Entrepreneurial spirit thrives in proper medium
Aboriginal business is a fast-growing sector of the Canadian economy. According to recent TD Economics estimates, aboriginal development corporations generated $8-billion in revenue in 2011, operating in sectors including airlines, mining, tourism, energy, manufacturing, environmental services and more. Small, independently owned businesses fared equally well, recording revenue of almost $1-billion, more than doubling their income over the past decade.
Statistics indicate that, despite ongoing social issues, there is growing business capacity in aboriginal communities and good reason to be hopeful about the future. According to a 2011 Canadian Council for Aboriginal Business survey, more than 250 economic development corporations are active in Canada today, with approximately 75% having been in business for 10 years or more. TD Economics’ forecast says combined revenue for development corporations and small business will reach $13-billion over the next five years.
Training and education remain high priorities, with several development corporations identifying employee training, recruiting and retention as important issues. Larger still were issues surrounding access to capital, with 60% noting concerns about access to credit.
Source: National Post, February 2, 2012