IndigenBiz

The Ontario government is investing $5 million in the Racialized and Indigenous Supports for Entrepreneurs (RAISE) program for 2024-25 to provide free access to business coaching, training and grants for more than 400 Indigenous, Black and other racialized entrepreneurs. This is part of the government’s $15 million investment over three years to provide more than 1,200 entrepreneurs with the training and support to launch and grow successful small businesses. “Many Indigenous, Black and racialized people continue to face systemic barriers in starting and growing their businesses,” said Graham McGregor, who is acting for the Minister of Citizenship and Multiculturalism Michael Ford while he is on leave. “That’s why our government is making sure the next generation of diverse entrepreneurs is equipped with the tools, resources and capital they need to transform their passions into successful and competitive businesses.” The RAISE program helps eliminate barriers faced by Indigenous, Black and other racialized entrepreneurs who want to start or grow their businesses. The government is now accepting applications for the 2024-25 intake which will provide eligible entrepreneurs with free online business development training, culturally responsive coaching, networking supports and a one-time grant of $10,000. Interested entrepreneurs can learn more about the program and apply here. Applications close on October 30, 2024. #indigenbiz #indigenous #business #funding #entrepreneur https://lnkd.in/gNRXCRnk

CREDIT: FedNor - On Friday, September 20th, the Honourable Patty Hajdu, Minister of Indigenous Services and Minister responsible for FedNor, convened a roundtable with representatives from some regional Indigenous organizations, municipal stakeholders and senior officials to identify the economic development challenges and opportunities facing First Nations leaders and businesses in the region. This conversation is part of the ongoing renewal of the Prosperity and Growth Strategy for Northern Ontario (PGSNO), which is designed to ensure the Strategy remains responsive to the needs of Northern Ontario. Conversations centred on how the PGSNO is working to address the unique needs facing residents in Northern Ontario, including First Nations communities. Discussions explored ways on how best to support First Nations-led economic development, including growing First Nations ownership, joint ventures, and access to business services in Northern Ontario. The meeting also served as an opportunity to learn more about regional perspectives on Indigenous economic reconciliation. Specifically, during Friday’s conversations participants focused on the need to continue to support capacity building efforts at the community level, and the role that FedNor can play to encourage and promote cooperation between First Nations communities, municipalities, and other levels of government. Additional topics of discussion included the role and importance of transportation and access to education in Northern Ontario, in particular for rural and remote Indigenous communities, and obstacles facing First Nations communities as it relates to access to capital, entrepreneurship and succession planning. #indigenbiz #indigenous #business #theoriginal #funding https://lnkd.in/gSMzQ7sC

CREDIT: Elizabeth Whitten, CBC - "A historic St. John's dockyard has been purchased by an Indigenous-led consortium that says it's combining member assets to complete the deal. The consortium, made up of Horizon Naval Engineering, Qalipu First Nation and Nova Scotia-based Membertou First Nation, announced Thursday it was buying the 140-year-old St. John's-based business Newdock. "This acquisition will be one of the most significant First Nations business investments in Newfoundland and Labrador's history," said a news release from the partnership's public relations agency. The sale is expected to close in early October." #indigenbiz #indigenous #business #theoriginal #ownership #truthandreconciliation https://lnkd.in/g5vXM9vn

CREDIT: The Hill Times - "There is “no consistent way of verifying the legitimacy of Indigenous businesses,” according to Assembly of First Nations Regional Chief Joanna Bernard’s testimony at a parliamentary committee examining issues in federal contracts awarded under the government’s procurement strategy." #indigenbiz #indigenous #business #theoriginal #procurement #nogovernment https://lnkd.in/gkmpfwFx

Words from IndigenBiz founder -Steven McCoy, BBA

CREDIT: BNN Bloomberg - "Historically, some of Canada’s largest infrastructure projects — from mines to pipelines to power generating facilities — have been built on Indigenous territory.  While corporations have begun to recognize that Indigenous communities deserve to benefit from projects on their lands, in recent years these benefits have typically come in the form of construction jobs or procurement opportunities and have fallen short of offering Indigenous people a full equity stake. That is starting to change, though. Indigenous communities across Canada are showing growing interest in acquiring equity positions in major projects and infrastructure as a way to generate revenue and economic opportunity for their people." #indigenbiz #indigenous #business #theoriginal #equity https://lnkd.in/gu9Ndf4Y

CREDIT: Winnipeg Free Press In this era of truth and reconciliation, there is a growing and hopeful trend that is flipping past negative narratives regarding Indigenous economic development. ATB Financial and professional services firm MNP this week released a report noting Indigenous governments, businesses and households contributed $16.76 billion to the Alberta economy in 2023, with household contributions increasing by four per cent between 2021 and 2024. It is becoming a competitive advantage — and, in some cases, a regulatory necessity — for business enterprises to develop commercial relationships with local First Nations. #indigenbiz #indigenous #business #theoriginal #truthandreconciliation https://lnkd.in/gmZVu9FQ

CREDIT: Gabrielle Piché, Winnipeg Free Press - ..."She believes her daughter has more opportunity than Teekca’s Aboriginal Boutique did upon starting — now there’s social media and a wider acceptance of Indigenous businesses. “Her opportunity is very, very diverse,” Tanner-Spence said. Renee Greyeyes, president of the Indigenous Chamber of Commerce, applauded the family for spanning two generations of entrepreneurship. “Seeing an Indigenous business thrive and expand … is always what we’re aiming for, especially with socioeconomic reconciliation,” Greyeyes added. “We just congratulate them.”" https://lnkd.in/ggaq3cy6 #indigenbiz #indigenous #business #entrepreneur

CREDIT: Lily Isabelle Alameh, BDC “...Indigenous entrepreneurs account for less than 1% of all entrepreneurs in the U.S. and Australia. The situation is somewhat better in Canada where Indigenous entrepreneurs account for 1.9% of all entrepreneurs. However, they remain underrepresented. In 2023, 4.4% of Canadians aged 15 years and over were Indigenous, and their entrepreneurship rate stood at 1.1%, well below the 2.3% rate for all Canadians. The entrepreneurship rate among all Canadian men is almost twice as high as that among Indigenous men. There is also a gender gap among Indigenous entrepreneurs. The rate of entrepreneurship amongst Indigenous men is twice that among Indigenous women. However, these challenges can also be seen as opportunities. The number of Indigenous entrepreneurs is expected to grow by 23% in the next decade, which is more than double the 10% increase projected for other Canadian entrepreneurs. Consequently, the share of Indigenous entrepreneurs is anticipated to steadily rise, reaching 2.2% by 2034…." https://lnkd.in/g9bB26w8 #indigenbiz #indigenous #business #entrepreneur #stats

CREDIT: Ottawa Business Journal: "Reconciliation in Canada is not just a moral imperative or a historical reckoning. It’s a societal transformation that must involve every sector, especially the private sector. While public institutions and governments have made strides toward acknowledging and addressing the harms done to Indigenous peoples, the private sector has a significant and largely untapped role to play in the reconciliation process. The dream of reconciliation can only be realized through the active and intentional involvement of Canadian businesses, whose efforts are essential to bridging the gaps and fostering equality." "As the national conversation around reconciliation gains momentum, it is increasingly clear that corporations and private enterprises must evolve from passive observers to proactive participants. The Truth and Reconciliation Commission’s Calls to Action included specific mandates for corporate Canada, yet much of the private sector has yet to meaningfully engage with these directives. For true reconciliation to take root, businesses must not only recognize the past but commit to supporting Indigenous communities through tangible actions, partnerships, and investments…" #indigenbiz #indigenous #business #truth #reconciliation #privatesector https://lnkd.in/gevhMV2i