<h1 style="text-align:center;">An Investor's Perspective. Ethiopia Then and Now.</h1>GUEST BLOG:This is a guest blog by Jeff and Donna Turi who are members of the Impact Angel Network (IAN) and proud investors in many of the IAN’s portfolio companies.“Wait a minute, why is the traffic moving so smoothly?” That was our initial reaction to landing back in Addis Ababa for our second Econ/Tourism trip.<figure class="image"><img src="/uploads/dsc_0356_1_99a2978327.jpg"></figure>We initially visited Matt and Laura in Addis in November of 2013. At that time, the roads were completely torn up because the light rail system was under construction. That project seemed to characterize so much of Africa – the promise of greater things just over the horizon. The theme of Africa Rising has been a long narrative yet the future always seemed to continually move beyond reach.We were pleasantly surprised during our second trip to Addis in February of 2017 to see that the light rail system was completed and that tens of thousands of people a day had an easier commute to work. Perhaps, just perhaps, the promise of the future was now at hand. We sure hope that is the case and it serves as a reminder of why impact investing in Ethiopia is so important to us.Since our first visit in 2013, we have invested in 6 different companies with the RENEW team. We were able to meet several of the entrepreneurs during our first visit. At that time, Matt and Laura were the whole team and worked out of a small office near the airport. While it was one of their initial econ-tourism trips and the logistics were quite challenging, we, nonetheless, we were able to see 10 different companies and meet with key business leaders. At that time, we were incredibly impressed by the dynamism of the city and great spirit of the people.Fast forward 3 years and some things have changed while others have stayed the same. Matt and Laura now have a talented and professional staff of 8 in the country and operate out of a modern office space. We found that many of the issues discussed on the calls make more sense when you hear the recurring theme directly from the business owners. The lack of access to foreign exchange became very evident when we heard the tangible impact it was having on supply chains for our companies.During this trip, the logistics were much easier as we visited both portfolio companies and new potential investments. It was great to see how our investments were helping to make a big difference. For example, when we first met the team from Mama Fresh they were operating out of basic warehousing made from corrugated metal supported on a stick frame. They used our angel investment to upgrade to a modern building and now have their ISO quality system in place. One aspect that did not change in the past three years is the dynamic growth of the city (new buildings everywhere) and the terrific spirit of the business people. Everywhere we went our group was impressed by the hard work and new ideas being pursued.<figure class="image"><img src="/uploads/mama_fresh_jeff_and_donna_10e656bcce.jpg"></figure>Note: left photo is from Jeff and Donna's recent visit. Center and right top photos are from earlier visits.We highly encourage everyone interested in impact investing to take the trip to Ethiopia. It’s very eye-opening, educational and uplifting to see the country’s terrific future unfolding before your eyes.UPCOMING TRIPS:The RENEW team will be hosting another Econ-Tourism trip from September 13 to 23, 2017. If you are interested in participating or have any questions regarding Econ-Tourism trips or the IAN in general, then please feel free to reach out.&nbsp;

“Wait a minute, why is the traffic moving so smoothly?” That was our initial reaction...

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An Investor's Perspective. Ethiopia Then and Now.

<h1 style="text-align:center;">Back to The Source: Sesame</h1>Members of RENEW’s Impact Angel Network (IAN) and another U.S. investment group invested in a sesame company based in Ethiopia in September 2015. The investors anticipate that over the next five years, the company will support more than 10,000 small farmers, strengthen the sesame industry in Ethiopia, generate $32 million in export sales and create more than 60 jobs in the manufacturing sector. The investment, like others the IAN has made into small and medium enterprises in East Africa, is anticipated to have a significant impact in the local economy.<figure class="image"><img src="/uploads/dsc_0049_fb0d896db6.jpg"></figure>Why did we decide to enter the sesame sector? In less than a decade, Ethiopia jumped from being a minor producer of sesame to one of the top five sesame producers in the world. Currently, Ethiopia is the 4th largest exporter of sesame globally, and the 2nd largest exporter in the world markets. This export vies with gold and coffee for the largest revenue producing exports for Ethiopia. The country currently supplies 14% of the global market for raw seeds.In Humera, a small town in the Tigray region of Ethiopia, sesame seeds are the main crop. The Humera Sesame Seeds are one of the most sought after sesame seed in the world due to its white color and favorable aroma. This area of Ethiopia provides the perfect conditions for growing the seed which is high in oil content, and contains an appetizing flavor. The secondary sesame seed produced within the country is known as the Welega Sesame, primarily harvested for its high oil content.<figure class="image"><img src="/uploads/humera_0_f19eb55ad6.jpg"></figure>Sesame seeds are a very difficult crop to grow. They’re a tall, lanky plant that can grow between 20 and 60 inches in height. Once ripe, the capsules split open, revealing the seeds. This process coined the phrase “open sesame”. The plant is extremely sensitive due to its weight, and it requires significant manual labor in order to harvest it.Most of the sesame seeds grown in Ethiopia are exported, and processed outside of the country. Because of this, Ethiopia is missing an opportunity to increase sesame revenues. Our new manufacturing plant, Ethiopian Sesame Co. will bring the value and process back into the country. This investment is anticipated to have a significant impact in the local economy.RENEW is proud to be a part of the sesame value chain in Ethiopia(1) <a href="http://ethioagp.org/sesame-2/">Ethiopia Agriculture Growth Program</a> (2) <a href="https://hort.purdue.edu/newcrop/afcm/sesame.html">Sesame: Alternative Field Crops Manual</a> (3) <a href="https://www.alibaba.com/countrysearch/ET/welega-sesame.html">Alibaba.com</a> (4) <a href="http://www.saveur.com/best-sesame-tahini-ethiopia">The World's Best Sesame Seeds Come From Ethiopia</a>

RENEW takes a closer look at the sesame value chain in Ethiopia.

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Back to The Source: Sesame

<h1 style="text-align:center;">7 Insights to Win and Keep Customers</h1>Over the past five years of investing in small and medium enterprises (SMEs) in Ethiopia, RENEW has observed that one consistent challenge faced by many companies is to build a sales department with the discipline and skills needed to rival Western companies.Sales and marketing are key areas where we work to add value when managing our portfolio companies. Over the years we have gained a lot of first-hand experience on what has and hasn't worked. One thing we are certain of is that most of the SMEs in Ethiopia don’t give the necessary attention and importance on developing sales teams and system they need to win and keep customers.Sales is the most important activity in each and every business, it comprises the process of acquiring customer up to closing deals! Without customers, there is no business. The ability to attract and retain customers is a key differentiator that helps turn SMEs into market leaders.Last week, RENEW hosted an event for selected Ethiopian business executives titled Strategies Successful Companies Use to Win and Keep Customers.We highlight below some key takeaways of that workshop. Many of the world’s fastest growing companies make use of these strategies: 1. Spend time on lead generation and the systems to track them&nbsp; 2. Apply methods to qualify your leads 3. &nbsp;Increase your customer touch points 4. Under promise, over deliver&nbsp; 5. Selling more to existing customers is more profitable than acquiring new customers 6. It takes 12 rights to make up for 1 wrong with a customer, so do it right! 7. Learn what your customers want; be obsessed with your customerOne of the key discussions a team should be having related to sales is how much time a company should spend attracting and converting strangers into potential leads. At RENEW, we would say typically a lot! This is an area where the marketing team overlaps with the sales team. Not less important is the process of qualifying the leads. There are many methodologies out there that companies have been using for decades. For example the well-known <a href="https://cloudkettle.com/bant-a-dead-easy-method-for-qualifying-leads/">BANT method</a>, that IBM started using 30 years ago. It is still a very effective way to understand if your lead has&nbsp;budget/money&nbsp;to pay,&nbsp;and the authority&nbsp;to make decisions, and whether the organization or customer has a&nbsp;need&nbsp;for your product/service.&nbsp;<figure class="image"><img src="/uploads/7_strategies_aa3bedb3e4.jpg"></figure>After you qualify a lead, it times to plan the steps to close the sale. One of the most effective ways to do this is to increase the touch points you have with your potential customers. According to some research it takes 7 to 11 touch points on average to close a deal. Planning your touch points is a proven technique that increase conversion rates substantially, and makes a company stand out from the competition.One of the mantras every sales team should remember is under promise and over deliver, the so-called FedEx Rule. It is a key strategy to improve customer fulfilment.&nbsp;&nbsp;Get this right as studies show it takes on average 12 positive actions to make up for 1 wrong. It is very costly to make up for a mistake during the customer journey.Sales and marketing teams should be obsessing about the customer, including ensuring systems are in place to retain them. Repeat customers are the most profitable, costing a company six to seven times less than acquiring a new one and spending 67% more than new customers (*).&nbsp;Sales and Marketing are essential activities in all businesses both in business-to-consumer (B2C) and business-to-business (B2B) models. The difference is often that in B2C sales serves marketing and in B2B marketing serves sales. In any case, the gist is that marketing and sales are very different functions and each should be given the importance it deserves. In many businesses in developing countries, such as Ethiopia, the sales process is often more reactive to market demands than proactive. Companies that are applying strategic approaches to their sales efforts will out perform the competition, especially in markets that are growing in double digits for the past decade.<a href="mailto:renew@renewcapital.com">Contact us</a> to find out about the next sales seminar.-------(*) Source:&nbsp;Bain &amp; Company, (research done by Frederick Reichheld of Bain &amp; Company cited in HBR 2014 article <a href="https://hbr.org/2014/10/the-value-of-keeping-the-right-customers">“The Value of Keeping the Right Customers” </a>by Amy Gallo.

RENEW shares 7 insights to Win and Keep Customers, that won’t require any additional investment

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7 Insights to Win and Keep Customers

<h1 style="text-align:center;">My First-Hand Experience Participating in the CFO100 Program</h1>It’s been about a month now since the CFO100 Program training launched and already we are in the process of advancing our finance managers into CFOs.Before, during and after the training:As program coordinator of the CFO100 training, I am in charge of communicating with our portfolio companies finance managers and other external applicants. Most of the communication is explaining the program, why it is important, and how both the companies they work with and individuals benefit from it. As a requirement to attend the training we request all applicants take an online examination, and we ensure all applicants know what the program entails. RENEW also gives partial sponsorship to support the participants to sit for the ACCA exams. One of my duties is to coordinate with ACCA's Ethiopia office to get participants registered and to suggest the type of paper to take first.Internally, I am involved in preparing training modules that are mostly delivered to the participants by Matthew Davis, CEO of RENEW Strategies. Every Tuesday&nbsp;at&nbsp;1 PM, Matt will do a dry run of the training with Prasoon Raguwanshi, senior investment manager at RENEW and myself. We start by providing feedback on the content as well as delivery of the training modules.&nbsp;4 PM&nbsp;marks the preparation of refreshments with the scent of special coffee in the training room. The preparation of well-placed&nbsp;refreshments – coffee, tea and cookies, welcomes participants from an exhausting&nbsp;day. After the participants are well refreshed and recovered from the long day of work, we begin the program&nbsp;at 5 PM&nbsp;at the Exchange and setup the A/V to record. Once the training has been conducted, I follow-up with the candidates by sending out the reading materials and assignments and answering any questions they might ask after class.This is my first time doing all this, but I love it!As I am continuously learning and connecting with people in my profession, it is a good networking opportunity. One of the major skills I learned through this&nbsp;is the skill of training and event coordination. I am constantly communicating with trainees to announce launch dates or any amendments, pitching CFO100 and describing how one can benefit from this training. This is separate from all the knowledge I receive from attending the actual training that Matt delivers.<figure class="image"><img src="/uploads/cfo_100_1_803657f71d.jpg"></figure>What do we hope to accomplish?In simple words, we are trying to train and graduate 100 CFOs over a period of 5 years. The program is aimed at aspiring CFOs (now working as junior/senior accountants, treasury/receivable/payable controllers, budget heads and finance managers) who want to improve their finance knowledge and performance.&nbsp;We cannot find many CFOs in Ethiopia as opposed to finance managers responsible for doing accountant’s tasks. There are finance managers in most accounting departments, which is basically a person who oversees the department and who is responsible for the preparation of financial statements.&nbsp;We are trying to create CFOs; professionals with a holistic view of an organizations performance. This will lead to improved management decision making, since business decisions will not be made in isolation. To achieve this objective, below are some of the important things we discuss in our hands-on training:Accounting system:&nbsp;At RENEW, a company that already invested in seven local businesses, inaccurate financial statements are the major challenge we face while reporting to our remote investors in North America. Through this training, we are teaching our portfolio companies accountant’s and others how to set up an accounting system with competent staff, appropriate accounting procedures and manuals, and strong internal controls.Budgeting and forecasting:&nbsp;We preach that a great CFO is one who works closely with the CEO of the company to advise him/her what the future looks like for any decision-making. CFOs should predict the future by preparing the annual budget with a reasonable accuracy.Financial analysis and risk management: We highly believe a great CFO will critically look at the numbers to prepare key ratios and read the financials to report to the CFO about the profitability, level of gearing, return on investments and figure out risks before they materialize.&nbsp;Chief Finance Officers (CFOs) frequently progress from being a controller and a good accountant or treasurer into a new role where they are expected to participate in developing strategies, manage a group and exercise leadership as well as be on top of the numbers. The CFO100 Program has been designed by RENEW to address those issues that move from technical expertise to the less structured issues of strategic development and working closely with the CEO.By doing this, we firmly believe that we will contribute to the growth of this profession in Ethiopia. Finance is said to be a highly important profession to sustain a country’s economy.We recently collected feedback from the participants, to check if the topics covered were relevant to their work, if the time allocated (2 hours per week apart from self-study) was sufficient, if they believe the trainer knows the subject matter, and we asked to list out the strengths and weaknesses they observed during the training. The responses were mostly positive; some said it was hands on training that focused on real life examples unlike any accounting course they took before. We were delighted to see some areas of improvement for us as well. This is just our first course; we hope the upcoming ones will be even more interesting and more relatable for everyone involved.

An insider's perspective on the CFO 100 Training Program.

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My First-Hand Experience Participating in the CFO100 Program

<h1 style="text-align:center;">Why Our Investment Firm Decided to Launch a Mini-University</h1>When we set out to launch RENEW in Ethiopia, we aimed to build a company that would help shift the West’s focus from giving to investing in Africa (what nation can attribute its success to a history of giving?), and people thought we were crazy. When we chose to target companies that were stuck in a financing gap between micro-finance and larger private equity, our investment colleagues shook their heads and said “no way. It’s too much work.” But when we decided to launch a mini-university focused on building CFOs for our portfolio companies, and helping executives learn the fundamentals of planning and execution, everyone said “now, that might just work.” I am happy to say they were finally right.In May of this year, after years of observing, watching and making a healthy amount of mistakes, we packaged up all of the things we had learned and designed and kicked-off <a href="https://www.renewcapital.com/companies">the CFO 100 Program</a> and <a href="https://www.renewcapital.com/companies">The Executive’s Program</a>. For three months, we took a dedicated set of Ethiopia’s finest and most determined executive teams through what is covered over several years at a university, including topics from the CFA Program, ACCA papers, multiple board meetings, and a lot of consulting secrets and tips often only privy to companies with large budgets.During the Executive’s Program we focused mostly on the art of execution. Reflecting on my experience as a consultant, I was struck by the things I learned that were never taught in business school: How to run effective meetings; using my calendar to drive multiple projects forward each week; write a concise email that would get opened and elicit a response; plan and launch a project; evaluate and kill a bad project; design a meaningful performance metric; design an achievable but aggressive goal; communicate my plans to an executive team; etc. When I sat on my first board as an investor in a company in Ethiopia, I quickly realized that I was spending a large amount of my time explaining the why, what and how of these tools of execution. After multiple formal and sidebar discussions with executive teams and boards of the companies we invested in, the request was clear: This training is more valuable to us than the money, so do more of it. And thus the Executive’s Program was born.<figure class="image"><img src="/uploads/the_exchange_training_0_8ce8815152.jpg"></figure>One floor down, in the finance department, the same thing was happening but with the finance manager and his or her team. These were sharp people with degrees and designations. But they didn’t understand why or how to close their books each month, build and use a budget, constantly update their 13-week cash flow, decide whether to raise prices, or master the art of collections. After years of back-and-forth sessions cleaning up excel files and asking “why, why, why, why…” we decided to co-launch the CFO 100.Time will tell whether the Executive’s Program and the CFO 100 will truly impact the bottom line and drive returns to shareholders, though I am happy to report that the board meetings I attended, and the monthly financial reports we have received from our portfolio companies, just weeks after these programs finished have been a night-and-day difference.What have I taken away from this experience? When you set out to do something that has never been done and the world is telling you you’re crazy, you must always innovate and try something new. The business and operating models that work in California may not work in Ethiopia. We love this challenge at RENEW, and hope the CFO 100 and Executive’s Program will be something we look back on 20 years from now and say “now that worked!”

The what and why of The CFO 100 and The Executives’ Program

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Why Our Investment Firm Decided to Launch a Mini-University

<h1 style="text-align:center;">The Lessons I’ve Learned Working at RENEW</h1>It’s not always easy to pinpoint what you’ve learned at a company, or the takeaways that can come from doing a job. As a portfolio manager and the Ethiopia operations manager, I’m always looking for ways to improve, and for ways that I can improve the company. However, it’s also important to know and realize, the lessons I’ve learned after working here for four years.Coming to RENEW, I had a background in operations. I knew from my previous experiences, that in order to get things done, you can never give up. Working at RENEW continues to teach me the importance of this. On any given day, I can be dealing with government and other business connections who don’t always have the same objective that I do. It’s important not to take no for an answer, to do your due diligence and to be respectful. I’ve learned over the years that it’s important to do your research before heading out, so you’re armed with the proper knowledge and protocols to get items complete. It has allowed me to articulate issues, and has taught me different ways to accomplish tasks. I’ve learned that just because you get a no today, does not mean you’ll get the same answer tomorrow. Sometimes, it comes down to reading the person you’re dealing with. Do they look stressed out, are they having a hard time? Sometimes, I must make the decision to come back at a later point, and be respectful of where they are and understand their point of view. I’ve found that effectively communicating and respecting the people I’m dealing with really helps get the job done.Working at RENEW has also taught me how to work with different cultures. Prior to joining the team, I had only worked with other people from Ethiopia. I was used to dealing with customs and values that Ethiopians hold dear and that are ingrained into their workers. Joining a team that had connections to North America, opened a whole new way of doing business. North American culture is very different to Ethiopian work culture; the work hours are sometimes longer, and value is placed more heavily on different outputs. Spending my days with Matt and Laura and learning about their circumstances and experiences, has taught me how to work with different cultures. It has been a learning experience to see how different our cultures are, but to also find the overlaps to work together successfully as a team.<figure class="image"><img src="/uploads/dsc_0589_fotor_4275ba16ec.jpg"></figure>Another lesson I’ve picked up is how to work with partner businesses. Being in the investment sector, I’ve had the opportunity to work first-hand with our portfolio companies. I’ve learned that it can be very difficult to manage other companies and the people that work for them, and I’ve found different ways to navigate the boundaries on how far you can push and pull to get things done. At times, I find I’m waiting on information to be delivered to me, and I’ve had to learn when it is time for me to push a little harder to get the information I need in order to provide timely and accurate information to our investors. Sometimes, this part of the job can be challenging and difficult, but it can also be very rewarding. When a company is successful, and when you can see that you’ve had something to do with their success, it’s a testament to the work that is being done here and it makes the process seem worth it.The last big take away that I’ve realized to date, is how important internal business tools are. At RENEW, we’re constantly being pushed to use these tools to their full potential. One tool that has proven to be invaluable is the development and use of SOP’s (Standard Operating Procedures). When I first started, all the tricks, and minute details of the job we’re stored in my head, nothing was written down. By creating, and actively using SOP’s, I now have the freedom to think of more important, big ticket items, rather than the nitty gritty details of my job, that I would need to remember. Now, when I need to do these tasks, I know I have an SOP to turn to, if I need a refresher. I can honestly say that I use SOP’s religiously, and they have made my life easier. Another tool that has improved my work life, is the calendar. A simple tool, however, using it daily has helped me to lay out my days, and blocks off time for items I need to get done. Using these tools, and learning their use, has made me an effective portfolio and operations manager.Overall, working at RENEW has taught me a lot about the industry, and how to be effective in my role. Before coming to this job, I had never had the chance to learn about private equity. It has been a great learning experience to see how this company and industry work within Ethiopia, and on a broader playing field. Working in Ethiopia, and working in a professional business setting, always has its challenges, but noticing the successes, and the takeaways from the job, make it a constant learning experience.

RENEW’s Ethiopia operations manager shares what he’s learned from four years at RENEW

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The Lessons I’ve Learned Working at RENEW

<h1 style="text-align:center;">The Africa Investment Report 2017</h1>2017 marks the rise of China as the largest investor in Africa, in terms of capital. Even though the number of greenfield FDI projects has decreased in 2017, total capital invested increased by 40% compared to the previous year. The largest proportion went to construction and real estate - representing a shift from the traditional extractive sectors.<figure class="image image-style-align-center image_resized" style="width:49.69%;"><a href="file:///D:/RENEW%20STRATEGIES%20WEBSITE%20CATALOG/renewcapital.com/sites/default/files/screen_shot_2017-10-04_at_8.49.14_am_0.png"><img src="/uploads/screen_shot_2017_10_04_at_8_49_14_am_0_d38ead8980.png"></a></figure>It was also the year in which Ethiopia, Cote D’Ivoire, Tanzania and Senegal have all grown well above 6%, while Nigeria and South Africa witnessed poor economic performance.We selected some of the highlights from The Africa Investment Report 2017, from This is Africa, a publication from the Financial Times.Highlights:<ul><li>40% of announced greenfield FDI into Africa last year went into real estate with the same proportion being invested in construction. This is a shift from previous years, in which extractive sectors were at the top of African FDI charts, mainly attributed to a decline in commodity prices.</li><li>Construction together with manufacturing accounted for 62% of total capital investment</li><li>The top 10 destination countries for FDI into Africa accounted for 78% of the total number of projects into the region and 91% of the total capital invested.</li><li>According to the World Economic Outlook, International Monetary Fund, Ethiopia is expected to grow 7.5% on capital investments in each of the next two years, leading the ranking.</li><li>In total, 470 companies invested in Africa in 2016, down from 506 in 2015.</li></ul>The rapid growth in urbanization is probably the most important factor when considering the bullish outlook on Africa; it’s urban population is expanding by 15 million a year. Global private equity and sovereign wealth funds are pouring billions of dollars into business and industrial parks, retails complexes, logistics facilities and housing across the continent, in an attempt to capture the attractive returns presented.Investing in Africa is not straightforward, and the same challenges persists – delays and unclear regulatory environment, to name a few. However, foreign investors can do well when taking calculated risks and thinking creatively about the destinations of their capital.You can download the full report <a href="http://forms.fdiintelligence.com/africainvestmentreport/">here</a>.&nbsp;

A Review on the Report published by This is Africa

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The Africa Investment Report 2017

<h1 style="text-align:center;">Marking the Milestones With a Mouthwatering Menu</h1>Major transformations need milestones to mark and celebrate key points along the journey. The National Gathering is an annual milestone marker for RENEW’s Impact Angel Network. Now with more than 100 families spread across North America and increasing around the world, the National Gathering creates a platform to celebrate our progress in seeing opportunities rather than problems and investing in some of Africa’s best entrepreneurs. The event also provides an opportunity for investors and thought leaders to share innovative ideas about impact investing and Africa. The RENEW team works hard to create a warm and relaxing venue for investors to connect with each other, strengthen their personal networks, hear stories of success, understand the risks and the challenges and continue their venture into the new and exciting world of impact investing.It’s less than a month away, and we can't wait. My mouth is watering for the experience of being with so many great people on this journey with us; and of course for the menu that is being curated by our guest of honor Marcus Samuelson, an Ethiopian-born, Swedish-raised chef who has&nbsp;been featured on Anthony Bourdain's Parts Unknown and Iron Chef America. His story of entrepreneurship is exceptional, and I look forward to hearing it firsthand.What else can attendees expect? For our members, we will have additional events on October 28th , when we provide an in-depth look at RENEW’s pipeline and portfolio and touch on the latest news and information from Ethiopia, relevant to investors. We still have a few tickets left, so consider joining the network on this journey and experiencing the warmth and impact of the Impact Angel Network at the <a href="http://mailchi.mp/69232fa434a9/invitation-renews-impact-angel-networks-national-gathering">National Gathering</a>.<figure class="image image_resized" style="width:97.15%;"><img src="/uploads/marcus2_0_f2f40fce5d.jpg"><figcaption>Source: <a href="http://marcussamuelssongroup.com/">http://marcussamuelssongroup.com/</a></figcaption></figure>

The “why” behind the National Gathering, Oct. 27th

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Marking the Milestones With a Mouthwatering Menu

<h1 style="text-align:center;">From Brazil to Ethiopia</h1>When you move to a country like Ethiopia, one of the first questions people ask is “where are you from?” and when I reply that I am from Brazil, I usually get a mixture of positive and curious reactions which allows me to engage with people and to start a conversation.In my pursuit to work closer to impact investments since I finished my master’s degree, I decided, together with my boyfriend, to look for opportunities in East Africa, in which both of us hoped to find experiences that would change our lives.<figure class="image"><img src="/uploads/renata_0_bbafde9618.jpg"></figure>Before we decided to move to Ethiopia, my boyfriend was already in country working for a mission, and on a short trip to Lalibela, he met with a young man named <a href="../2016/research-due-diligence-and-football.html">Sebastiaan Howle</a> who was finishing a summer internship at an impact investing firm based in Addis Ababa: RENEW.A few minutes later, my boyfriend sent me an e-mail to look into RENEW. That’s when it all started. I was back in Brazil, working for an accelerator for social impact businesses but I wanted to know more about this part of the world, experience the challenges and learn about doing business here. I found a lot on RENEW’s website, blog posts, podcasts, and the impact report, to understand more about the company, but mostly to learn about Ethiopia’s business environment.&nbsp;<figure class="image"><img src="/uploads/img_20170716_131928705_1_b91cbfa9e7.jpg"></figure>I was fascinated with the type of businesses that made up the portfolio companies. This was when I first read about a company exporting fresh injera to the U.S., for example. For most people in Brazil, and I would say even South America in general, this part of the world seems so distant, so different, but what I discovered is that there are a lot of lessons and experiences to be shared. Like Ethiopia, Brazil is also a country majorly focused on agribusiness, exporting coffee, a country of creative and entrepreneurial people, of family businesses developing into larger companies. In fact, I believe there are many lessons to be learned, and I recognize how my professional background coming from an emerging market helped me to navigate in the ecosystem here. But I’ve also learned so much with the entrepreneurs in Ethiopia, with their passion and persistence to achieve their vision, the commitment with employees and the community.&nbsp;I am glad that I pursued my goal to work with impact investing in Africa and I am lucky that a random encounter in Lalibela made me aware of RENEW.I will continue to follow my goals persistently and endure in the journey of achieving them and I hope to get a little bit of luck along the way too.