15 November 2024
By Darryl Majid, Esparq Ventures
Read the full article in Philanthropy Australia
1. How does this event differ from TFN’s usual format and why?
The beauty of this initiative is that it aligns closely with TFN’s usual format: we still have three organisations pitching for funding, reporting follows the same structure and these remain grassroots organisations driving impact. By creating a dedicated First Nations event and reaching out to our network for applicants, we’ve been able to engage organisations that are often excluded from similar initiatives.
We’ve also ensured this process is led by First Nations voices, with a selection panel composed of leaders from First Nations TFN Alumni – DeadlyScience, Enterprise Learning Projects (ELP) and Ngarrimili. Together, we designed the application and selection process, with TFN providing the flexibility to let us lead while working in partnership.
Corey Tutt OAM, Liandra Gaykamangu and Bek Laksy have been incredible in this, not only helping to shape a meaningful initiative but also stepping in whenever needed to provide guidance and support to our applicants and finalists.
2. Why does this event matter?
This is ultimately about creating opportunity. I constantly meet First Nations entrepreneurs who are doing incredible work or have promising opportunities but are held back by a lack of startup funding or limited networks.
We’re here to demonstrate that when First Nations entrepreneurs and leaders are given the freedom to lead and access to the right resources at the right time, they can achieve extraordinary results.
Philanthropists and corporates need to recognise that the solutions already exist within communities – they’re just waiting to be activated. What’s needed is support to overcome those initial barriers: early-stage funding and wraparound support.
When provided, these businesses not only grow but create social impact along the way, ultimately becoming viable within mainstream funding models.
3. What barriers do traditional funding models tend to present for First Nations enterprises?
I’m incredibly fortunate that my first funder was VivCourt Trading. They provided flexible seed capital to get us off the ground, but their support went far beyond the money. They’ve been mentors, advocates, door-openers, emotional supporters, and have even worked alongside us.
One of the most valuable aspects has been their reputation, which has signalled to others that we’re worth backing. Thanks to their initial support, we’ve since secured funding from the Bright Moon Trust, Cages Foundation and another private funder. These partners have been fantastic, trusting our approach and allowing us to stay true to our vision without having to make compromises. This backing has helped us and our partners secure more than $5 million in capital this year, creating 25 new First Nations jobs and launching more than five new businesses.
We’ve been lucky, because many First Nations enterprises without supportive partners struggle to access that first wave of funding. Often, they don’t know who to approach, are competing for the same government grants, or lack the trading history that funders often want to see. And even when funding comes, it can mean pressure to change board members, take on projects outside their mission, or acquire assets they don’t need just to fit a ‘safer’ profile.
I believe the way forward is community-led funding that also provides wraparound support – that’s exactly what we’re striving to create.
4. What difference will the fact that this is untied, flexible funding make to the enterprises?
Time and again, we’ve seen funding handed out with good intentions, but little understanding of what communities actually need. When resources or assets are provided without a plan that respects the community’s input and autonomy, it can turn into a burden instead of a benefit.
It’s frustrating to see the disconnect when funders limit Indigenous communities from deciding how to use these assets or make an income. Effective funding means trusting First Nations communities to lead, allowing them to shape their own sustainable, community-centred solutions. At this TFN event, we’re trusting these leaders to pursue growth on their own terms, without unnecessary constraints. We’re championing a shift toward funding models that support Indigenous innovation and self-determination across Australia.
The First Nations Crowdfunding Event will be held in Sydney on 28 November with a Watching Party in Melbourne and streamed worldwide. Find out more and register today.