It’s a wrap. Yesterday saw the largest convergence of leaders across sectors we’ve ever hosted in WA at the inaugural Impact Economy Forum. 200 attendees discussing all things impact investment, wellbeing economics and equitable innovation with a First Nations leadership vein running deep through a day of panels, provocations, keynotes, and a social enterprise showcase. A few takeaways that landed with our audience include:
🔶 Rethink value - First Nations economic models are built on culture, not the other way around – responsibility, respect and reciprocity as first principles. To translate this to a western sensibility, focus must shift from activity, output and doing to being, people and place.
🔶Equitable, inclusive innovation – innovation for what purpose? If it’s for communities and the economy, then it has to reach all those left behind, and those in remote and regional WA communities. Impact-driven innovation accelerates economic diversification & sustainable job growth when it is embedded in communities.
🔶Innovation = Risk & Learning – The investment and public policy landscape is geared to risk minimisation - yet innovation is taking risks, accepting failure and learning.
🔶All organisations have an impact – positive and negative, (often both) – The burden of data and measurement shouldn’t sit solely on those creating positive impact (often with the least resourcing and capacity) but it currently does. We can’t shy away from the negative impact and externalities we are creating – it happens, let's normalise and account for these as well. We have to generate a culture of transparency and learning, and share the responsibility in accounting for impact.
🔶Just Transition - Community-level engagement and leadership is key to achieving a Just Transition towards clean energy – compromises will be made but people need to benefit from the transition, and have agency in what’s decided.
🔶Capital is a source of power - for real change we need to shift who gets to invest and how we invest, adopting localised, place-based and culturally sound approaches – particularly by and for First Nations
Thank you to all our speakers, our awesome IS team and partner WASEC (WA Social Enterprise Council), and our 200(!) guests for participating in this conversation about designing and actioning the future of the WA economy – one where community, culture and environment are at the core of business and finance. An impact economy. We look forward to sharing more stories from the inaugural Impact Economy Forum soon, and to the many conversations and partnerships that will emerge from us spending the day together in Kings Park on a beautiful Djilba day.
Thanks to our major funding partners who made this Forum possible - Paul Ramsay Foundation, Department of Jobs, Tourism, Science and Innovation, Westpac Foundation and our enabling partners and supporters (in the comments)
