Supporting the new Indigenous economy through meaningful change

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The fourth session of the ‘At the Table’ roundtable series, presented by Mastercard, was held on Sept. 19, 2024 at The Globe and Mail offices, where five industry leaders shared their experiences and insights on Indigenous entrepreneurship.

“Indigenous people are calling to account: we belong in the structures of commerce. We belong in the structures of finance,” says Carol Ann Hilton, joining At The Table a second time after speaking on access to capital back in June.

As the founder and CEO of the Indigenomics Institute and the Global Centre of Indigenomics, Hilton has long been a vocal advocate for breaking down the economic barriers that have historically marginalized Indigenous communities, emphasizing that Indigenous Peoples’ participation in commerce is not only overdue but essential for the future of Canada’s economy.

Pow Wow Pitch is a non-profit organization that empowers Indigenous businesses and provides mentorship opportunities to Indigenous entrepreneurs. Earlier this year, Mastercard renewed its partnership with Pow Wow Pitch for the third year in a row, continuing its support of the community and entrepreneurial spirit.

“It really opened my eyes to how many incredible Indigenous entrepreneurs there are,” says Rachael Hunt, founder of Freedom School and the 2023 Pow Wow Pitch Knowledge Winner.

Pow Wow Pitch provides an essential platform for Indigenous entrepreneurs to not only showcase their talents but also build the networks necessary for long-term success. Its emphasis on mentorship and community speaks to the broader need for supportive ecosystems where Indigenous businesses can thrive.

“This is a hot time for us,” Hunt says. “This is our time to take up that space, rise in our power and our potential.” For many Indigenous entrepreneurs like Hunt, the opportunity to access such platforms marks the beginning of a new chapter—one in which their contributions are not only acknowledged but celebrated, rectifying decades of economic exclusion.

Paradigm shifts are a collective effort

The media industry is facing a similar reckoning.

“Indigenous Peoples have gone from having stories told about them to harnessing the modes of production and telling stories for decades now,” says Kerry Swanson, CEO of the Indigenous Screen Office (ISO), who was headed to APTN’s 25th anniversary celebration later that evening.

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Swanson’s work at the ISO highlights how important it is for Indigenous voices to not only be heard but also to control the narratives that shape perceptions of Indigenous communities. This shift from passive subjects to active creators is indicative of broader economic empowerment trends across sectors.

Storytelling paradigms are changing, and Indigenous voices are finally having their moment – but significant barriers remain.

“We’re seeing that shift but, unfortunately, we’re seeing it at a time when the broadcasting industry is contracting,” she says. In these circumstances, many producers can fall back on capital and networks when immediate funds are limited.

For Indigenous creatives, the ability to compete is hampered by structural issues that have historically deprived them of the capital and networks needed to sustain their work. This lack of generational wealth—so often a safety net for other industries—creates a harsher environment for Indigenous businesses and creatives who must constantly find new ways to fund their projects. On top of that, many reserves don’t have accessible banking technology, often due to lacking both infrastructure and internet connection.

“Indigenous folks didn’t have generational entrepreneurship to learn from,” says Michele Baptiste. “A lot of us are trailblazing.”

When she worked at a financial institution 14 years ago, Baptiste saw Indigenous entrepreneurs struggle to get loans for their business ideas. Now after her role as a project manager at the Indigenous Centre for Innovation and Entrepreneurship in Toronto, Baptiste feels optimistic about the growing recognition of Indigenous creativity and industry.

She sees companies developing long-term working relationships with Indigenous communities and learning to respect the value of Indigenous work. By building new business partnerships, these networks are starting to fill the gap caused by centuries of inequity.

This ongoing wave of collaboration is not just about economic inclusion but about creating partnerships built on mutual respect and shared values. Indigenous entrepreneurs bring a wealth of cultural knowledge and unique approaches to business that companies are beginning to recognize as invaluable.

“The way to sovereignty is through economic empowerment, not through transfer payments,” Baptiste says.

Challenging traditional structural barriers to business

Sasha Krstic, president of Mastercard, Canada, listened intently to every comment. She highlighted how Indigenous women are especially prolific at starting small businesses, more so than men. And, according to the Government of Canada, Indigenous women are two times more likely than non-Indigenous women to start a small business.

“We recognize that this entrepreneurial spirit is a powerful driver of economic growth. It’s such a huge tidal wave, but it’s being blocked by very systemic and traditional pillars of how business is done—whether it’s outdated contract structures, access to capital or digital infrastructure,” Krstic said. “At Mastercard, we’re committed to supporting Indigenous entrepreneurs by working to collaboratively address these challenges through strategic partnerships and tailored resources.”

One good place to start is by getting away from rigid contract structures.

“Just because we always did a contract this way doesn’t mean we still have to,” says Baptiste. “Culture needs to be recognized by corporations that want to get into partnerships with Indigenous communities or entrepreneurs.”

Hunt agrees. “A lot of Indigenous entrepreneurs are outside the scope of what’s typical, traditional and conventional,” she says, pointing to herself.

Corporations typically focus on scaling and selling businesses, but that doesn’t align with Indigenous economic values of a sustainable livelihood and wealth building for the community.

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“All systems today are set up to drive scaling and selling businesses, but that’s not every entrepreneur’s goal,” says Krstic. “We need a more sophisticated, differentiated framework to support both paths—not a one-size-fits-all approach.” She emphasized that Indigenous entrepreneurs bring unique approaches to business—rooted in community values and resilience—which can drive sustainable economic growth.

“Every time you get to the table with a government or big business, they have a fixed idea of what a contract is,” says Swanson, adding that applying for funding often feels like running through an obstacle course over and over again. Soon, she had enough.

“If the Government of Canada actually believes in self-determination, then they’ll let us run the fund the way we need to,” says Swanson. “We know how to do this.”

Swanson successfully negotiated allocation for capital in a financial contract with the federal government. From funding the first large-scale production studio in Iqaluit, Red Marrow Media, to sending iPads around remote communities, access to capital allows ISO to make their own decisions efficiently and effectively.

Now, the onus for change is on big businesses. “The obligation is to turn the insight and lessons that we learned into strategic partnerships that collaboratively benefit Indigenous entrepreneurs and communities,” says Krstic.

Recently, Hilton announced the 100 Billion Dollar AI-Generative National Economic Study in collaboration with several partners including Mastercard. This study is focused on creating technology-driven frameworks that help Indigenous businesses access financial resources, scale effectively and achieve economic self-determination.

Indigenous entrepreneurs are key to both their own prosperity and to the future of Canada’s economy. By amplifying their voices and supporting their economic ambitions, the broader business community can foster an inclusive digital economy that benefits everyone across Canada. Ensuring equitable digital access and alternative platforms, such as consumer-driven banking, are also necessary for this swelling wave of talent to help Indigenous businesses achieve long-term growth and sustainable success.

“We’re looking at the rise of Indigenous economic power,” Hilton says. “Let’s just build this space and we’re going to roar.”

The Indigenomics Institute is leading the development of a 100 Billion Dollar AI-Generative National Economic Study, which will pivot away from measuring against the backdrop of GDP and instead focus on the innovative narrative and measurement of how value creation is happening in the Indigenous economy. Mastercard is proud to be partnering with the Indigenomics Institute on this study, to support the growth of the Indigenous economy, with a focus on entrepreneurship and economic inclusion.

Advertising feature produced by Globe Content Studio with Mastercard. The Globe’s editorial department was not involved.