This NAIDOC Week, we recognise and importantly celebrate the history, culture and achievements of Aboriginal and Torres Strait Islander people. This year’s theme, Keep the Fire Burning! Blak, Loud and Proud, acts as a rallying cry for all Australians to continue to spotlight and support the longest-living culture in the world.
I have witnessed firsthand the transformative power of innovation and economic self-determination and increasingly in recent years, we’re seeing those characteristics of Blak, Loud and Proud make an impression in the corporate sector where true economic self-determination is resulting in the strongest representation of First Nations business owners ever seen. Not to mention, the significant impact on culture and self-identification brought about by these businesses’ products and services.
The contributions of First Nations business owners are not only enriching our economy but also weaving the diverse cultural fabric that defines our nation. This growing entrepreneurial spirit among Indigenous Peoples is a powerful force, and it is time for all Australian businesses to recognise and further amplify their impact.
First Nations entrepreneurs are redefining success, drawing on a rich heritage of tradition, resilience, and community-centric values. They bring unique perspectives to the market, often addressing needs and challenges that are overlooked by mainstream businesses. For example, Indigenous-owned startups in sectors like tourism, agriculture, and technology are not only driving economic growth but also promoting sustainable practices and cultural preservation. These ventures offer an authentic connection to Australia’s history and culture, appealing to both domestic and international markets.
The economic impact of First Nations entrepreneurs is significant and growing. According to the latest Indigenous Business Snapshot commissioned by the Dilin Sawa Centre for Indigenous Business Excellence at the University of Melbourne, Indigenous businesses
contribute more than $16 billion to the Australian economy, employ 116,795 people, and pay $4.2 billion in wages (Snapshot 3.0, Indigenous Economic Power Project by UniMelbs – Dilin Duwa).
This rapid growth is a testament to the entrepreneurial spirit and determination of First Nations people. Their businesses are creating jobs, fostering innovation, and contributing to the diversification of our economy.
However, the journey of First Nations entrepreneurs is not without challenges. They often face barriers such as limited access to capital, markets, and networks, as well as systemic discrimination and bias. It is imperative that the broader Australian business community steps up to support and empower these business owners. This support can take many forms, from partnerships and mentorship programs to inclusive procurement policies and investment in Indigenous-led ventures.
At Block, we are committed to fostering an inclusive and equitable business environment. We actively seek partnerships with Indigenous businesses. Additionally, we support initiatives that provide First Nations entrepreneurs with access to the financial tools and resources they need to thrive.
Acknowledging the plight of the Aboriginal and Torres Strait Islander communities and our responsibility to support and uplift them is not just a moral obligation but a cornerstone of our existence at Block. We firmly believe that making a difference starts with acknowledgment and responsibility. That’s why we’re proud to partner with organisations like First Australians Capital (FAC), whose approach to social impact funding contributes to achieving the United Nations Declaration on the Rights of Indigenous Peoples and the Sustainable Development Goals.
I am grateful for the opportunities I’ve been given to educate in this space from co-founding Afterpay in Australia and expanding globally to joining Block in its mission to create greater economic empowerment for all. Our motivation as a business community in Australia now must be to continue to make this a reality for the hundreds of thousands of entrepreneurs and community-based businesses across the country, giving them a voice and platform to realise their potential.
Equity and access are essential in fulfilling this mission, and we’re always building tools to help more people overcome barriers to participating in the economy. From fostering impactful Aboriginal and Torres Strait Islander peoples’ partnerships to implementing programs that drive positive social change, our journey toward Reconciliation is marked by purposeful action. In 2024, we’ve committed to our first Reconciliation Action Plan as a business, but our journey is already underway and has been for some time.
Our partnerships with FAC, Indigitek, Children’s Ground, and other social impact organisations have been established to remove barriers for more entrepreneurs. Technology for us isn’t merely an industry but a powerful tool to empower, create transparency, and foster connections. This ethos forms the very essence of our mission.
It has been proven repeatedly how tapping into Indigenous knowledge assets and sustainable practices to help find solutions to some of the major issues faced by both Indigenous peoples and the broader community will have positive outcomes. FAC has seen 98% of its investments achieving positive impacts for communities (First Australians Capital Impact Report, Kolang Kowa (2023)). Continued investment from organisations across the finance and tech sectors and corporate engagement more broadly, will only continue to reap such benefits, continuing to drive mobility for Aboriginal and Torres Strait Islander families and communities. This type of wealth provides long-term security, financial stability, and reduces some measures of relative wealth inequality.
So, I urge more of us to consider how we can give a platform and opportunity to those Blak Loud and Proud voices today and every day after that. Together, we can create a future where every entrepreneur, regardless of their background, has the opportunity to thrive and contribute to our shared prosperity.
Anthony Eisen is the co-founder and CEO of Afterpay.
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Anthony Eisen is the co-founder and CEO of Afterpay.
