Carol Anne Hilton believes more Indigenous people are seeing their business dreams becoming a reality.
Hilton is the founder of the Indigenomics Institute, which is committed to the growth and development of Indigenous economies.
The award winning business leader and author says more options for access to capital and better internet connectivity in rural and northern communities are among the reasons for the “tidal wave” of Indigenous peoples starting businesses.
Hilton, who is of Nuu chah nulth descent from the Hesquiaht Nation on Vancouver Island, says women are leading the way.
“I think we’re seeing an increasing number of Indigenous women on corporate boards. We’re seeing Indigenous women increasingly undertaking master level business degrees and I think there’s a number identified that Indigenous women are creating businesses at five times the rate and I think it represents seeing business as a tool that makes sense for ourselves and our families and our communities,” says Hilton on the latest episode of Face to Face.
Hilton feels the pathway to becoming an entrepreneur is getting easier with more options for accessing start up funds.
“The growth of the Indigenous economy can’t exist solely within government programs,” says Hilton who believes banks are changing their mindsets when it comes to backing Indigenous business ventures and ideas.
“I think we’re seeing, at the top levels, if you look at the big six banks, including Bank of Canada, we’re seeing Indigenous peoples as corporate directors on these banks and that is a massive shift,” says Hilton.
“Some of those include residential school survivors who within a generation are accessing and creating spaces and sitting at tables that were never meant for us as Indigenous people.”
Hilton believes the financial sector is also responding in a way that advances economic reconciliation.
According to the latest Statistics Canada data, in 2018, there were 37,000 Indigenous owned businesses.
Hilton’s authored the book Indigenomics: Taking a Seat at the Economic Table which highlights the emerging Indigenous economy and igniting the $100 billion Indigenous economy.
Hilton says Indigenous peoples make up five per cent of the population and five per cent of Canada’s economy would be $100 billion.
She says historically, Indigenous peoples have been most active in the natural resources sector but sees communications and technology as emerging sectors.
Next April, Hilton will release her new book, The Rise of Indigenous Economic Power, Destructing Indian Act Economics.
The Indigenomics Institute hosts annual events in Winnipeg, Saskatoon, Vancouver and Toronto.
It’s set to host its fourth event of 2024 on Nov. 14 – a virtual 24 hour Indigenous global economic forum that will feature 36 speakers.
Hilton says the conferences build on the narrative of successful Indigenous business leaders and provide positive stories and a support network.
“I think it’s important to start building an ecosystem of people around you, other business owners. I think it’s equally important to be able to address courage because it takes a lot of courage to become an Indigenous entrepreneur,” says Hilton.
