2024 in Review: Milestones in Indigenous Business

2024 in Review: Milestones in Indigenous Business
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As we approach the end of 2024, Indigenous enterprises in Canada have attained remarkable milestones, showcasing unparalleled resilience, ingenuity, and a dedication to economic advancement. These achievements, born out of challenges, have enhanced the business environment and played a significant role in promoting economic reconciliation and establishing opportunities for future generations. This year has seen unprecedented donations, increased support, and significant growth in industries such as tourism, infrastructure, and entrepreneurship. This document presents an overview of essential advancements in Indigenous business throughout the preceding year.

Record-Breaking Economic Contribution

In 2024, Indigenous businesses achieved a remarkable economic impact, playing a vital and significant role in Canada’s economy. Securing over $10 billion in Commonwealth contracts was a significant achievement, attributed to the Indigenous Procurement Policy (IPP), something that was introduced back in 2015. This remarkable achievement highlights the increasing competitiveness and capability of Indigenous businesses across various sectors, including construction, technology, creative industries, and professional services.

This accomplishment is a testament to the empowerment of Indigenous communities, as it has created opportunities for employment, training, mentorship, and financial figures. The resilience and entrepreneurial spirit that fueled the development of this sector in 2024 are demonstrated by these economic contributions, which are assisting in reducing the economic disparity between Indigenous and non-Indigenous Canadians. Since 2015, the government’s Indigenous procurement policy has netted $10 billion in commonwealth contracts for enterprises owned by Aboriginal and Torres Strait Islander people.

Out of 4,100 Indigenous firms, Daniel Joinbee’s Gunggandji Aerospace is one of the few that has received over 71,000 contracts in the last nine years. 


Expansion of Indigenous Business Support

In 2024, there was a notable expansion of support for Indigenous businesses, featuring several key initiatives designed to promote diversity and inclusion in the Canadian business environment. The Business Development Bank of Canada (BDC) has pledged to invest $250 million to support Indigenous and Black-led businesses. This funding encompasses a $50 million initiative that offers loans and training tailored for Indigenous, Black, and women entrepreneurs, generating under $3 million in revenue.

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BDC Capital also announced two additional $100 million funds in 2024, reinforcing its commitment to assisting minority business owners. These programs supplement the $500 million fund established for women entrepreneurs in 2022, which continues to benefit Indigenous and Black women. Furthermore, BDC’s establishment of a new inclusive entrepreneurship team demonstrates the organization’s commitment to enabling diverse enterprises and encouraging equitable growth in Canada’s business environment.


Growth in Indigenous Tourism

Indigenous tourism emerged as a significant growth area in 2024, demonstrating both resilience and expansion within the sector. The Indigenous Tourism Association of Canada (ITAC) has introduced its comprehensive 2024-25 Action Plan, designed to establish Canada as the worldwide leader in Indigenous tourism by 2030. The plan aims to boost the sector’s contribution to Canada’s GDP from $1.9 billion to $6 billion each year.

The ITF’s Signature Indigenous Tourism Experiences Stream (SITES) was established in 2024 to bolster this lofty expansion. With a boost of $10 million in federal financing, SITES aims to elevate significant Indigenous tourism projects, offering visitors from around the world authentic and culturally rich experiences. Indigenous tourism is on the rise, which bodes well for the future of Canada’s tourism economy and the global dissemination of Indigenous knowledge and traditions.


Equity Ownership and Partnerships

Equity ownership in significant infrastructure projects represented a crucial advancement for Indigenous businesses in 2024. The final investment decision for Cedar LNG, a $4-billion liquefied natural gas terminal primarily owned by the Haisla Nation, represents a significant milestone, establishing it as Canada’s largest Indigenous-owned infrastructure project.

Furthermore, TC Energy Corp. revealed a $1 billion deal to divest a minority interest in its Western Canadian natural gas transmission network to a coalition of Indigenous communities. Despite encountering challenges, the agreement signifies a notable advancement in Indigenous equity involvement in initiatives on traditional lands. These initiatives showcase a noteworthy trend in which Indigenous communities advance past conventional benefit agreements to engage as full partners in economic development and ownership, securing financial gains and a significant role in decision-making processes.


Recognition and Awards

The BC Achievement Foundation’s Indigenous Business Awards will continue recognizing Indigenous business excellence in 2024, honouring outstanding entrepreneurs and enterprises from various areas. The awards recognize a wide range of accomplishments, including young entrepreneurs beginning new ventures and community-owned firms having a significant effect on their communities.

These accolades reached far beyond provincial borders, with Indigenous entrepreneurs achieving recognition on both national and international stages. These awards recognize individual businesses’ remarkable achievements while motivating the upcoming generation of Indigenous business leaders. They encourage these future leaders to chase their entrepreneurial dreams and play a role in economic development and cultural renewal.

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For Indigenous businesses in Canada, 2024 has been an incredible year, full of noteworthy financial successes, improved support and advancements in infrastructure and tourism. This year’s milestones showcase Indigenous communities’ resilience, innovation, and entrepreneurial spirit, making them vital contributors to Canada’s future economic success.

Looking ahead, Indigenous businesses are poised to significantly influence Canada’s economy, promoting growth, nurturing partnerships, and aiding in economic reconciliation. The achievements of 2024 lay a solid groundwork for ongoing advancement, ensuring that Indigenous businesses will stay prominent in Canada’s changing business environment for the foreseeable future.

The Indigenous-SME Magazine is an invaluable resource for Canada’s small Indigenous companies, both nascent and established. To view our magazine, please visit the following website here. To remain up to date on the latest news, please consider following our X account by clicking here. We encourage you to join our community of enthusiastic people interested in business. 

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