<h1 style="text-align:center;">Back to the Source: Coffee</h1>&nbsp;AN INTRODUCTION TO KAFFAKaffa, Ethiopia, from which the term “coffee” is derived, is the birthplace of coffee, according to many experts including <a href="http://www.ncausa.org/About-Coffee/History-of-Coffee">The National Coffee Association</a>. To this day, the Kaffa region in the southwestern part of Ethiopia remains one of the strongest coffee-producing regions in the country.The legend goes that Kaldi, an Ethiopian goat herder, first discovered coffee after he noticed his goats became energetic upon eating cherries from a certain tree. Kaldi shared this knowledge with the monks of a local monastery, who made a drink with the berries and enjoyed its invigorating properties. Soon, the findings of coffee spread from Ethiopia to the Arabian Peninsula and then on to Europe. The earliest credible evidence of either coffee drinking or knowledge of the coffee tree appears in the middle of the 15th century, in the Sufi monasteries of Yemen.(1) By the 16th century, coffee had reached the rest of the Middle East, Persia, Turkey and Northern Africa before spreading to Europe, Indonesia, and finally to the Americas.<figure class="image"><img src="/uploads/dsc_0854_4341a7fdef.jpg"></figure>As it has been since the 16th century, Ethiopia remains one of the largest producers of Arabica coffee beans in the world. RENEW and the Impact Angel Network (IAN) are proud to be a part of this important tradition through our investment in METAD Agricultural Development PLC (METAD), an Ethiopian specialty coffee company founded in 2012 by Aman Adinew. With a vision for crop-to-cup coffee, METAD aims to not only strengthen Ethiopia’s coffee reputation amongst sophisticated consumers in the international market, but also help local farmers improve the quality and value of their harvested crop. In pursuit of this vision, METAD seeks to become the leading specialty coffee brand by offering global and domestic consumers with the highest quality, 100% Ethiopian Arabica coffee.METAD’s coffee cultivation, harvesting and primary processing occurs at farm sites 75 kilometers beyond Yirgacheffe, deep in the heart of some of Ethiopia’s best coffee country. METAD’s 200-hectare Hambela and Gedeb farm and processing sites include washing stations, a dry mill, a huller, beds for sun drying, and warehouses for storage to handle all of the pre- and post-harvesting coffee activities.<figure class="image"><img src="/uploads/view_of_hambela_processing_site_0_5b205d80d6.jpg"></figure>COFFEE CULTIVATIONAs a whole, coffee's production process and value chain are very complex, much like viticulture. The two main species of coffee grown for coffee production today are Arabica and Robusta, with Arabica coffee being indigenous to the mountains of the southwestern highlands of Ethiopia.The Ethiopian coffee value chain starts with farms, like METAD, that grow and harvest red cherries - the coffee fruit and seed (see photo below). Farms either sell the harvested cherries to independent processors or process the crop themselves. A processor has two options: 1) select the highest quality red cherries and dry them on raised drying beds (what is called sun-dried, unwashed or natural coffee) and hull them on location, or 2) remove the pulp from the coffee cherries by using a wet mill and dry the coffee seeds, covered in their parchment. These two types of processing techniques, also known as primary processing, are crucial to the ultimate quality and character of the coffee.In Ethiopia, the processor then sells the dried coffee seeds (or beans) to exporters on the Ethiopia Commodity Exchange (ECX) platform. The exporter cleans, polishes, and bags the coffee beans for export shipping. Finally, an importer, broker or roaster imports the coffee beans into the consuming country, after which they will be roasted and be made ready for consumption.<figure class="image"><img src="/uploads/bts_metad_56d665a740.jpg"></figure>WHAT MAKES SPECIALTY COFFEE "SPECIAL"?Coffee can be broadly defined as specialty or commercial grade. Specialty coffee, a term first coined back in 1978 by Erna Knutsen of Knutsen Coffee Ltd., in the simplest definition refers to special geographic microclimates that produce beans with unique flavor profiles.(2) There is a fundamental understanding that specialty coffee beans will always be well prepared, freshly roasted, and properly brewed; one that the Specialty Coffee Association of American (SCAA) has standardized and enforced. The SCAA is considered to be the world’s coffee authority and the largest coffee trade association, with nearly 5,000 members located in more than 40 countries who represent every segment of the specialty coffee industry.The SCAA defines specialty coffee in its green stage as “coffee that is free of primary defects, has no “quakers” (under-ripe or under-developed attributes), is properly sized and dried, presents in the cup free of faults and taints and has distinctive attributes.”(3) In general terms, “specialty coffee is coffee from a known geographic origin that commands a premium price above commercial grade coffee due to its high quality and particular attributes that it possesses.”(4) In the case of METAD, the company produces Yirgacheffe specialty coffee, the quality of which METAD continually ensures at its coffee lab, the first and only private, state-of-the-art coffee quality control facility on the African continent that is <a href="http://www.prnewswire.com/news-releases/metadkabu-coffee-quality-laboratory-becomes-africas-first-private-specialty-coffee-association-of-america-certified-lab-208654311.html">certified by the SCAA</a>. Specialty coffee from this region is considered to be, by some, the highest quality in the world - an opinion that has been gaining popularity over the past several years.<figure class="image"><img src="/uploads/dsc_0739_1_998d048eb3.jpg"></figure>Demand for coffee is poised to hit a record in 2017, as people around the world and in developed markets are increasing their java consumption. Global coffee consumption is expected to grow by 1.2% over the upcoming year, leading to higher prices for coffee beans. “The price for Arabica coffee futures was up 20% in June 2016, marking the biggest monthly gain since February 2014.”(5) Citigroup even estimates that Arabica coffee prices could reach $1.50 per pound by the second half of 2017. To meet this increasing demand for high-quality coffee, international roasters are seeking out traceable and single-source producers in smaller sub-regions of the world. Similar to wine, consumers are willing to buy coffee at a premium if it’s from specific regions, is certified fair trade or organic, is naturally sun-dried, etc. According to a survey conducted by the National Coffee Association, the retail value of the U.S. coffee market alone is estimated to be $48 billion dollars with specialty comprising approximately 55% value share.(6) It is these overall trends that suggest sustained momentum for specialty coffee growth.BRINGING IT BACK TO THE SOURCEIt’s no wonder that with Ethiopia being the epicenter of Arabica coffee, and it ranking among some of the fastest-growing economies in the world, the country is quickly becoming a target for foreign investors seeking attractive returns in the coffee value-chain, as well as domestic and export market opportunities. In fact, coffee is one of Ethiopia’s largest export commodities, with over 55% of the coffee produced in the country sent outside its borders.(7)According to a <a href="https://d3n8a8pro7vhmx.cloudfront.net/eatradehub/pages/860/attachments/original/1433149069/Ethiopian_Coffee_Industry_Value_Chain_Analysis_2010.pdf?1433149069">USAID analysis</a> of the Ethiopian coffee value-chain, coffee generates “70 percent of Ethiopia‘s foreign exchange earnings and provides livelihoods for 15 million Ethiopian smallholder farmers.” The industry employs several hundred thousand workers in processing coffee cherries across hundreds of washing stations and hulling mills around the country.In Ethiopia, government institutions are responsible for the state coffee plantations with approximately 8,000 permanent employees and an estimated 50,000 seasonal jobs.(8) Coffee generates a considerable number of employment opportunities on farms, in the processing plants and in the transport sector. In Ethiopia, coffee constitutes a very important source of seasonal employment for many poor people and most agro-processing employees are women. Altogether, METAD employs 38 permanent staff and several-hundred seasonal staff, 70% or more of which are women. Additionally, they have purchased from, partnered with and/or supported more than 3,500 out growers to provide best practices on growing, harvesting and selling coffee. METAD also creates further social impact in the community surrounding the farm sites by sponsoring a school with over 600 children, constructing new community facilities (such as a school and community center) and working with development partners to build and install new wells.<figure class="image"><img src="/uploads/used_b2a1709f7c.jpg"></figure>Smallholder farmers, those whose plots are less than five hectares (ha), account for 95% of the country’s coffee output.(9) In fact, “average plot sizes do not exceed two ha,” wherein coffee yields remain stubbornly low compared to that of Colombia (1/3 their yield) and that of Costa Rica (1/4 their yield).(10) The country’s remaining 5% of output is produced by plantations, which average more than 50 ha in planted area, and which have been privatized by the government in recent years.”(11) However, because of the predominance of smallholders, the average yield per hectare for all cultivated land is no more than 700 to 800 kg.(12)According to the USDA Foreign Agricultural Service’s <a href="http://gain.fas.usda.gov/Recent GAIN Publications/Coffee Annual_Addis Ababa_Ethiopia_5-12-2014.pdf">2014 Ethiopia Coffee Annual Report</a>, the major reasons for the low coffee production are:<ol><li>Ethiopian coffee farm management system and agronomic practices are traditional and fail to inject new technologies into the country’s coffee production system. In addition, extension services provided to smallholder farmers are inadequate.</li><li>Inadequate use of improved seeds as the supply is limited to areas located near coffee research centers and universities in the country.”</li><li>Historically, there has been a lack of a designated government institution to provide technical support for coffee production. At one time, there was a specialized government agency supporting the production and marketing of coffee. However, it was “dissolved many years ago, leaving the sector with little institutional and technical support from the government.</li></ol>The Government of Ethiopia, though, has recently noted this problem and plans to restructure the coffee development sector by making it a priority value-chain under its Growth &amp; Transformation Plan II - increasing yields from 700 kg/ha to more than 1,100 kg/ha.(12)Ethiopia truly has the potential to increase coffee production and productivity as it has all the necessary “ingredients” including suitable elevation, temperature, soil fertility and sufficient rainfall in coffee growing regions of the country. With the right financial support and guidance, the country could become the number one coffee producer in the world. And METAD, with its clear vision and passionate entrepreneur, is uniquely positioned to become a market leader in Ethiopia’s specialty coffee industry.&nbsp;

Developing Ethiopia’s specialty
coffee sector.

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An analysis and overview of one of Ethiopia’s oldest and most lucrative value chains.

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 Back to the Source: Coffee

<h1 style="text-align:center;">Africa: The Final Frontier</h1>Before arriving in Ethiopia, my only interaction with Africa was largely related to researching some macro numbers or hearing stories from other people who had traveled to the continent as a tourist or as a volunteer. Moreover, the media portrays stereotypical images of Africa, either showing a lone acacia tree (as pointed out by <a href="https://twitter.com/SimonMStevens/status/464049317926686720">Simon Stevens</a> on Twitter) or poverty without showing a balanced view of economic growth. These stereotypes reinforce that Africa is a country and not a continent with as varied fundamentals as in Europe. When <a href="http://qz.com/207527/the-reason-every-book-about-africa-has-the-same-cover-and-its-not-pretty/">Michael Silverberg</a> (a writer at Quartz) asked Peter Mendelsund (an associate art director of Knopf and a gifted cover designer) about the prevalence of Acacia tree on each book cover about Africa, he pointed out laziness, which is both individual and institutionalized. He further mentioned that most American book designers tend not to know all that much about the rest of the world and that is why they resort to visual clichés. Risk-averse marketing departments further reinforce these clichés.<figure class="image"><img src="/uploads/book_covers_4317018a62.png"></figure>Unfortunately, these stereotypes prevail in investing too as media puts the entirety of Africa in one basket without recognizing the differences among countries. In the new world order, where Central Banks all over the globe are printing money, it has become more imperative to search for yields in all places, which essentially means turning over more stones while controlling for popular biases. I believe the best philosophy of investing in Africa comes from a fictional character of Captain James T. Kirk of Starship Enterprises instead from a popular investor. Just replace “Space” with “Africa” and you can understand the differences and nuances of investing in African countries.“Space: the final frontier. These are the voyages of the starship Enterprise. Its five-year mission: to explore strange new worlds, to seek out new life and new civilizations, to boldly go where no man has gone before.”I believe that RENEW’s modus operandi resembles Captain Kirk’s statement. Instead of being based in Washington DC and occasionally visiting Ethiopia, RENEW has boots on the ground; employees who turn over many stones to find ideas while increasing the probability that the investment opportunity RENEW decides upon is actually promising and will turn out to be good. Based on my prior work in emerging and developed economies at multiple private and public equity funds, I learned the lesson to invest the same amount of time you spend looking at the Google’s and Apple’s of the world as you do with promising ideas in other countries — and no matter what you’re looking at, keep just a few in your nest to gain diversification and thus Ethiopia.Ethiopia’s situation is as different from many other countries in sub-Saharan Africa as a comparison between an apple and a sheep. Africa’s big four are grappling with cheap oil, political uncertainty, depreciating currency and weak banks but that is as unrelated with Ethiopia as my previous comparison. Ethiopia shares the same continent with other problem countries and probably some problems too, but the country has different fundamentals than South Africa, Nigeria, Angola or Kenya. South Africa is set to grow by just 0.6% this year (source: IMF) with a currency that plummeted 30% last year as well as an ongoing political turmoil.* Nigeria is buckling under the low oil price as it relies on oil for 70% of government revenue and accounts for 90% of export revenue.* Angola is another victim of oil prices as it relies on oil for 95% of its government revenue.* Ethiopia’s neighbor, Kenya is relatively more resilient and diversified but has been facing troubles in its banking sector; the country has 43 banks, most of which have overstated profits and are facing the weight of non-performing loans combined with a big fall in deposits.* Although Ethiopia has its own set of troubles, none of them require relying on a commodity that fuels a significant part of its state budget. Real economic growth is projected at 7% between 2016 and 2025, which, according to the IMF, is due to Ethiopia’s heavy public investment into priority sectors such as infrastructure, agriculture, and manufacturing.** Moreover, strict capital controls support Ethiopia Birr’s value. I believe these are some of the factors that made me buy that one-way ticket to Addis Ababa.<figure class="image"><img src="/uploads/prasoons_blog_e20f3a6d40.jpg"></figure>As a stereotypical investment professional, when I saw the job posting by RENEW, I researched Ethiopia’s macro indicators first before pressing the “send” button. I could sense a similar pattern as I noticed in a few emerging markets' growth stories. I saw a fast-growing frontier economy with an emerging middle-class and a young population that demands products and services similar to their counterparts in other emerging markets. Moreover, I could identify with RENEW’s work ethics and decided to join the global team in July 2016. Ethiopia is a regulated economy that is still figuring out its place in the global trade. As the regulatory environment is focusing on cautious growth, Ethiopia’s on the ground situation feels similar to the China or India of two decades ago. The good part is that the country is eager to learn from the growth of other emerging countries and leapfrogging growth without reinventing the wheel. Despite fundamentals and precedents of other countries, the country and a majority of Ethiopian midsize businesses take their own time in figuring things out and move cautiously. I believe that is where RENEW plays a pivotal role in helping management teams and companies grow by considering an outside perspective, which could merge with local conditions to spearhead a potentially high growth sustainable company.I have been enjoying my journey at RENEW and turning many stones with a talented local team to find opportunities that create social and financial returns. Moreover, I can leverage on my prior experience in operations, research, and investing to help businesses in Ethiopia grow. I believe the larger part of work satisfaction come from seeing companies employing more people and building livelihoods. There are many other trends and fundamentals that are worth learning about Ethiopia. I am taking my time to assimilate macro and cultural learning about Ethiopia to help our companies and investors navigate growth in Ethiopia, which I will share in the my next blog.In the meantime, live long and prosper.*CNN Money:<a href="http://money.cnn.com/2016/04/15/news/economy/africa-economy-south-africa-nigeria-kenya-angola/"> Africa's Top 4 Economies Are In Trouble</a> **Deloitte:<a href="https://www2.deloitte.com/content/dam/Deloitte/et/Documents/tax/Economic Outlook 2016 ET.pdf"> Ethiopia Economic Outlook 2016, The Story Behind the Numbers</a>

RENEW's Senior Investment Manager breaks down stereotypes, clichés and outdated perspectives about the continent of Africa.

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Africa: The Final Frontier

<h1 style="text-align:center;">A Weekend of Connections, Discussion and Positive Impact</h1>This past weekend, members of the Impact Angel Network (IAN) and distinguished guests met in Washington, D.C. for the second annual National Gathering, which was filled with introductions, connections, and meaningful discussion on how conscious capitalists can change how the West views Africa.The weekend event commenced on Friday evening with a dinner and discussion at the Cosmos Club. Guests mingled and enjoyed cocktails in the East Garden, and then moved into the Club's Warne Ballroom to hear global economist, New York Times bestselling author and TEDTalk speaker - <a href="http://dambisamoyo.com/">Dr. Dambisa Moyo</a> - shared insights on investing, opportunities and major economic shifts that are occurring in developing markets, like Ethiopia.<figure class="image"><img src="/uploads/2nd_annual_national_gathering3_6679e06676.jpg"></figure>In line with the weekend’s theme of sharing real stories of impact, entrepreneurship and innovation, the evening continued as members and guests alike shared their personal stories and experiences with impact investing, development, and Ethiopia (<a href="https://twitter.com/hashtag/whatsyourstory">#WhatsYourStory</a>). Ambassador Girma Birru opened dinner, encouraging attendees to continue seeing the economic growth potential that SMEs have in Ethiopia. Hussein Hirji, Economic Counselor of the Canadian Embassy, spoke to the unique public-private model that Global Affairs Canada is implementing in Ethiopia in partnership with RENEW.The night concluded with Miraf Hailu, deputy-manager of <a href="http://www.mama-fresh.com/">Mama Fresh Injera</a>, sharing about the beginning of RENEW and the IAN’s relationship with the company and just how far they’ve come. Starting in an outdated bakery to becoming a leading injera export manufacturing facility that is positively impacting the local community through job creation and tax revenue. It was a truly inspiring story of growth, opportunity and impact!On Saturday morning, IAN Chapter Chair David Grizzle and his wife Anne hosted network members for a morning of learning and review. RENEW went over the current status of each of the IAN portfolio companies including progress made to date, challenges and opportunities, and the plans going forward. All members participated in a lively discussion to brainstorm ideas on how the IAN can add more value to our portfolio. Guests were given a little taste of Ethiopia by participating in a traditional Ethiopian coffee ceremony.The weekend concluded with the investment pipeline dinner, hosted by IAN Chapter Chair, Dr. Andrew Umhau and his wife Cary. During this relaxed evening of community and fellowship, the RENEW team provided important updates on the network's investment pipeline, while guests were able to sample some Mama Fresh’s delicious Ethiopian cuisine - truly, home cooking at its finest!The RENEW team would like to thank Dr. Dambisa Moyo, Ambassador Girma Birru, and the <a href="https://renewcapital.com/impact-angel-network/advisory-board">IAN advisory board chairs</a>, Dr. Andrew Umhau, David Grizzle, Jeff and Donna Turi, Alan Gardner, Beth and Joel Marquette and Jodi Morris, and the staff of the Cosmos Club for helping deliver an unforgettable event. We also thank the members of the IAN and their families for coming to D.C. for a memorable fall weekend.

RENEW and the Impact Angel Network host the second annual National Gathering.

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A Weekend of Connections, Discussion and Positive Impact

<h1 style="text-align:center;">Back to the Source: Teff</h1>In January 2014, members of the Impact Angel Network closed an investment in Mama Fresh Injera, a family-owned company that has been in operation since 2003. Mama Fresh is a commercial manufacturer and exporter of fresh-baked injera, spices and other Ethiopian food products.Mama Fresh works with more than 300 smallholder farmers who grow the teff and spices that the company’s chefs and bakers use in the company’s high-quality products. The company also employs more than 90 hardworking men and women in the kitchens and bakeries of Mama Fresh, the main output being Ethiopia’s famous injera.<figure class="image"><img src="/uploads/back_to_the_source_mftc11_18d1c934a4.jpg"></figure>Injera is traditionally made from teff; a gluten-free grain that can be traced back thousands of years to the ancient civilizations of Abyssinia in the highlands of Ethiopia. The grain is similar in size to that of a poppy seed and comes in a variety of colors, from white and red to dark brown. It has a very mild, nutty flavor, and it packs a nutrient-rich punch - high in iron, calcium and protein, and has an excellent balance of essential amino acids.Around 3.78 million metric tons of teff is grown in Ethiopia each year. One hectare yields a little more than 1 metric ton of teff, on average, though agriculture initiatives currently underway in Ethiopia are working to increase yields.*Teff, though small in size, plays a large role in both the country’s economy and diet. The agriculture sector is the largest employer of Ethiopia’s 90 million plus population, with grain production constituting the primary share. In fact, cereals (teff, wheat, maize, sorghum, etc.) account for roughly 80% of total cultivated land and 60% of rural employment.* And, it is small landholder farmers who produce around 98% of the country’s cereals, with only 2% produced by commercial farms.*Teff is a versatile grain that can be processed in a variety of ways and is eaten at almost every Ethiopian meal, in the form of injera. Due to its nutritious nature and cultural significance, teff is considered to be one of the country’s most important crops for economic and food security. It is because of this that the country enacted a ban of all teff grain exports in 2006. Teff grain is almost exclusively consumed at the domestic level, and the rest of the world can only legally consume Ethiopian grown teff if it’s a finished product, like Mama Fresh’s world-renowned injera.<figure class="image"><img src="/uploads/back_to_the_source_mftc13_955a1cc99e.jpg"></figure>To make injera, teff grain must first be separated from the stalk, whether it is by traditional cleaning and sieving methods or automated processes. Once the grain is cleaned, it is then ground into flour and combined with water to make dough. This dough is allowed to ferment for 3 to 4 days, until it reaches a specific pH level and is ready for baking.Injera is traditionally baked in an oven called a “metad,” which is a flat circular hot plate with a cover. After preparing the hot metad's surface for baking, the Mama Fresh baker then pours the dough in a circular motion, ensuring that it is evenly distributed across the oven’s surface. Each baker has their own technique that they have perfected from years of practice. Injera usually bakes for 3 to 5 minutes and is then taken out by the baker for cooling.On average, a Mama Fresh baker can bake up to 600 pieces of injera during a shift. Once injera finishes cooling, it is then packed into airtight plastic for shipment to the many countries across the world where Mama Fresh sells its products, including the United States. This unique, spongy, sourdough-like flatbread can be enjoyed at room temperature with meats, sauces and spices, including Mama Fresh's delicious Berbere.<figure class="image"><img src="/uploads/back_to_the_source_mftc12_2e1bbe4b83.jpg"></figure>So, the next time you’re at a specialty foods store and spot a package of Mama Fresh injera, you’ll now understand the transformative journey this small grain has taken from the highlands of Ethiopia to the shelf of your supermarket and the lives it has positively impacted along the way.<a href="http://gain.fas.usda.gov/Recent GAIN Publications/Grain and Feed Annual_Addis Ababa_Ethiopia_3-25-2014.pdf">*USDA Foreign Agricultural Service, Global Agriculture Information Network, Ethiopia: Grain and Feed Annual Report, March 31, 2014.</a>&nbsp;&nbsp;&nbsp;

RENEW takes a closer look at the key ingredient of Mama Fresh's injera; a small but important super grain.

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Back to the Source: Teff

<h1 style="text-align:center;">Going Against the Grain</h1>I’ve always been drawn to something different – my older brother was a Mets fan when we were kids; I had to be a Yankee fan. Everyone in primary school played baseball. I was a wrestler. I went against the grain; I took pride and found joy in doing so. When the opportunity arose for me to take a judicial clerkship in The Hague at the ICTY before starting at Latham &amp; Watkins in New York, I jumped at the chance – it was the perfect opportunity to do something different, interesting and broadening.Towards the end of my time in The Hague, I was exploring an opportunity in Arusha, Tanzania, and was thrilled beyond belief. The thought of practicing law so far away from where I grew up, and under such different circumstances, was magnetic. The opportunity ultimately fell through, but the seed was planted – I needed to find a way to marry my practice with Africa.At Latham, I had the opportunity to work on a number of large energy and infrastructure deals around the world, including in parts of Africa, and I continued to find myself drawn to those projects in Togo, and Nigeria, and Rwanda – projects with significant challenges, requiring creative structuring, and careful compliance with local and international regulations. These challenges drove me, and only further cemented my draw to frontier economies and to Africa.<figure class="image"><img src="/uploads/desktop10_35432205b8.jpg"></figure>I found RENEW in early 2015, and instantly knew I wanted to be a part of the team. A focus not just on helping drive economic growth for African economies, but also on generating meaningful social impacts and financial returns. I followed the company and jumped at the chance to join as Associate General Counsel. Structuring our investments, working to close transactions, and helping grow RENEW’s model in Ethiopia and eventually other countries excites me, and I can’t wait to dig in.I’ve joined RENEW to help build something. A business, small businesses, a country and a different way of doing development work – better. It holds true to what an old professor of mine at Bates College told us all at commencement – “Make no mistake, dear friends: Everyone in this room, despite secret hurts and unexpected burdens, is blessed beyond our accomplishments with gifts of mind and circumstance… Let us hope our present gratitude for what we have received here will sustain us with grace to care for life which comes across our future horizons.” I’m excited to join RENEW, and have high hopes for what the future will bring.

RENEW's newest team member, Tristan Pelham Webb, shares about his unique journey to the field of impact investing.

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Going Against the Grain

<h1 style="text-align:center;">IAN Introduction Yields New Bakers at Mama Fresh</h1>IAN member and advisory board chair <a href="https://www.linkedin.com/in/davidgrizzle">David Grizzle</a> recently introduced the RENEW team to Julie Baker over email. Julie was headed to Ethiopia, on one of her regular trips to the country as part of her work with Connect Education Innovators (<a href="http://www.connectei.com/">ConnectEI</a>). ConnectEI supports educational projects in partnership with several NGOs in Addis, including <a href="http://hopeforkorah.atticdoorstudios.com/">Hope for Korah</a> - an organization that works to better the lives of those who live in local community called Korah. This community is located next to the city’s largest trash dump, Koshe. Korah is notorious for illness and extreme poverty, and many who live there scavenge the dump for a living.Laura Davis, partner of RENEW, met with Julie Baker during her time in Addis and the two discussed educational programming and work opportunities for clients of the Ethiopian NGOs she works with in-country. Out of that conversation, staff from Hope for Korah brought several women to interview to be bakers at Mama Fresh. Five women are now busy baking injera, given meals during each shift, financially supporting their families, and enjoying many other benefits of full-time employment.<figure class="image"><img src="/uploads/img_1223_4ef6bbb5d6.jpg"></figure>RENEW’s Laura Davis recently visited Mama Fresh’s manufacturing facility in Addis Ababa, and was introduce to the new bakers. Mama Fresh’s operations manager, Rajesh Dahiya, reports that the new employees are all doing very well.We love this example of the positive impact that all members of the Impact Angel Network can have in frontier markets, such as Ethiopia.And of course, a special thank you to David and Julie for making this success story possible! RENEW is so excited to make more of these happen in partnership with the IAN.

How a conversation in Washington, D.C. led to new job opportunities in Addis Ababa.

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IAN Introduction Yields New Bakers at Mama Fresh

<h1 style="text-align:center;">Summer 2016 Travels and Connections</h1>The past several weeks have been full of summer travel and connections for Matt and Laura Davis, partners of RENEW. The two made their way back to the North America mid-July and have since been on the road visiting members of the Impact Angel Network (IAN), local investors, potential partners, friends and family during the summer 2016 investor roadshow. The trip started on the West Coast and the partners slowly traveled back East, from Los Angeles to Chicago, Ottawa to Montreal, Boston and finally returning to Washington D.C. Here are just a few highlights from their time in these cities:<figure class="image"><img src="/uploads/summer_2016_roadshow1_c9905cea5b.jpg"></figure>Los Angeles: With the help of IAN Chapter Chair <a href="http://connectinggrowthglobally.com/">Jodi Morris</a> and her good friends, Steve and <a href="https://www.linkedin.com/in/teri-carcano-5a05528">Teri Carcano</a>, RENEW co-hosted one of our favorite events to date. The evening’s enlightening and lively discussion revealed many interesting and unexpected linkages, and shed some light on the motivations that brought people together that evening (read about the happy hour in our blog: <a href="what%e2%80%99syourstory.html">#What’sYourStory?</a>). RENEW also enjoyed meeting and speaking with local family offices, philanthropic advisors and other potential partners, including the team over at Los Angeles City Incubator (<a href="http://laincubator.org/">LACI</a>).Chicago: The team had a stellar visit to the windy city at the end of July - meeting old friends, developing new connections, and even some team planning time. The partners had great conversations on impact investing with several groups, including Brian Kasal and Laura Swanson of <a href="http://www.fourstarwealth.com/">FourStar Wealth Advisors</a>, Alesha Black and Louise Iverson of the <a href="https://www.thechicagocouncil.org/">Chicago Council on Global Affairs</a>, and Tasha Seitz of <a href="http://theimpactengine.com/">Impact Engine</a>.Ottawa: Matt and Laura had a great time in beautiful Ottawa, meeting with government stakeholders and new local partners alike. The team continued conversations with <a href="https://profile.rbcwealthmanagement.com/james.kinkaid">James Kinkaid</a> of Kincaid Wealth Management of RBC Dominion Securities. Matt and Laura first met James during the spring roadshow in April at the Berkshire Hathaway Annual Meeting (read about RENEW's experience in our blog: <a href="buffett-approach-investing-africa.html">A Buffett-Like Approach to Investing in Africa</a>.) They also enjoyed time with our new friends at the <a href="http://ccafrica.ca/">Canadian Council on Africa</a>, among others.Montreal: Partner Laura Davis had a wonderful opportunity to share about RENEW and the Impact Angel Network with Women Investing for Impact (<a href="http://www.wifi-canada.org/about/">WIFI</a>) in early August. Our gracious hosts convened mid-summer and had a great turnout, which led to some smart questions and dynamic conversation. A special thank you to Kathy Fazel and Fiona MacFarlane for pulling together such a great breakfast event!Boston: RENEW met with several individuals, families and advisors during their time in Boston. Matt and Laura also had the opportunity to present an information session for a Boston-area wealth management firm on the growing fields of angel and impact investing. A big thank you to Paul Lonergan and his firm <a href="http://www.congresswealth.com/">Congress Wealth Management </a>for hosting!It was a whirlwind, but all in all a wonderful trip filled with valuable dialogue with IAN members, potential investors and too many stakeholders and partners to count!

RENEW partners, Matt and Laura Davis, travel across North America during the summer investor roadshow.

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Summer 2016 Travels and Connections

<h1 style="text-align:center;">The Impact Angel Network in Action!</h1>In late July, members of the Delaware chapter of the Impact Angel Network (IAN), including <a href="https://www.linkedin.com/in/don-fulton-68753212">Don Fulton</a>, <a href="https://www.linkedin.com/in/larry-disabatino-094ba85">Larry Disabatino</a> and IAN chapter chairs <a href="https://www.linkedin.com/in/jeffrey-turi-7b883a13">Jeff</a> and <a href="https://www.linkedin.com/in/donna-turi-57721a9">Donna Turi</a>, spent their morning discussing impact investing with 25 participants in the Young African Leaders Initiative (YALI).According to their website, YALI is “a signature effort to invest in the next generation of African leaders. Nearly 1 in 3 Africans are between the ages of 10 and 24, and approximately 60 percent of Africa’s total population is below the age of 35. President Obama launched YALI in 2010 to support young African leaders as they spur growth and prosperity, strengthen democratic governance, and enhance peace and security across Africa.”*The participants of this particular group, aged 22 to 32, received Mandela Washington Fellowship scholarships and spent 5 weeks at the University of Delaware learning about civic engagement and leadership, business and entrepreneurship, and public administration. Each year, YALI brings over 500 young African leaders to participate in trainings at 20 different U.S. universities and colleges.<figure class="image"><img src="/uploads/ian_in_action_blog_yali_e155a7283f.jpg"></figure>During the week that focused on entrepreneurship, IAN Delaware chapter members were able to speak with these young leaders about what sophisticated investors are looking for in investment opportunities in frontier markets, and helped them refine their pitches for their for-profit or social venture organizations.We know our Delaware chapter had a great time participating and sharing their knowledge with the future leaders of Africa!<a href="https://yali.state.gov/">*Young African Leaders Initiative</a>

IAN Delaware chapter members discuss impact investing with the Young African Leaders Initiative.

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The Impact Angel Network in Action!

<h1 style="text-align:center;">Impact Angel Network 2016 National Gathering</h1>SAVE THE DATE!Members of the Impact Angel Network (IAN) and other distinguished guests will be in Washington D.C., from October 14 to October 15, to attend the 2016 National Gathering.<figure class="image"><img src="/uploads/ng_2015_91b9dc26eb.jpg"></figure>The gathering will include a series of invite-only and members-only events throughout the weekend, starting off with a gala on Friday night. IAN members and select guests will be spending the evening with stakeholders, critically-acclaimed speakers, world leaders, politicians and business executives. Experts in the impact and angel investing space will be speaking throughout the night, sharing insights on investing in Africa, as well as other countries on the continent and throughout the world. RENEW aims to elevate the importance of angel and impact investing and how the private sector is driving growth in companies around the world, even in our own back yards.We will also be having an informal gathering for members of the IAN on Saturday evening, wherein we will be providing updates on our current portfolio, as well as discussing our current investment pipeline.More details to come on the weekend's other exciting and exclusive activities, but in the meantime, be sure to mark you calendars - this is one weekend that you will not want to miss!&nbsp;

The Impact Angel Network's second annual National Gathering to be hosted in Washington D.C.