At the Supply Nation Connect 2024 panel discussion on Business Growth held on 28 August, strong contributions from all participants, particularly Gordon Cole, Director of First Australians Capital, and Martin Drage, Group Manager for First Nations Business Development at Fortescue, resonated with Indigenous participants striving to gain an understanding on how to continue to grow their businesses.

Their insights on capital access, business development, and Indigenous economic empowerment highlighted the urgent need for systemic change and support.

Mr Cole, a Noongar man and seasoned business leader, emphasised that Indigenous businesses are often marginalised and do not receive their fair share in Australia's economy.

He noted: "At some point, you need capital… we have an opportunity to come together to try and access that $2 trillion economy that this country has where our people aren't benefiting to the potential that could be."

Mr Cole, as a board member of First Australians Capital reflected on the challenges Indigenous entrepreneurs face in navigating traditional finance systems that aren't designed for them.

"If one goes to banks or they go to IBA, they end up coming to us sometimes as the last resort," he said.

He called for more substantial investment, envisioning a future where First Australians Capital could manage a billion-dollar fund specifically for Indigenous businesses.

"If we don't keep raising the bar, well, I guess that's where we're going to be—wherever the system puts us or wherever we think our place is."

Mr Drage, representing Fortescue, underscored the importance of accessible capital for business growth. He shared that Fortescue, since 2011, has worked to provide substantial contracts and flexible financial arrangements to Indigenous businesses as part of its Billion Opportunities initiative.

However, he noted that even with significant contracts, roadblocks in accessing capital remain a challenge.

"We cast the net out as an organisation… to open a door to competitive finance, good terms, supported by contracts," he said, emphasising the need for more creative solutions and partnerships between corporate entities, financial institutions, and Indigenous businesses."

Mr Cole said there are still so many sectors in the country that have little to no Indigenous involvement.

"In Western Australia, the agriculture industry is worth $6 billion and our people are not even represented in that industry," he said.

"So we've got all these industries and sectors that are there for us to be included as how we do it and how to support everyone.

"We're not considered enough to even get a voice in Parliament," Gordon remarked, calling for more recognition and support for Indigenous economic development.

"We need to celebrate the successes of each other… Why can't we be wealthy in our own country?"

Their calls to help Indigenous businesses improve access to more capital remain a common theme throughout the Supply Nation Connect 2024 forum, particularly as Indigenous-owned businesses continue to grow into a significant part of the country's economy.