Indigenous Businesses are Flourishing Across Diverse Industries: Here's How to Ensure Continued Growth

When people discuss the creativity and resourcefulness of Indigenous communities, they often focus on talented artists, athletes, and respected Elders. However, there is a growing recognition of Indigenous business leaders who are making significant contributions to various sectors.

One notable figure is Uncle Kim Collard, who was named NAIDOC Male Elder of the Year. A respected Balladong/Wadjuk Elder of the Noongar Nation, Collard founded two of Australia's largest Indigenous-owned businesses: Kulbardi, a workplace supplier, and Kooya, a fleet management and salary packaging firm. Beyond his business achievements, Collard and his family have made substantial philanthropic efforts, raising nearly A$1.5 million for Aboriginal communities through the Bibbulmun Fund.

Collard is just one example among many exceptional leaders in the vibrant Indigenous business sector. This group not only generates substantial economic value but also serves as role models, employers, sponsors, philanthropists, and suppliers to major corporations. They bring valuable cultural knowledge and guidance to the table, enriching the broader business community.

Despite these contributions, many Australians are still unaware of the vast size and diversity of Indigenous-owned and led businesses. Improving the visibility of these businesses in government statistics and Indigenous business directories could highlight their excellence and diversity while also fostering further success.

A Thriving and Diverse Sector

Indigenous businesses in Australia operate at all scales, from small sole proprietorships to large corporate enterprises. According to a study published in The Conversation, the Indigenous business sector generated over A$16 billion in revenue in 2022. The study identified 13,693 unique businesses that employed more than 100,000 people, paying a total of $4.2 billion in wages annually.

This job creation is vital as it supports numerous families and households across the country. Previous research has shown that Indigenous businesses tend to employ Indigenous Australians at a higher rate than non-Indigenous businesses, further amplifying their positive impact on communities.

Expanding Beyond Traditional Sectors

While Indigenous-owned businesses are often associated with cultural services and tourism, their influence extends far beyond these areas. Indigenous businesses are making strides in industries such as technology, architecture, construction, manufacturing, property, financial services, education, and legal services.

Innovative companies are leading the way in integrating cultural knowledge into cutting-edge fields. For instance, RainStick, an agricultural technology company based in Queensland, uses electricity to replicate the natural effects of lightning, resulting in faster and larger crop growth. Similarly, Nguluway DesignInc, a design firm, is spearheading the design and development of the new University of Technology Sydney Indigenous Residential College.

The Importance of Registration

For Indigenous businesses to thrive and connect with potential customers or large-scale suppliers, visibility is key. Currently, there is no option to declare a business as Indigenous when registering for an Australian Business Number (ABN). However, businesses can register with various directories, including state and territory chambers of commerce and other non-profit organizations.

The New South Wales Indigenous Chamber of Commerce (NSWICC), established in 2006, was the first of its kind and now represents over 500 businesses across 70 different spend categories. Victoria’s Kinaway Chamber of Commerce, founded in 2010, has close to 300 businesses on its registry. On a national scale, Supply Nation operates Indigenous Business Direct, a large non-profit directory that connects procurement teams from major organizations with verified Indigenous businesses.

To be listed with Supply Nation, a business must demonstrate at least 50% Indigenous ownership to be classified as "registered," or 51% or greater to become "certified." These claims are verified through documents from bodies like ASIC, with regular audits and spot checks conducted to ensure ongoing Indigenous ownership and leadership. Supply Nation recently reached a milestone by registering its 5,000th Indigenous business, up from just 13 in 2009.

While registration requires effort, it is crucial for Indigenous businesses. A study called Snapshot found that formally registered businesses accounted for around 70% of all revenue and job creation within the Indigenous business ecosystem.

These organizations offer business mentoring, procurement guidance, and a clearinghouse for opportunities. Most importantly, registering as an Indigenous business in these directories allows corporations, non-profits, and government entities to discover and connect with them, opening doors to numerous opportunities and partnerships.

Ensuring the continued growth and visibility of Indigenous businesses will not only strengthen the economy but also enrich the cultural fabric of Australia.

Article source: https://theconversation.com/indigenous-businesses-are-thriving-across-a-wide-range-of-industries-heres-how-to-make-sure-that-continues-234170

Photo attribution:  Jagbirlehl, High Value first, CC BY-SA 3.0