RENEW Strategies

Crowdsourcing Better Deals

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Laura Davis
| February 13, 2014

RENEW has been selected as one of the winners of the Africa Impact Economy Innovations Fund (IEIF), funded by the Rockefeller Foundation and the Tony Elumelu Foundation, in partnership with the Global Impact Investing Network (GIIN).

IEIF provides grant capital for entrepreneurs with projects that create jobs in underserved sectors and supports proposals geared toward enabling capital solutions, fostering entrepreneurial ecosystems and promoting impact investing industry infrastructure. In addition to RENEW, Investisseurs & Partenaires (Senegal), M.Lab Africa (Kenya), Policy and Economic Research Council (Tanzania), Doreo Partners (Nigeria), GIMPA Centre for Impact Investing (Ghana) and SliceBiz (Ghana) were selected as winners.

The vision for the winners is to enable through their various projects, opportunities for additional entrepreneurship activities across Africa to thrive. “The winners were selected for their work in bridging the gap between African businesses and financing options. We, at the Foundation are excited to be part of the process of supporting interventions that contribute to sustained economic development across the continent.” Dr. Wiebe Boer, CEO of the Tony Elumelu Foundation, explained.

RENEW is delighted to be selected and will be using the grant to pilot a methodology, originally developed by Global Giving in the non-profit space, to test whether crowdsourced qualitative data can be used to help impact investors identify quality deals in developing countries. "The high costs associated with finding and vetting companies is one of the barriers preventing more investors from investing in countries like Ethiopia. We are hoping this approach may uncover the potential for new types of data to enter the investment process." said Matthew Davis, a partner at RENEW.

Contact us at renew@renewstrategies.com or follow us on Twitter @RENEWLLC to find out more.