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If we look at RENEW as a manufacturing line, our job is to take businesses of all shapes and sizes in on one side and take them through a process that helps them be number one or two in their market. After almost a decade in the making, RENEW launched two programs this week with this aim in mind. For years, RENEW has seen common challenges in the C-suite across hundreds of companies in sub-Saharan Africa. A lot of the similarities come down to a lack of disciplined management team - not creating or using annual plans or budget; not closing the books every month; not looking at cash flow; not following up with key customers, etc. We don’t think it’s for lack of desire on the part of the executives we work with, we think it's typically a lack of understanding about what good looks like.
With gratitude to the Canadian Government for their support, we launched The Executive's Program and The CFO 100 aimed to build disciplined management teams across our portfolio and a few other companies that have been hand-selected by you and the team at RENEW.
The Executives' Program is essentially a mini-MBA. Every Tuesday morning for two hours, a group of some of Ethiopia's finest will spend time learning about practical topics that managers need to know: how to run effective weekly management meetings; how to recruit, onboard, compensating and evaluate senior member of your team; how to understand financial statements and learn the key financial metrics every executive must care about; how to communicate to shareholders and prepare quality investor reports; how to manage a sale pipeline and run successful sales calls, etc. Over the next five years, we'll graduate 50 top executives - many of whom will be leading the companies you have invested in.
The CFO 100 is simple - teach the fundamental skills of being a CFO, including how to build and use a budget; how to manage cash flow; how to analyze financial statement; how to prepare financial reports for the CEO and shareholders. Fundamental things that are deeply lacking in the education system in Ethiopia and many other countries. Over five years we aim to graduate 100 CFO. Yes, many of them will be working at your portfolio companies. We're already getting calls from the other investment firms in Addis asking us to let us know when the class graduates. The demand is high.
So stay tuned and check in on how these two programs are progressing. We hope that will not only add value to your portfolio companies (priority #1), but will also become a part of our legacy here in Ethiopia. We want our trainings to be a key part of RENEW's unique value to attract the best deals and realize breakout growth.
Renew Capital is an Africa-focused impact investment firm that backs innovative companies with high-growth potential. Renew Capital manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations and family offices who seek financial returns and sustainable social impact. For the latest on investing in Africa, subscribe and follow us at our social links below.
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