Indigenous Entrepreneurship: Expanding Economic Frontiers
Rob Tebb, a Métis entrepreneur and co-owner of Xtended Hydraulics & Machine in Regina, is at the forefront of an economic surge within Canada’s Indigenous communities. His company, which specializes in producing components primarily for the mining and now the defense sectors, exemplifies the growth potential in Indigenous businesses. With over half of its 26 employees being Indigenous, the firm is not only a testament to robust business practices but also a beacon of community and inclusion.
The Indigenomics Movement: A Vision for $100 Billion
At the “Indigenomics on Bay Street” seminar in Toronto, a diverse mix of government, business, and Indigenous leaders gathered to strategize on expanding the Indigenous economy to $100 billion annually. Carol Anne Hilton, founder of the Indigenomics Institute and seminar organizer, introduced Indigenomics as an economic philosophy rooted in Aboriginal perspectives, focusing on creative and relational economic growth. This concept seeks to remedy past injustices by fostering active Indigenous participation in the modern economy.
Strategic Steps Toward Economic Empowerment
The roadmap to this ambitious $100 billion goal involves significant policy shifts and strategic initiatives, particularly around procurement. The Canadian government has set procurement policies that allocate at least 5% of contract value to Indigenous companies, injecting vital growth potential into the Indigenous economy. Further driving this momentum, entities like the Canadian Council for Aboriginal Business facilitate connections between mainstream businesses and Indigenous suppliers, accelerating the rate at which Indigenous entrepreneurs are launching and expanding their ventures. This comprehensive approach not only promises substantial economic contributions from Indigenous communities but also sets a precedent for inclusive growth and prosperity in Canada’s broader economic landscape.