<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.

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Impact Angel Network 2016 National Gathering

<figure class="image"><img src="/uploads/desta_logo_3_26ae75c82d.png"></figure><h1 style="text-align:center;">A Woman's Perspective of an Ethiopian Garment Factory</h1>In the latest installment in our Q&amp;A series with the employees of RENEW’s portfolio companies, I had the pleasure to speak with one of the supervisors at <a href="http://www.desta-garment.com/">Desta PLC</a>, the Impact Angel Network's most recent investment.Desta aims to positively impact the burgeoning textile sector in Ethiopia. The company is committed to the fair treatment of its employees and adherence to guiding principles of sustainability, setting it apart from the trajectory this industry has taken in many other low and middle-income countries. In fact, Desta recently became <a href="http://www.desta-garment.com/">BSCI Certified</a>, adopting the "labor standards of the International Labour Organization and other important international regulations." By doing so, Desta and other BSCI Certified companies will improve the social performance of suppliers, ultimately creating better working conditions in textile and garment factories across the globe.Bethelehm Amare, who has lived in Addis Ababa all her life, spoke to me about her experiences at Desta, as well as the opportunities the company offers to its employees.How did you hear about Desta? I was working at another garment factory when I heard about an opening at Desta. I was very interested in joining because Desta is an exporting company and the quality of work is remarkable. I started working at Desta three years ago.How did you become one of Desta’s sew line supervisor? I joined Desta as a sewing operator, I was then promoted to the sample room to work on samples for clients, which led me to the position I now have as supervisor of one of the sewing lines.What education or training have you received to date? I did not complete high school, I only went through 10th grade, but I received multiple trainings through my former employer and at Desta in relation to sewing and general quality controls.<figure class="image"><img src="/uploads/desta_qa_0_af8d84f6f9.jpg"></figure>What is your position title at Desta, and what are your responsibilities? I am a line supervisor to one of the sewing lines at the Desta textile manufacturing facility. My responsibilities are managing my subordinates, both on the business and overseeing their work, in regards to the quality of their work and reporting back to the plant manager. I also control the targets on the line I am managing.What makes Desta unique from its competitors? I worked at another textile company, which was also engaged in a similar type of business but just for the local market. Desta is an exporting company, with a much higher quality and standard of products compared to the past company I worked at. I also received multiple trainings from experts in the field, which are mainly expats. So, in my opinion, in comparison to other textile companies this is what makes Desta unique – it’s an export focused business with better quality products, and it is a much better place to work with its continuous training opportunities for employees.What kind of leadership opportunities has Desta created for you and the other workers in your sewing line? If you are a good performer and you are seeing progress in your current position, the management will pay close attention to each worker and will promote him or her. The company also gives trainings to employees.How has working for Desta changed your life for the better? It has improved my way of living with regards to finance - i.e. the salary I receive now is much better compared to what I used to earn when I was a sewing operator.Has your job at Desta made you feel empowered as an individual? I can say that working at Desta at the position that I currently hold has empowered me to be the best I can be. It has boosted my confidence and I have learned how to manage employees and have implemented that in my personal life as well. I enjoy managing people, the relationships I have with my juniors is the best part of my job. My salary has also improved from what I used to earn before.What hopes do you have for the future? In the next five years, I see myself improving my technical skills and management skills, and overall growing professionally. In the future, I would like to start my own business, because I will be able to say that I have management skills and knowledge. My position at Desta has inspired me to be a better leader, knowing that if I perform well then I will be rewarded for my efforts.Be sure to check out the other blogs in our Q&amp;A series with the employees of the RENEW and the IAN's portfolio companies - <a href="../2015/dventus-technologies-creating-brighter-future-ethiopia.html">dVentus Technologies: Creating a Brighter Future for Ethiopia</a>, <a href="../2015/metad-plc-force-innovation-ethiopias-coffee-industry.html">METAD PLC: A Force of Innovation in Ethiopia's Coffee Industry</a>, <a href="../2015/mama-fresh-baking-injera-and-creating-impact-ethiopia.html">Mama Fresh: Baking Injera and Creating Impact in Ethiopia</a>, <a href="../2015/innovation-healthcare-industry-one-ambulance-ride-time.html">Innovation in the Healthcare Industry, One Ambulance Ride at a Time</a> and Ethiopia and the Entrepreneurial Dream.

Read the latest installment in RENEW's Q&A series with a sew line manager at Desta PLC.

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A Woman's Perspective of an Ethiopian Garment Factory

<h1 style="text-align:center;">Research, Due Diligence and Football</h1>The following blog was written by Sebastiaan Howle, RENEW's 2016 summer intern:As my time as a RENEW summer intern comes to a close, I reflect on what has been a great experience over the last three weeks.Being from the UK, the principal shock was adjusting to a culture very different and distant from my own (except maybe for the mutual love of football). There is a pride in how Ethiopians hold themselves, and this clearly transfers to the way in which they do business. The RENEW team set objectives for me to complete encompassing a range of tasks and challenges that are close to what the RENEW Ethiopia team has to address on a day-to-day basis. These tasks varied from online research projects, to in the field due diligence (including a visit to the largest African open air market, Mercato), to analyzing and providing potential improvements for some of the Impact Angel Network’s current investments. In visiting a variety of investment pipeline and portfolio companies, I was given the chance to meet the full spectrum of the management teams, from the executives all the way to the basic staff. I met several impressive entrepreneurs, who all demonstrated the rising talent in Ethiopia’s ever growing economy. The RENEW staff allowed me to participate on calls with some of these managers, and I even sat in on a few board meetings. The combination of these experiences has given me an encompassing view on the work that RENEW does both pre- and post-investment.<figure class="image"><img src="/uploads/seb_howle_7ef9d026e4.jpg"></figure>As a university student going into my final year, I am close to the stage where I will have to go out and start forging a career path for myself. This internship has given me the first stepping blocks on this path by letting me become more independent and think for myself. Of the many tasks set in front of me, none were aided heavily and all needed a lot of personal research and drive to complete. The focused, in-depth due diligence on potential investment pipeline companies improved my research skills. In being asked to sieve through extensive data and pick out the important content, I have greatly improved by myself.Two highlights stand out for me. First, visiting <a href="http://www.mama-fresh.com/">Mama Fresh</a> and working with the management team to implement standard operating procedures for the company’s visitors center. This gave me a better feel for what RENEW does post-investment out in the field. Second, presenting my findings on the distribution system in Ethiopia to the RENEW team in Addis. I greatly enjoyed being able to present my research to the team, as well as gain the positive acknowledgement for my efforts on the task. Oh, and one more highlight, I saw a cow in a pick-up truck. Classic Ethiopia.<figure class="image"><img src="/uploads/untitled1_4e0798cb20.png"></figure>But to be clear, it wasn’t all work during my time in Ethiopia. With the football European Championship currently in France, I was able to catch every England game in packed bars. There is a huge passion for football (or ‘soccer’ as Matt and Laura call it) in Ethiopia, which enabled me to meet with lots of locals over a match. For me, this has further aided my learning of the culture and people of the country. Apart from sports, the majority of people in Ethiopia are deeply religious. My short trip up to Lalibela highlighted this for me, with the twelve churches built in the 12th to 13th century that are still in use.So to conclude, I was given an overall amazing experience in Ethiopia, even though the main reason for my visit was to be an intern for RENEW. I thoroughly enjoyed every second, and the skills and acquired practice will be extremely useful for all future endeavours. Finally, I want to say a huge thank you to the RENEW team, both in Ethiopia and the U.S., and specifically, to Matt and Laura for making me feel very welcome and pushing me to perform at my best possible level.Sebastiaan Howle’s father is an investor in the Impact Angel Network. RENEW hosted Bas as our first ever intern in Ethiopia in June 2016. We wish Bas all the best in his future pursuits. With his independence, personal drive, humor and “can do” attitude, he set a high bar for future interns to follow!

RENEW’s 2016 summer intern, Sebastiaan Howle, reflects on his time in Ethiopia.

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Research, Due Diligence and Football

<h1 style="text-align:center;">ANDE’s 2015 Report on the Small and Growing Business Sector</h1> The Aspen Network of Development Entrepreneurs, or <a href="http://www.andeglobal.org/">ANDE</a> for short, recently published its 2015 impact report on the world’s small and growing business (SGB) sector. Since its founding in 2009, ANDE has seen a transformation of the small and growing business sector on almost every continent, from North and South America to Africa and Asia, and more specifically in countries that have emerging economies.The report starts off by reviewing the global achievements of 2015, from the United Nations ratifying the Paris Agreement, a pledge to combat climate change, to agreeing on 17 Sustainable Development Goals, which focus on economic development and reducing global inequality. ANDE, and many others, view this as a prime opportunity for the SGB sector. “Recognition has grown that the private sector can contribute positively to development, and in fact is necessary to achieve these ambitious targets… [SGBs] are typically embedded into communities, and have strong links to the last mile of distribution or sourcing that can be so challenging for larger organizations.”The report also touches on the growing field of sustainable, responsible and impact investing, which has turned into more than a $6B industry. ANDE believes that an increasing number of socially conscious entrepreneurs will continue the impact investing momentum, and the SGB sector will consequently play a large role in the deployment of that capital.And while these SGB sector trends are certainly good news, the 2015 global financial slowdown still impacted the sector’s overall growth. Last year was a “particularly tough year in emerging markets, with low growth and even recessionary conditions in some countries.” Of these emerging markets, ANDE has six established regional chapters: Brazil, Central America/Mexico, East Africa, India, South Africa and West Africa. We encourage you to read the entire <a href="http://ande.site-ym.com/blogpost/737893/249581/State-of-the-Small--Growing-Business-Sector-2015-Impact-Report">report</a>, but RENEW’s interest lies in the East Africa chapter.<figure class="image"><img src="/uploads/ande_efcc282a53.png"></figure>Not surprising to RENEW, Ethiopia is not mentioned in this particular report, as the country is still developing its private sector and equity investment acumen (see RENEW’s blog on <a href="rise-private-equity-east-africa.html">Private Equity in East Africa</a> for a more detailed explanation). The information in the East Africa chapter is still of interest though, particularly the data on the top sectors and the deal sizes. Agriculture and financial services are the most popular, followed by the energy and healthcare sectors, which is in line with Ethiopia’s current investment environment. In fact, the Ethiopian government has designated the country’s agriculture industry as one of the pillars of growth in it’s Growth and Transformation Plan II, which aims to make Ethiopia a middle-income earning country by 2025.And while it is heartening to see that of the $1.4B invested in the region, $132M was invested across 333 deals at $1M or less, is still means that a staggering $1.27B was invested in deals that were over $1M each. This leaves a lot to be desired by the small to medium sized enterprises (SMEs) that make up the SGB sector; businesses that typically need a $200K to $1M investment for expansion or working capital.Luckily for Ethiopia, companies like RENEW and the Impact Angel Network are working to fill that financing gap.

RENEW takes a closer look at the report’s findings.

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ANDE’s 2015 Report on the Small and Growing Business Sector

<h1 style="text-align:center;">The Africa Beat</h1>Over the past few weeks, several articles have been published about impacting investing, investing in Africa and investing in Ethiopia. Here are a few of our favorite recent stories on these topics:<figure class="image"><img src="/uploads/desktop7_914634394d.jpg"></figure>IMPACT INVESTINGCNN Money: Millennials are dreamers and doers - they not only seek to make the world a better place, but also pursue activities that positively impact the world around them, be it philanthropy or value-based investments. It should come as no surprise then that in a recent U.S. Trust survey of individuals with $3M or more in assets, “93% of Millennials believe social impact is key to their investing decisions.” And while Baby Boomers are a bit slower to hop on the impact investing bandwagon, 51% of responders believe impact investing is where they should allocate their portfolios. <a href="http://money.cnn.com/2016/05/26/investing/millennial-impact-investing/">Read More</a>.INVEST IN AFRICACFA Institute: Bob Geldof was the keynote speaker for the CFA Institute’s 69th Annual Conference, which took place in Montréal, Canada this year. During his keynote address, he challenged attendees to stop ignoring the continent that is full of innovation and is poised for massive economic growth. “There is only one place left on Earth where growth can start from almost zero! Why don’t you do it?” Many incite geo-political instability as the reason, which has been recently created by terrorists groups operating from the Middle East. But, what would happen if the West invested in those economies, and created jobs and opportunities for the Africans who fight for such groups? <a href="https://blogs.cfainstitute.org/investor/2016/05/16/bob-geldof-the-promise-of-africa/">Read More</a>.INVEST IN ETHIOPIAAfrican Business: Over the past several months, we’ve seen several negative headlines regarding Ethiopia’s drought and political protests among indigenous minorities, which has made several among the finance community ask whether the country is still sure ground for investment? Sophisticated investors from countries such as China, the United States and Europe believe “yes.” And, as they say, the proof is in the pudding - foreign direct investment into Ethiopia has “risen from about $200m in 2005 to $2.2bn in 2015, now equating to 3.6% of Ethiopia’s GDP.” Private equity groups, such as KKR and Black Rhino Group, along with multi-national corporations, like Coca-Cola and Unilever, see the vast opportunities and resources Ethiopia has to offer. <a href="http://africanbusinessmagazine.com/sectors/finance/ethiopia-still-sure-ground-investment/">Read More</a>.

RENEW takes a look at recent headlines concerning impact investing, investing in Africa and Ethiopia.