Blak Angels, a delegation of ten First Nations angel investors, has partnered with the US Department of State to launch an initiative for aspiring Indigenous businesspeople in Australia. The initiative aims to create a network or syndicate of established First Nations investors that will invest in the next generation of First Nations startups. Similar to an old boys’ club but made up of successful Aboriginal and Torres Strait Islander businesspeople, Blak Angels is looking to provide an encouraging environment for Indigenous entrepreneurs. Mr. Les Delaforce, the head of First Nations entrepreneurship and industry at Minderoo Foundation’s Generation One, believes that having a network of Blak Angels would mean supporting each other’s growth and creating more employment opportunities for the Indigenous community.
Angel investors provide money to companies who are just starting out in return for a share. Mr. Delaforce added that to be an entrepreneur, one must not fear failure. He faced challenges when he was trying to attract investment into his business, receiving ignorant and racist questions when asked if because he was Aboriginal, he stole cars. Andrew Forrest, the founder of Minderoo Foundation, said that the Blak Angels initiative builds on the previous work of Dream Venture, which prepares Indigenous businesspeople to raise capital. The idea is to empower successful businessmen and businesswomen to invest in the next generation of Indigenous businesses, becoming sophisticated investors themselves.
US Ambassador to Australia Caroline Kennedy commended the initiative and said it is an example of the two countries working together to create economic opportunities for under-represented communities. The Blak Angels delegation will head to the US in September to meet with Native American, Latino, and African American investors and other leaders in the US investment sphere. In return, ten American investors will travel to different locations throughout Australia later this year to meet with the Blak Angels and other Indigenous business leaders and organizations. Founding member Morgan Coleman said that to play a role in leading the next generation of entrepreneurs is a great responsibility, given the growing momentum in the First Nations business sector.
