Igniting Dreams: Young entrepreneurs participate in program to accelerate Indigenous-led businesses

31 Oct 2023 – A new cohort of First Nations entrepreneurs are participating in a program to inspire innovative approaches to solving global challenges, building capacity and enhancing business skills. Youth Co:Lab programme in Australia is co-led by the United Nations Development Programme (UNDP) and Citi Foundation, in partnership with Minderoo Foundation.

In July 2023, 200 youth participants representing 20 countries and territories attended the Youth Co:Lab Regional Summit in Bangkok, Thailand, to discuss how they can help tackle the world’s most pressing societal issues through leadership, social innovation and entrepreneurship.

Twenty-five First Nations entrepreneurs aged 18-30 have been selected to participate in the Minderoo Foundation’s Dream Venture masterclasses, run in partnership with the Wade Institute, which takes place in March 2024 and culminates in a pitch Gala event in April 2024.

They will receive coaching and mentorship to grow their businesses, attract investment and gain access to networks. Each can win up to $200,000 in seed funding and have the opportunity to pitch and network with investors and entrepreneurs at the Gala event in April 2024.

The Masterclasses will be facilitated by the Wade Institute of Entrepreneurship, a leading Australian centre for entrepreneurial training.

Participants will learn key strategies to raise capital and become investor-ready, meet like-minded First Nations entrepreneurs, investors and business leaders, and understand how to grow a sustainable business that balances social and economic returns.

Leslie Delaforce, Head of Indigenous Entrepreneurship, Minderoo Foundation, said the initiative, in its second year, has promoted awareness among international stakeholders, both government and business, of the unique role that young First Nations entrepreneurs can play in contributing towards the Sustainable Development Goals.

“What we are currently seeing is First Nations entrepreneurs overcoming obstacles and not only producing incredible results in Australia but also making an impact globally. The potential here is endless. Minderoo is proud to support the growth of First Nations business and entrepreneurship through the Dream Venture program, which will take place in 2024,” said Mr Delaforce.

Beniam Gebrezghi, Programme Specialist, Youth and Civil Society, UNDP Asia and the Pacific, added, “At Youth Co:Lab, together with our co-leads Citi Foundation, we are excited to be partnering with the Minderoo Foundation to support young Indigenous entrepreneurs. Our commitment to inclusivity, ensuring no one is left behind, remains central at the core of our work and programming. Dream Venture Masterclass represents another significant step towards our vision of empowering all youth. We look forward to enabling young founders in Australia and making them a part of our Asia-Pacific wide Youth Co:Lab community.”

Louise Lindsay, Head of Corporate Affairs, Citi Australia said, “UNDP and the Citi Foundation co-created the Youth Co:Lab initiative in 2017, recognising the key role youth can play in enabling progress and finding solutions for the most pressing challenges faced in their communities. We are delighted to support Youth Co:Lab in Australia and in partnership with UNDP and Minderoo Foundation enable young Indigenous entrepreneurs to become investment-ready and create economic opportunity.”

In July 2023, First Nations entrepreneurs were among 200+ participants at the regional Youth Co:Lab Summit 2023 held in Bangkok, Thailand, under the theme ‘Inclusive Entrepreneurship’, showcasing and inspiring youth action from underserved communities, as well as youth contributing to solutions to support the most excluded and hardest to reach groups to leave no one behind.