<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.

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The Africa Beat

<h1 style="text-align:center;">RENEW Publishes First Annual Impact Report</h1>RENEW is proud to introduce the Impact Angel Network’s (IAN) first annual impact report; we hope this will be the first of many impact reports that we share with you. Included in the report, you will find a blend of quantitative and qualitative information on our Ethiopia portfolio, the IAN and RENEW.To start, 2015 was a good year. We closed five investments; four of those were in new portfolio companies, bringing the total size of our portfolio to seven great companies. We saw triple digit top-line growth across our portfolio, and double-digit bottom line growth as the improvements we are making across the portfolio begin to take hold. We did not exit any investments, we did not lose any companies, and one company made distributions to investors.Be sure to take a few minutes to read through our 2015 Impact Report:<figure class="image"><a href="https://renewcapital.com/sites/default/files/renew_-_2015_impact_report_0.pdf"><img src="/uploads/impact_report_256c9f5dbb.png"></a></figure>&nbsp;

Report captures financial and impact metrics, as well as stories from the portfolio

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RENEW Publishes First Annual Impact Report

<h1 style="text-align:center;">3 weeks, 7 Cities and 6,762 Miles Later</h1>The past three weeks have been a whirlwind for two of the RENEW partners, Matt and Laura Davis, who travelled thousands of miles across the United States to visit investors and members of the Impact Angel Network on our spring 2016 investor trip. The travel was divided between the West Coast and East Coast of the United States, with Matt and Laura spending time in Omaha, Portland, Seattle, San Francisco and Salt Lake City, and then back to Wilmington and Washington D.C. Here are just a few highlights from their time in these cities:<figure class="image"><img src="/uploads/investor_roadshow_spring_2016_349f8bd51c.jpg"></figure>Omaha: The purpose of this stopover was to experience the Berkshire Hathaway annual shareholders meeting as we continue to hone RENEW’s investor experience and investment strategy. It was an exceptional experience, and in the midst of it, we met great investors from around the world, almost bumped into <a href="https://twitter.com/warrenbuffett?lang=en">Warren Buffet</a> and <a href="https://twitter.com/BillGates?lang=en">Bill Gates</a> a few times and even ran into an Impact Angel Network member!Portland: RENEW met with several local impact investors and social entrepreneurs, and presented an informal information session for Portland-area business professionals to share about the growing fields of angel and impact investing. A big thank you to Kate Kilberg and her firm <a href="http://catalystlawllc.com/">Catalyst Law</a> for hosting!Seattle: With the help of IAN member <a href="https://www.linkedin.com/in/brian-ratzliff-96b23">Brian Ratzliff</a>, RENEW had a stellar time in Seattle visiting members of the IAN, local investors and other potential partners, including Intellectual Ventures Global Good, an amazing innovation laboratory funded by Bill Gates that is working on inventing and patenting innovations for the developing world. Also, during our time in Seattle, we co-hosted an event with Brian to discuss an Ethiopia <a href="../2015/ready-adventure.html">Econ-Tourism trip</a> that folks from Seattle will be participating in late in 2016 or early 2017.San Francisco: Matt and Laura were able to spend some quality time with IAN Advisory Board chair <a href="http://connectinggrowthglobally.com/">Jodi Morris</a> and her husband, who opened up their home and hosted a happy hour event for their friends and colleagues interested in the impact investing space. The team was also able to meet with several local impact investing firms to continue to discuss possible partnerships.Salt Lake City: The RENEW team met with members of our Utah chapter in Salt Lake City and Park City, as well as local community and business members to discuss impact investing and philanthropy in the context of Ethiopia. Matt and Laura had the privilege of meeting <a href="https://7summits7seas.org/">Martin Frey</a>, an angel investor who recently won a Guinness World Record for his adventures, and visited Brad Dickson at <a href="http://pandolabs.org/">Pando Labs</a>, Park City’s Innovation Center.Wilmington: IAN Advisory Board chairs <a href="https://twitter.com/turidonna">Donna</a> and <a href="https://twitter.com/jeffturi">Jeff Turi</a> opened up their Wilmington home to new and potential members of the Impact Angel work for a sesame laden event with Soom Foods in honor of our recent investment in the Ethiopian sesame sector. (@jeffturi)Washington DC: The roadshow ended on another high note with one-on-one meetings with DC-area cocktail event in downtown DC attended by members of the IAN, and partners and impact investors including <a href="http://acdivoca.org/">ACDI-VOCA</a>, <a href="https://www.usaid.gov/">USAID</a>, <a href="http://www.arabellaadvisors.com/">Arabella Advisors</a> and many others!It was a whirlwind, but all in all a wonderful trip filled with valuable dialogue IAN members, potential investors and too many stakeholders and partners to count!

RENEW partners crisscross the United States visiting investors.

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3 weeks, 7 Cities and 6,762 Miles Later

<h1 style="text-align:center;">35 Years from 300 Miles Up - What's Changed in Addis Ababa?</h1>NASA recently released almost 3 million photographs of Earth, which were taken over the course of 17 years from just beyond the outer limits of our atmosphere in space by the Advanced Spaceborne Thermal Emission and Reflection Radiometer satellite (or ASTER for short).* So what does outer space have to do with Ethiopia or investing?The World Economic Forum combed through the massive collection of images and pulled out six of the best photographs, and the capital of Ethiopia, Addis Ababa, is one of them! The photograph of Addis is listed among several others that portray man-made and natural phenomenon, like the Great Wall of China or the rainforests of South America.<figure class="image"><img src="/uploads/addis_ababa_outer_space_01_6ddcead63d.jpg"></figure>What is unique about this photo is that the top image shows what Addis Ababa’s urban development looked like in 1973 (from satellite Landsat MMS) versus what the city looked like in 2007. Clearly, the capital of Ethiopia has undergone serious growth and rapid urbanization over the past 35 years, and this comes as no surprise to RENEW.Ethiopia is considered to be one of the fastest growing countries on the continent of Africa and in the world, with double-digit annual GPD growth over the past decade (at 10.8% per annum) and an ever-increasing population (of 95 million people).** The country is quickly becoming a rising star in the region and is ripe with investment opportunities in many key sectors - a fact that is not lost on institutional and angel investors, like RENEW’s Impact Angel Network.With support from outside investors and the Ethiopian government’s Growth and Transformation Plan II, which seeks to make Ethiopia a lower-middle income country by 2025 through economic growth, industrialization and structural transformation, the country’s entrepreneurs and innovators are ready to step in and place Ethiopia on this path of development.We can’t wait to see what Ethiopia and Addis Ababa look like from space in another 35 years - we think it will be a beacon of light that rivals that of any major U.S. city.*<a href="https://www.weforum.org/agenda/2016/04/nasa-has-released-3-million-images-of-earth-these-are-6-of-the-best?utm_content=buffera043c&amp;utm_medium=social&amp;utm_source=linkedin.com&amp;utm_campaign=buffer">World Economic Forum</a> **<a href="http://www.afdb.org/en/countries/east-africa/ethiopia/ethiopia-economic-outlook/">Africa Development Bank Group</a>

NASA satellite captures the city's rapid development and urbanization over 35 years

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35 Years from 300 Miles Up - What's Changed in Addis Ababa?

<h1 style="text-align:center;">METAD: More Than Just Great Coffee</h1><a href="http://metadplc.com/">METAD</a> is well known for its 100% organic coffee cherries - just ask the likes of <a href="http://www.klatchroasting.com/Hambela_Natural_p/eth_ham_nat.htm">Klatch Coffee</a>, <a href="http://www.royalcoffee.com/Products/0033700">Royal Coffee</a> and <a href="http://www.intelligentsiacoffee.com/product/coffee/benti-nenqa-ethiopia">Intelligentsia</a>. What many may not realize is that in addition to METAD producing great coffee, the company also creates enormous social impact in the local community.<figure class="image"><img src="/uploads/metad_social_blog_2016_46f8e1d3f8.jpg"></figure>Back in 2014, Aman Adinew and the METAD team began sponsoring a group of school students located near the Hambela farm, and they continue to provide the children with uniforms and subsidize the teachers’ salaries. Under Aman’s care, the school has grown from 400 students to more than 600, creating the need for the construction of a second school building - a project that METAD aims to lead and complete by Fall of 2016.&nbsp;METAD is also in the final stages of building a 400 square foot community center in a nearby village that will hold up to 1,000 people at a time. The building is in the final stages of construction and is slated to open in a few months time. The center will be used for community social gatherings, as well as part of METAD’s out-grower farmer training program, wherein the company trains thousands of local farmers on growing and harvesting best practices so they can achieve the best prices for their coffee yields.The RENEW team and the Impact Angel Network are proud to be a part of METAD's story.

METAD produces more than just great coffee, the company also creates enormous social impact in Ethiopia

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METAD: More Than Just Great Coffee

<h1 style="text-align:center;">RENEW Builds Ethiopia Financial Industry Experts</h1>We are excited to announce that RENEW’s analysts, <a href="https://renewcapital.com/team/berkessa-behailu">Berkessa Behailu</a>, <a href="https://renewcapital.com/team/lulit-negash">Lulit Negash</a> and <a href="https://renewcapital.com/team/bethlehem-bogale">Bethlehem Bogale</a>, have completed the CFA Institute’s Claritas Program and are now official Claritas investment certificate holders.According to the CFA Institute’s website, the Claritas Program “covers the essentials of finance, ethics, and investment roles, providing a clear understanding of the global investment industry.”* The program entails approximately 100 hours of self-guided studying and prep work before taking a two-hour certificate exam, all within a six month time period.<figure class="image"><img src="/uploads/dsc_0707_2_11496aed22.jpg"></figure>I discussed the exam experience with Berkessa, Betty and Lulit recently:1) What was your motivation for registering for the Claritas Program and taking the investment certification exam? Berke: I've worked in the investment and consulting world for about six years now. My background is in business administration. Though I went through the basic trainings of market research and investment analysis, my skills are mostly developed through on the job experience. I wanted to assess if how I look at markets and analyze investments is in accordance with best practices used in more developed markets. Registering for Claritas program was the easiest way to assess my skills. Lulit: My motivation was to know more about the investment world and compare what is happening in the world with Ethiopia and how RENEW operates. Betty: I registered for the program because I wanted to understand more about the investment industry.2) Do you feel that you gained new knowledge from your prep work, and how is it applicable to your job at RENEW? Berke: Yes. In addition to being a refresher for the courses I took in college on financial analysis, Claritas has taught me new concepts about investment management, risk assessment, quantitative analysis and valuation. This directly relates to my job at RENEW as an analyst. It has enabled me to be more focused, detailed oriented and analytic in the analysis process, and evaluate investment opportunities more rigorously. I’ve added new tools and instruments in my assessment and can use additional ratios and indicators. Furthermore, even though it’s not yet applicable in Ethiopia, I’ve gained new knowledge of how the securities market functions, including the different players and their roles. It was quite interesting. Lulit: I have gained a good understanding of what investors look at while evaluating deals and what companies that are seeking investment should be doing in order to be successful. My work at RENEW is mainly focused on the portfolio companies, specifically growing the companies to generate returns for investors. So my studies supported how important it is for investment firms to help companies excel and generate positive returns for their investors. Betty: Yes, I did gain new knowledge. The prep work helped me to better understand the standard way of reporting to investors and have a deeper knowledge of the ethical standards I need to uphold as an investment analyst.3) What was the most difficult part in studying for the exam? Was it the self-guided studying or any of the industry concepts? And, how did you overcome those challenges? Berke: Overall, it wasn’t that difficult. But learning about investment structures and markets, which are not yet developed in Ethiopia was a little confusing. But, exploring real-life examples and reading news articles and stories concerning the lessons showed me their practicality. I watch TV shows like Shark Tank and Suits; such shows help me to understand how the lessons in Claritas can be applied in real-life scenarios. Also, it’s been a few years since university, where I had to study for and take exams, so disciplining myself to concentrate and study for hours was a challenge. I was able to adapt after struggling for a while. In addition, I was loaded with work because we were going through a closing process for one of our recent investments. So, I took a few days off from work before my exam, and reviewed my studies and took mock exams. I’m happy it worked out well. Lulit: I didn't face major challenges in my studies, but it has taught me how to better manage my time between work and studying; it’s about being disciplined. Since most of the exam subjects were related to investing, I was able to relate the concepts and compare them with what we are doing at RENEW. So, working in the investment industry helped me get a clear understanding of the subject matter. Betty: Since I was already operating as a professional in the investment industry, there wasn't much challenge with the prep work. The studying was pretty much self-guided and the mock exams helped me in managing my time.4) How do you plan to use your deeper understanding of financial industry essentials in the future? Berke: I’ve already made a few developments in the way I build financial models, assess investment risks and calculate business valuations. I hope to continually improve my analysis skills and help our investors make well-informed investment decisions. Taking the Claritas program exam has taken me one step closer to achieving this goal. Lulit: I am very interested to know more about the investment industry now that I’ve had this exposure. I plan to continuously read investment reports, take courses and also implement what I have learned in my work to see it in action. Betty: I plan to use my knowledge by making sure we don't run into any conflicts of interest, while managing the clients and reporting financial statements in a standardized way.We are incredibly proud of Berkessa, Betty and Lulit, the future of Ethiopia’s finance industry. They all worked diligently for their Claritas Program certificates, and they are already implementing their hard earned knowledge everyday at RENEW.If you are interested in joining a team that strives to be their best selves and brings a diverse set of skills to the table, then be sure to reach out and inquire about three job openings in our Ethiopia office: junior project manager, junior analyst and counsel.**<a href="https://www.cfainstitute.org/programs/claritas/Pages/index.aspx">CFA Institute: Claritas Program</a>

A Q&A session with RENEW’s analysts on their recent accomplishments with the Claritas Program.