<h1 style="text-align:center;">Video Blog from the Citadel</h1> Here is a first hand report on the ICT SME space in Herat, Afghanistan.<figure class="media"><oembed url="https://youtu.be/9u2aC8abLig"></oembed></figure>

View a first hand report from Afghanistan.

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Video Blog from the Citadel

<h1>Press Release: Renew Capital Announces New Board Member</h1>Investing in early-stage startups in Africa.<a href="https://latest-api.renewcapital.com/uploads/2024_15_05_FINAL_Press_Release_Renew_Capital_Announces_New_Board_Member_4d2da0ec45.pdf" target="_blank" rel="noopener noreferrer">Download the full press release</a>CHARLOTTESVILLE, VIRGINIA, USA, May 15, 2024&nbsp;—&nbsp;Renew Capital, a pan-African early-stage investment firm, is thrilled to announce that Jonathan Baker has joined its board. Jonathan Baker brings a wealth of experience to the board with over 20 years of angel investing, including a decade focused on African markets. His deep understanding of the investment landscape and his significant contributions as one of the firm’s major investors make him an invaluable asset to the Renew Capital team. This strategic addition underscores Renew Capital's commitment to connecting investors with some of the most promising entrepreneurs across Africa.<figure class="image"><img src="/uploads/Untitled_design_3_da479a9d4a.png"></figure>Laura Davis, Managing Partner and co-founder of Renew Capital remarked, "Jonathan’s extensive African travel and his hands-on approach with our team and projects in Africa have been instrumental in shaping our operations. His commitment to transforming investment perceptions about Africa from aid to enterprise is what makes him the perfect fit for our board."Matthew Davis, also Managing Partner and co-founder of Renew Capital, added, "It’s refreshing to witness Western investors like Jonathan who see the potential of Africa’s young, driven population. His perspective aligns with our vision of a self-sustaining, innovative African economy powered by local entrepreneurs and funded by investors seeking a financial return."Jonathan Baker expressed his enthusiasm, "Joining Renew Capital's board is a privilege and an exciting opportunity to contribute to its vision: changing the way the West sees Africa, from giving to investing. Africa is crafting a dynamic economic narrative that the West will admire and learn from for decades. I look forward to being part of this transformative journey."

Investing in early-stage startups in Africa.


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Press Release: Renew Capital Announces New Board Member

Renew Capital's operations have expanded to nine African countries, spanning four regions. We aim to provide insight into Africa's startup scene, along with the opportunities and challenges it presents through a series of blogs from our team on the ground. If you share our passion for developing entrepreneurship in Africa, we invite you to check out our&nbsp;<a href="https://www.renewcapital.com/careers">open roles</a>.&nbsp;<h1>How I See My Ecosystem: Tanzania’s Entrepreneurial Scene Tackling Local Challenges</h1>Insights from ML Kidaha, Renew Capital Investment and Project Manager based in Dar es Salaam, Tanzania.&nbsp;<figure class="image"><img src="/uploads/TZ_Linked_In_fd3d58377e.png" alt="Q&amp;A session with Renew Capital's Investment and Project Manager in Dar es Salaam, Tanzania, discussing insights on Tanzania’s entrepreneurial scene and addressing local challenges."></figure><figure class="image"><img></figure>Tanzania has a population of over 67 million people, making it one of the most populous countries in Africa. This vibrant and youthful nation is also one of the continent's fastest-growing economies. ML Kidaha, Renew Capital investment and project manager for Tanzania sheds light on the startup scene in the country, citing that the community-oriented culture of Tanzania, embodied by the Umoja spirit of togetherness, drives the success of the business community.What unique characteristics and advantages does Tanzania's startup scene offer?Tanzania has a lot of untapped opportunities to take advantage of especially since it is under the radar of the global startup community. The country's population of over 67 million people, rapidly growing cities like Dar es Salaam and its strategic location bordered by the Indian Ocean, as well as the vast&nbsp;<a href="https://globalsiasar.org/pt-br/node/249">freshwater</a> resources of Lake Victoria to the north, Lake Tanganyika to the west and Lake Nyasa (Lake Malawi) to the southwest, make it an attractive place to do business. These features also make Tanzania a suitable market to test validation for both product-to-market fit and scalable market opportunities for adaptation across multiple African countries with similar characteristics.&nbsp;Tanzania’s young population is eager to learn and adapt and this contributes to the vibrant, moldable, startup ecosystem we’re seeing. Success in the Tanzanian context is tied to understanding and aligning with the local culture and people. For example, thriving businesses can be found in a wide variety of locations, catering to a wide range of income brackets. Due to Tanzania's background as a socialist state and its community-focused culture, business requires a collaborative, courteous approach. Understanding the local demographics and building partnerships with them is key.&nbsp;Tanzania is known for its safety and peaceful environment, which can provide a secure foundation for startups to operate.&nbsp;What are the most common obstacles that Tanzanian startups face?Funding is a major obstacle for Tanzanian founders as well as the lack of systems to support business growth and help entrepreneurs scale their businesses. Despite ongoing capacity-building efforts, there is a shortage of technical assistance and systems in place to assist entrepreneurs in becoming investor-ready or taking their businesses to the next level. Additionally, there are bureaucratic processes and red tape that can slow down progress.&nbsp;Entrepreneurs often rely on cash injections from friends and family rather than formal institutions to address funding challenges. However, they lack guidance on how to optimize these resources and are not able to use their funds wisely to achieve business growth.&nbsp;In the context of Tanzania's startup ecosystem, what role do young people – and young women in particular – play in shaping the future of the country's entrepreneurship and innovation landscape?The youth, comprising over 60% of Tanzania's population, have a significant role in shaping the economic future of the country. With rapidly growing cities and a tech-savvy mindset, young people are at the forefront of digital adaptation. The increasing number of internet users reflects this positive trend. This shift towards digital adaptation highlights the need for more tech-enabled businesses.&nbsp;Women contribute significantly to nurturing businesses and play a crucial role in decision-making processes. Moreover, with over 50% of the population being women, there will be a growing demand for products and services that cater to their specific needs.&nbsp;Could you please provide us insight into your journey in the investment sector?I majored in finance in the U.S. where I developed a strong interest in the field. I started my career in financial services, focusing on financing small businesses, entrepreneurs and investment properties, especially in commercial real estate. Later, I worked at Goldman Sachs in their private wealth management division. After that, I gained valuable experience in management consulting at one of the Big 4 accounting firms in Tanzania, across various industries. This gave me a comprehensive understanding of the Tanzanian landscape and reinforced my desire to work in investments.&nbsp;

Insights from ML Kidaha, Renew Capital Investment and Project Manager based in Dar es Salaam.

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How I See My Ecosystem: Tanzania’s Entrepreneurial Scene Tackling Local Challenges

The blog explores Zambia's potential as an emerging tech hub in Africa, focusing on regulatory advancements, political commitment, deal flow and private sector engagement.<h1>How I See My Ecosystem: Zambia’s Growing Tech Scene</h1>How policies and the private sector are driving the ecosystem forwardIn the heart of Southern Africa, a nation is paving the way for technological advances that could reshape its future. Zambia, known for its rich cultural heritage and abundant natural resources, is gaining&nbsp;<a href="https://techcabal.com/2023/06/02/zambia-ecosystem-feature/">recognition</a> for its ambitious drive to position itself as an emerging technology hub within the African continent. With an increasing focus on innovation, entrepreneurship and regulatory reforms, Zambia is setting the stage to redefine its economy and empower its citizens. Delve into some of the reasons and learn more about Zambia’s growing tech scene in this Q&amp;A with Calvin Chitangala, Renew Capital’s investment and project manager in Zambia.&nbsp;<figure class="image"><img src="/uploads/Start_Up_Converse_Event_c946fbee8f.jpeg" alt="Entrepreneurs and tech enthusiasts posing for a group photo at Startup Converse in Zambia, celebrating innovation and collaboration in the growing tech ecosystem."></figure>Photo: Startup Converse - NyamukAfricaQ. How is Zambia positioning itself to be a leading technology hub in Africa?A. In terms of regulations and political will, Zambia's presidential cabinet is making significant strides in&nbsp;<a href="https://www.mots.gov.zm/?p=2030">formulating a startup bill</a>, aligning with market trends regarding startup acts. Over&nbsp;<a href="https://www.icr-facility.eu/fileadmin/files/downloads/icreports/icreport_startupacts.pdf">16 African nations</a> have been diligently advancing this initiative, with a noteworthy milestone being the enactment of the&nbsp;<a href="https://nigeriastartupact.ng/">Nigerian Startup Act</a> into law&nbsp;<a href="https://www.mazars.com.ng/Home/Insights/Mazars-Insights/Start-Up-Act-2022">last year</a>. Zambia being on this trajectory sets the tone for clear definitions of startups and SMEs, aiding regulatory interactions and fostering a favorable environment for startups. Switching focus to deal flow, Zambia ranks second in Southern Africa, following South Africa, in generating startup deals in the last decade. South Africa led with&nbsp;<a href="https://www.avca.africa/data-intelligence/">536 deals</a>, while Zambia recorded 50, suggesting a nascent ecosystem in Zambia. Among Entrepreneurship Support Organisations (ESOs), I am aware of about 30+ meetups/events that promote the startup ecosystem throughout the year, notably, the&nbsp;<a href="https://zban.org.zm/">Zambia Business Angels Network</a> which conducts frequent demo days that showcase pre-seed and seed deals. Additionally, NyamukAfrica/ITC has&nbsp;<a href="https://en.nyamukafrica.com/#">monthly startup converse events</a> that demystify technical startup conversations. There are more ESOs backed by donor communities and corporations which add to the support of the ecosystem's growth. Considering these facets — regulatory advancements, political will, increasing deal flow, private sector-led initiatives for tech-enabled startups and an attractive macroeconomic environment — it's plausible that Zambia could emerge as a noteworthy African tech hub.Q. What is one noteworthy tech sector emerging in the country?&nbsp;A.&nbsp;We are seeing exciting trends in fintech in Zambia. A 2022 UNCDF study identified 57 companies in Zambia that identify as fintechs, compared to their 2018 study that identified 25. African fintech unicorns also are entering the Zambian market through various means, such as acquiring a local fintech or entering directly while going through the regulatory system. One example is&nbsp;<a href="https://www.crunchbase.com/acquisition/chipper-cash-acquires-zoona--266c4483">Chipper Cash's acquisition</a> of the local Zambia entity Zoona. However, regulatory risk tends to be the biggest hurdle for most fintechs in Africa and Zambia is no exception. Tech-enabled startups that have achieved product-market fit are providing solutions to fundamental African problems.Q. What are some of the challenges you’ve witnessed in the ecosystem?A. Internet penetration rate among our African population is still relatively low, however, growing steadily. As of 2021 individuals<a href="https://data.worldbank.org/indicator/IT.NET.USER.ZS?locations=ZM"> using the internet (% of the population) stood at about 21%</a>. The Zambia Information and Communications Technology Authority (ZICTA) has provided an in-depth<a href="https://www.zicta.zm/storage/posts/attachments/JE2Uc1d98h9rZKvL7IqnRLSl8WpIBbqK4aND4Xgf.pdf"> understanding of access and usage of ICTs among the Zambian population</a>. Therefore, for most tech-enabled businesses, especially the ones with a B2C business model servicing the mass market, the use of ICTs remains a challenge for customer acquisition and retention. Other than that, among the ESOs, critical information still exists in silos. It would be highly beneficial to implement ESOs that provide comprehensive information and education to entrepreneurs throughout the nation, particularly those who do not have easy access to relevant news. In addition, it almost goes without saying now, that there remains a funding gap for SMEs and startups, especially for female entrepreneurs. The funding gap for SMEs in Africa is estimated to be over&nbsp;<a href="https://www.afreximbank.com/receivables-finance-can-help-close-africas-90-billion-sme-financing-gap-says-kenya-central-bank-governor/#:~:text=Nairobi%2C%2011%20March%202020%20%E2%80%93%20Receivables,Bank%20of%20Kenya%2C%20has%20said.">$90B</a>. Additionally, the funding gap for female entrepreneurs is estimated to be around&nbsp;<a href="https://www.weforum.org/agenda/2022/08/how-female-led-start-ups-can-transform-africa/#:~:text=In%20Sub%2DSaharan%20Africa%2C%20research%20shows%20that%20there%20is%20currently%20a%20%2442%20billion%20funding%20gap%20for%20women%20entrepreneurs.">$42B</a>. Traditional bank debt is generally not suited for the investment needs of early-stage startups seeking pre-seed or seed-stage funding, so most startups in Zambia tend to seek capital partners from outside the country. Lastly, there is a need for mentorship, capacity building and educational programs to help startups navigate the fundraising landscape, especially among young people.&nbsp;Q. With the growing momentum and enthusiasm surrounding technology and innovation, what are your hopes for Zambia’s future?&nbsp;A. Let me begin by discussing Zambia's recent economic history and its outlook for the short and medium term.&nbsp;In the wake of the challenges posed by the COVID-19 pandemic and the 2021 general elections, Zambia's&nbsp;macroeconomic landscape initially displayed unfavorable indicators around 2020. However, a more stable macroeconomic environment was anticipated post-2021, with the annual GDP growth projected to average around 4.5% throughout 2023-2025. This positive economic projection by the World Bank was updated around March 2023, it agrees slightly with the&nbsp;<a href="https://www.boz.zm/MPC_Statement_August_2023.pdf">insights</a> of the Bank of Zambia around mid-August 2023, that is, even though the Bank of Zambia’s Monetary Policy Committee advised that they expect the GDP for 2023 is likely to fall below projections due to contractions in the mining sector and slowdowns in the education and energy sectors, the Central Bank anticipates that the Country’s economic growth will rebound between 2024 and 2025, bolstered by the anticipated recovery in the mining sector and sustained expansion in the information and communications, financial and insurance, as well as wholesale and retail trade sectors. Furthermore, acknowledging inflationary pressures – inflation is projected to&nbsp;<a href="https://www.boz.zm/MPC_Statement_August_2023.pdf">average 10.2% in 2023</a> and 9.3%in both 2024 and H1 2025, the Bank of Zambia Monetary Policy Committee opted to increase the monetary policy rate from 9.5% to 10%, in the immediate term.&nbsp;Regarding investor appetite, the&nbsp;<a href="https://www.nabii.org.zm/reports.php">Zambia Impact Investment Climate Survey Report 2022/23</a> advised that 82% of Zambian impact investors expressed their determination to augment their backing for portfolio companies and actively seek out fresh avenues for growth; this investor enthusiasm and dedication remained steadfast despite the prevailing public apprehensions surrounding Zambia's debt burdens and economic hardships. In addition, regarding investor sentiment, the&nbsp;<a href="https://www.boz.zm/PCF_HIGHLIGHTS_SURVEY_FINDINGS_2022.pdf">2022 Bank of Zambia study</a> unveiled that investor decisions to invest or reinvest in Zambia were primarily influenced by factors such as peace and security, market potential, robust infrastructure, and political stability. Among the government policies and initiatives, those perceived as most effective in promoting investment included the establishment of a favorable governance environment, economic diversification, enhancements to transportation infrastructure and facilitation of business connections.&nbsp;&nbsp;Furthermore, a notable success under the new government is the successful negotiations of the country's national debt restructuring. It is anticipated that this restructuring will lead to&nbsp;<a href="https://www.parliament.gov.zm/sites/default/files/images/publication_docs/Ministerial%20Statements%20-%20Debt%20Restructuring.pdf">benefits of an improved micro-and-macro economic environment,&nbsp;</a>also, the Ministry of Finance anticipates this debt restructuring will generate over US$5.8 B in debt savings between 2023 and 2031, unlocking more resources for Government's developmental programs. Lastly, the startup scene is also looking promising,&nbsp;<a href="https://www.mots.gov.zm/?p=2030">as the Government seeks to set up a Startup Bill,</a> we hope this will lead to fiscal incentives towards startups in Zambia and perhaps more startup deal flow.&nbsp;

We are seeing exciting trends in fintech in Zambia.

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How I See My Ecosystem: Zambia’s Growing Tech Scene

<h1>Reframing Impact Investing in Africa</h1>The Ethical Leadership and Sustainability ParadoxFor many investors worldwide, the African market holds enormous potential for both impact and profit. The rise of impact investing – investments made with the intention of generating a social or environmental impact alongside a financial return – has been particularly pronounced. However, there's a heated debate about whether the current application of impact investing in Africa is creating unnecessary burdens on companies that are already dealing with a plethora of challenges inherent to the environment.The prospect of a double bottom line, one that measures both financial and social or environmental outcomes, is undeniably appealing. Yet, it’s vital to recognize the unique context of African economies where establishing and maintaining a business is already a Herculean task. Balancing the drive for profitability and impact may not always be practical in such a setting and could potentially distract entrepreneurs from their primary goal of building sustainable, scalable businesses.<figure class="image"><img src="/uploads/Image_ee6bbbe9cb.png" alt="Coffee being carefully prepared and selected at METAD's specialty coffee farm in Africa"></figure>Consider the example of METAD, a flourishing specialty coffee company in Africa. METAD’s leadership channeled a portion of its profits towards community upliftment initiatives such as financing NGO-led cervical cancer testing for women, building community centers and funding teachers. These initiatives were not the outcome of investor pressure, but rather a strategic and smart way to operate in the African business environment. Amid regional unrest, METAD's farms were protected by the communities they had invested in, reflecting the mutual benefit of this approach.&nbsp;Impact investing has to be sensitively calibrated to align with the specific realities of the African market. A 'one-size-fits-all' global approach might not always be effective or sustainable. Investing in ethical leaders who prioritize community well-being and environmental sustainability could also be another way to look at impact investing. Leaders need to understand the intricate social fabric and unique environmental constraints of their locales to steer their businesses toward holistic prosperity.Moreover, investors should be cautious of not overburdening African enterprises with impact requirements. Investing in these companies should be coupled with providing necessary training and resources, focusing on building strong business fundamentals that can ensure their growth. The mere act of creating sustainable jobs can have a ripple effect of positivity in communities that are often plagued by unemployment and poverty.Redefining impact investing in Africa may not necessarily mean discarding the current model entirely. It is more about adjusting the balance — prioritizing the creation of growing businesses that implicitly, through their operations, contribute to the social and environmental well-being of their communities. Let us celebrate and incentivize the leaders who are already making a significant impact through their commitment to ethical, sustainable businesses.

Redefining impact investing in Africa may not necessarily mean discarding the current model entirely. It is more about adjusting the balance ...

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Reframing Impact Investing in Africa

Renew Capital welcomed a dynamic team of 11 exceptional young professionals ranging from units in Project Management, Investment, Human Resources and Marketing and Communications.<h1 style="text-align:justify;"> Turning Pages and Chasing Dreams</h1>11 Interns Share Their Career Aspirations and Book Recommendations<figure class="image"><img src="/uploads/Meet_the_team_325b170a67.png" alt="2024 Renew Capital interns, gaining hands-on experience at an early-stage venture capital firm focused on supporting African startups."></figure>Renew Capital internship is an opportunity for recent graduates based in Africa to embark on a quest to unearth their professional goals, bring innovation to the table and invest in their future success.&nbsp;During the internship, the young professionals will work on various investment and private sector development projects that will enhance their professional skills and gain work experience in an international firm operating across eight African countries. Get to know them as they share books that have influenced and inspired them.&nbsp;<h2 style="text-align:justify;">1. Agnes Mbuvi - Investment Intern. Kenya.</h2>a) What are your professional goals?&nbsp; To become a top financial analyst in Kenya and Africa as well. I also hope to start my own investment firm in the future. where I will be able to offer investment solutions that work for the African context.b) What book would you recommend?<a href="https://www.amazon.com/Mountain-You-Transforming-Self-Sabotage-Self-Mastery/dp/1949759229" target="_blank" rel="noopener noreferrer">The Mountain Is You: Transforming Self-Sabotage Into Self-Mastery</a> by Brianna Wiest. This self-help book helped me overcome self-sabotaging tendencies. The author encourages individuals to break free from self-destructive patterns, cultivate self-compassion and build resilience to live a fulfilling life.<h2 style="text-align:justify;"> 2. Eden Hailemariam - Investment Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;To become an exceptional investment consultant. I pursued this career path to help people make informed investment decisions which in turn will have positive micro as well as macroeconomic and social effects.b) What book would you recommend?<a href="https://www.amazon.com/Kill-Mockingbird-Harper-Lee/dp/0446310786" target="_blank" rel="noopener noreferrer">To Kill a Mockingbird </a>written by Harper Lee. It narrates the childhood of Scout and Jem Atticus. I love the extent Atticus goes to defend what he believes is right, regardless of the challenges he faces. It explores themes of racial injustice, mistreatment of innocent people and social prejudice.<h2 style="text-align:justify;"> 3. Jordan Karenzi - Investment Intern. Rwanda.</h2>a) What are your professional goals?&nbsp;I would like to learn how to conduct sound market research and map out the right investments. Also, I would like to improve my communication skills and ability to relay information relating to the investment practice.b) What book would you recommend?<a href="https://www.amazon.com/Third-Door-Uncover-Successful-Launched/dp/0804136661" target="_blank" rel="noopener noreferrer">The Third Door</a> by Alex Banayan. This is a story of a young man with a dream of interviewing the most successful people in the world from different fields and different walks of life to understand the secret to their success. When Alex was at his highest, he got knocked down but he found a way to get up and push through. I applied the general message to keep a positive mindset and consider small steps as progress.<h2 style="text-align:justify;"> 4. Nahomi Kassahun - Investment Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;Currently, I am working towards improving my communication skills, especially public speaking. I hope to explore diverse career paths, build a network and develop my leadership abilities.b) What book would you recommend?<a href="https://www.amazon.com/Divergent-Veronica-Roth/dp/0062024035" target="_blank" rel="noopener noreferrer">Divergent</a> Trilogy by Veronica Roth is an extremely thought-provoking book that is set in the future. It made me question the meaning behind their nickname. The characters are based on important values: Abnegation (selflessness), Amity (kindness), Candor (honesty), Erudite (intelligence) and Dauntless (bravery).&nbsp;<h2 style="text-align:justify;">5. Ruth Ayalew - Project Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;To become a visionary policy maker. I am driven by a deep desire to bring about transformative and systematic change in Ethiopia's current landscape. I firmly believe that by implementing innovative and sustainable policies, we can overcome the obstacles that hinder progress and unlock the true potential of this remarkable nation.b) What book would you recommend?<a href="https://www.amazon.com/Habits-Highly-Effective-People-Powerful/dp/0743269519" target="_blank" rel="noopener noreferrer">7 Habits of Highly Effective People</a>&nbsp;by Stephen Covey. During my stay at the Young African Leaders Initiative (YALI), I was encouraged to read the book to understand how to live well with others and the dynamics of a great team. I learned that people have various behavioral styles.&nbsp;<h2 style="text-align:justify;">6. Heran Getaneh - Project Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;To become a detail-oriented manager and acquire a well-rounded skill set in project management. I hope to not only focus on my role but explore various aspects within the work environment and become a stellar collaborator that achieves success working with cross-functional teams.b) What book would you recommend?<a href="https://www.amazon.com/Educated-Memoir-Tara-Westover/dp/0399590501" target="_blank" rel="noopener noreferrer">Educated</a> by Tara Westover left an unforgettable impact on my spirit. The author's brilliance resides in her ability to challenge cultural standards while also appreciating the power of education. It has taught me to value any chance for personal development and learning that comes my way.&nbsp;<h2 style="text-align:justify;">7. Uwera Kamuhangire Myriam - Project Intern. Rwanda.</h2>a) What are your professional goals?&nbsp;To be an illustrious project manager or consultant in Rwanda. I also want to be an entrepreneur in the near future because I enjoy working in dynamic and flexible environments.b) What book would you recommend?<a href="https://www.amazon.com/Secret-Rhonda-Byrne/dp/1582701709" target="_blank" rel="noopener noreferrer">The Secret</a> by Rhonda Byrne. It talks about the law of attraction and how our mind is the greatest weapon that can be used to work for or against us. It teaches how positive thoughts can manifest positive outcomes and we can use this to achieve personal growth and success.&nbsp;<h2 style="text-align:justify;">8. Hiwot Endale - Project Intern. Ethiopia.</h2>a) What are your professional goals?&nbsp;In the next five years, I want to identify the career path that I want to follow, build my professional network, perfect my skills and learn more about the entrepreneurial and investment sector.b) What book would you recommend?<a href="https://www.amazon.com/12-Rules-Life-Antidote-Chaos/dp/0345816021" target="_blank" rel="noopener noreferrer">12 Rules for Life</a>&nbsp;by Jordan B. Peterson. In this remarkable read, the renowned clinical psychologist narrates unique and well thought rules to help us maintain order, improve our interpersonal interactions and establish strong bonds with others.&nbsp;<h2 style="text-align:justify;">9. Shaynerose Magabi - Marketing and Communications Intern. Kenya.</h2>a) What are your professional goals?&nbsp;To hold a leadership position soon and make data-driven decisions by improving my skills in data analysis and implementing effective marketing campaigns and conducting market research. I aim to excel in public speaking and confidently communicate my ideas with a diverse audience.b) What book would you recommend?<a href="https://www.amazon.com/Art-Happiness-10th-Anniversary-Handbook/dp/1594488894" target="_blank" rel="noopener noreferrer">The Art of Happiness</a> by Dalai Lama and Howard C. Cutler. This transformative guide sheds light on how individuals postpone their happiness and forget to live in the present.&nbsp;It implies if you aren't happy in the present, you'll never be happy in the future. Sadly, people fail to show compassion towards themselves by equating their self-worth to their success.&nbsp;<h2 style="text-align:justify;"> 10. Joy Mburu - People Operations and Development Intern. Kenya.</h2>a) What are your professional goals?&nbsp;I am looking forward to helping with the implementation of company policies and providing essential support to the People Operations and Development unit while learning its purpose.&nbsp;My career aspiration is to get a Human Resource Management certification that will enable me to grow and take on leadership roles soon.b) What book would you recommend?<a href="https://www.amazon.com/Winner-David-Baldacci/dp/0446606324" target="_blank" rel="noopener noreferrer">The Winner</a> by David Baldacci. This book takes you on a journey of trust and betrayal. “What decisions would you make in the face of intense desperation?" Characters within the plot are forced to make challenging decisions. It explores the devastating impact of betrayal from close friends and will make you shift alliances throughout the whole novel.&nbsp;<h2 style="text-align:justify;">11. Mediatrice Kampire - Data Science and Analytics Intern. Rwanda.</h2>a) What are your professional goals?&nbsp;To become a senior data analyst and project manager within the next three years by completing relevant training courses and gaining practical experience.b) What book would you recommend?<a href="https://www.amazon.com/Moved-Cheese-Spencer-Johnson-M-D/dp/0743582853" target="_blank" rel="noopener noreferrer">Who Moved My Cheese</a> by Dr. Spencer Johnson is a motivational business fable that explores the challenges of change and adaptation. The book emphasizes the importance of embracing change, being flexible and proactively seeking new opportunities.

Meet the 2024 Renew Capital interns, a talented team at an early-stage investment firm in Africa, driving growth in the continent's startup ecosystem.








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 Turning Pages and Chasing Dreams 

In this Q&amp;A with Licínio Chissano, project and investment manager at Renew Capital you will discover the creativity and vibrancy of the people in Mozambique, a country renowned for its beautiful weather and beaches. Expand your knowledge about this amazing country.<h1>How I See My Ecosystem: From Sunshine to Startups</h1>Unleashing Mozambique's Entrepreneurial Magic!Mozambique is renowned for its captivating landscapes, pristine beaches and rich cultural tapestry. In this interview with the project and investment manager at Renew Capital, Licínio Chissano, we delve into Mozambique’s entrepreneurial landscape and the promising industries that are driving its growth. Join us as we embark on a journey to uncover the innovative ideas and projects spearheaded by Mozambican entrepreneurs and how their efforts are shaping the trajectory of their nation's future.<figure class="image"><img src="/uploads/Aug_11_Ld_698f7f7ece.png" alt="Licínio Chissano, Project Manager at Renew Capital, an early-stage investment firm in Africa."></figure>Q. Briefly tell us about your background in investment/career.A. I come from a diverse background in the investment and finance industry. I started my career in social investment consulting and later joined a commercial bank in Mozambique. Working in Maputo, the dynamic city that never sleeps, was an exciting change for me. However, after five years, I wanted new challenges and considered opportunities abroad. Then, I received a job offer from Renew Capital, a firm with experience across the continent. I enjoy helping entrepreneurs at different stages of their businesses and it's fulfilling to contribute to the country's investment landscape.Q. What makes Mozambique unique, why should someone visit?&nbsp;A. Mozambique is a beautiful country that boasts over 1,500 miles of stunning coastline, as well as picturesque mountains, waterfalls and rich biodiversity. However, what truly sets Mozambique apart is its people, who are hardworking, spirited and welcoming. From the bustling streets of Maputo to the tranquil provinces, their energy is infectious and they are always eager to learn and create. When you visit Mozambique, you can look forward to a warm welcome and plenty of sunshine. The country's rich culture and friendly people will leave a lasting impression on you and the cuisine is sure to delight your taste buds. Whether you're dining at a restaurant in Maputo or exploring beyond the city, you'll find a delicious variety of dishes.Q.What are the main industries and economic activities in Mozambique?A. Agriculture remains a significant pillar of the economy, with many provinces engaging in agricultural activities. However, the logistics sector is rapidly growing, with strategic investments in ports, railways and transportation infrastructure. The government recognizes the country's geographical advantage and aims to accelerate regional trade, making Mozambique a key player in commerce and transportation within the region. Additionally, commerce plays a vital role in people’s livelihoods. Given the dispersed population living outside major cities, e-commerce platforms have gained popularity, allowing people to buy and sell goods without the need to travel long distances to urban centers. This helps to bridge the gap between rural and urban areas, making commerce more accessible.&nbsp;Q.What’s excited you about the Mozambique ecosystem in recent years?A. What excites me about the Mozambique ecosystem in recent years is the growing potential in the fintech sector. While there are some fintech present in the market, most are not locally owned. This creates a unique opportunity for local entrepreneurs to step in and fill the gaps in financial services tailored to the Mozambican community. Despite facing challenges with regulatory compliance and securing investments, many startups are eager to provide innovative fintech solutions. These startups are responding to high demand for services not adequately offered by established players like telecom companies and traditional banks. One example is the lack of efficient digital platforms for the popular "ti ti" savings groups, which are prevalent throughout Mozambican society. Furthermore, the government and development partners are making efforts to facilitate the growth of the private sector and encourage startups. Initiatives like incubation programs in public universities and the establishment of science and technological parks show promise in nurturing homegrown talent and innovative ideas.&nbsp; Q.Why are you passionate about startups and entrepreneurship in Mozambique?A. Mozambicans are incredibly innovative and creative, always coming up with ideas that have the potential to transform into businesses. However, they often face challenges in accessing funding and resources to bring their ideas to life. Many startups struggle because they lack the necessary resources and support. This is where my passion lies – in connecting these talented entrepreneurs with opportunities and providing them with the guidance and assistance they need to thrive. I am also inspired by the honesty and openness of the entrepreneurs in Mozambique, who are not afraid to seek help and collaborate with others to grow their businesses. Their energy and determination motivate me to be a part of their journey and support them in any way I can. I firmly believe that the young generation in Mozambique has great potential and by supporting them and their ideas, we can contribute to the growth and prosperity of the country as a whole.&nbsp;

What truly sets Mozambique apart is its people, who are hardworking, spirited and welcoming. 

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How I See My Ecosystem: From Sunshine to Startups

Renew Capital is dedicated to helping startups navigate the risks and challenges of geographic expansion in Africa. Through in-depth research, local partnerships, and risk mitigation strategies, Renew Capital empowers startups to expand into new markets with confidence and drive growth.<h1>Entering New African Markets</h1>A quick guide to Renew Capital's strategic market entry support for startups<figure class="image"><img src="/uploads/Map_bca9f0db7b.png" alt="Map of Africa showing the countries where Renew Capital operates, supporting early-stage startups with growth potential in Africa."></figure>Geographic expansion can be an exciting opportunity for startups and their investors to reach new markets, tap into additional customer bases, and drive growth. However, it also comes with inherent risks and challenges that need to be carefully addressed. This is mostly due to the data-deprived environment which characterizes most African markets. At Renew Capital, we are dedicated to helping startups navigate these risks and develop effective strategies for successful geographic expansion for our portfolio companies, driving growth for the companies and increasing potential positive returns for our investors.<h2>Conducting In-Depth Research</h2>Before expanding into a new geographic region, we conduct in-depth research to understand the target market's dynamics, customer preferences, competitive landscape, regulatory environment, and potential barriers to entry. Renew Capital’s team is on the ground in eight African countries including Ethiopia, Kenya, Mozambique, Rwanda, Sudan, Tanzania, Uganda and Zambia.&nbsp;Our ground game provides the research team with insights and knowledge straight from those markets. We conduct customer interviews, meet with regulators and governments, and research existing resources on topics relevant to our portfolio companies. This helps our portfolio companies make informed decisions and tailor their expansion plans to specific market conditions.Also, Read: <a href="https://www.renewcapital.com/newsroom/diving-into-kenyas-startup-ecosystem-with-mwikali-muia" target="_blank" rel="noopener noreferrer">Diving into Kenya's Startup Ecosystem with Esther Mwikali</a>&nbsp;<h2>Developing Local Partnerships and Networks</h2>Our team members on the ground help us to understand and develop local partnerships and networks. We recognize that entering a new market requires a deep understanding of the local culture, business practices, and customer behavior.<h2>Mitigating Risks</h2>Risk mitigation is another critical aspect of our approach. We work closely with our portfolio companies to identify and assess potential risks associated with geographic expansion, such as regulatory compliance, currency fluctuations, political stability, and operational challenges. By developing risk management strategies and contingency plans, we help startups mitigate these risks and ensure a smoother expansion process.<h2>Empowering Startups</h2>Ultimately, our goal is to empower startups to expand into new geographies with confidence. By providing them with comprehensive support, strategic guidance, and access to our network of resources, we enable them to navigate the risks associated with geographic expansion and seize the opportunities for growth.Are you an ambitious entrepreneur seeking to fuel your startup's growth? Apply to be part of&nbsp;<a href="https://venturelab.renewcapital.com/2/">Renew Venture Lab</a> where you’ll receive investment opportunities and expansion support to take your startup to new heights.<a href="https://venturelab.renewcapital.com/2/">Apply here</a>

A quick guide to Renew Capital's strategic market entry support for startups


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Entering New African Markets

Gain insight into the startup scene in Sudan amidst conflict from Nour Tawfig, Renew Capital’s investment and project manager for Sudan, as he shares his unique perspective on the potential of the Sudanese startup ecosystem.<h1>Sudan: Gaining Perspective from Nour Tawfig</h1>Opposing sides in Sudan began fighting earlier this year, uprooting nearly three million people. Almost 700,000 have fled to neighboring countries according to IOM. Renew Capital’s investment and project manager for Sudan, Nour Tawfig, who was born and raised in Sudan and is currently based in Egypt, talks about his journey in investment management and shares his unique perspective on the current situation in Sudan.<figure class="image"><img src="/uploads/new_image_7eb88c9b9d.png" alt="Nour Tawfig, Renew Capital's Sudan Project Manager, discusses Sudan's startup ecosystem and Renew Capital's investment in early-stage startups across Africa."></figure><img>Q. Briefly share your background and how you came to investment management.I have a finance background and have worked in the corporate finance sector, focusing on investments in startups and SMEs. Over the past five years, I have raised funds from angel investors to support startups and SMEs in Sudan mainly through profit sharing models, primarily in agriculture and healthcare industries. I have also been involved in the startup ecosystem by working with accelerators and a Y Combinator-backed startup. Currently, I am pursuing a more structured and institutionalized path in investment management.Q. What industries have been standing out in the local Sudanese ecosystem in recent years?Fintech is a particularly active sector, with startups developing innovative financial products and services such as mobile banking apps and online payment platforms. Agritech is also growing, with startups working on solutions to improve crop yields and promote sustainable agriculture. In addition, ride-hailing, e-commerce, and logistics startups have seen success, capitalizing on the absence of major players like Uber and Careem due to previous sanctions. While the Sudanese startup ecosystem shows great potential due to its young population and abundant resources, more work is to be done in that space as well as the ongoing war and economic instability pose challenges to its growth and stability.Q. What is the current state of the investment scene in Sudan?Before the war, the investment scene in Sudan showed signs of growth with active investors, including local angels, Sudanese venture capital funds, and international venture capital funds, focusing on the startup ecosystem. Fundraising activities had seen significant increases, with some startups raising millions of dollars from various investors. Currently, amidst the war, the agricultural sector is one of the most active areas for investment in Sudan. Efforts are being made to raise funds for agritech startups that can improve crop yields and harvesting, particularly in areas unaffected by the war.Q. What is something that you want people to know about Sudan?Sudan has a rich history and culture and holds the potential to become a great nation. However, realizing this potential requires unity, and setting aside divisions that hinder progress. With 68% of Sudan's population being under the age of 30, recognizing the potential of young people and investing in their education, skills, and leadership capabilities will not only contribute to their personal growth but also enable them to actively participate in nation-building processes.Q. What is one principle you live by that guides your work and life?One guiding principle that shapes both my work and personal life is the commitment to always do what is right, even in the face of difficulties. This principle serves as a compass for making tough decisions, upholding my beliefs, and living a life that fills me with pride. While it may not always be the easiest path to follow, doing what is right is crucial for maintaining personal integrity and cultivating a deeply fulfilling existence.I strongly resonate with the idea that "easy choices, hard life; hard choices, easy life," as it underscores the importance of embracing the challenges that come with making the right choices. By adhering to this principle, I strive to navigate both professional and personal circumstances in a manner that reflects my values and contributes positively to my overall well-being.

Nour Tawfig, Renew Capital’s investment and project manager for Sudan, as he shares his unique perspective on the potential of the Sudanese startup ecosystem.

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Sudan: Gaining Perspective from Nour Tawfig

<h1>Demystifying Investment in Africa</h1>Exploring Capital and Startups in the African Entrepreneurial LandscapeRaising funds can be a significant challenge for entrepreneurs, particularly in Africa's complex investment landscape. As the African startup ecosystem continues to grow, it is crucial to demystify the investment process and understand the factors that influence funding opportunities.<figure class="image"><img src="/uploads/1_df43145fda.png" alt="Webinar featuring Renew Capital co-founder and Badili eCommerce founder discussing African startup funding."></figure>Join us for "Show Me the Money," part of our Demystifying Private Investment chat series on July 11, from 4 pm to 5 pm EAT to gain valuable insights from industry experts on capital trends, types of investors and the types of startups that are receiving funding in Africa.Register&nbsp;<a href="https://share.hsforms.com/1AKSHWrVmQCCaTfd88kfaeAee4rj?utm_campaign=Show%20Me%20the%20Money%20July%202023&amp;utm_medium=email&amp;_hsmi=265114055&amp;_hsenc=p2ANqtz-86psekWA0XZetctov9V4GqyAaBOAdKKeoT_w_TEgKifUDLGPJGhrTcL_Xe088H30MPxosGh5JIYG8GQDkyW_4_xqn3FomFB2CF15MhfUzmmbJHSxs&amp;utm_content=265114055&amp;utm_source=hs_email">here</a>.&nbsp;&nbsp;Key topics to be covered:<ul><li>Capital in Africa: Gain a comprehensive understanding of capital movements and which ventures it fuels. Explore the African investment ecosystem to grasp its dynamics and potential.</li><li>Startup Spotlight: Discover the types of startups that attract capital in Africa. Learn about the key factors that make startups appealing to investors, such as market potential, team capabilities, and innovative business models.</li><li>Types of Capital: Explore the various forms of capital that drive growth in Africa, including venture capital, private equity, impact investments, and grants. Understand the unique characteristics and benefits of each type.</li><li>Investor Insights: Understand the diverse investor types shaping the financial landscape in Africa. Learn about their investment preferences, risk appetites, and strategic priorities. Tailor your strategies to attract the right investors for your startup.</li><li>Fireside Chat: Hear from industry professionals who have firsthand experience in running and investing in startups. Matt Davis, Managing Partner at Renew Capital, and Rishabh Lawania, CEO and Founder of Badili, will share their insights, challenges, and successes in the African entrepreneurial landscape.</li></ul>Register&nbsp;<a href="https://share.hsforms.com/1AKSHWrVmQCCaTfd88kfaeAee4rj?utm_campaign=Show%20Me%20the%20Money%20July%202023&amp;utm_medium=email&amp;_hsmi=265114055&amp;_hsenc=p2ANqtz-86psekWA0XZetctov9V4GqyAaBOAdKKeoT_w_TEgKifUDLGPJGhrTcL_Xe088H30MPxosGh5JIYG8GQDkyW_4_xqn3FomFB2CF15MhfUzmmbJHSxs&amp;utm_content=265114055&amp;utm_source=hs_email">here</a>. Don't miss this opportunity to demystify funding in the African entrepreneurial landscape and take your journey to new heights. We look forward to seeing you there!