A First Nations-led investment model developed in Australia is now available as a case study for teaching in university classrooms worldwide.
First Australians Capital’s (FAC) approach to providing capital and tailored capacity support has been published through Ivey Publishing — one of the world’s leading distributors of business case studies used in university and executive education programs globally, such as Harvard Business School, Stanford Graduate School of Business, Oxford University, Yale University, and Melbourne University.
The case study, First Australians Capital: Financing Self-Determination Within a New Indigenous Economy, was co-authored by FAC’s Ruairidh Anderson and Dr Amale Scally from Monash University’s Department of Banking and Finance, with significant input and contribution from Erin Levey. It is available through Ivey Publishing.
The case centres on a real investment decision: in early 2023, Native Foodways — an Indigenous-owned start-up bakery seeking to launch a café in Sydney’s CBD and catalyse Australia’s native grains industry — presented FAC with a $2 million investment pitch.
FAC’s investments and impact teams determined the proposal as presented wasn’t the right fit and set out to find a better path forward — working through the capital structure, customer demand, supply chain, timeline, brand and strategic alignment with FAC’s 10-year goals.
That process, and the thinking behind it, is now the basis for a case study taught in MBA programs and senior undergraduate courses in finance, general management, and business around the world.
“Being included in the Ivey Publishing catalogue is significant. Ivey case studies are used at leading business schools around the world, so having FAC represented there validates years of work developing an investment platform that didn’t exist in Australia before. It reflects the thought leadership behind building a model designed specifically to back First Nations entrepreneurs on their own terms.” — Ruairidh Anderson, Investments Lead, First Australians Capital
“Having our investment model studied in university classrooms puts First Nations economic thinking into the hands of the next generation of financiers, investors and business leaders. That’s how you change systems: not just by building alternatives, but by shifting what people are taught is possible.”
— Mi-Lin Finnie, Managing Director, Relationships, First Australians Capital
“FAC’s approach represents exactly the kind of model that business education needs more of — one that challenges students to think beyond conventional financial frameworks and consider who capital serves and how. I’ve been working to bring Indigenous perspectives into finance curricula at Monash for some time, and this case study is a significant step in making that thinking available to institutions and educators worldwide.”
— Dr Amale Scally, Lecturer, Banking and Finance, Monash University
The case is designed for MBA and senior undergraduate programs in finance, general management and business, as well as courses examining Indigenous business and financing. Students working through it will explore the barriers Indigenous entrepreneurs face in accessing mainstream finance, the benefits of investing in a new Indigenous economy, and the financial institutions and solutions creating new opportunities.
FAC is believed to be one of the first Indigenous-led Australian organisations to have its investment model documented and distributed through Ivey Publishing. The work is a testament to the researchers and practitioners who documented it — and to the First Nations entrepreneurs whose ambition made it worth studying.
The case study is available here on the IVEY website.
