Supporting First Nations entrepreneurs this Indigenous Business Month, and all year round

October is Indigenous Business Month, so Kasey Zun, GM of Talent Management, Diversity and Inclusion at Xero sat down with Paul Dodd of Corporate Culcha to find out what businesses can do to support and celebrate the next generation of First Nations entrepreneurs.

This October marks the eighth annual Indigenous Business Month, a special event in the Australian calendar that acknowledges and celebrates First Nations entrepreneurs.

Actions today, impact tomorrow

This year, the event organisers of the MURRA Indigenous Business Program alumni chose ‘Actions today, impact tomorrow’ as the theme. The aim? To rally business owners and their non-Indigenous allies to empower and uplift the next generation of leaders.

To discuss what organisations can do to support this cause, Xero sat down with Paul Dodd of Corporate Culcha – an Indigenous engagement, training and workplace development organisation based on the Coodjingburra lands of the Bundjalung Nation (Pottsville, NSW).

Paul founded Corporate Culcha 15 years ago to change the conversation in corporate environments. It became the first Supply Nation (formerly known as the Australian Indigenous Minority Supply Council) Supplier of the Year – Australia’s largest database of verified Indigenous businesses. And over the years, he’s won major contracts with some of the nation’s largest organisations. This rapid growth enabled new ventures, expanding Corporate Culcha’s mission by giving back to remote Indigenous communities through programs like mental health education and financial literacy training.

After decades spent working with organisations to create more inclusive and accessible opportunities, Paul shared some of his learnings below.

What is the significance of Indigenous Business Month to you?

Paul: Recognising and celebrating First Nations businesses throughout Indigenous Business Month and all year round is important for so many reasons. Supply Nation did some research into the power of Indigenous procurement, revealing that for every dollar spent with an Aboriginal and Torres Strait Islander business, the economic and social return going back into our communities is $4.40 – over four times the original investment.

Realising this opportunity to support Indigenous businesses and jobs growth, the government introduced its procurement policy in 2015, which was a real game-changer for us. Essentially, it committed three percent of its annual spending to Indigenous businesses, equating to over five-and-a-half billion dollars. As a result, 40,000 jobs were created for Aboriginal and Torres Strait Islander people between 2018 and 2019 – and that’s just three percent of government spending. This isn’t just good for our communities but the economy as a whole.

The more we can talk about the good that comes with supporting First Nations businesses through calendar events like Indigenous Business Month, the more likely it is that these policies will have a positive impact.

What can organisations do to better support Indigenous businesses?

Paul: There are two things Indigenous businesses need the most support with: financial management and digitalisation.

I once had a digital mentor who said, “No data, no decision”. He meant that without proof – like financial records and reports, analysis and all those other things that software enables us to do – we’re unable to make informed choices that lead to sustainable outcomes. So equipping Indigenous businesses with these resources and tools can be incredibly empowering. Even if the digitalisation journey is incremental, it still makes a difference. After all, it’s an evolution, not a revolution.

There’s also space for organisations (from small to big businesses) to nurture their relationships with First Nations entrepreneurs through mentoring and role modelling. Giving them the technology or even a big procurement contract is great, but there’s a responsibility to build them up to those opportunities and make sure they can use the tools or fulfil the agreement with confidence.

Tell us, what are you most proud of in your work?

Paul: I’m proud of where Corporate Culcha started and where it is now. We went from having three consultants on our books 14 years ago to employing 25 people today – 95 per cent of whom are of Aboriginal and Torres Strait Islander descent.

By developing capabilities that support Mob, our work creates positive ripple effects in the communities we’re trying to help. Through our projects, we provide opportunities to 30 other Indigenous businesses, as suppliers. And that’s what it’s all about at the end of the day.

Supporting Indigenous businesses

This Indigenous Business Month (and all year round), why not consider ways that you can take action to support both existing and emerging First Nations entrepreneurs.

Whether it’s diversifying your supply and distribution chains, becoming a mentor or even learning more about the cause – it all counts towards a brighter future.

For more information, head to the Indigenous Business Month website. To learn about and support more Indigenous-owned businesses, visit the Supply Nation business directory.

Want more? Get our newsletter delivered straight to your inbox! Follow Kochie’s Business Builders on Facebook, Twitter, Instagram, and LinkedIn.