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Indigenous Stock Exchange (BAMA ISX)

Country

Australia

Region

Global, Africa, South Pacific

Programme Summary

The Indigenous Stock Exchange (BAMA ISX) is an effort to foster economic development in Australia by using communication to create a strong culture of Indigenous entrepreneurship led by sustainable Indigenous enterprises. Created in 2003, BAMA ISX is a proprietary limited company owned by the Broome Aboriginal Media Association (BAMA) that seeks to support and develop Indigenous start-ups nationally throughout regional and remote Australia. BAMA ISX is not a financial market and does not sell or trade financial products of any kind; rather, the in-person and web-based effort highlights social and commercial investment opportunities of Indigenous Australia. In biannual trading floors held in regional communities, Indigenous men and women present their ideas via webcast and video conference to financial centres in Australia's capital cities. The hope is that the benefits and potential profitability of such efforts will transfer to all Australian Aboriginal nations over time.

Communication Strategies

The principal activity of the ISX is the "trading floor". Over the course of a one-day trading floor, participants gather in a face-to-face setting to put forward their needs for investment and/or mentoring support. The trading floor is divided into three parts: anchor industries - million dollar investment areas that will provide major employment and investment opportunities for Indigenous communities; small and medium sized businesses - enterprises requiring up to AU$100,000 in start up capital to develop enterprises with up to 20 people involved; and micro-businesses involving start up capital of between AU$5,000 and AU$50,000 for small family-based enterprises. Each trading floor is named after the traditional Indigenous community on whose country the event is held.

Networking is also a key strategy. BAMA ISX acts as a connector of distinct and disconnected variables; for example, ISX identifies the right mentor for a start-up Indigenous business. This process is facilitated through the BAMA ISX website. Here, burgeoning enterprises register - through a free process - to participate in the trading floor. The online form asks for such information as type of mentoring required, amount and type of investment sought, and subject manner and regional focus of the proposed business. Those who have registered then participate in a regional trading floor forum (described above), after which time they are featured on the ISX website through video clips and profiles. To cite one example, site visitors may view "Tamara Pearson and Elizabeth Davis-Jenkins presentation of Cape York's Traditional Knowledge project at the Yorta Yorta trading floor", which ISX describes as "very moving. It represented the blossoming and understanding of young people as well as respect for elders."

The BAMA ISX website provides a number of additional interactive features designed to foster communication and information/idea exchange among the community of Indigenous entrepreneurs. To cite a few examples of the forums offered: Indigenous Arts & Cultural Livelihoods Business, Indigenous Enterprise, IT & Multi-media, and Young Indigenous Leaders ("Here we want to provide ideas and inspiration to young Indigenous people who aspire to leading towards greater prosperity, independence and cultural strength.") In addition, those with an opportunity to share may complete an online form to request posting within the Opportunity Marketplace, which highlights requests for participation, jobs, scholarships, Indigenous products, contacts, support, information, exchanges, ideas, and the like.

Development Issues

Economic Development.

Key Points

BAMA ISX is described as contributing to BAMA's goal of supporting Indigenous commercial and social business development in Western Australia. BAMA ISX works in close association with BAMA's operational arm Goolarri Media Enterprises; it is intended that the ownership of the BAMA ISX will be shared with national Indigenous communities.

BAMA ISX indicates that its trading floors are "a mobile meeting place for Indigenous people to link up with investors and supporters. At each trading floor we literally see Indigenous businesses emerge...[W]e track the success and failures of those businesses and derive lessons learned from them and then share those lessons learned with the community. It is imperative for us to re-design and re-hash how trading floors are set-up and followed-up on and the lessons learned and tracking process enables that."

In November 2004, BAMA ISX was made a laureate of Silicon Valley's Tech Museum. The ISX was recognised in a field of 321 from 60 countries.

Partners

The inaugural sponsors of the BAMA ISX were the Brotherhood of St Laurence, the Social Entrepreneurs Network, Balkanu Cape York Development Corporation, and the Cape York Partnerships. Click here for information on funders specific to each trading floor that has taken place.

Contact

Kira Fong
Goolarri Media Enterprises
Tel: 08 9192 1325
kira@gme.com.au

Indigenous Stock Exchange (BAMA ISX)
Tel: 02 44 65 1665
Fax: 02 44 65 2305
info@isx.org.au
BAMA ISX website

The inaugural sponsors of the BAMA ISX were the Brotherhood of St Laurence, the Social Entrepreneurs Network, Balkanu Cape York
The inaugural sponsors of the BAMA ISX were the Brotherhood of St Laurence, the Social Entrepreneurs Network, Balkanu Cape York Development Corporation, and the Cape York Partnerships. Click here for information on funders specific to each trading floor that has taken place.

Source

Posting to the bytesforall_readers listserv on January 7 2005 (click here to access the archives); and BAMA ISX website.


Placed on the Communication Initiative site June 23 2005
Last Updated September 20 2007

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