Accelerating regenerative First Nations entrepreneurship in the Net Zero economy

Article by Colette McEntee, Innovation & Advisory Lead

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The IPS Business Advisory team are passionate advocates for First Nations led regenerative entrepreneurship as a model for encouraging long term business thinking and planning as custodians of culture, community and Country for future generations.

According to Supply Nation, Indigenous people make up around 3% of the Australian population but only own around 0.06% of Australia’s businesses. Those businesses are growing at 12.5% per annum. Census data shows that while the highest percentage of Indigenous businesses operate in manual labour businesses, major increases are being seen in Professional, Scientific and Technical services – demonstrating a shift to knowledge based economies in line with the corresponding global shift. This highlights a need for a corresponding increase in the sophistication of capability building services on offer for Indigenous businesses and a need for business advisory services to be fit for purpose in meeting the opportunities and challenges ahead - including the shift to a net zero economy in Australia and globally.

The transition to a net zero economy will drive major social and economic reverberations in coming years. A range of responses are anticipated from government and major industry - from internal Greenhouse Gas targets and innovations to forensic analysis and/or ‘greening’ of supply chains – traditional and digital. As the largest Gross State Product contributor, any action taken by the mining industry within their supply chains will provide opportunities for innovators to step in and provide services. Current and emerging Aboriginal businesses will be in a fantastic position to rise and meet these opportunities - from enterprises offering land rehabilitation services through to food and agriculture businesses offering carbon offset opportunities and many other businesses offering regenerative innovative products and services. Cultural tourism, offering a positive environmental and cultural footprint, is another major focus area.

Currently, the Australian innovation ecosystem is distinctly lacking in Aboriginal designed and led innovation programs. In collaboration with the IPS Foundation,  supported by the WA Department of Jobs, Tourism, Science and Innovation’s New Industries Fund, the IPS Business Advisory team is collaborating this year with Innovation Hub Maker + Co to deliver the CREATE program, designed to accelerate regenerative entrepreneurship within the Aboriginal business ecosystem in regional WA.

The CREATE program will support innovative Aboriginal businesses in covering off business basics and refining ideas while exploring contemporary concepts around regenerative entrepreneurship and new industry opportunities. Featuring Aboriginal mentors and presenters, the program will elevate and amplify the profile of Indigenous businesses while forging new connections and pipelines in the WA innovation ecosystem.
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Led by IPS Executive Director Katina Law and Innovation and Advisory Lead Colette McEntee, the IPS Business Advisory team is actively developing a network of partners and supporters with a shared passion for Aboriginal business capability building in the net zero economy. If you share their passion, please reach out to Colette on colette.mcentee@ipsau.com.au  

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