<h1 style="text-align:center;">The State of Ethiopia’s Burgeoning Textile Industry</h1>Several articles have recently been published across multiple African-focused newspapers, including AllAfrica and East Africa Business Week, detailing the current state of Ethiopia’s textile industry. This is of great interest to RENEW because of the Impact Angel Network’s recent investment in Desta PLC. According to recent reports, Ethiopia has failed to meet export targets of textiles for the first six months of the Ethiopian 2015 to 2016 fiscal year. The Ethiopian Textile Industry Development Institute (ETIDI) said targets were to obtain approximately $60M from textile exports, whereas actuals fell closer to $41M.(1)Although the first textile mill in Ethiopia was established nearly 80 years ago, the textile sector has been one of the country’s least developed industries. Up until recently, contribution of textile income to the country’s GDP was insignificant. However, with Ethiopia’s growing eligible workforce and the need for the creation of jobs, the government of Ethiopia has taken steps to promote investment in this sector and has created various incentives to encourage investment in textiles.<figure class="image"><img src="/uploads/7_strategies_2fbdbc9a68.jpg"><figcaption>Ethiopia's oldest textile manufacturing facility located outside of Dire Dawa, Ethiopia. Photo by Laura Davis.</figcaption></figure>Initiatives such as the Africa Growth and Opportunity Act (AGOA), Common Markets of East Africa (COMESA) and other bilateral trade agreements with Western countries offer free trade benefits and access to the global and regional market for Ethiopia. Yet, although AGOA took effect in 2001, Ethiopia has underutilized the program, with less than 10% of Ethiopia’s textiles exported to the U.S.(2) As a result, the government has established a National AGOA Center under the Ministry of Trade to help companies better utilize AGOA, and names the textile and garment industry as a priority sector under the country’s Growth and Transformation Plan II.(3) As stated by the Director General of ETIDI, Sileshi Lemma, "We are working to be a leading country in light manufacturing in Africa which will lay the foundation for heavy and high tech industries by 2025.(1)Ethiopia rapidly is becoming an attractive location for textile manufacturing on account of competitive labor costs, government incentives, and low energy costs.(4) Companies such as H&amp;M, Tesco, Gap, Belk, and Walmart, among others, are now sourcing textile products from the country.(5) In fact, Swedish clothing major H&amp;M, International Labour Organization (ILO) and Swedish International Development Cooperation Agency (SIDA) have launched an industrial relations project aiming to improve the development of a socially sustainable textile and garment industry in Ethiopia.(6)<figure class="image image_resized" style="width:98.3%;"><img src="/uploads/desta_fd9a25a31b.jpg"><figcaption>Desta PLC's textile manufacturing facility located in Addis Ababa, Ethiopia. Photo by Laura Davis.</figcaption></figure>At RENEW, we are excited to be a part of the story of textiles in Ethiopia through our investment in Desta PLC (Desta), a textile and apparel manufacturing company located in Addis Ababa, Ethiopia. Desta, a family-owned business established in 1992, produces and exports fabric and garments and provides cut-and-sew, knitting and embroidery services to domestic and international clients. The IAN anticipates that the investment in Desta will create significant social impact in Ethiopia by adding more than 100 jobs to the local economy and supporting several hundred existing jobs, many for women, and will positively impact the burgeoning textile sector in Ethiopia.Desta is also committed to 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. Desta is accredited by international standard and compliance organizations. It has passed an audit by BSCI (Business Social Compliance Initiative), as a witness for creating suitable working conditions and protection of labor. In addition, Desta undergoes a social audit twice a year by SGS, a leading inspection and certification company headquartered in Switzerland. Worldwide Response Accredited Production has also certified the company.RENEW and members of the IAN are proud to assist Ethiopia in achieving its ambitious development goals in the textile-manufacturing sector, in partnership with Desta.<a href="http://allafrica.com/stories/201602081559.html">(1) AllAfrica: Ethiopia Fails to Meet Textile Export Targets</a> <a href="http://www.mckinsey.com/~/media/mckinsey/dotcom/client_service/retail/pdfs/sourcing_in_a_volatile_world_the_east_africa_opportunity.ashx">(2) McKinsey &amp; Company: Sourcing in a Volatile World The East Africa Opportunity</a> (3) Development Assistance Group: Ethiopia <a href="http://www.africancapitalmarketsnews.com/2420/ethiopia-lures-manufacturing-with-cheap-power-and-labour-costs-a-tenth-of-chinas/">(4) African Capital Markets News: Ethiopia Lures Manufacturing</a> <a href="https://sourcingjournalonline.com/will-ethiopia-flourish-suffer-fast-fashion-cline/">(5) Sourcing Journal: Will Ethiopia Flourish or Suffer Fast Fashion Decline?</a> (6) H&amp;M Press Release: Collaboration in Ethiopia

RENEW takes a closer look at the textile industry’s current state as outlined in recent headlines.

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The State of Ethiopia’s Burgeoning Textile Industry

<h1 style="text-align:center;">RENEW Celebrates Four Years of Investing in Ethiopia</h1>This February, RENEW celebrates four years of investing in Ethiopia! While this number may seem small, the company that you see before you today is actually 10 years in the making. Matt Davis, RENEW’s CEO and one of the founding members of the Impact Angel Network, stepped onto the continent of Africa in 2005 and set in motion the gears that would eventually turn an idea of impact investing into reality.From 2006 to 2008, Matt took several trips to Uganda, where he saw incredible business opportunities overlooked by Westerners who were instead focusing on the region’s problems. Returning to the States, Matt brought together a team of individuals who began to formulate a new kind of investment model that could help U.S. investors become more involved in Africa’s growing private sector. RENEW LLC was established in 2007 and over the next several years, Matt and Laura Davis (who joined the team in 2008) continued to refine RENEW’s business model and strengthen our sourcing, due diligence, structuring, closing and investment management processes.<figure class="image image_resized" style="width:98.07%;"><img src="/uploads/4th_anniversary_d20e444f30.jpg"></figure>In 2011, RENEW launched its first public private partnership (PPP) model with the U.S. government in Afghanistan. RENEW then headed back to East Africa in February 2012, opened our Addis Ababa office. Seven investments later, RENEW is now the largest private equity investor in the country on a deal-volume basis.Quite a bit has changed since RENEW first opened its doors in Ethiopia. To talk about the progress that both RENEW and the country have experienced since 2012, I connected with Matt and Laura and asked them to share their candid thoughts:Out of the many countries that make up the continent of Africa, why did you decide to open up the office in Addis Ababa, Ethiopia? Initially, it was overlooked. But back in 2012, it had excellent fundamentals and was poised for growth. In fact, Ethiopia is now considered to be one of the top ten fastest-growing economies in the world.Over the last four years, how has the investment environment of the country changed? In step with the impressive change that we see out our office window every day, the government has made strides to improve the investment environment. While private equity still is confused with more familiar forms of foreign investing, such as joint ventures and greenfield, the various government agencies, local banks and entrepreneurs are learning the benefits of private equity and how it can help drive the growth of their country.What makes RENEW unique from other impact investing firms? RENEW is very similar to a traditional venture capital firm, in the sense that we do many of the same activities (sourcing, vetting, due diligence, etc.), but we have this other unique component to our model - the Impact Angel Network (IAN). Having the IAN gives us a huge competitive edge over other investment models. While we may lose the advantage of having a ready available pool of capital to draw from, we do have: 1) time, 2) flexibility, and 3) the wisdom of our investors. Time, because our capital deployment is not constrained by a set period, rather we can take our time, which is required to be a successful and patient investor in the region. Flexibility, because we can do smaller deals and we are not locked into rigid investment parameters. And most importantly, we are able to leverage the collective wisdom of the network. We currently have more than 70 bank executives, business men and women, and entrepreneurs who help us select the best investments for the network.How has RENEW grown as a company? Every year our team becomes sharper. We are committed to the continent – RENEW will be here 30 years from now. Every day our team grows smarter. We are not immune to mistakes, but we see them as the best type of learning opportunity that we can have, because investing in this part of the world is largely uncharted territory.What have been the company’s largest challenges so far and how has RENEW faced them? Learning what it means to be a successful business in a country like Ethiopia is, in some aspects, the same as it would be anywhere else. But, there is a good 30% that takes a unique skill-set and mindset that cannot be learned quickly. It took us a while to understand how valuable that 30% is, and how our understanding of the current economic and business environment of the country is always adapting and evolving.In your own words, what are RENEW and the IAN trying to achieve at the local, national and international levels? It's simple: find, invest in and grow amazing companies, and in the process, make a good return and a positive impact in the country.Over the last several years, has RENEW seen any noteworthy trends in the fields of angel and impact investing? Angel investing has definitely become popularized with shows like Shark Tank. Impact investing is clearly on a major growth trend. In fact, we are on the verge of history’s largest transfer of wealth between generations. Recent studies have indicated that an estimated $59 trillion will be transferred between generations in the U.S. over the coming decades. As younger generations and millennials take control of this wealth, we believe impact investing will continue to grow in prominence.Where do you see RENEW and the IAN going in the next five to 10 years? 500 members, five countries and 50 investments in five years. You can do the math for 10 years!

Matt and Laura Davis discuss the changes that RENEW and Ethiopia have experienced since 2012.

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RENEW Celebrates Four Years of Investing in Ethiopia

<h1 style="text-align:center;">Ethiopia and the Entrepreneurial Dream</h1><figure class="image image-style-align-left image_resized" style="width:37.99%;"><img src="/uploads/sadura_temp_logo_0_dea9ed0c09.png"></figure>The latest installment in our Q&amp;A series with the employees of RENEW’s portfolio companies takes a closer look at the entrepreneur who is behind the Impact Angel Network’s sixth investment in East Africa - an Ethiopian food and beverage company.Isaias Lemma was born in Addis Ababa and has lived in this city for almost his entire life, except for a brief interlude in London during his college years. Isaias sat down with me to talk about how his experiences and education to date have inspired him to pursue his dreams of running his own business in Ethiopia.When you were a child, what did you dream of doing for work or as a career, and how did this influence your decision to become an entrepreneur? As a child, I was always guided to follow the conventional career routes (like doctor, engineer, etc.) However, I was always fascinated by the entrepreneurial history of my grandfather and the transformation of my parents (particularly my mother) from professionals to business people. The accomplishments gained from creating a business from inception to fruition, the creation of job opportunities at different ranges and the freedom to make my own decisions are the main reasons I wanted to pursue entrepreneurship.What education and/or training have you received to date, and how has it helped you with your career? I have an MBA and have taken several entrepreneurial and management courses. My education has helped me to view business in a structural and conceptual method and that my business needs to be developed through a standardized system. Some of my trainings have also helped me understand my stakeholders and my environment more intimately.<figure class="image image_resized" style="width:99.68%;"><img src="/uploads/sadura_qa_2015_0_82895d31cd.jpg"></figure>Could you provide the background story of your family’s company - The Twins PLC? The Twins PLC started as a small business and has grown into a medium-sized business consortium in Ethiopia. It started with a small children’s shop and had expanded into the supermarket business, import and distribution, and now has a paper production factory. Our steady growth in the business environment has helped us become a successful production and distribution business here in Ethiopia, with a significant market share in our selected business sectors.As an entrepreneur, what inspired you to go out and create an entirely new business venture? It is evident that Ethiopia is one of the fastest-growing economies in Africa and that growth is creating a society with increasing disposable income. The manufacturing business environment here is at an infant stage and most products are imported. Thus, I am constantly inspired to create quality products that add value to raw materials available here and reduce the dependency on imported goods. Additionally, I believe through a new venture we can create jobs for the youth and directly contribute to the growth of the nation.What is your new Ethiopian Food and Beverage Company trying to achieve at the local, regional and international levels? My new business venture will focus on the production of food and beverage products. We will aspire to produce superior products for the local market, with potential growth in the East African region. Gradually, we would like our new business venture to become the leading fast moving consumer goods (FMCG) products company in Ethiopia and Africa.What will your new role be at the Ethiopian Food and Beverage Company? And, what life experiences have prepared you to take on this new role? I will be the General Manager of the company and will be managing the overall business, and guiding the company to achieve its goals and objectives. Since this project was one of my ambitions, I believe I have the passion, drive and experience to achieve the success I had envisioned.Why do you feel that the Ethiopian Food and Beverage Company will be a successful business venture? My family’s prior experience at The Twins PLC in importing related products, our current experience in the manufacturing process, our efficient distribution network, our close relationship with large and small local distributors and strategy to produce superior products gives me the confidence that our business venture will be successful.What do you hope to accomplish in partnering with RENEW LLC and working with members of the Impact Angel Network (IAN)? By partnering with RENEW LLC and the IAN, we hope to gradually grow our business and accomplish our goal of becoming one of the leading FMCG producing companies in Ethiopia. We also seek to vertically integrate into the supply chain to source our own raw materials through local farms, diversify into other products beyond the food and beverage industry sector, achieve major market share with our products, and export our products to neighboring African countries. With our experience in the local business environment and IAN’s support we believe we will accomplish these goals.

RENEW continues our Q&A series by speaking with the entrepreneur behind the IAN’s sixth investment.

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Ethiopia and the Entrepreneurial Dream

<h1 style="text-align:center;">We Used to Give to Africa?</h1>Recently, RENEW’s own Matt Davis sat down with <a href="http://www.forbes.com/sites/devinthorpe/2016/01/13/impact-investor-in-ethiopia-fills-financing-gap/#6836aaf850b3">Forbes contributor Devin Thorpe</a> to discuss how RENEW and the Impact Angel Network (IAN), one of the largest U.S.-based angel networks for Africa, are “filing the financing gap” in East Africa. The following is a summary of some of the topics covered during Matt and Devin's live chat, so be sure to watch the entire interview below.Since 2012, the IAN has invested in seven small to medium-sized enterprises (SMEs) in East Africa, making it one of the largest investors in Ethiopia on a deal volume basis. In doing so, RENEW and the IAN are not only addressing a development challenge, but a market challenge as well.Considered too large for micro-financial institutions, and too small for larger venture capital firms, SMEs make up what is commonly known as the “missing middle” of emerging economies. Investing in SMEs addresses the serious financial constraints these types of companies face in developing countries. It also addresses a market challenge commonly experienced by private equity firms - sourcing a pipeline of quality companies. By mentoring and shaping the SMEs of today into the market leaders of tomorrow, RENEW is able to provide larger venture capital firms with a steady stream of companies that are run by ethical and vigilant leaders.So, what is the ultimate goal of RENEW and the IAN’s work in Ethiopia? That one day our grandchildren will look back and ask us in bewilderment, "we used to GIVE to Africa?”<figure class="media"><oembed url="https://youtu.be/4olNft2kudM"></oembed></figure>

RENEW’s Matt Davis sits down with Forbes contributor Devin Thorpe to discuss filling the financing gap in Ethiopia.

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We Used to Give to Africa?

<h1 style="text-align:center;">UHNW Millennials and Impact Investing</h1>The impact investing movement is gaining popularity across generations, and none more so than with millennials (individuals who were born in the early 1980s to 1995). Impact investing combines the best attributes of philanthropy and traditional investing. It operates under the philosophy of “doing well, by doing good”, wherein investors seek a double bottom line - financials returns and positive social impact.&nbsp;Impact investing covers a broad spectrum of financial offerings, from Environmental, Social and Governance (ESG) screened securities, to donor-advised-funds, to angel investing. While the current impact investing market is growing - with more than one out of every six dollars under professional management in the U.S. invested according to sustainable, responsible and impact investing strategies - this number is expected to exponentially increase in the near future.*We are on the verge of history’s largest transfer of wealth between generations. According to Boston College’s Center on Wealth and Philanthropy, an estimated $59 trillion will be transferred generationally in the U.S. between 2007 and 2061.** As younger generations take control of this wealth, impact investing will continue to grow in prominence, as suggested by the recent publication of several millennial-focused financial studies and reports.Proving Worth, one such study conducted by OppenheimerFunds, focused on answering several core questions concerning the world's (soon-to-be) wealthiest generation: 1) what ultra-high net worth (UHNW) millennials value most, 2) how wealthy millennials influence family decisions, and 3) what UHNW millennials want from a financial advisor.WHAT UHNW MILLENNIALS VALUE MOSTMillennials 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 “ninety-six percent of UHNW millennials who participated in the [OppenheimerFunds] study were interested, or very interested, in philanthropy. A respective 70% and 64% were interested, or very interested, in socially responsible investing (SRI) and impact investing.”***So, what do millennials value most when evaluating the impact of their philanthropic or investing efforts? According to Proving Worth, rather than focusing on the “feel good” factors, millennials are instead results-driven and look to the long-term. “When assessing different approaches, 96% of participants identified long-term returns as important/very important, while a respective 95% and 91% ranked accountability and sustainability as important/very important.”***As for millennials’ preferred areas of interest for impact investing, it comes down to basic human rights: education, gender equality, economic justice, water and the environment. Now, in terms of deciding which of the aforementioned areas to pursue, it seems that family and parents still have a considerable influence.<figure class="image image_resized" style="width:99.22%;"><img src="/uploads/millennial_blog_7bc91fb94c.jpg"><figcaption>Millennials from the Impact Angel Network</figcaption></figure>MILLENNIALS &amp; THEIR FAMILIESMillennials, both from the Proving Worth study and RENEW’s own Impact Angel Network, have noted the influence of parents and grandparents in shaping their viewpoints on the importance of preserving wealth and creating a positive legacy. Impact investing has therefore become a natural segue from the traditional charity of older generations, by combining the family values instilled in millennials at a young age with what they in turn value most - results and sustainability.That being said, millennials are not yet making the key decisions regarding their family’s wealth and investment strategies. While 59% are a committee or board member for their family’s wealth management, “only 18% of the study’s respondents make strategic decisions for their family’s overall wealth management.”*** The reason? Millennials lead extremely active lives that are typically centered on their careers. They are more likely to pursue their own interests before becoming heavily involved the family finances. It won’t be long though until millennials are running the portfolios of today, wherein we will see a dramatic shift towards impact investing.MILLENNIALS &amp; THEIR ADVISORSMillennials are some of the world’s most technologically driven individuals. So, when looking for sources of information on impact investing, many would naturally assume they would turn to social media or the Internet. Instead, topping the list of the most trusted sources of information are family, research, professional colleagues, business contacts, and advisors. According to the Proving Worth study UHNW millennials view advisors as “a source of knowledge and advice”, especially when a personal relationship has been established and the advisor demonstrates an understanding of their family and wealth goals.***The flip side to this coin is that the study also revealed “there is a considerable disconnect between the services millennials want from their advisors and the offerings that are currently available.”*** Millennials are looking for advisors who focus on wealth transfer and deal generation. They are not interested in cookie cutter financial solutions. Rather, as expressed by several participants in the study, millennials seek customized and high-touch financial solutions, a framework within which they can test out their ideas, and a partner that helps educate and develop said frameworks. Financial advisors and wealth management firms of today will need to quickly evolve in order to retain the assets of families that will soon be run by this next generation.RENEW recommends millennials work with their families and with their wealth managers to create an impact investment plan that all generations are part of building. Follow this <a href="../2014/part-3-impact-investing-transferring-wealth-wisdom-and-values-between-generations.html">LINK</a> for guided steps on how to get the process started.<hr><a href="http://www.ussif.org/sribasics">*U.S. SIF: SRI Basics</a> <a href="http://blogs.barrons.com/penta/2016/01/15/a-rising-tide-of-impact-investing/">**Barron's: A Rising Tide of Impact Investing</a>. <a href="https://www.oppenheimerfunds.com/private-banks/doc/Proving_Worth_The_Values_of_Affluent_Millennials_in_North_America.pdf?dig_asset_metrics=done">***OppenheimerFunds: Proving Worth: The Values of Affluent Millennials in North America</a>.

Expansive OppenheimerFunds study reveals what matters most to millennial investors.

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UHNW Millennials and Impact Investing

<h1 style="text-align:center;">Month Long Investor Roadshow Concludes with Highlight at BYU</h1>Matt and Laura Davis, partners of RENEW and founding angel investors of the Impact Angel Network, recently completed a month-long investor roadshow that spanned coast to coast, from Boston and New York to San Francisco and Portland.One of the highlights of the trip was RENEW’s time with the students and faculty members of Brigham Young University (BYU) in Provo, Utah. Laura and Matt met with many bright and driven individuals from the Physics and Astronomy Department and the Ballard Center for Economic Self Reliance - it was truly an impressive group! The partners especially enjoyed having lunch with the students, hosted by the Physics and Astronomy Department, hearing about their current degrees and their plans for pursuing careers. Matt and Laura had many memorable conversations and one-on-ones with the faculty members, as well.<figure class="image image_resized" style="width:97.15%;"><img src="/uploads/byu_blog_b034342eb5.jpg"></figure>Part of Matt’s day at BYU included a colloquium on the rise of and need for impact investing in emerging economies. Matt’s presentation started out with some personal stories on how he, as a physics student himself, became involved in the world of international development and investment. Matt then went on to further explain how small to medium-sized enterprises (SMEs) in many African countries are experiencing a deep financing constraint, which in turn creates a “missing middle” in the economy. This is a pressing issue, as SMEs tend to be the engines of growth, create jobs, provide local goods and services, and generate tax revenue. Luckily, a solution exists in the form of impact investing.Matt wrapped up the presentation by explaining how there is a world of opportunities for physics students, especially in finance-based positions, and that by leveraging their scientific backgrounds, they can in turn tackle global problems in completely new ways.

RENEW’s Matt Davis spoke with BYU students and faculty at an impact investing colloquium.

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Month Long Investor Roadshow Concludes with Highlight at BYU

<h1 style="text-align:justify;">A Time for Reflection and Goal Setting</h1>It’s that important time of year again, when we reflect on what has passed and set goals for the future. As 2016 is newly minted, the RENEW team wants to highlight some of our favorite moments of 2015:REFLECTIONNational Gathering - This past May, members of the Impact Angel Network (IAN) and distinguished guests met at the Cosmos Club in Washington, D.C. for the first annual National Gathering. The entire evening was filled with meaningful connections and memorable conversations for guests and members alike. Attendees were given the rare treat of hearing the former Director of the CIA, and now Chair of KKR's Global Institute, General (ret.) <a href="../2015/evening-stories-and-impact.html">David H. Petraeus</a>, share stories and insights on leadership, investing, Africa and Ethiopia.Features in the Washington Post and Forbes - RENEW and the IAN were featured in two major media publications this past year. Thomas Heath of the <a href="https://www.washingtonpost.com/business/economy/physicist-turned-businessman-seeks-opportunities-in-sub-saharan-africa/2015/05/03/53c3de08-f03f-11e4-8abc-d6aa3bad79dd_story.html">Washington Post</a> highlighted RENEW LLC and the compelling story of its founders, Matthew and Laura Davis, while Anne Fields of <a href="http://www.forbes.com/sites/annefield/2015/05/30/an-angel-network-that-invests-only-in-ethiopian-ventures/">Forbes</a> highlighted the particulars of how the IAN is making financial and social impact in Ethiopia. If you haven’t already, be sure to check both articles out - we promise they are great reads!Global Entrepreneurship Summit - This past July, RENEW’s Laura Davis spoke on a panel on Crowdfunding and Angel Investing at the 6th Annual <a href="../2015/exporting-entrepreneurship-and-innovation.html">Global Entrepreneurship Summit</a> (GES), held in Nairobi, Kenya. It was the first time RENEW participated in GES, and Laura left Nairobi reinvigorated about America’s role in the world. The President made a commitment six years ago to, in summary, export the American spirit of entrepreneurship and innovation; an idea that RENEW and the IAN support every day by facilitating impact investments in small to medium sized enterprises in Ethiopia.Lucky Number Seven - RENEW and the IAN now have seven companies under management, making us one of the largest foreign investors in Ethiopia by number of transactions. In December 2015, RENEW announced that members of the IAN invested in Desta PLC (Desta), a textile and apparel manufacturing company located in Addis Ababa, Ethiopia. The IAN anticipates that the investment in Desta will create significant social impact in Ethiopia by adding more than 100 jobs to the local economy and supporting several hundred existing jobs, many for women, and will positively impact the burgeoning textile sector in Ethiopia.<figure class="image image_resized" style="width:98.76%;"><img src="/uploads/untitled_folder1_7f15dce7fd.jpg"></figure>While there is much to be thankful for in 2015, there is also much to look forward to this upcoming year:GOAL SETTINGSupporting the Growth of our Portfolio Companies – This is and will always be RENEW’s number one priority. In 2016, we look to strengthen the services we offer our <a href="../../marketplace/portfolio.html">portfolio companies</a>. Stay tuned!Growing the Impact Angel Network - It seems like more and more individuals these days are realizing the positive benefits of “doing well by doing good”, causing the IAN to grow and expand into new cities across the States. The RENEW team and members of the IAN continue to look forward to spreading the word about how impact investing combines the best of both traditional investing and philanthropy by not only providing financial returns, but social impact as well.Second Annual National Gathering - RENEW and the IAN are excited for the second annual National Gathering, which is to take place in Washington, D.C. We look forward to our members connecting with each other and gaining deeper insights into angel and impact investing from experts in the field.Investors Visiting Ethiopia - The RENEW team can’t wait to host investors in Addis Ababa, Ethiopia this upcoming February. Several members of the IAN will be participating in a RENEW Econ-Tourism Trip. During their time in Ethiopia, members will have the opportunity meet with the entrepreneurs of our portfolio companies, tour their facilities, and help choose the next set of investment opportunities for the IAN.We are filled with great anticipation for all the growth we are planning for in 2016! We wish you a year of health, connection to the things that matter and deep sense of fulfillment, as you look at what has been in your life and what is to come.

The RENEW team reflects on the highlights of 2015 and looks ahead at the New Year.

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A Time for Reflection and Goal Setting

<h1 style="text-align:center;">Innovation in the Healthcare Industry, One Ambulance Ride at a Time</h1><figure class="image image-style-align-left image_resized" style="width:31.92%;"><img src="/uploads/logo_eaes_3_52c969544c.png"></figure>To continue our Q&amp;A series with the employees of RENEW’s portfolio companies, I recently had the pleasure to speak with one of the emergency medical nurses from Tebita Ambulance and Pre-Hospital Emergency Medical Service PLC (TEBITA), a partner of <a href="http://www.eastafricaems.com/">East Africa Emergency Services, LTD</a> (EAES).Haile Aseged, born in Northern Shoa, has lived in Ethiopia’s capital Addis Ababa since he was 6 years old. Haile sat down with me to talk about how TEBITA and EAES are transforming Ethiopia’s healthcare industry.<figure class="image"><img src="/uploads/blog_collage_0_d872174cba.jpg"></figure>As a child, what was your dream career? As a child, I dreamed of being a doctor. I was good at my studies and have always wanted to work in the medical industry. I had good grades when I was a student. But, by the time I finished high school, I was not assigned by the government to study medicine due to the super competitive environment of being assigned to a medical college. So, after graduating high school, I immediately began working at Ethio Telecom as a daily laborer. While working there, I never stopped trying to pursue my dream of studying medicine. I applied to Ethiopian Military Health Science College to study nursing and passed the entrance exam. I studied nursing there and became a first aid caregiver. After graduating college, I worked as a first aid caregiver at the Ethio-Eritrea War for a year, and then joined several hospitals throughout Ethiopia to serve in my profession.How did you hear about TEBITA? I have known Kibret Abebe (the founder of TEBITA) long before joining the company. While I was working at the Ethiopian Fire and Emergency Services, Kibret was one of our clients. I also met him while taking emergency medical service training courses at Addis Ababa University Medical College (Black Lion Campus), where he used to work before founding TEBITA. Ever since Kibret established TEBITA, I’ve been very fascinated with his work and his dream of becoming one of the top emergency caregivers in Ethiopia and the region. I used to tell Kibret that I was interested in working with him, and when I heard there was an opening, I immediately applied for the position of ambulance crew head.In your own words, what are TEBITA and EAES trying to achieve at the local and national levels? I believe TEBITA is making enormous changes to the healthcare industry in Ethiopia. It is known that Ethiopia is one of the countries with the highest rate of car accidents and deaths associated with accidents. But, this is mainly due to the lack of pre-hospital caregivers in Ethiopia. I believe Kibret opened this company with the aim to minimize the death rate that happens during the pre-hospital handling. TEBITA is revolutionizing the healthcare industry by addressing the service gap that occurs between the scene of an accident and the hospital, and minimizing death rates in the process. Although the government is trying to reduce the rate of car accidents occurring in the country, reducing the death rate during pre-hospital handling has been difficult. But, when emergency responders like TEBITA join the market, this problem will be fixed, and we finally will be able to start reducing the death rate. Most patients travel to hospitals in taxis, which makes saving their lives difficult once they reach the hospital. At TEBITA, we provide first aid services in our ambulances, which greatly improves the likelihood of the patient surviving. With this, we are minimizing the burden on the government and at the same time saving lives.What makes TEBITA and EAES unique from their competitors? At the moment there is very little competition in the emergency services sector in Ethiopia, as compared to other countries. Our main competitors are hospitals giving diagnostic services and providing ambulance services to patients. Not all nurses can be caregivers, and here at TEBITA anyone who is joining our company has to go through additional training to become an emergency responder. We give pre-hospital care to clients while transporting them to nearby hospitals, which makes the hospital’s job much easier. In addition to providing emergency services, we give first aid trainings and sell first aid kits.What kind of social impact has TEBITA and EAES created in the local community? Here at TEBITA, we believe that patients should not have to come to hospitals to get emergency health services, rather providers should go to them. Ambulance service does not simply mean transporting people from the scene of the accident to a nearby hospital, it is much more than that. An ambulance possesses care-providing equipment, such as: oxygen, face masks, nasal catheters, and emergency medicine. Every paramedic at TEBITA has this equipment in a kit so they can reach patients located in places where the ambulances cannot go. In addition to the emergency care services we give to clients, we also give services to elderly citizens traveling to hospitals regularly; we transport them in a safe way. All these services were not available before TEBITA, so this has positively impacted individuals needing such services. We see the impact everyday, we hear people’s feedback, and it is encouraging us to do more. We have changed the whole picture of the industry.How has working for TEBITA changed your life? I love what I do; I see the impact on the people everyday. This gives me a mental satisfaction to know I have saved someone’s life, even more than the money I get. Even financially, working at TEBITA has improved my life so much. And while my family does not like that I am busy all the time, they can always see the pleasure I get from doing what I do. They also understand that I do not want to disappoint my patients. Seeing me happy doing my job makes them very happy. My son even talks about TEBITA at home and gets very excited when he hears the ambulance siren.Has your job at TEBITA empowered you as an individual? Yes, it has empowered me a lot. I have always wanted to work in the medical sector. But working at TEBITA makes me realize everyday that I am doing what I love, which is saving lives.What education / training have you received to date that prepared you for your role at TEBITA? In addition to the nursing courses I took at the Ethiopian Military Health Science College, I have taken several trainings on emergency medical services from places such as: Addis Ababa University Medical College (Black Lion Campus), Fire and Emergency Services, and I have also worked in OPD (Outpatient Department) in several private clinics for 16 years throughout Ethiopia. After completing my trainings at the Black Lion Hospital, I also worked as a paramedic nurse and as a first aid caregiver at government hospitals in Addis Ababa and other cities. My experience in the sector has equipped me to become ambulance crew head at TEBITA and to give trainings on fire and emergency response.What is your favorite part about working for TEBITA as an Emergency Medicine Nurse? I love interacting with the clients and getting positive feedback. And getting ready for dispatch and rushing to save lives - this is the best part of my job. Also working at the stadium where major soccer games are taking place is one of the highlights of the job.Where do you see yourself in 5 years? 10 years? In the next 5 to 10 years, I see myself helping to grow TEBITA as a company. Because I am involved in the core business of the company, I feel like an owner of the company. Our company has plans to expand to air ambulance services, and growing the company from an emergency care provider in just Ethiopia to other East Africa countries. I dream of having dispatch centers all over Ethiopia to reach patients quickly, and growing our services in the region in the long term.

RENEW continues our Q&A series by profiling an employee of TEBITA, a service partner of EAES.

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Innovation in the Healthcare Industry, One Ambulance Ride at a Time

<h1 style="text-align:center;">Word on the Street</h1>The globetrotters are at it again! Investing on the Frontier’s hosts, Matt and Laura Davis, bring you the fourth episode in our podcast series from Washington D.C. After spending some time in the States to connect with investors, and celebrate the holidays with friends and family, Matt and Laura will be heading back to Ethiopia to dive into the work that 2016 will bring.But before we get too far ahead of ourselves, Matt and Laura provide several real time updates on what’s happening “on-the ground” and “in-the-field” in Ethiopia over the course of this latest episode. The word on the street is that Ethiopia has lately been receiving mixed reviews in the press, so Investing on the Frontier hosts walk listeners through the country’s most recent headlines to bring a little clarity and analyze Ethiopia’s current investment and economic environment. So, be sure to listen in to the fourth episode to get the latest scoop on all things Ethiopia!&nbsp;

Tune in to the fourth episode in RENEW’s podcast series, Investing On The Frontier, for some real time updates.