by Gabriel Louër
The Role of Futurpreneur in Indigenous Economic Reconciliation
Based in Toronto, Futurpreneur Canada is a crucial resource for entrepreneurs across the country. Since its founding in 1996, this national non-profit organization has been committed to nurturing entrepreneurial talent by providing crucial resources, mentorship, and financing with the objective of developing businesses throughout the country.
Empowering Entrepreneurs Through Tailored Programs and Support
Futurpreneur offers a variety of programs tailored to meet the diverse needs of entrepreneurs. Among these is the ‘Core Startup Program’ which grants up to $75,000 in financing along with two years of mentorship for those launching full-fledged businesses. For those pursuing their entrepreneurial aspirations alongside other commitments, the ‘Side-Hustle Program’ provides $25,000 in financing for part-time ventures.
Apart from their traditional programs is the Indigenous Entrepreneur Startup Program (IESP), designed specifically for entrepreneurs from Canada’s Indigenous communities. This initiative recognizes the unique challenges faced by Indigenous individuals in the business landscape and aims to provide tailored support to overcome these obstacles.
Addressing Barriers: Financial Literacy and Credit Health for Indigenous Entrepreneurs
Noah Wilson, a Senior Business Development Manager with the IESP, sheds light on the barriers that Indigenous entrepreneurs encounter. “When it comes to Indigenous entrepreneurs accessing our programs, the biggest barrier we see on a daily basis is around their credit health” says Wilson, “specifically, they don’t have enough history of managing credit or they’ve made common mistakes that have damaged their credit in the short-term.”
To address these challenges, Futurpreneur has launched “The Ohpikiwin: The Journey to Financial Empowerment Series.” a financial literacy program crafted with input from Indigenous-led mentors which incorporates culturally relevant learning material. The aim is to equip Indigenous entrepreneurs with the knowledge and tools necessary to navigate the financial landscape effectively.
Fostering Economic Reconciliation through Indigenous Entrepreneurship
For Wilson, the support of Indigenous entrepreneurs is not just a matter of economic empowerment but is also a vital step toward broader economic reconciliation in Canada. As he notes, strengthening Indigenous entrepreneurship contributes to the health of the overall Canadian economy, which has faced its own set of challenges in recent years.
Creating a supportive environment for Indigenous entrepreneurs requires enhancing access to capital, grant funding, and loan guarantees, says Wilson. Many Indigenous entrepreneurs struggle to secure financing from traditional institutions due to structural barriers in the Canadian system.
Expanding opportunities for grants and low-interest loans is crucial for both startups and growth. Additionally, providing loan guarantees can help Indigenous entrepreneurs build their businesses more effectively.
Coupled with this, Wilson adds, targeted capacity-building programs that equip entrepreneurs with essential business skills and financial literacy are vital for empowering communities to thrive.
Finally, expanding procurement opportunities for Indigenous-owned businesses is equally important according to Wilson. By prioritizing these businesses in procurement policies, sustainable revenue streams can be created, fostering broader participation in supply chains.
Effective support for capacity building is essential, as many Indigenous businesses face challenges with the rigorous bidding process which their non-Indigenous counterparts do not face.
Strengthening Indigenous-led ecosystems through organizations like Futurpreneur and the Indigenous Chamber of Commerce fosters collaboration and resource sharing. Together, these efforts pave the way for economic reconciliation, helping Indigenous entrepreneurs navigate challenges and achieve lasting success.
