals the IAN’s work is contributing to.Just over a year and a half ago, on January 1, 2016 <a href="https://sustainabledevelopment.un.org/?menu=1300">the Sustainable Development Goals</a> (SDGs) of the 2030 Agenda for Sustainable Development came into effect during the UN Sustainable Development Summit at the UN Headquarters in New York. These goals, set for 15 years with a completion date of 2030 call for all countries and various stakeholders, whether rich, poor or middle-income, to encourage prosperity while at the same time protecting the planet. The 17 goals set out by the United Nations are a call for all countries to help improve the circumstances and lives of people around the world. These goals, though not legally binding to a country, have been adopted by 193 nations with the expectation that leaders and governments will take ownership and establish ways to monitor and achieve them in their homelands.Prior to the SDGs, there were a set of goals known as the Millennium Development Goals (MDGs), which expired in 2015. To their credit, the MDGs became a strong point of interest for Governments and a way for NGOs to hold them accountable. The 8 goals were often criticized for being too narrow and many believed they didn’t consider the core issues of poverty and missed gender inequality, human rights and economic development. While these goals were intended to be applied around the world, they ended up as targets for poorer counties, while continuing the age-old dependency and financing from wealthier states. The MDGs were very specific and measurable, however, that was also their largest criticism. Since they were so specific, it left out several other important issues. This criticism led to the creation of the SDGs.<figure class="image image_resized" style="width:99.68%;"><img src="/uploads/miillenium_goals_0be4ab1ccc.png"><figcaption>Source: <a href="http://www.un.org/en/africa/osaa/peace/mdgs">OSAA: Millennium Development Goals</a></figcaption></figure>To rectify the MDGs, the United Nations undertook the largest consultation in the UN’s history; surveying 5 million people in 88 counties to find out their goals and visions for the world in 2030. The new goals, which include 169 specific targets touched on things such as: no poverty, zero hunger, quality education, decent work and economic growth, reducing inequalities, and clean water and sanitation, to name a few. These goals acknowledge that to end poverty, there must be strategies in place that help build up the economy while simultaneously addressing a large range of social and environmental needs and issues.Though they can seem high and lofty, the SDGs, now in year 2, have made some progress towards their 2030 goals. Many believe all the small steps will aid in pushing these goals forward. Recently, in July 2017, the United Nations released a report entitled <a href="https://unstats.un.org/sdgs/files/report/2017/secretary-general-sdg-report-2017--EN.pdf">Progress Towards the Sustainable Development Goals</a>. This report gives a high-level analysis of the progress made towards achieving the 17 goals, based on data that was available April 2017. If you have a few minutes, we recommend you read the report to see where the goals currently stand.<figure class="image"><img src="/uploads/screen_shot_2017_08_30_at_10_20_36_am_cd9c0cd8da.png"><figcaption>Source: <a href="https://sustainabledevelopment.un.org/?menu=1300">Sustainable Development Knowledge Platform</a></figcaption></figure>The SDG’s and Impact InvestingNot surprisingly, impact investors globally are using the SDGs to benchmark their investments. A recent report put out by InvestorFlow (an impact investor network) investigated impact investor’s preferences related to the goals. They found that their network had strong preferences towards: Goal 1 (no poverty), goal 3 (good health), goal 6 (clean water), and goal 7 (affordable and clean energy). The goals that were least tangible for the group included goal 14 (life in water), goal 15 (life in land), and goal 16 (peace, justice and strong institutions). The top preferred goals highlights people’s desire to contribute towards healthy and prospering economies and livable cities.The SDG’s and RENEWMuch of the work that impact investors do can be counted towards the SDGs. Hopefully it’s not to irreverent to say “it’s the economy stupid.” I can honestly say I feel like the work of the IAN can be counted in a small way (currently – but watch out world) towards 15 of the 17 goals. Don’t worry, I won’t go into the gory details, but let’s dig in deeper on a few goals that directly relate to our work:Goal 8: Decent Work and Economic GrowthOne important aspect of sustainable economic growth is a nation’s ability to create high quality jobs while at the same time bolstering the economy. To count towards the goal, jobs of course need to include good working conditions. To date, this has been an important part of RENEW’s investments: creating and bolstering jobs and helping our entrepreneurs to grow their businesses, while encouraging good working conditions for their workers.As of December 31, 2016, the IAN has created or sustained 1,490 jobs, and our companies work with 4,300 smallholder farmers. To our first point, I believe it goes without saying that a person with a job has better access to health care, clean water and education for his or herself and the family, but we’ll let that point rest for now.Goal 17: Partnerships for the GoalsIt’s been noted that one of the ways to achieve the SDGs is through partners; multistakeholder partners, governments, NGOs, and the private sector. All these groups and different partnership models have been called the glue that will hold this agenda together, and will be the reason these goals are seen through and met.On the United Nation’s website, it outlines what is needed with goal 17. “Urgent action is needed to mobilize, redirect and unlock the transformative power of trillions of dollars of private resources to deliver on sustainable development objectives. Long-term investments, including foreign direct investments, are needed in critical sectors, especially in developing countries”. With every new investment made, through RENEW and other similar vehicles, we’re pushing this goal forward and helping to make these goals a reality. And we are doing it through partnerships. Partnerships with angel investors, the development community and local entrepreneurs.While the SDG’s are audacious, let’s not forget, setting audacious goals are a big part of achieving alignment and success in the world of entrepreneurship. We all play a role. We all believe the world would be a better place, if we accomplish them. So watch out world, RENEW and the IAN are playing our part.Read more about the Impact Angel Network and RENEW’s portfolio and the companies we currently invest in on our website.<hr>Sources: (1) <a href="https://sustainabledevelopment.un.org/?menu=1300">Sustainable Development Knowledge Platform</a> (2) <a href="https://www.theguardian.com/global-development/2015/jan/19/sustainable-development-goals-united-nations">Sustainable Development Goals: All You Need To Know</a> (3) <a href="https://www.weforum.org/agenda/2015/09/what-are-the-sustainable-development-goals/">What Are the Sustainable Development Goals?</a> (4) Which of the 17 U.N. Global Goals do Impact Investors Prefer?

A closer look at the UN’s Sustainable Development Goals

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What Do the SDGs Have to Do With Me?

<h1 style="text-align:center;">Resources for Effective Writing</h1>In the following post, we highlight helpful articles on effective writing, a key skill for any company to present themselves to customers and other stakeholders. Whether writing an email, a standard operating procedure or a blog for your customers, effective writing is important in every business. Below are four articles that we’ve found helpful on this topic:1. Email introductions are important when reaching out to a sales lead or a mentor for the first time. You need to stand out and there’s a lot of pressure to word your email just right. Here is a <a href="https://www.grammarly.com/blog/how-to-introduce-yourself-in-an-email/?utm_source=grammarly&amp;utm_medium=email&amp;utm_campaign=BlogNL&amp;utm_content=NL_080517&amp;utm_source=&amp;utm_medium=email&amp;utm_campaign=&amp;utm_content=">step-by-step guide</a>&nbsp;to introducing yourself on an email in the most effective way.&nbsp;2. High-impact executives write well for their intended audience. Moreover, writing is a process to promote clarity of thoughts. In today’s technological world, there are so many applications that can help you improve your writing. Here is a <a href="https://www.grammarly.com/blog/writing-apps/?utm_source=grammarly&amp;utm_medium=email&amp;utm_campaign=BlogNL&amp;utm_content=NL_080517&amp;utm_source=&amp;utm_medium=email&amp;utm_campaign=&amp;utm_content=">list of 6 apps</a> for your phone or tablet that will put you on the fast-track to being a better writer.3. We all grapple with giving criticism in a positive way that enhances performance instead of hampering it. Being able to put a positive spin on a negative situation is always a key tool to have in your belt. Here are some <a href="https://www.grammarly.com/blog/5-simple-ways-write-negative-issues-positive-spin/?utm_source=BlogNL&amp;utm_medium=email&amp;utm_campaign=081217_BlogNL&amp;utm_content=1A">simple ways to write about negative issues</a> in a more productive and positive light.4. The best writers are able to spin a story around a situation. Stories are an easier way to connect with an audience. Here are&nbsp;<a href="https://www.grammarly.com/blog/neil-gaiman-writing-tips/?utm_source=BlogNL&amp;utm_medium=email&amp;utm_campaign=081217_BlogNL&amp;utm_content=1A">five strategies for perfecting your writing</a>&nbsp;from Neil Gaiman; a well-known writer of modern fiction.<figure class="image"><img src="/uploads/writing_image_4aebbbf7be.jpg"><figcaption>Source: <a href="../../../renewcapital.com/sites/default/files/writing_image.jpg">Wikipedia: Writing</a></figcaption></figure>

Four articles on effective writing techniques

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Resources for Effective Writing

<h1 style="text-align:center;">7 Insights to Win and Keep Customers</h1>Over the past five years of investing in small and medium enterprises (SMEs) in Ethiopia, RENEW has observed that one consistent challenge faced by many companies is to build a sales department with the discipline and skills needed to rival Western companies.Sales and marketing are key areas where we work to add value when managing our portfolio companies. Over the years we have gained a lot of first-hand experience on what has and hasn't worked. One thing we are certain of is that most of the SMEs in Ethiopia don’t give the necessary attention and importance on developing sales teams and system they need to win and keep customers.Sales is the most important activity in each and every business, it comprises the process of acquiring customer up to closing deals! Without customers, there is no business. The ability to attract and retain customers is a key differentiator that helps turn SMEs into market leaders.Last week, RENEW hosted an event for selected Ethiopian business executives titled Strategies Successful Companies Use to Win and Keep Customers.We highlight below some key takeaways of that workshop. Many of the world’s fastest growing companies make use of these strategies: 1. Spend time on lead generation and the systems to track them&nbsp; 2. Apply methods to qualify your leads 3. &nbsp;Increase your customer touch points 4. Under promise, over deliver&nbsp; 5. Selling more to existing customers is more profitable than acquiring new customers 6. It takes 12 rights to make up for 1 wrong with a customer, so do it right! 7. Learn what your customers want; be obsessed with your customerOne of the key discussions a team should be having related to sales is how much time a company should spend attracting and converting strangers into potential leads. At RENEW, we would say typically a lot! This is an area where the marketing team overlaps with the sales team. Not less important is the process of qualifying the leads. There are many methodologies out there that companies have been using for decades. For example the well-known <a href="https://cloudkettle.com/bant-a-dead-easy-method-for-qualifying-leads/">BANT method</a>, that IBM started using 30 years ago. It is still a very effective way to understand if your lead has&nbsp;budget/money&nbsp;to pay,&nbsp;and the authority&nbsp;to make decisions, and whether the organization or customer has a&nbsp;need&nbsp;for your product/service.&nbsp;<figure class="image"><img src="/uploads/7_strategies_aa3bedb3e4.jpg"></figure>After you qualify a lead, it times to plan the steps to close the sale. One of the most effective ways to do this is to increase the touch points you have with your potential customers. According to some research it takes 7 to 11 touch points on average to close a deal. Planning your touch points is a proven technique that increase conversion rates substantially, and makes a company stand out from the competition.One of the mantras every sales team should remember is under promise and over deliver, the so-called FedEx Rule. It is a key strategy to improve customer fulfilment.&nbsp;&nbsp;Get this right as studies show it takes on average 12 positive actions to make up for 1 wrong. It is very costly to make up for a mistake during the customer journey.Sales and marketing teams should be obsessing about the customer, including ensuring systems are in place to retain them. Repeat customers are the most profitable, costing a company six to seven times less than acquiring a new one and spending 67% more than new customers (*).&nbsp;Sales and Marketing are essential activities in all businesses both in business-to-consumer (B2C) and business-to-business (B2B) models. The difference is often that in B2C sales serves marketing and in B2B marketing serves sales. In any case, the gist is that marketing and sales are very different functions and each should be given the importance it deserves. In many businesses in developing countries, such as Ethiopia, the sales process is often more reactive to market demands than proactive. Companies that are applying strategic approaches to their sales efforts will out perform the competition, especially in markets that are growing in double digits for the past decade.<a href="mailto:renew@renewcapital.com">Contact us</a> to find out about the next sales seminar.-------(*) Source:&nbsp;Bain &amp; Company, (research done by Frederick Reichheld of Bain &amp; Company cited in HBR 2014 article <a href="https://hbr.org/2014/10/the-value-of-keeping-the-right-customers">“The Value of Keeping the Right Customers” </a>by Amy Gallo.

RENEW shares 7 insights to Win and Keep Customers, that won’t require any additional investment

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7 Insights to Win and Keep Customers

<h1 style="text-align:center;">Meet us in D.C. October 27!</h1>Join us on Friday, October 27 in Washington D.C. for an evening filled with real stories about RENEW and the <a href=" https://www.renewcapital.com/investing">Impact Angel Network</a>. Learn about what we’re up to in Ethiopia and enjoy great food and conversations with other conscious capitalists. Special guests include <a href="http://marcussamuelsson.com/">Marcus Samuelsson</a>,&nbsp;an Ethiopian-born, Swedish-raised chef who has&nbsp;been featured on Anthony Bourdain's Parts Unknown and Iron Chef America.&nbsp;Make sure to reserve your spots for the Impact Angel Network’s National Gathering. Special pricing ends soon.<a href="https://2017-impact-angel-network-national-gathering.eventbrite.com/">Purchase your tickets here</a>Have additional questions? Contact Erin O’Connor at <a href="mailto:eoconnor@renewcapital.com?Subject=National%20Gathering">eoconnor@renewcapital.com</a> or (416) 998-0058 for more information.<figure class="image"><img src="/uploads/ngcollage_0_59dc04c624.jpg"></figure>

Attend the largest Africa-focused angel investment event in North America. 

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Meet us in D.C. October 27!

<h1 style="text-align:center;">Where Will They Be Next?</h1>The RENEW partners will be touching down in Europe, Canada and the U.S. this fall to meet with investors. Their hope is to meet with existing Impact Angel Network (IAN) members, as well as potential members and new connections to introduce them to RENEW, and the IAN.In late September, Matt and Laura Davis will be in the United Kingdom and The Netherlands. At the beginning of November they will be travelling to the Eastern U.S. and Toronto between early and mid- November.If you have time to meet the partners, or know other like-minded investors in these cities who would be interested in learning more about RENEW, the IAN or our upcoming deals, please reach out and let us know. We hope to see many of you in the upcoming months!Visit our <a href="../../impact-angel-network/events.html">Events Page</a> for specific cities and date-ranges for this upcoming trip, and visit the <a href="https://www.renewcapital.com/investing">Impact Angel Network</a> page to learn more about joining the network.<figure class="image"><img src="/uploads/collage_investor_roadshow_0_68958c5f0b.jpg"></figure>

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Where Will They Be Next?

<h1 style="text-align:center;">5 Steps to Help You Prepare to Meet Investors</h1><figure class="image"><img src="/uploads/dsc_0113_fotor_e5a847f136.jpg"></figure>In developed and emerging economies, private equity investing is a key source of capital. This source of capital is becoming more recognized in Sub-Saharan Africa. This is a relatively new concept for many entrepreneurs in Ethiopia, and as a result, companies still run into problems finding and attracting this type of capital. With this in mind, it’s important to learn how to prepare, and how to put your best foot forward when meeting investors for the first time:1. Educate Yourself&nbsp;- Learn about what it means to take on an investor. There are various ways to do this including online research.&nbsp;<a href="http://www.investopedia.com/">Investopedia</a>&nbsp;is a good place to start! Another way to educate yourself is to come to one of RENEW's Private Equity Seminars. See upcoming dates.2. Know Your Numbers -&nbsp;Investors will always question you to see if you know your numbers. What was your revenue last year? By what percent did it grow from the year before? How much does it cost to make your widget? How much do you sell it for? These are the basics you must know.&nbsp;3. Prepare Your Pitch&nbsp;- Investors expect you to have a clear, concise pitch that makes sense. Practice makes perfect, so use this template and practice, practice, practice.4. Prepare Your Space -&nbsp;If you aren't sure what investors are expecting, see what images you can find on google for your industry and do the best you can to make sure your space looks clean, safe and busy! If you aren't quite up to international standards (and many aren't), it's ok, but make sure to communicate to potential investors that you know what good looks like and you are working towards it.&nbsp;5. Watch Shark Tank -&nbsp;There's nothing better than learning from other people's successes and failures. We recommend watching&nbsp;at least 1 episode of&nbsp;<a href="http://abc.go.com/shows/shark-tank">Shark Tank</a>,&nbsp;<a href="http://www.bbc.co.uk/programmes/b006vq92">Dragon's Den</a>&nbsp;or&nbsp;<a href="http://www.cnbc.com/the-profit/">The Profit</a>&nbsp;each week in preparation to meet investors.&nbsp;Think you are ready? If you haven't already done so, plan to attend an upcoming RENEW Private Equity Training. Members of RENEW's Impact Angel Network will be coming to Addis Ababa to meet with investors&nbsp;September 17-23, 2017&nbsp;and February 18-24, 2018. So get ready.Want to know what previous IAN investors have said about Ethiopia? See our blogs by Beth Marquette, Jeff and Donna Turi and Andrew Umhau.&nbsp; &nbsp;

How to put your best foot forward when meeting investors for the first time

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5 Steps to Help You Prepare to Meet Investors

<h1 style="text-align:center;">Building Up the Angel Investing Ecosystem in Ethiopia</h1>A big thank you to the <a href="http://addischamber.com/">Addis Ababa Chamber of Commerce and Sectoral Associations</a>! Yesterday, on July 26th, RENEW and the Addis Ababa Chamber, one of our City Partners, hosted a Private Equity seminar as part of the Investment Challenge. We had a full house at the event and were joined by over 50 entrepreneurs, mainly in Addis Ababa’s manufacturing sector.<figure class="image image_resized" style="width:99.54%;"><img src="/uploads/screen_shot_2017_07_27_at_12_17_31_pm_747101acc8.png"></figure>As one of the pioneers of equity investing in Ethiopia, our investment workshops helps participants understand private equity, why it exists and how it can help their business. Our goal is to help build and strengthen the investment ecosystem through targeted trainings, making good investments and growing great companies, in turn leading to financial returns and creation of jobs in Ethiopia.Want to learn more about the Investment Workshops offered by RENEW? <a href="https://www.renewcapital.com/contact">Contact us</a> today for more information and upcoming events.The Investment Challenge, a part of RENEW’s Accelerating Business Growth (ABG) project, is undertaken with financial support of the Government of Canada provided through Global Affairs Canada. Please see the following&nbsp;press release&nbsp;on the ABG project for more details. To find out more about RENEW or the Impact Angel Network, contact us at&nbsp;renew@renewcapital.com, follow us on Twitter <a href="https://twitter.com/Renew_Capital">@Renew_Capital</a> or find us on Instagram <a href="https://www.instagram.com/renewcapital/">@renewcapital.</a>

RENEW hosted a PE Seminar with the Addis Ababa Chamber of Commerce and Sectoral Association

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Building Up the Angel Investing Ecosystem in Ethiopia

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