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Essentials for social justice start with the distribution of wealth and opportunities

March 16, 2021 Business News No Comments Email Email

Access to capital is the biggest challenge for First Nations people in Australia. While venture capital firms continue to raise record amounts of cash for their billion-dollar funds ($1.6 billion in 2020), the median funding invested in Indigenous ventures from leading VCs remains $0.

The disparity between the world’s rich and poor continues to grow, with billionaires increasing their fortunes by 27.5% during the COVID-19 crisis while many Australians lost their jobs and fell into poverty.

According to Oxford Languages, “social justice” refers to “justice in terms of the distribution of wealth, opportunities, and privileges within a society.” However, First Nations people in Australia and worldwide continue to be left out, which is blatantly apparent in the private equity sector where VCs in Australia who continue to ignore First Nations people.

“VC firms want people to believe there aren’t enough quality First Nations startups and entrepreneurs to invest in, which is the same excuse they gave for the lack of investments in female-led businesses. With the (small) increase in female venture investments over the last decade, why can’t they do the same for First Nations people?” – Dean Foley, Founder & CEO at Barayamal

Call to Action

On Thursday, 18th March, the National Close the Gap Day event will celebrate another year to raise awareness to close the gap between First Nations people and non-Indigenous Australians.

Barayamal recently created an accountability matrix for leading VC firms to measure their investments, allowing social justice and First Nations supporters to send a tweet to firms using a ready-made template easily.

“We’re calling on influencers and community members to tweet or email venture capitalists this Thursday for the National Close the Gap Day to get them to put their money where their mouth is and start investing in diversity and creating an inclusive and better Australia for everyone.”

To learn more about the 3% Aussie VC Pledge and show your support – please go to the Barayamal website and raise awareness this National Close the Gap Day by voicing your concerns with VCs.

There is still a long way to go before we see real social justice in Australia.

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