Making business good business
Our CEO, Peter Cooley was proud to be part of the Randwick City Business and Economic Leadership Forum ‘Indigenous Economic Development’ panel to promote indigenous entrepreneurship and the work that Indigenous business people have done in building businesses, creating wealth and employing others.
Peter spoke of the economic development opportunities facililtated by the hub at the Blak Markets and the barriers that had to be overcome to make the Blak markets -a success. This includes being listed in the top three Aboriginal tourism experiences in Sydney after only a year and a half.
Randwick City Council partnered with Supply Nation and the NSW Indigenous Chamber of Commerce (NSWICC) to run the event. Supply Nation is the established partner for Indigenous Business growth and the first and pre-eminent supplier diversity organisation in Australia.
NSWICC is the peak representative body for Indigenous Businesses across NSW, and member of the First Australians Chamber of Commerce & Industry (FACCI) representing the interests of 2500 Indigenous Businesses across Australia.
Following the panel session Laura Berry launched the new Supply Nation document ‘The Sleeping Giant, A Social Return on Investment of Supply Nation Certified Suppliers’. This is the first study of its kind assessing the social impact of the Indigenous business sector on their owners, employees, families and the broader community. The Sleeping Giant, a Social Return on Investment (SROI) report that assesses the impact its Certified Suppliers have on their community, families, employees and owners.
The key findings of the SROI report include:
For every dollar of revenue, Certified Suppliers create $4.41 of economic and social value
Smaller Indigenous businesses have higher SROI ratios than larger businesses
Businesses working directly in Indigenous cultural industries have higher SROI ratios than businesses working in mainstream industries
Indigenous businesses employ more than thirty times the proportion of Indigenous people than other businesses
Indigenous owned business strengthen their Indigenous employees connection to culture
Indigenous businesses provide training to staff
Indigenous business owners that were part of the stolen generation use their businesses to create a place of belonging and healing
Indigenous owners, employees and communities are proud of Indigenous businesses
Owners of Indigenous businesses reinvest revenue in their communities
Indigenous businesses are a ‘safe place’ for families
Even though we're a charity, our Blak markets is a social enterprise and we are registered with Supply Nation as an Indigenous supplier. Read more about the key findings here including the fact that businesses working directly in Indigenous cultural industries have higher SROI ratios than businesses working in mainstream industries
Phto above: panellists with Former Mayor of Randwick, Clr Ted Seng
Laura Berry, CEO, Supply Nation
Debbie Barwick, Chairperson, NSWICC
Mitchell Ross, CEO, Muru Group
Jason Ardler, Head of Aboriginal Affairs (NSW)
Peter Cooley, CEO of First Hand Solutions Aboriginal Corporation and Co-Founder of the Blak Markets
Auntie Barbara Keeley