A new report confirms that Indigenous-owned businesses are generating “significant” economic and social value to the Australian economy.
According to the research from Supply Nation, Indigenous businesses create $42.6 billion of social value each year for Indigenous business owners, their households and Indigenous employees.
Social value refers to the positive changes seen through an Indigenous lens of wellbeing. This value includes improved agency and control over life, expanded aspirations, financial security, pride, physical health and mental wellbeing and stronger connections to community, culture and country.
‘The sleeping giant rises’ report provides detailed insights on the values and ways of working that help Indigenous businesses build wealth for their families and communities. It extends on the 2018 Sleeping Giant research but uses a methodology that aligns to current best practice social research, a larger and more diverse sample size as well as businesses beyond the Supply Nation network.
The research methodology links social value to select Closing the Gap targets, to understand how self-determination and economic empowerment contribute to those targets.
Supply Nation CEO and proud Awabakal woman Kate Russell says Indigenous businesses create this social value purely by operating as a business – it excludes any funding support or other philanthropic programs that might be out there.
“We know that Indigenous businesses often give back, through formal or informal processes but there shouldn’t be the expectation or assumption that Indigenous businesses are all philanthropic,” she says.
“It’s important to demonstrate that even without social or community elements, these businesses are creating economic and social value purely by being in business and that’s a great thing.
“‘The sleeping giant rises’ report clearly shows the significant impact Aboriginal and Torres Strait Islander businesses are having. These entrepreneurs are creating social and economic value that’s changing Indigenous and non-Indigenous Australia.”
Key findings of the report show that an estimated 16% of the Indigenous population are directly connected to the Indigenous business sector, including 29,200 Indigenous business owners, over 61,300 people living in the households of these business owners, and more than 65,700 Indigenous employees working within these businesses.
Outcomes related to owning a business described in the report show that 95% of respondents feel proud of who they are, 89% said they are more able to express their culture with 86% stating that young people in their family have more pride in their culture.
The report is available here.
