Indigenous Entrepreneurship Making a Positive Impact in BC and Canada
Small and mid-size businesses are vital to the strength of our communities. There have been many changes to these businesses in recent years. In particular, there are numerous innovative and compelling Indigenousowned businesses that are enriching our communities and contributing to our national economy. Indigenous business is without a doubt one of the biggest opportunities in British Columbia. With an estimated 232,000 self-identified Indigenous people in BC and increased entrepreneurship, the economic potential for Indigenous communities is huge. This is a reason for all businesses in BC to stand up and take notice, if they have not done so already.
So how do we continue to encourage and build Indigenous business growth? Many Indigenous organizations and communities are excited to explore partnership opportunities, however the compulsory piece of building a partnership of respect, positivity and sustainable change remains at the core. Doris Bear, Vice President, Indigenous Banking for TD Bank Group explained the first steps succinctly: “It is also critically important to ensure that your mission, vision and values aligns with the Indigenous organization you intend to partner with. So educate yourself. Knowledge breaks down barriers and will help build relationships.”
It is critical to understand the issues and opportunities that are important to Indigenous people, as well as important cultural pieces. It allows more space for both parties to feel respected and understood. While this economic potential presents a strong opportunity now, it is not a new one. In 2017, TD Economics released a report titled TD and Indigenous Communities in Canada, the report takes a deep dive into the progress, including achievements and challenges, of Indigenous small businesses in Canada. Using data from the
CCAB (Canadian Council for Aboriginal Business), the report revealed that Indigenous businesses are becoming an imperative contributor to the Canadian economy. Indigenous businesses score well on numerous key metrics – they are more likely to innovate than their broader Canadian counterparts, more likely to export, and more likely to export beyond the US. Indigenous businesses are imbedded everywhere in our communities. TD has been an instigator in bridging the success of Indigenous businesses into the more expansive provincial and national economy. TD has a comprehensive Indigenous Community Banking Program, which brings financial services to remote Canadian locations. The program also focuses on connectivity to the commercial, wealth and retail businesses to offer a dynamic approach for Indigenous clients, as well as creating avenues for Indigenous procurement opportunities. Looking ahead, Doris added her thoughts on the future of banking for Indigenous people: “Financial institutions will continue to become more educated in supporting the needs of Indigenous people, businesses and communities, thereby enabling access to capital and general banking services that other Canadians currently enjoy.”
Additionally, in 1967 TD celebrated Canada’s Centennial by helping to create an Inuit Art Collection with the hopes that the collection would give the public a greater idea and appreciation for artists of all kinds. TD has a long-standing history of turning Indigenous commitments into actions and in doing so has built a culture where differences are celebrated. This authentic commitment has enabled strong partnerships and relationships with schools, community organizations, and companies throughout the country. Encouraging Indigenous business is good for everyone, which is why Indigenous relations needs to be at the top of mind when considering business objectives. But more importantly, Indigenous business growth is crucial to advancing the process of Canadian reconciliation.