A new program to address shortcomings in Aboriginal business joint venture deals has been launched by the Waalitj Hub
A new program to address shortcomings in Aboriginal business joint venture deals has been launched by the Waalitj Foundation.
The toolkit launched on Wednesday by Waalitj (formerly Wirrpanda Foundation) alongside the National Indigenous Australians Agency is geared toward indigenous entrepreneurs working to form joint venture deals with other businesses.
The practice is commonplace between indigenous and non-indigenous firms in the mining and construction space where established non-indigenous companies are brought in to provide support in upskilling new traditional owner enterprises.
Partnerships are also commonly formed to help small, local indigenous companies scale up to work on major government and mining projects.
But there have long been concerns the practice is also being used by some bad operators solely to win contracts with indigenous employment stipulations where they would not otherwise have been eligible.
Waalitj Hub general manager Gohar Rind said the agency had experience a “large amount” of joint venture intensive support cases among the 522 businesses which have come through Waalitj’s doors since its inception.
“We developed the toolkit to help empower indigenous business owners with knowledge and resources on how to set up a joint venture well – and in a way that ensures value derived from the JV supports them, their family and community along with the recognition of their cultural IP and competitive advantage,” he said.
“Unfortunately, we have seen stories where indigenous business owners have been taken unfair advantage of, and the JV set up has been in no way equitable.
“This resource is designed to educate indigenous business owners on what a good JV can look like, to ensure positive outcomes for all parties.”
Mr Rind said guidance notes, explanatory guides, checklists, and templates for board, director, and shareholder procedures were contained in the toolkit.
“The Toolkit is designed to help businesses to know what they need to consider, what resources are available to them and where they can go for further support,” he said.
“We are effectively giving people the tools to be informed and know what to ask for.
“We are really proud of what we have developed and we believe it will make a real difference –knowledge is empowering and we want to support Indigenous businesses to flourish.”
Alongside the toolkit Waalitj will run workshops for those in or considering partnerships.
Waalitj worked with Jackson McDonald Lawyers and Supply Nation to build the toolkit.
