Chelsea Angel is a JD/MBA student at Western Law and Ivey Business School. Prior to returning to university, she worked in finance as well as management and technology consulting roles at Accenture for nearly 3 years. As an active member of Accenture Toronto’s Corporate Citizenship team, she founded a mentorship program for underprivileged youth and was the Relationship Lead for 2 non-profits dedicated to economic empowerment.
Introduction
On July 30, Ivey's Institute for Leadership welcomed Frankie Young, Professor at Western Law and Mi’kmaw woman, to discuss the past, present and future of Indigenous economic development in Canada in their Sip & Speak Webinar Series. Professor Young leverages the insight she gained as a VP at RBC Wealth Management (Indigenous Trusts) and practicing lawyer to encourage her students to critically consider the law’s economic implications on Indigenous peoples.
I had the pleasure of taking Professor Young’s first year property law class. This summer, I was also her Research Assistant. As a non-Indigenous person, it has been incredibly enlightening to learn about the impact of corporate and property law on Indigenous economic advancement. When Jana Seijts, my former Management Communications professor, posted an article about the thriving Indigenous business sector being Canada’s best kept secret, I reached out to her immediately. I knew it was an area where Professor Young could offer invaluable insight.
Current Landscape of Indigenous Economics in Canada
Indigenous peoples have made substantial economic strides in the last twenty years. Legal reform in Indigenous property rights has facilitated land settlement claims resulting in billions of dollars in assets under management today. While the Indigenous small business sector is growing at approximately six times the rate of the non-Indigenous business sector and has been compared to emerging markets such as China, this is not necessarily the narrative that most people in Canada have heard. The overall objective of the event was to promote awareness around the upward trajectory of Indigenous economic advancement by highlighting economic successes and opportunities.
However, we are unable to create solutions for the future, unless we have a comprehensive understanding of the historical factors that have shaped Indigenous economics today. From a legal perspective, certain laws created in the 19th century, including provisions in the Indian Act, prevented full ownership of land for some Indigenous peoples, and continue to inhibit Indigenous economic development today. Nevertheless, developments within the law and the introduction of section 35 in the Constitution Act in 1982 have contributed to the upward trajectory of Indigenous economies in Canada.
Leveraging Business Knowledge to Initiate Social Change
The courses that I completed throughout my MBA, such as macroeconomics, finance and strategy, have given me the knowledge to understand the economic implications of certain laws and historical practices. For instance, I realize how provisions in the Indian Act, preventing Indigenous peoples from obtaining credit by using land or personal property as collateral, has constrained their economic development. In addition, the inability of Indigenous peoples to historically enter certain industries and diversify their investments left them open to unsystematic risk, which is risk inherent within a specific industry or company.
My education at Ivey has also given me the ability to conceptualize solutions to these issues. Furthermore,through my relationship with Seijts – a highly inspirational faculty voice and advocate for diversity, equity and inclusion – I was able to be a catalyst in making this event happen. As members of the Ivey community, we have access to a wealth of business knowledge and networks than can initiate social change.
Educating Business Leaders about Diverse Perspectives
During my business undergrad, I took a course on the history of race relations and popular culture that trained me to critically analyze how media messages produce racial stereotypes. This course shaped my ability to understand diverse perspectives and recognize subconscious bias. In turn, it made me a better leader and team member. We are living in an increasingly globalized and diverse world. It has become a necessity, not merely an option, for business leaders to gain a more comprehensive understanding of the perspectives of historically marginalized people within society.
Call-to-Action for Support of Indigenous Business and Peoples
The strong turnout for the event confirmed that there are members of the Ivey community and beyond (the Sip & Speak series is open to the public) who want to educate themselves on how they can contribute to social and economic advancement. We must continue to work towards creating a more inclusive space for BIPOC in the corporate world.
At Ivey, we are often told to trust the process. However, we have to be careful not to become complacent. It has become clear that certain processes and laws within society have not benefitted everyone equally. In the midst of a global pandemic that has disproportionately impacted BIPOC and women, a call to action for social change has emerged. We all have a responsibility to answer that call with concrete initiatives and actions.
For more information on how you can support the economic advancement of Indigenous peoples:
- Support Indigenous owned businesses either as a customer or investor
- Government website for Indigenous Business Success Stories
- Government website for Indigenous Business Directory
- Socially Responsible Investing – choosing to invest in companies that support social causes or values, and/or choosing not to invest in companies with a history of transgressions against Indigenous peoples and rights
- Mentor Indigenous youth (LEVEL Youth Indigenous Outreach Program)
- Create corporate mentorship and internship programs that allow you to source rising Indigenous talent
- Global Fortune 500 companies have started to use these types of programs
- Ensure hiring processes are devoid of subconscious bias
- Provide all employees, especially those in hiring positions, with race relations and subconscious bias training
- Provide scholarship/bursary programs for Indigenous youth to encourage them to pursue an education in business
Additional Resources/Links to Support Indigenous Economic Development
- LEVEL Youth Indigenous Outreach Program
- Description: innovative justice education and mentorship program for First Nations, Métis and Inuit youth aged 11 - 14
- Contact: Caitlyn at pmyo@leveljustice.org for more information on how to volunteer as a mentor
- Free Course on Indigenous History (University of Alberta)
- 8th Fire Series – Indigenous History
- Canadian Council for Aboriginal Business
- Indigenomics Institute
- National Aboriginal Trust Officers Association
- National Indigenous Economic Development Board