Indigenous entrepreneurs, business people and innovators gathered in Perth last week to learn insightful tips and tricks from some of the best in the business.
The inaugural First Nations X Masterclass initiative hosted more than 100 indigenous business owners and investors, presenting talks by everyone from global venture capitalists to mining entrepreneurs.
The event aimed to address the growing market of indigenous businesses in Australia, with over $2 billion per year being generated by less than 12,000 First Nations-led businesses across the country.
First Nations X cofounder Peter Rossdeutscher said though the indigenous-owned sector is very diverse, spanning from accounting and arts to bush tucker and mining and building services, he believes the future is leaning towards new tech.
“With more than half of Aboriginal Australians being less than 24 years old there is a rapidly increasing number of technology-enabled indigenous startups,” he said.
They are drawing on a huge amount of talent and interest in technology that was further stimulated by the push of all sectors to online by market trends and Covid.
Peter Rossdeutscher, First Nations X
Following a welcome to country from Noongar elder Robyn Collard, speakers commenced the fireside chats full of inspiring tips and anecdotes.
Among them were global venture capitalist Bill Tai (an early investor in Zoom, Twitter and Canva), Remy Crick of Indigenous Capital Limited, and indigenous business sector facilitators Les Delaforce (Head of Indigenous Entrepreneurship at Minderoo Foundation), Kyra Galante (First Nations Participation Director at Worley), Kylah Morrison (General Manager at METS Ignited), and Florence Drummond (Founder of Kara Ged).
Though startups only make up a small percentage of the indigenous business sector, they are growing exponentially, with scaling events like First Nations X’s Masterclass greatly assisting in linking like-minded individuals together to network ideas.
Indigenous man Les Delaforce, who served as the event’s MC, highlighted that collaboration is a key factor to success in business.
“Having raised venture capital firsthand and expanded teams across Australia, Israel and Canada, I understand that navigating the entrepreneurial path can be challenging,” he said.
“Events such as this provide a unique opportunity for First Nation founders to connect and collaborate.”
Mr Rossdeutscher said the importance of supporting First Nations businesses cannot be underestimated.
“Indigenous businesses are up to 100 times more likely to employ Indigenous Australians,” he said.
They also diversify economic outcomes and contribute toward broader social and cultural well-being.
Peter co-founded the not-for-profit with Paula Taylor (who was named the Most Admired Startup Supporter at Freo Startup Fest last week), with support from the Minderoo Foundation, Atomic Sky, Innovative Energy Solutions, Curtin University, METS Ignited Australia Ltd, Red Terra Investments, Startup WA and the Department of Jobs, Tourism, Science and Innovation (JTSI).
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Curtin University is a sponsor of Startup News
