<h1 style="text-align:center;">Back to the Source: Emergency Care</h1>Members of the IAN closed an investment in East Africa Emergency Services, Ltd (EAES) in May 2015. EAES serves providers of emergency medical services and training in East Africa, Ethiopia in particular, in order to ensure that international and domestic clients have access to reliable, high-quality emergency care. EAES works in partnership with local firms, such as Tebita Ambulance and Pre-Hospital Emergency Care (Tebita), by offering business development, procurement, and administrative support. This support drives medical service companies to operate more efficiently and thus, frees them up to focus on their core functions; providing quality medical care for patients in crisis.<figure class="image"><img src="/uploads/bts_tebita_8dc88e984a.jpg"></figure>EAES and Tebita, together, aim to improve the quality of and access to emergency healthcare services across Ethiopia and beyond. Kibret Abebe founded Tebita in 2008 as the first private sector ambulance and emergency medical services company in Ethiopia. Kibret is a licensed nurse anesthetist with more than 25 years’ experience. Tebita provides 24-hour ambulance service in Addis Ababa, remote medical assistance to multinational companies (MNCs) operating in Ethiopia, and ground evacuation services throughout the country. Tebita also offers safety and life support trainings for healthcare and non-healthcare professionals in partnership with <a href="https://www.weber.edu/">Weber State University.</a>Kibret, who previously worked as a nurse anesthetist at a major Addis Ababa hospital, founded Tebita after witnessing the poor conditions of traffic accident victims and other emergency medical patients when they arrived at hospitals. In Ethiopia, very few patients are transported to hospitals via ambulance, while the majority travel by public transportation, taxis, or by walking. In fact, one study of the Tikur Anbessa Specialized Hospital found that during 2012 to 2013, 78.1% of the 9,956 patients that came into the emergency department arrived by means other than emergency transport.(1) In fact, in these instances, minimal to no emergency or pre-hospital treatment was provided to the victims either at the scene or during transit.<figure class="image"><img src="/uploads/bts_tebita1_e2c65004f3.jpg"></figure>Road traffic incidents pose enormous challenges across the world. “Globally 1.3 million fatal and up to 50 million non-fatal injuries are reported… it is the second most common cause of death among the most economically active population group (15–44 year-old).”(2) According the World Health Organization (WHO), Ethiopia is considered one of the worst countries in the world where road transportation kills and injures a large number of road users every year.(2)From June 2012 to May 2013, one WHO report, in particular, took a closer look at a major highway connecting two of the country’s largest cities: Addis Ababa and Hawassa. The report found that an estimated 224 deaths and 1,046 injuries/billion vehicle kilometers occurred on this one road alone over the course of a year.(2) And the key word here is “estimated” because vehicular related deaths and accidents are grossly underreported in Ethiopia and other developing countries. Again, from 2012 to 2013, the WHO records a total of 3,362 traffic fatalities for the country of Ethiopia, but estimates that real figure to have actually been anywhere from 18,528 to 29,146 deaths.(3) And with a population of more than 90 million people that is increasingly urbanizing and becoming more motorized, this number will likely continue to rise.<figure class="image"><img src="/uploads/bts_tebita2_dcdf4f780e.jpg"></figure>It is Kibret’s belief that many of these victims could have been saved if given proper emergency, pre-hospital care by trained health professionals. This critical need to improve patient transportation and pre-hospital care spurred Kibret to take action. After traveling to England to experience a professional ambulance and pre-hospital care system, Kibret returned to Ethiopia with the vision to establish Tebita. He proposed a concept to the Ministry of Health and helped craft the government regulatory standards for the industry. Shortly after, he received the first ambulance license and established Tebita. Because banks were not willing to offer loans for an ambulance service provider, Kibret sold his house, bought three ambulances and began operating in 2008.To date, Tebita has provided ambulance services to more than 40,000 clients and emergency training to more than 25,000 trainees. They remain the only licensed, private, for-profit company providing pre-hospital, emergency care in Ethiopia. Tebita has grown its fleet to eleven ambulances and employs 57 full time staff members. “Tebita” is Amharic for “drop,” a message to force every citizen to think about his or her drop of contribution to humanity. Recently, the Ethiopian government named Kibret as an Ambassador of Health and Social Service and honored the company with the “Extraordinary Award For Dedication and Exceptional Contribution On Health And Social Service in Ethiopia”.But, Kibret is nowhere close to calling it quits. Together with EAES, Kibret has a vision to grow Tebita into the premier first response provider and training company in Ethiopia. He also envisions building a home-based healthcare practice and, eventually, developing an air ambulance evacuation service. The sky is truly the limit when you have such a dedicated and passionate entrepreneur behind the wheel.RENEW is proud to be a part of EAES and Tebita’s story of saving lives.(1) <a href="https://bmcresnotes.biomedcentral.com/articles/10.1186/s13104-015-1592-z">Patterns and predictors of early mortality among emergency department patients in Addis Ababa, Ethiopia</a> (2) <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4108419/">Road Traffic Deaths and Injuries Are Under-Reported in Ethiopia: A Capture-Recapture Method</a> (3) <a href="https://www.afro.who.int/publications/global-status-report-road-safety-2015#:~:text=The%20Global%20status%20report%20on,rates%20in%20low%2Dincome%20countries." target="_blank" rel="noopener noreferrer">Global status report on road safety 2015: Ethiopia</a>

RENEW explores five important resources that will help companies take their game to the next level.

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Back to the Source: Emergency Care

<h1 style="text-align:center;">The Big Long Table</h1>Five weeks ago, in February 2017, I ditched my heels for flats, joined RENEW in its impact investment work, and moved to Ethiopia - the land of award-winning long distance runners, out-of-this-world coffee and vibrant, multilingual people. No two days have been the same ever since. The transition has had its highs and lows, for sure, but five weeks later, I am still here in Ethiopia and loving every moment of it. And I have the “Big Long Table” (BLT) to thank for it.The BLT: Just so we are clear, I am not talking about the sandwich here (although I could do with one right now). At RENEW, the entire team sits and works together around a BLT. It might look odd to you at first, but it’s actually quite brilliant. By having managers and staff all sitting within speaking distance from one another, we are extremely efficient and timely in exchanging information, facilitating quick discussions to advance work and problem solve, and become up-to-speed with the progress of our projects. The BLT has one added benefit for a newbie like me: I get to watch my team work and learn in real-time how the best in the industry do what they do, successfully. The BLT has allowed me to see things.<figure class="image"><img src="/uploads/dsc_0113_1_9d99a14263.jpg"></figure>What I Saw: In the beginning, to be honest, I was seeing what I expected to see - the challenges that come with the territory of operating an investment firm in a frontier market. The portfolio companies were slow to respond to my emails and inquiries, I had difficulty validating the information I received, government regulations were unclear and, at times, absent. It was all seemingly bad news.But then, sitting at the BLT day after day, I began to notice something. The portfolio managers visited the portfolio companies in person and took the entrepreneurs through the reasons for our inquiries and the benefits that they would ultimately reap if they replied with accurate and up to date information. The analysts called the portfolio companies’ accountants and worked with them to verify the financials; they even spent half a day in their offices to get things done. Management in both Ethiopia and North America worked tirelessly with the Ethiopian government to clear the path for investment approvals.Every member of the team found creative ways to remove roadblocks, one after another. It was hard work and not all the activities would have been necessarily deemed “efficient” by developed countries’ standards. But the RENEW team showed me that there’s always a successful way to navigate the complex Ethiopian business and cultural context, which in turns would allow the team and our portfolio companies to get the right things done and grow into market leaders.Lessons Learned from the BLT: Through their actions, the team reminded me that the challenges I saw are really not that different from the ones I had experienced in Canada and the U.S. The important thing was to stay disciplined and to focus on the opportunities and not on the problems. And above all things, the team taught me that the most important aspect about working and living in Ethiopia is the importance of being a great relationship manager.Ethiopia, as in any developing nation, can be bit separated from the rest of the world and has a singularly unique history, culture, and national identity. And while the people embody different values and cultures, they will be open and respectful if I truly take the time to ask questions and understand where they come from.It does not mean that I cannot bring change nor be disruptive. In fact, new ideas are welcomed. What the team taught me was that, in this environment, trust and relationship among the team members, portfolio companies, and community at large are not just greatly valued, they are indispensable.Fve Weeks Later: I find that the people in Ethiopia are warm and generous, and the work we are doing is meaningful. I now have better clarity and a roadmap of how to approach and achieve RENEW and the portfolio companies’ business objectives, thanks to the team and the BLT.Moreover, there’s something about the rawness of the environment, the extremes of climate and the intense humanity that strips you down to the essence of who you are. And while that may sound crazy to some of you, I kind of like it.

Valuable lessons learned from living and working in Ethiopia.

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The Big Long Table

<h1 style="text-align:center;">5 Resources to Have in Your Success Kit</h1>With the changing global scenario, it is important for individuals to be one step ahead. The following five important resources will help companies and individuals to perform better:<a href="http://firstround.com/review/how-to-become-insanely-well-connected/">How to Become Insanely Well Connected</a> by Chris Fralic details key strategies that helped him to become a highly-connective networker. The best way to be highly influential is to be human to everyone you meet. The article describes how to boost your career forward, the do’s and don’ts for receiving responses from influencers and, how to measure your performance.<a href="http://www.bain.com/publications/articles/global-private-equity-report-2017.aspx">The BAIN Global Private Equity Report 2017</a> outlines the changing global economic scenario and explains how Private Equity continues to remain the most demanded asset among the institutional investors who are looking for long-term investments.<figure class="image"><img src="/uploads/board_room_1_7b04b1309f.jpg"></figure>In the stressful corporate world, where travel is quite frequent, sleep really matters. In the article <a href="https://www.nytimes.com/2017/03/10/opinion/sunday/can-sleep-deprivation-cure-depression.html?utm_source=pocket&amp;utm_medium=email&amp;utm_campaign=pockethits&amp;_r=3">Your Sleep Schedule is Making You Sick</a> Richard Friedman outlines ways to align your lifestyle to have a sound sleep.Most Wall Street analysts and investors focus on Return on Equity (ROE) to measure their company’s performance. However another metric, which is often overlooked by executives and investors, is Return on Assets (ROA) to analyse the long-term profitability trends. You can read more about the latest trends in <a href="https://hbr.org/2010/03/the-best-way-to-measure-compan">The Best Way to Measure Company Performance</a>Lastly, <a href="http://intrinsicinvesting.com/2017/04/04/how-moats-make-a-difference/">How Moats Make a Difference</a> outlines the different kinds of moats and the kinds of opportunities available to these moats. The most important aspect of investment approach is to focus on companies that possess a competitive moat. There are different kinds of moats within the firm’s business model which gives rise to competitive advantages.

RENEW explores five articles that will help companies and individuals to perform better

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5 Resources to Have in Your Success Kit

<h1 style="text-align:center;">Three Critical Resources for Business Growth</h1>Too often we witness companies who are equipped with a wonderful product and an elaborate business model fail without ever realizing their potential. The truth is, building a successful company is much more than simply writing the execution plans we all did in business school, it involves understanding the “real-life” components of your business, namely your customers. As outlined by Udacity in their course <a href="https://www.udacity.com/course/how-to-build-a-startup--ep245">How to Build a Startup</a>, instead of focusing on what the entrepreneur thinks will work, it is critical for companies to leave behind their own internal thought bubbles, get out of their offices, and go out on the road to validate their ideas by engaging with real-life customers. Only then can the entrepreneur find proper solutions to their difficult questions and establish a truly effective business model.But, the hard work doesn’t end there. If we had a dollar for every time we heard a company tell us that their business model will allow them to provide the consumer with the lowest cost, highest quality product all while offering the best customer service company in the market, then we'd be rich. Not surprisingly, we discover that the companies that make this claim are mediocre at best. Why?In <a href="https://www.amazon.com/Discipline-Market-Leaders-Customers-Dominate/dp/0201407191">The Discipline of Market Leaders</a> the authors outline the reason: market leaders pick one of the three core business strategies (cost, quality or service) and obsess about doing that one thing better than their competition, while happily settling to simply keep up with their competition in the other two areas. Once the one area is chosen, all of their strategic planning, investments, budgeting activities, incentives, etc., focus on making that one area better and better, every week, month and year. Everyone in the company knows that this one area of focus is paramount.Think of Apple, Walmart or Nordstrom as examples of market leaders that have chosen a particular area and continue to obsess over it. At RENEW, we enjoy challenging ourselves, our pipeline and our portfolio companies to define this one thing, which in turn helps us and them to focus our work and tap into new ideas to compete, win, and become market leaders.So how can businesses figure out what’s needed for their go-to-market strategy? It’s a crucial moment that can so easily go off the rails without the right strategy. <a href="http://firstround.com/review/leslies-compass-a-framework-for-go-to-market-strategy/">Leslie’s Compass</a> is a simple test for entrepreneurs to smartly deploy their limited sales and marketing dollars when they are launching their first product and have one chance to make a strong, first impression.<figure class="image"><img src="/uploads/3_resources_6602c61d80.jpg"></figure>

RENEW explores three resources for companies that will help them grow into market leaders.

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Three Critical Resources for Business Growth

<h1 style="text-align:center;">Angels Descend on Addis!</h1>2017 has already proven to be a busy year, with RENEW hosting an Econ-Tourism Trip for members of the Impact Angel Network from Delaware, Colorado and the United Kingdom this past week. The group met with Ethiopian entrepreneurs, from both RENEW’s portfolio and investment pipeline, and visited a number of businesses in and around Addis Ababa.The investors were introduced to companies spanning multiple sectors – from commodities and food manufacturing to textiles and consumer goods several of which are being considered for upcoming investments. The group also visited current <a href="../../marketplace/portfolio.html">portfolio investments</a> of the IAN, including Desta, Mama Fresh, METAD and our Ethiopian sesame company.<figure class="image"><img src="/uploads/econ_tourism_feb_20172_582382b4de.jpg"></figure>One of the many highlights of the trip was the first ever SME pitch session hosted by RENEW at <a href="https://www.renewcapital.com/companies">The Exchange,</a> wherein carefully selected entrepreneurs presented their companies to the participating angel investors. This event made the company visits that occurred later in the week by the investors more productive and provided them with them background required to ask the right questions. This, in turn, engendered interest and confidence in investors’ minds regarding the potential financial and social impact of the opportunities. The pitch event was followed by a happy hour and networking event at the Exchange with development partners and members of the Addis Ababa business community.<figure class="image"><img src="/uploads/econ_tourism_feb_20171_6f33f487d4.jpg"></figure>Throughout the trip, the group experienced Ethiopia’s rich history, culture and delicious cuisine. During the first day, the entire group went on a sightseeing tour of Addis Ababa, took a look back in history with a stop at the National Museum of Ethiopia, home of the infamous <a href="https://en.wikipedia.org/wiki/Lucy_(Australopithecus)">Lucy skeleton</a>, and went on a food and drink tour with local food guides from <a href="http://goaddistours.com/">Go Addis Tours</a>. Later in the week, Mama Fresh hosted the investors for lunch at their visitor’s center and several members also spent some time exploring <a href="http://whc.unesco.org/en/list/18">Lalibela’s</a> famous 11 monolithic rock-hewn churches.<figure class="image"><img src="/uploads/econ_tourism_feb_2017_f040b8e0a3.jpg"></figure>RENEW is in the midst of planning the next Econ-Tourism Trip, which is slated for September 17-22, 2017. Contact us to learn more about participating in an upcoming Econ-Tourism Trip!

Members of RENEW’s Impact Angel Network visit Ethiopia to review investment opportunities.

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Angels Descend on Addis!

<h1 style="text-align:center;">Mark Your Calendars!</h1>Matt and Laura Davis, partners of RENEW, will be heading from Ethiopia back to the U.S. to meet with investors across the States and Canada from mid-March through April. They will be traveling to the cities of Washington D.C., New York, Toronto, Vancouver, Seattle, San Francisco, Salt Lake City and Denver.We will be hosting informal gatherings in New York, Seattle, San Francisco, Salt Lake City and Denver. The purpose of RENEW’s multi-city visit is to meet with existing members of the Impact Angel Network, foster new connections with potential members and provide an opportunity for members to walk through several of our upcoming investment pipeline deals with the partners.RENEW, along with the members of the Impact Angel Network (IAN), share a vision for changing the way investors view Africa, and the vehicles in which they use to invest in its emerging markets. Many of our members were referred to RENEW and the IAN via word-of-mouth by a trusted friend or colleague, who have in turn shared their experience with others who share in our vision. We are proud of the progress we've made so far, but we're just getting started!Continued growth of our investment pipeline and our investor community go hand-in-hand. If you have time to meet Matt and Laura, or know other like-minded investors in these cities who would be interested in learning more about RENEW, the IAN or our upcoming deals, then please reach out and let us know. We hope to see many of you in the coming weeks!<figure class="image"><img src="/uploads/2017_roadshow_2dd8ec2fed.jpg"></figure>

RENEW partners Matt and Laura Davis will be traveling across the U.S. and Canada to meet with investors.

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Mark Your Calendars!

<h1 style="text-align:center;">My Journey of Impact in Ethiopia</h1>Growing up, I don’t remember wishing ‘I want to be a pilot or a doctor’. Being able to fly an airplane or becoming a healing hand is indeed a noble job, and it’s no wonder many children wish to become one. For me, the goal was to lead a balanced and meaningful life, regardless of the career I choose. I grew up in a family that equally emphasized the importance of work, family and friends, and spiritual activities; a philosophy that I wished to continue building in my own life. So when the time came to make a decision in junior high, it was with some concern and a heavy heart that I decided to pursue business school. Would it help me achieve my goal of a balanced and meaningful life? Fast forward 12 years, I am happy to say that it was the right decision, and I would do it all over again.Business school was great, however, it did fall short in preparing me for the real-world challenges after graduation. When I was in my final year, I moonlighted as a sales representative for different companies. One month, I was trying to promote kitchen appliances door-to-door, and the next month I was making hundreds of cold calls to promote a new share company and selling stock. These part-time gigs helped me develop a good work ethic, and helped me understand that the next step after graduation was going to be a hard one. Even so, I honestly thought I would find the perfect job right out the door and be great at it. Little did I know that it would be two years after graduation that I would find a secular career in which I personally believed I could make ‘worthwhile’ contribution.<figure class="image"><img src="/uploads/berke_blog_b2e2a9f649.jpg"></figure>When I started my finance career seven years ago as junior analyst at one of the leading consulting firms in Ethiopia, I was very excited. I helped develop and review more than 100 business plans, advised many entrepreneurs and businesses on developing and improving their feasibility studies, and developed new and attractive opportunities in different value chains. Great work and a great team! However, I always wondered what happened to those businesses after they received their business plans or expansion strategies. Some would go on and use these plans to make their investment decisions, secure bank loans or attract foreign investment. Most remained frustrated because of their inability to attract financing or execute their business strategies properly. I wondered why some seemingly attractive opportunities did not actually attract investment. When private equity firms started opening in Addis, I knew they held the answers to my questions. So, when I was introduced to RENEW, I knew it was time to ask those questions and figure out if I could do anything about it. It was time for a new challenge to uncover the ‘why’ and assess the facts from the other side of the table. I welcomed the opportunity to join the RENEW team as an analyst with great excitement and anticipation. Three years down the road and at the close of my time with RENEW, while I am happy to say that I have found many answers, I did not think the ride would be filled with so many highs and lows.A day at RENEW is no ordinary day. I start reading emails on my way to the office and reply as soon as I open my computer at my desk. Once morning emails are out the door, it is game on. No day is a routine. Some days are filled with just sourcing, cold calls, meetings with new companies, introducing RENEW, running trainings on private equity, and building and maintaining relationships with companies. Other days are spent at the office creating financial models, conducting market analysis, running working sessions with businesses, drafting annual plans, budgets or strategies, board meetings and coaching sessions. The heat turns up at the office during active pipeline meetings, discussing due diligence findings, drafting terms or term sheet negotiations.Before I joined RENEW, Matt Davis did warn me that ‘this is not a 9am to 5pm job”, and he wasn’t kidding. Finding the right company with the right management team is no easy task. As a native Ethiopian, building bridges between the Western way of doing business and the Ethiopian way is a tiring task. It is not just the difference in language, but translating the different cultures, communication styles, expectations and relationship management between the two extremes is an exercise that sometime leaves me breathless. Most days are exciting and I leave office feeling satisfied, and other days are a little frustrating. Not just because of the hard work with our portfolios or would-be portfolios, but also as a result of changes in government regulations and procedures, barriers to closing our investments or delays in processes. But, as one of our investors always says, “if this was easy, everyone would be doing it”. There is a reason why RENEW is only one of a handful of private equity investment firms operating in Ethiopia’s frontier economy.I believe the diversity within the team in terms of background, education, experience, culture and perception has created the right recipe for learning and success at RENEW. Our focus area, private equity, is an exciting industry in the financial sector of Ethiopia. It’s almost an unchartered territory, full of surprises but rewarding. Investing in small businesses and turning business people into real executives is a satisfying process. Our SME private equity trainings are eye openers, and I always enjoy reading the feedback from the participants. The workshops open new understanding and opportunities, a source of finance and growth. Training participants leave full of excitement and hope, determined to come back after developing their investment plans or business strategies and attract equity financing. I am proud that my career in finance has brought me such an opportunity to impact the local economy and to meet and work with hundreds of businesses in Ethiopia.Today, many children still wish to become a pilot or a doctor, and for good reason. And I am fortunate to have friends who are pilots or health professionals, not because they occasionally bring me stuff from abroad or because I visit them when I feel ill, but because they are great friends and they too do their best to lead an impactful and balanced life. And while I didn’t, like my friends, go through five or more years of school and training, I’ve gained important knowledge through my education, formal trainings and from my bosses and colleagues.Applying the principles that I have learned and helping companies change their ‘business as usual’ approach to management, customer service, and excellence; observing companies come out of their shells and position themselves for growth and greatness - that is what I call a rewarding job. The balance between impact and returns on investment is hard to find. Yet, at RENEW, I enjoyed such a great balance, not only between impact and returns but in personal and spiritual activities as well.What’s next? After testing both sides of the private equity market as a business consultant and portfolio analyst, I think it’s time to see from the eyes of the investor or the entrepreneur. I recently made my first small investment in a small business, and I am leading the efforts to promote the business. Who knows, this could be the start of something new, something exciting, impactful and balanced.

Reflections on the steps that led me to RENEW and what the future has in store.

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My Journey of Impact in Ethiopia

<h1 style="text-align:center;">1,000 Mountains Ahead and Behind</h1>The Africa we know today is not the same Africa our grandparents knew. The continent has changed drastically over the last decade or two, and continues to do so rapidly. What makes this shift interesting is that for so long, most of us in the West loved "helping Africa", but did so in a way that generally took the form of charity, emergency aid or some other method of a providing a handout or a ‘Band-Aid solution’ to a crisis. The possibility of investing in and growing companies, building cities and focusing on sustainable private sector growth was nearly unimaginable.But, here we are in 2017, witnessing rapid development and opportunity before our very eyes, while also reflecting on the incredible growth from the past several decades. Africa has transcended our outdated perspectives of its economy and our aid-centric view of its existence. But while the continent continues moving towards a highly competitive and increasingly industrialized economic position in the world, there still exists a great lack of options for individuals to be part of this story, and capture the vast opportunity which it presents.This is where RENEW comes into play... Years ago we saw this shift occurring. In Africa, there were companies growing bigger than microfinance institutions were equipped to finance, yet were still considered too small and too risky for larger private equity funds to pay attention to. The result was an increasing amount of companies in the $1-2M in sales range with 20-30 employees, but nowhere to turn for the capital required to scale and become $50M companies employing 500 people. In the U.S., we started seeing the rise of compassionate capitalists, philanthropists, individuals, and families who wanted a better and more successful model than straight giving as a way to help; a shift towards investing in companies that create jobs and build economies. However, there was no expertise on the ground to source and manage investments, let alone a vehicle for facilitating the process. RENEW saw the supply and demand, and asked, “how do we connect these dots and turn this into an opportunity?”.The barriers required to realize this vision and overcome its challenges were (and still are!) high – including, but not limited to, information asymmetry, differing business culture and norms, a lack of trust with entrepreneurs and business partners, 7,000 miles of distance, time zone complications, and an enormous gap in understanding and information on both sides. We can confidently say we’ve climbed 1,000 mountains these last five years, and the result is an investment platform called the Impact Angel Network and a growing portfolio of exceptional companies.RENEW and the IAN build companies through an all-inclusive and innovative model: we find, vet, perform due diligence, negotiate, invest in and then actively help them grow (think Shark Tank meets Indiana Jones) by providing technical assistance and consulting in key areas of their business, namely finance, marketing and sales, and governance. We love building great companies in challenging parts of the world where small to medium-sized enterprises (SMEs) are needed most, and we just happen to be an investment firm with one heck of a mission and an unparalleled experience for our investors to boot.So what have we accomplished over the past 5 years? We’ve invested in 7 incredible companies and entrepreneurs, we are supporting over 1,100 jobs and 3,500 smallholder farmers, we are generating export revenue for the country, we’ve attracted an additional $10.3M in financing for the portfolio in Ethiopia, and we’re just getting started.Looking at 2016 in particular, we launched a public-private partnership with the <a href="../2016/accelerating-business-growth-project.html">Canadian government</a> to expand the IAN into Canada and scale up our work in Ethiopia. We opened The Exchange - an amazing business acceleration space where we'll be taking companies through our growth acceleration program and coaching them into becoming market leaders. We’ve learned how to navigate in-country political and civil unrest and technological hurdles and to come back from these experiences stronger and more equipped to deal with future challenges that will surely be faced. We learned the importance of staying the course; because what we're doing - creating jobs - in turn, builds stability and requires our commitment to the vision we’ve laid out. We are a small but growing player in the development of a stable and thriving economy, and it is a robust SME sector that is a hallmark of a thriving economy.So, what do we plan to do in the year ahead? We've got some great investments lined up across multiple priority sectors. We are going to launch multiple training programs at The Exchange, our new space in Ethiopia, and across the country. We will continue working with our portfolio companies to optimize their governance and operations, and increase sales. We will also continue teaching Ethiopian companies the basics of private equity investing by coaching them on how to pitch their companies the larger funds. We're doing some heavy lifting behind the scenes to help build the private equity industry in Ethiopia from the ground up and we couldn’t be more driven! We also plan to implement several new investor experiences for members of the IAN, to continue growing an amazing network of compassionate capitalists, and to host our third annual National Gathering in Washington, DC in October.We truly are excited for what the future has in store and invite you to come on this journey with us in growing companies, building nations and leaving a legacy.

RENEW Celebrates 5 Years of investing in Ethiopia and looks to the future.

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1,000 Mountains Ahead and Behind

<h1 style="text-align:center;">Tebita &amp; WSU: Working Together to Save More Lives</h1>Of the many goals we set out to achieve alongside our portfolio companies and their driven entrepreneurs, such as social impact and financial returns, RENEW and the Impact Angel Network (IAN) also seek to add value to the companies in the form of strategic relationship building.Members of the IAN closed an investment in EAES in May 2015. EAES serves providers of emergency medical services and training in East Africa, Ethiopia in particular, in order to ensure that international and domestic clients have access to reliable, high-quality emergency care. EAES works in partnership with local firms, such as Tebita, by offering business development, procurement, and administrative support. This support drives medical service companies to operate more efficiently and thus, frees them up to focus on their core functions; providing quality medical care for patients in crisis.<figure class="image"><img src="/uploads/desktop20_e32f0440f8.jpg"></figure>EAES and Tebita, together, aim to improve the quality of and access to emergency healthcare services across Ethiopia and beyond. And now, we’re excited to announce that through RENEW and EAES’ business development efforts, Tebita will have a U.S. partner to assist them in the coming years on their journey to becoming a leader in emergency healthcare and response - <a href="http://www.weber.edu/CHP/EthiopiaEMS.html">Weber State University</a>.In July 2016, Bill Robertson, department chair and assistant professor of emergency medicine at Weber State University (WSU), spent a week in Ethiopia accompanied by Lisa Trujillo, director of clinical education in WSU’s Respiratory Therapy Program. Robertson and Trujillo met with the Kibret Abebe (founder of Tebita) and his team, visited the company’s training center and spoke with the deputy director to the Ethiopian Ministry of Health to discuss the future of EMS in Ethiopia.Robertson and Abebe collaborated on how WSU’s emergency care and rescue department could assist Tebita with developing programs that will further the efforts to establish educational and credentialing standards, and to provide a sustainable workforce of qualified emergency medicine providers for Tebita, as well as other agencies in Ethiopia.“With the development of newer educational technologies, and the ever-increasing availability of broad-band internet capabilities in the developing world, we are able to collaborate with areas of the world such as Ethiopia in offering at least the didactic component of medical education,” Robertson said. “The face-to-face component of medical education that is necessary for skills and hands-on training is still a must, but with the ability to lecture from a distance, the time we spend there in person has become much more practical.”As this relationship between WSU and Tebita continues to flourish, so too will the overall quality of emergency medical care in Ethiopia, leading to the prevention of unnecessary deaths and thousands of more lives saved. And that is a success story we all can get behind!