'What can you do as a collective to have impact?"

That was the question asked to a group of First Nations entrepreneurs enrolled in the MURRA Indigenous Business Masterclass, in a Melbourne Business School classroom in 2015.

For two members of that class, Mayrah Sonter and Leesa Watego, as well as the program co-founder Dr Michelle Evans, the question formulated itself into the idea of showcasing the power, skills, and success of the Indigenous business sector.

"When we enrolled in MURRA, the program was only a few years old," Watego, the director of Iscariot Media notes.

"But I remembered being struck by the diversity of the business sector in my MURRA cohort and wondering why these amazing enterprises were unknown in the wider business sector."

Watego says that for herself and Sonter – both working in communications – there was a strong feeling these stories needed to be told, displayed and celebrated.

It was from this belief that the Indigenous Business Month (IBM) was born. Now in its 10th year, IBM's growth and journey has closely mirrored the sector's expansion, which continues to expand.

MURRA participants are asked to reframe their ideas: moving from the individual level to the collective, as well as reimagining what is possible with a combined mentality.

When she began MURRA in 2012, Evans says that the Indigenous business sector was only beginning to fully emerge.

"The Indigenous Procurement Policy was introduced a few years later and the public's perception of Indigenous businesses was mostly limited to arts, culture and tourism," she says.

From that time, the expansion of the industry has been profound, with the Snapshot report – a yearly research report – tracking the Indigenous sector.

"Working with data custodians, we match the ABNs of Indigenous businesses to administrative data held by the government such as tax and payroll data," Evans says.

"This gives us a view of where businesses are trading, the industries, revenue and employment numbers."

Despite an incomplete snapshot – with many business owners choosing not to identify themselves as an Indigenous business on registries – research from Dilin Duwa, Woi Wurrung for "Everlasting Flow", found the "Indigenous ecosystem" makes an important contribution to the Australian economy.

It saw 13,693 active and alive (trading) businesses and corporations in 2022, which generated $16.1bn in revenue; employing116,795 people and paying $4.2bn in wages.

Evans says First Nations businesses are making a "gigantic contribution" to the economy, arguing they are making their mark in "every sector, state and industry".

"This tells us that First Australians are using business as a vehicle for economic self-determination, bringing employment opportunities and wealth creation to their community and allowing them to stay on-country," she says.

"As impressive as the economic and revenue numbers are, equally important is the continuation of culture and connectedness to country which makes us who we are."

Senator Jana Stewart recently told National Indigenous Times that evidence before the Joint Standing Committee on Aboriginal and Torres Strait Islander Affairs showed Indigenous businesses thrived when they were culturally safe.

Furthermore, they employed up to 100 times more First Nations people than non-Indigenous businesses.

"It is to your economic detriment that your workplace isn't inclusive," she said. "It's not just a kind of woke lefty thing to do. It's actually really important for your company's bottom line."

Evans agrees, saying over the past decade of promoting the distinction of Indigenous businesses, "We have seen how Indigenous entrepreneurs have continually contributed to better communities, better opportunities, better relationships, and better ways of doing business."

Fellow IBM co-founder and director of 33 Creative, Mayrah Sonter, says they introduced IBM awards in four categories: Ingenuity, Digital Inventiveness, Indigenous Business-2-Business, and Regional Excellence.

"Business owners are nominated by their peers and the decision is made by a judging panel of Indigenous business and thought leaders," Sonter says.

"I think what's most incredible to observe over the last 10 years is the Indigenous business to business partnerships that have been formed, and our collaboration amongst one another to meet the needs of our communities."

She says in 2024, IBM invites all nations to consider the "wave of Indigenous entrepreneurship" across Australia which is redefining what First Nations' businesses are all about by showcasing modern excellence.

"We invite First Nations businesses and their allies to tell the stories and celebrate our ways of doing business," she says.

In celebration of 10 years of IBM, this year's IBM Awards Announcement and Networking breakfast with previous awards winners, local Indigenous businesses and local MURRA Alumni, will take place on October 24 at the Bangarra Dance Theatre, Sydney.