Indigenous economic power is on the rise in Canada, and it is challenging outdated narratives and redefining modern prosperity on our own terms as Indigenous Peoples. This emerging truth must stay clearly within focus on the visual horizon of the Canadian economy. The concept of Indigenomics serves to frame this wave of increased Indigenous economic activity. The rise of Indigenous economic power is more than just an economic trend, it is a movement towards building economic sovereignty, self-determination and economic justice outcomes by Indigenous Peoples.

Understanding Indigenomics

For decades, Indigenous Nations have been marginalized within Canada’s economy, which has created the false perception of Indigenous Peoples as beneficiaries of Canada’s wealth rather than net contributors. Today, Indigenous entrepreneurs, businesses, and communities are leading the way in building sustainable, inclusive, and innovative economic outcomes. The concept of Indigenomics focuses on the emergence and structure of Indigenous economic power today. It is bringing into focus the potential of Indigenous businesses and economies as well as the unfolding process of the assertion of control over our economic futures as Indigenous Nations. Indigenous economic power is about taking up space at the economic table that has been denied to us as Indigenous Peoples over time.

Indigenous businesses are thriving across Canada, contributing billions to regional and national economies. These enterprises are not only profitable but are also setting standards in social and environmental responsibility. Indigenous enterprises are creating critical opportunities for investment and partnership. This is the evidence of our time. It is time to showcase the success and impacts of Indigenous businesses within the local, regional, and national economies. It is time to start talking about Indigenous economic power.

Indigenomics is not just about economic participation; it is about creating a new economic paradigm that aligns with Indigenous values. It is about naming the economic framework of Indigenous economic sovereignty. The outcomes of the rise of Indigenous economic activity include a means to address community well-being, sustainability, increasing jurisdiction, long-term generational prosperity, and a return to stewardship of lands and resources. Today, Indigenous business success is bringing the evidence into focus of how Indigenous Nations and businesses are shaping economic value and building economic models that prioritize cultural preservation, environmental stewardship, and collective generational wealth.

The Future of the Indigenous Economy

Demonstrating key outcomes within the context of the rise of Indigenous economic activity is an essential exercise to shift the perception and understanding of the emergence of Indigenous economic power. For decades, the consistent narrative of the limitations and challenges of Indigenous business has been a focus on access to capital, the limitations of ownership through the Indian Act, and the shortcomings of government data about Indigenous Peoples, Nations and businesses and the metrics of the Indigenous socio-economic gap.

Within the context of the rise of Indigenous economic power, these themes have made up a narrative that is no longer acceptable. Instead, these challenges and limitations present an incredible opportunity for transformative change across corporate Canada and regional and local governments. This narrative can be shifted through the activation of the Call to Action 92 of the Truth and Reconciliation Commission which has called on Corporate Canada to Commit to meaningful consultation, building respectful relationships, and obtaining the free, prior, and informed consent of Indigenous peoples before proceeding with economic development projects.

The following outlines key trends that are shaping the rise of Indigenous economic power today:

1. The increasing irrelevance of the Indian Act in the Canadian economy and the modern Indigenous relationship: The Indian Act plays a significant role in slowing the pace of Indigenous business growth
2. Increasing partnership structures that are increasing access to capital for Indigenous projects: An example of this is the First Nations Bank of Canada and the Canadian Infrastructure Bank, which have jointly created a $100 million participation agreement to enable new infrastructure projects in First Nations, Métis, and Inuit communities
3. Increasing regional economic reports of the measurements of Indigenous Nations and businesses as net contributors to the local, regional and national economy: An example of this is the City of Calgary, which released an economic reconciliation report that said the local Indigenous economy generated a total GDP of $1.5 billion in 2021, approximately 1.2% of Calgary’s total GDP
4. Increasing Indigenous equity ownership in major projects—examples in this realm span across sectors such as airlines, energy corridors, pipelines, and transportation systems
5. Increasing Corporate Economic Reconciliation Action Plans: Commonly referred to as ERAPs, these plans describe corporate measurable and accountable Indigenous economic outcomes built by companies across various sectors. A leading example can be seen within TELUS, which has taken up the challenge of Call to Action 92 and is building connectivity solutions for Indigenous communities
6. Increasing strategic partnerships: The financial sector is beginning to adapt to the rise of Indigenous economic power. Led by investments from Scotiabank, Cedar Leaf Capital is systematically building an investment structure to advance the increase of access to capital for Indigenous businesses. This financial leadership is critical to building exponential Indigenous economic outcomes
7. Increasing structures for access to capital: The recently launched BMO for Indigenous Entrepreneurs lending program provides Indigenous business owners with greater access to working capital, educational resources, and professional partnerships to start up, scale up, and accelerate their businesses. This includes a commitment to double the financial institutions support for small business and women entrepreneurs compared to 2019 levels. Through this program, Indigenous business owners and entrepreneurs can receive loans of up to $150,000, which can be used for capital investments and is a game changer in financial institution leadership in advancing solutions to access capital for Indigenous entrepreneurs
8. Increasing the role of Indigenous procurement policies: Indigenous procurements are increasingly being developed as a structure for inclusion for Indigenous businesses. Some examples include the City of Saskatoon and the Yukon Territory, which are actively building significant outcomes in the Indigenous economy through the commitment to Indigenous procurement outcomes

The rise of Indigenous economic power is a testament to the resilience, leadership and innovation of Indigenous Peoples. As Indigenous businesses continue to shape our economic future, it is critical for governments, businesses, and society at large to recognize and support this powerful growing force. The future of the Canadian economy will be increasingly activated and more sustainable with Indigenous economic power at its core. This is the evidence of our times. This is Indigenomics.

By Carol Anne Hilton | Published by TheFutureEconomy.ca