In March 2024, the Indigenous Prosperity Foundation (IPF) was honoured to be hosted by the Board of the Indian Business Corporation (IBC) during our Walking Together Tour at Siksika First Nation in Alberta. Guided by Guided by Romeo Crow Chief, the Interim General Manager, we met with local entrepreneurs and businesses to gain valuable insights into the challenges and opportunities facing Indigenous entrepreneurs in Siksika.
Inside the Indian Business Corporation (IBC)
Our first stop was the Indian Business Corporation (IBC), a cornerstone of economic development in the Siksika community. The IBC provides essential financial services and support to Indigenous entrepreneurs, playing a critical role in fostering economic empowerment. Romeo shared the Board’s vision for IBC and its potential to address some of the pressing challenges Indigenous entrepreneurs face.
Key Insights from IBC:
- Barriers to Success: The IBC Team identified several tangible barriers, including limited access to capital, difficulties in outreach, and the need for improved communication strategies. These challenges particularly affect women, youth, and early-stage entrepreneurs, who often face additional obstacles in accessing resources and support.
- Opportunities for Growth: Despite these challenges, the Team outlined several opportunities for immediate action, such as organizing symposiums to attract entrepreneurs, expanding marketing efforts, and establishing partnerships with organizations like IPF, NACCA, and Pow Wow Pitch. These initiatives can help bridge gaps in the support ecosystem and create new pathways for success.
- Diversification of Business Sectors: The Board emphasized the importance of diversifying beyond traditional industries like oil and gas. By encouraging Indigenous entrepreneurs to explore high-paying sectors such as consulting and contracting, Siksika can build a more sustainable and resilient economy.
Exploring the Siksika Business Landscape
In addition to our discussions at IBC, we toured several local businesses, including the M&R Gas Station, TLC Construction, and Boy Chief Trading Post, all of which have received support over the years from IBC and NACCA in the form of grants and financing. During these visits, local entrepreneurs shared their experiences working within the community and their aspirations for the future. We also visited Blackfoot Crossing, a site of cultural and historical significance, which stands out as an exception, not having received financial support. Here, the importance of preserving and promoting Indigenous heritage as a key element of economic development was highlighted.
The stories and experiences shared by these entrepreneurs underscored the importance of tailored support, mentorship, and access to resources. They also highlighted the unique challenges that Indigenous businesses face, from securing fair payment for services to navigating complex regulatory environments.
Key Insights & Recommendations
Our visit to Siksika First Nation revealed several key insights and recommendations that can inform future initiatives and collaborations:
- Enhanced Financial Literacy: Financial literacy emerged as a critical need among Indigenous entrepreneurs. Many entrepreneurs emphasized the importance of understanding financial management, especially in sectors like construction, where payment practices can be challenging. Developing tailored financial literacy programs that address the specific needs of Indigenous businesses is essential for their long-term success.
- Mentorship and Guidance: The need for extended, ongoing mentorship emerged as a key theme during our visit, especially from Indigenous women, who are among the fastest-growing segments of entrepreneurs. These entrepreneurs expressed a strong desire for sustained guidance and support, not just one-off interactions, as they navigate their business journeys. Establishing long-term mentorship programs within the community, paired with external support from organizations like IPF, can offer the continuous encouragement and expertise needed to help these businesses thrive over time.
- Cultural Sensitivity in Economic Development: Understanding the cultural dynamics and sensitivities of the Siksika community is crucial for developing effective support systems. Economic initiatives must be designed with respect for Indigenous traditions, values, and social structures. This includes recognizing the importance of community consultation and ensuring that development projects align with the community’s vision and goals.
- Building a Supportive Business Ecosystem: Romeo and Jack Royale, IBC’s Board Chair, highlighted the need for a more supportive business ecosystem that includes culturally appropriate financial services and community engagement. This involves improving communication and outreach and addressing systemic barriers such as access to capital and the availability of specialized training in high-growth sectors.
- Improving Infrastructure and Connectivity: Another key area of concern was the need for better infrastructure and Internet connectivity within the Siksika community. Enhancing these foundational services is essential for enabling entrepreneurs to access online resources, markets, and support networks. This is particularly important in today’s digital economy, where connectivity can make or break a business.
- Youth Engagement and Resilience: The importance of fostering resilience among Indigenous youth was a central theme of our discussions. By integrating entrepreneurship education and support within school programs and community initiatives, we can help prepare the next generation of Indigenous leaders. This includes providing hands-on training, mentorship opportunities, and resources encouraging youth to explore entrepreneurship as a viable career path.
- Addressing Racism and Stereotypes: Our discussions also touched on the pervasive issues of racism and stereotypes that Indigenous entrepreneurs face. Addressing these challenges requires a multifaceted approach, including education, advocacy, and creating supportive networks that empower Indigenous businesses to succeed on their own terms.
- Collaborative Capacity Building: There is significant potential for collaboration between Indigenous and non-Indigenous organizations to build a stronger, more inclusive business ecosystem. Partnerships with entities like IBC, NACCA, and IPF can help bridge gaps and create new entrepreneurial opportunities. By working together, we can ensure Indigenous businesses have the support they need to thrive.
- Investing in Indigenous Women Entrepreneurs: Indigenous women are a rapidly growing segment of the entrepreneurial community, often serving as primary breadwinners for their families. Research from IBC underscores the need for targeted programs and resources tailored to their unique challenges. By developing initiatives focused on the specific needs of Indigenous women entrepreneurs, we can enhance their success and contribute to broader economic and social advancements within their communities.
Conclusion
Our visit to Siksika First Nation underscored Indigenous communities' resilience, innovation, and potential. Institutions like Indian Business Corporation and the drive of local entrepreneurs show how targeted support and collaboration can drive economic empowerment. At IPF, we are committed to applying the insights from this visit and working with Indigenous communities across Canada to foster environments that support youth, women, and early-stage entrepreneurs. As we continue our Walking Together Tour, we are inspired by the vision and strength of these communities and are dedicated to building a thriving, inclusive economy that honours Indigenous values.