Aboriginal and Torres Strait Islander entrepreneurs are building flourishing businesses in a wide range of sectors across Australia and making a substantial contribution to Australia’s economy. This is what Urbis found in its Enabling Prosperity report, commissioned by Westpac in 2014 to provide an analysis of factors that support entrepreneurship and economic development.
The creation of successful Indigenous businesses can create a ‘virtuous cycle’ that in itself can foster further economic development and wealth creation.
Enabling Prosperity, p. 7.
Urbis examined Australia and other English-speaking countries with a history of colonisation to understand how to promote economic development for indigenous peoples. Urbis identified five success factors: an authorising environment, human capital, access to capital and markets, infrastructure, and geography and agglomeration.
Through interviews, a literature analysis and case studies, Enabling Prosperity provides an evidence base to support further investment in Aboriginal and Torres Strait Islander business development and growth. The report was launched publicly in December 2014 and is available here.