The Indigenous business ecosystem is diverse, dynamic and operates in every part of the country. When we think about a broader Indigenous business ecosystem we are including all kinds of businesses – for profit, not for profit, community controlled or privately held, corporations and partnerships.
It's important for us to think about these Indigenous led vehicles as a collective because many of our organisations, corporations and businesses work together, service and support the same communities and draw upon the talent and knowledge of Indigenous communities, both locally and nationally.
Viewing the business landscape as an ecosystem aligns with our commitment to building thriving circular economies in regional and remote areas across the nation as well as contributing to the broader Australian economy.
The Indigenous business ecosystem is ensuring intergenerational transfer of wealth and custodianship to the next generation. Evidence reports that Indigenous people are establishing businesses at a rate of 8.29 per cent year on year on average and this compares to 3 per cent a year for all Australian businesses.(1)
The Indigenous business ecosystem is very healthy. Through our research, we can see the growth in the number of businesses across the country, the diversity of industries and the number of people employed.
The Indigenous business sector is employing at least 116,795 people(2), and qualitative evidence points to the fact that Indigenous businesses and corporations are recruiting and developing Indigenous employees. Employing, training, promoting and inspiring Indigenous employees in Indigenous led businesses, corporations and organisations strengthen the Indigenous workforce by providing culturally safe workplaces and opportunities for Indigenous employment futures.
There are great opportunities ahead for the Indigenous business sector – international trade, clean energy and AI (Artificial Intelligence) are all leading areas for new business opportunities.
AI presents a significant opportunity. However, it also brings challenges, particularly in terms of cybersecurity and Indigenous data governance, which require considerable organisational vigilance and planning.
However, to best make sense of these future opportunities of Indigenous business, Indigenous employment and mega trends that will impact us all like AI, we need to work collectively.
The idea of an ecosystem providing support and nourishment allows us to do so.
It embodies the relationships between all Indigenous led entities.
It encourages the value exchange and nourishment of Indigenous knowledges, innovation and talent. Above all, it holds promise to bring together the economic potential of Indigenous Australia towards a self-determined economic future.
Dr Michelle Evans is an Associate Professor (Leadership); Director, Dilin Duwa Centre for Indigenous Business Leadership; Associate Dean (Indigenous) Faculty Business and Economics at the Melbourne Business School.
1. Evans, M., Polidano, C., Dahmann, S. C., Kalera, Y., Ruiz, M., Moschion, J., Blackman, M. (2024); Indigenous Business and Corporation Snapshot Study 3.0. The University of Melbourne.
2. Ibid.