Supply Nation CEO Kate Russell recently shared insights with Stephanie Youssef regarding a groundbreaking report that highlights the significant impact of Indigenous businesses on the economy and society. The findings reveal that Indigenous enterprises create an impressive $42.6 billion in social value annually, demonstrating the critical role these businesses play in driving positive change and economic growth.
The report found that for every dollar invested in Indigenous businesses there was an impressive $3.66 of social value returned. This amazing statistic should remind everyone just how powerful smart strategic investment can be. Not only does it catalyze economic benefits, but it’s advancing community development and improving social well-being. Russell emphasized the important benefits of engaging with Indigenous suppliers and businesses. These benefits far exceed mere monetary returns.
The report’s findings rest hand in hand with Australia’s own Closing the Gap initiative. Cancelling this important program goes against the government’s desire to reduce inequality between Indigenous and non-Indigenous Australians. Russell emphasized that it’s the goals set by this effort that trigger the production of meaningful social value. Yet, they push for greater investments in communities that have faced the brunt of adversity. By targeting their efforts in these realms, stakeholders can better leverage the capabilities of Indigenous businesses to drive real change.
In her interview with Youssef, Russell emphasized the need for teamwork between the government, private sector entities, and Indigenous communities. He commented on the need to support, invest and back Indigenous enterprises so we can continue to create social value as much as possible. By building equitable opportunities, businesses can play both an economically beneficial role and a role in healing and strengthening communities.
In the first of 10 key findings, the report spotlights which industries are booming for Indigenous-owned businesses. These services range from construction to tourism to environmental services. These sectors offer unique opportunities for workforce and leadership development, enriching the social fabric of Indigenous communities. Russell described his optimism about what’s next for these industries’ continued growth. He believes they’ve got the potential to have an even bigger economic impact.
Russell challenged attendees to appreciate the importance of fostering indigenous businesses. He underscored the importance of such partnerships in promoting corporate social responsibility and sustainability. She stressed that to invest in these enterprises is a long overdue moral imperative but is a sound strategy. We believe that this approach is in the best interest of all Australians.
