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Tabatha Bull, the President and CEO of the Canadian Council for Indigenous Business (CCIB), shared in her recent interview, insights into the organisation's role and the challenges and opportunities facing Indigenous businesses in Canada. Some of the things highlighted during her interview were her vision for CCIB, challenges associated with Indigenous investment and the state of Indigenous businesses.
CCIB's Vision and Mandate
CCIB marked their 40th anniversary, demonstrating a longstanding commitment to supporting Indigenous entrepreneurship and economic empowerment. She highlighted CCIB's enduring mandate to promote Indigenous business growth, facilitate partnerships, and advocate for supportive policies.
The organisation is vital in connecting Indigenous businesses with corporate partners and government agencies. She emphasised the importance of research-driven programmes and collaborations to address barriers to Indigenous economic participation and promote inclusive economic development strategies.
Canadian Council for Aboriginal Business Events
https://www.ccab.com/events/
Gaining Momentum For Change
There remains untapped potential for Indigenous businesses to equitably contribute to the Canadian economy and there are many unique barriers that Indigenous businesses encounter. Through advocacy efforts, CCIB is addressing these discrepancies, ensuring fair access to financial support for Indigenous enterprises.
She also emphasised the historical banking relationship gap faced by Indigenous businesses, with only one-third having established connections with financial institutions. CCIB collaborated with banks and government bodies to secure alternative funding mechanisms, addressing cash flow challenges made worse by the pandemic.
Organisations like Meta, Google, and Uber proactively engaged with CCIB to explore avenues for meaningful partnership and support for Indigenous communities. This shift in corporate engagement signified a growing recognition of the importance of Indigenous inclusion and reconciliation in Canada.
Breaking Barriers: Addressing Challenges in Indigenous Investment
Her journey in the energy sector provided firsthand insight into the obstacles faced by Indigenous communities striving for equitable partnerships in renewable energy projects. Despite governmental procurement initiatives, Indigenous communities often encountered barriers to full ownership and control in these ventures. She highlighted the significance of policy frameworks, such as loan guarantees, in mitigating financial risks for Indigenous businesses—a tool initially pioneered in Ontario and now gaining traction nationwide.
A key impediment is the systemic bias and perception of Indigenous businesses as riskier investments— a stigma deeply entrenched in the investment landscape. Moreover, the complex land tenure system on reserves further exacerbated challenges, limiting access to traditional forms of collateral for securing loans and mortgages. Addressing these biases and fostering a deeper understanding of Indigenous entrepreneurship are essential in breaking barriers to investment.
She also underscored the transformative potential of land claims and treaty agreements in unlocking economic opportunities for Indigenous communities. As wealth and equity accrue from these agreements, Indigenous communities are poised to become active players in investment ventures.
However, building strong partnerships with industry stakeholders is essential to harnessing this potential effectively.
The interview highlighted innovative investment models emerging within Indigenous communities, such as the Clearwater story—a testament to the creativity and resilience of Indigenous entrepreneurship. Collaborative investment vehicles, facilitated by partnerships with industry leaders, offer promising avenues for Indigenous businesses to thrive and scale.
Recognition and Impact
Historically, there had been a lack of Indigenous representation among CEOs who received this prestigious award. Her achievement stood out not only because of her Indigenous background but also because of her leadership role in a not-for-profit organisation, which is a departure from the usual recipients who often hail from for-profit companies. This deliberate recognition by Rocco Rossi, former CEO of OCC, pushes the importance of bringing attention to Indigenous leadership.
The nomination process for this award, driven by Corporate Canada, speaks volumes about the growing recognition of Indigenous leadership in the business landscape. Her win not only acknowledged her individual accomplishments but also shines a spotlight on the crucial work being done to integrate Indigenous perspectives into mainstream business practices. This recognition has the power to attract attention from sectors that may not typically engage with Indigenous initiatives, prompting broader conversations about support and collaboration.
One of the key aspects she highlighted was the importance of maintaining Indigenous control in businesses, often defined as 51% ownership and control. This posed challenges when seeking investors, as relinquishing control could jeopardise the Indigenous status of the business. Discussions around innovative solutions, such as dual-share structures, were essential for preserving Indigenous autonomy while securing necessary investments.
Indigenous Project Ownership
source: https://climateinstitute.ca/wp-content/uploads/2022/02/ICE-report-ENGLISH-FINAL.pdf
Tabatha Bull’s Significant Role at Dexterra Group
She emphasised the stark disparity in Indigenous representation on public boards, with only a handful of Indigenous individuals occupying such positions. Despite her familiarity with many of them, she recognised the untapped potential of numerous Indigenous leaders who could fill these roles. She advocated for greater inclusivity not only for Indigenous people but also for women and other underrepresented groups, recognising the significant role of diverse perspectives in driving leadership and decision-making in boardrooms.
Her appointment to the board of Dexterra Group, an organisation with significant involvement in mining camps, forestry, and Indigenous community engagement, reflected a recognition of her multifaceted expertise. She, an engineer by training, brought a unique blend of technical skills and business acumen to the table. Her recent completion of the Institute of Corporate Directors (ICD) designation further enhanced her credentials, positioning her as a valuable asset in corporate governance.
Drawing on her engineering background, she approached boardroom discussions with a keen eye for risk evaluation and strategic analysis. She emphasised the importance of data-driven decision-making, leveraging her analytical prowess to advocate for informed strategies and partnerships.
Navigating Indigenous Business
One significant aspect of CCIB 's work is its focus on facilitating trade opportunities for Indigenous businesses. Through partnerships with organisations such as Global Affairs Canada, CCIB conducts research and analysis on Indigenous businesses' propensity to export. By identifying trade agreements and opportunities, CCIB aimed to support Indigenous businesses in expanding their reach and accessing new markets.
Despite the absence of a dedicated trade office for Indigenous businesses, CCIB is actively advocating for its establishment. She emphasised the importance of having a centralised hub to support Indigenous businesses in navigating trade opportunities and connecting with international partners. Such an office would serve as a crucial resource for both Indigenous businesses seeking to export, and foreign governments interested in engaging with Indigenous entrepreneurs.
CCIB advocated for the inclusion of Indigenous businesses in procurement processes conducted by foreign governments and diplomatic offices. By encouraging the procurement of goods and services from Indigenous businesses, CCIB aimed to enhance their visibility and economic opportunities on a global scale.
Expectations From The Canadian Indigenous Investment Summit
For her, the summit presented an opportunity to showcase the resilience and growth of Canada's Indigenous economy. She highlighted the importance of conveying the message that Indigenous communities offer real investment opportunities. Through these opportunities, she aimed to set a foundation for collaboration and economic empowerment.
Moreover, she sought to address historical narratives surrounding Indigenous wealth and opportunity. She acknowledged the impact of generational wealth loss and emphasised the need for all Canadians to play a role in rebuilding it. She advocated for a collaborative approach, outlining empowerment rather than handouts.
Dispelling myths surrounding Indigenous communities' stance on resource projects was another key objective for her. She challenged misconceptions that Indigenous communities were inherently opposed to such projects and stressed the willingness of many communities to engage in partnerships. By addressing these misconceptions, she hoped to create a more accurate understanding of Indigenous perspectives and foster investment confidence.
Furthermore, she outlined the importance of dialogue and openness to discussion. She encouraged participants to engage in conversations with Indigenous communities, recognising that asking questions is a crucial step in understanding and building relationships.
Tabatha Bull shares her insights on energy transition at the Canadian Indigenous Investment Summit.
The Canadian Indigenous Investment Summit was a resounding success, leaving a lasting impact on all participants. With Tabatha Bull, among other distinguished panellists, leading insightful discussions, the summit provided a vital platform for advancing Indigenous economic development.
As the summit concluded, it became evident that the conversations sparked here will continue to inspire collaborative efforts towards building a more inclusive and prosperous future for Indigenous peoples and all Canadians alike.