Opinion: Business Incubators and Innovation Centres

Submitted by the Anishinabek Nation Economic Development Department

In our last article, we examined the important role that small to medium-size enterprises could play in creating stability and supporting growth in any community. We also determined that the success of local economies is dependent upon people with an entrepreneurial spirit and access to markets for their products and/or services.

But could it really be that simple? Could a group of people with good ideas and a keen acumen for business, who are also willing to support each other, really meet all of the economic, commerce, trade, and consumable needs of our communities? Well, in a nutshell, the answer is: it’s complicated.

At some point in our lives, we all have that idea that crosses our minds and makes us believe that we have what it takes to be our own boss; however, not all of us are ready to take that leap of faith and risk our future for our great ideas. Most of us just stop daydreaming and get back to our daily work routines. There are those who are willing to take the risk but sometimes the lack of personal equity, capital, business support resources, or other supports are barriers that stop them from following their dreams. For many potential entrepreneurs, this is where the dream stops.

Wouldn’t it be great if there was a place where these potential small-business owners could get help navigating the process of becoming self-employed; gain access to start-up capital; and have daily access to resource people and materials to support the development of their small businesses? What if you could take your idea involving an emerging industry or technology – such as 3D printing, cryptocurrency, artificial intelligence, or sustainable resources (e.g., energy, hemp, etc.) – and allow it to germinate alongside other like-minded individuals’ ideas?

Very few people are actually aware that these supports currently exist in many of our First Nations and local communities. The organizations are sometimes referred to as Small Business Incubators, Business Accelerators, Business Centres of Innovation/Excellence, or Small Business Enterprise Centres. Regardless of what they are called, they all serve a common purpose of providing the necessary environment, tools, and supports that people who want to become self-employed require.

Most of these organizations can provide assistance or advice with the development of business plans that really are the entrepreneur’s roadmap to success. They can provide support in accessing business start-up funding, grants, or loans and in some cases even have their own micro-lending programs to make financing easier.

Some of the local business incubators even provide low-rate office space rentals for participants and in some cases even provide access to shared office and technical resources in an effort to reduce initial start-up costs. These initiatives not only create a safer haven to start a business but also encourage collaboration amongst incubator participants.

One of the main goals is to surround entrepreneurs with like-minded people, with whom successes, challenges, and potential pitfalls can be shared. This connection to others in your area who are on the same road to self-employment creates not only access to a support system of like-minded people but also a potential market segment for your idea.

Although it would seem almost altruistic of local government to support you and the development of your small business or enterprise, they have a dirty little secret. The thing they will not tell you when you walk in the door is that the local economy and the government are the real winners. More businesses means more tax dollars and more people keeping their money in the local economy. But wait, doesn’t that mean that you win twice? (Well, don’t tell anyone about that last part.)

If you would like to find a business development centre near you, the Government of Ontario maintains a listing of all of the Small Business Enterprise Centres funded in part by the province.  This listing can be found at www.ontario.ca/page/small-business-enterprise-centre-locations. At the national level, there exist Aboriginal Financial Institutions (AFIs) that are mandated to facilitate the development of Indigenous-owned businesses and to provide support to Aboriginal entrepreneurs. The National Aboriginal Capital Corporations Association’s website, www.nacca.ca, maintains a list of Aboriginal Financial Institutions that you can use to find one in your area.

This is where the idea of a First Nation Community Business Innovation Centre could facilitate the development of economies within our communities. Presently, there are not many small-business incubators within the Anishinabek Nation; and even though the opportunity is on the radar at the Anishinabek Nation, such an undertaking requires First Nations champions (hey, that could be you) to push the initiative forward.

For those of you who are on the road to self-employment or even if you are just looking at the map right now, look to these organizations for support; check with your First Nation’s Economic Development Office; and keep an eye out for future articles. Although it may seem a daunting task to achieve success in your ideas and the risks may seem so great that you are not sure if you can take that leap of faith, your success could be a catalyst for change in your community.

As an aside, we encourage you to check out the new Ontario Small Business Support Grant to see if it can help your or a fellow community member’s business that has been impacted by the province-wide shutdown.