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STAP Rwanda 2019 Group

 

Below is Nicole Carney’s (GSEHD ’20) reflection of her experience on the short-term study away program (STAP), Rwanda: Global Business Project: Impact Investments in SMEs. The course was taught by Dr. Reid Click, Associate Professor of International Business, and involved an international travel to Kigali, Rwanda during the academic spring break in 2019.


When I applied to G&EE’s short-term study away program (STAP) to Rwanda in the fall of 2018, I was just beginning my graduate career and trying to make sense of the path I was forging for myself. As a master’s candidate studying international education in George Washington University’s Graduate School of Education and Human Development (GSEHD), I was stepping outside of my comfort zone by applying to a program in the School of Business. To be honest, when I applied for the program, I did not know much about impact investing or even the necessary elements of an investment memorandum but was looking to learn and expand my skillset.

I saw this STAP as an opportunity to view development through another lens and visit a nation that I had conducted a substantial amount of research on in my own master’s program. At this point in my academic career my research focus area had primarily revolved around education as a peacebuilding tool in post-conflict settings, with Rwanda being a prime case study. However, I knew peacebuilding could not be solely attributed to strengthening education systems. Any international development project, no matter the sector, does not just take place in a vacuum and I saw this as an opportunity to learn more about the businesses that have contributed to the economic growth of the country.

STAP Rwanda - Nicole Carney Image

I had been to Africa years prior but had never experienced the lush green hills of Rwanda in person. I was blown away by the city center in Kigali and how it was becoming a business epicenter for the continent and true development model for neighboring nations. Also, I could not get enough of the Akabanga hot sauce. Seriously I put that on everything. However, I was there with a specific goal, to assess the status of a designated agricultural cooperative and deem whether it was ready for investment. I took this time to study my classmates in action, practicing the very business skills they had acquired at GWSB and apply it to a real-life scenario. As a non-business student, I was able to learn from the business students and let them take the lead when it came to asking about financial statements, something I wasn’t confident in myself.

STAP Rwanda - Nicole Carney Image

However, I do hope they gained something from my participation as well. Throughout our various site visits and business meetings I believe I came in with a different mindset than some of my classmates. They may have asked the questions about return on investment, but my questions were centered on the learning potential that could accompany various activities. During a business visit to the East Africa Exchange (EAX), a commodities exchange, they told our class about a mobile application they developed to track trading and receipts. I asked whether they had considered integrating a knowledge-sharing piece into the application, so farmers could be connected to share best practices. Ultimately, there are many key elements needed for economic prosperity in a nation, and education is one of them.

Overall, I want to say “murakoze” (thank you in Kinyarwanda) to Dr. Click and the Global and Experiential Education (G&EE) for allowing me to partake in this business project and the impact it has made on my career path.

STAP Rwanda - Nicole Carney Image


 

Nicole Carney, Author

Nicole Carney is a graduate from the George Washington University Graduate School of Education and Human Development (GSEHD – ’20) and holds a Master’s in International Education.

Christophe De Montille served as a Student Administrative Assistant for Global Business Project: Impact Investments in Rwanda course, taught by Dr. Reid Click, Associate Professor of International Business. Due to the university’s restriction of international travel in response to COVID-19, this course was adapted to an online format just days before the program was set to depart for Kigali, Rwanda.

Below is Christophe’s reflection on the course’s continuation.

About a week before our planned departure to Kigali, Rwanda, GW announced the decision to cancel international travel for faculty, staff and students due to COVID-19. At the time of the decision, there was unexpected disbelief and frustration that the short-term study away program (STAP) would not be as planned. Over the next week, international flights would be cancelled, and country-wide lockdowns would be instituted across the globe. Little did we know (at the time) that the unexpected disbelief and frustration would give way to unprecedented understanding and relief as faculty, staff, and students accepted the new realities of the global pandemic.

Kayonza Rice Production, Ltd. One of the Rwandan companies the students researched for investment.

In spite of this setback, faculty and students cleared their mindset and came together to continue the examination of small and medium-sized enterprises in Rwanda for potential community and financial investment. Although the class was no longer able to travel to Kigali, Rwanda, the students would still have a unique opportunity to work with an experienced client, Ashlye A. Stewart, Founder of ASER Capital LLC. After careful consultation with G&EE,   Dr. Reid Click, , and myself ., the decision was made to continue the project. The class would continue to be conducted  virtually, and the students would finish the semester by virtually delivering Investment Memoranda to Ashlye and her Investment Committee. 

As both the United States and Rwanda entered lock down, the transition to a virtual impact investing course took place. Unable to visit the Rwandan companies, the course pivoted to focus more intently on the impact investing process and specifically how to conduct due diligence. Our student-consultants were provided extensive financial, business, and industry-specific documents in a virtual data room. After the students were able to analyze the documents, Ashlye, Dr. Click, and I met with each student group to provide direction on what should be included in each investment memorandum.

A screenshot of one of the classes virtual sessions.

Class-wide and group-specific sessions were held, and each group was able to refine and hone their final deliverables. The students were encouraged to think outside the box to develop questions that could be taken back to each Rwandan company as part of future due diligence. In addition, students were encouraged to cross-collaborate between teams to have an understanding of how different businesses are structured within Rwanda. The students diligently solved unanswered challenges and developed future questions that would need to be discussed with each business Rwanda. At the final investment presentation, each student was able to discuss their findings and answer the question, “With what you know today, would you invest in this company?” While the students weren’t able to examine the companies in-person, the project still allowed each student to gain significant insight and experience into company due diligence in emerging markets and make an actionable recommendation.

 

 

 

Christophe De Montille is a ’20 Global MBA Candidate at the George Washington University School of Business