How Business Leaders Can Contribute to Economic Reconciliation

Danbi Cho knows what can happen when corporations engage meaningfully in Indigenous economic reconciliation. He sees it every day.

Cho works as Lead, Impact Canada for the EleV Program at the Mastercard Foundation, an independent Canadian charity established in 2006 through a gift of shares from Mastercard Inc. when the company went public. He and his team partner with Indigenous organizations, youth and communities, as well as groups working in partnership with Indigenous Peoples, towards an ambitious goal: Transforming education and employment to help 100,000 Indigenous young people complete post-secondary education and transition to meaningful livelihoods by 2030.

Since 2017, the Mastercard Foundation has committed $500 million to the initiative, with support allocated across six pillars: post-secondary education and training, entrepreneurship and economic development, language and culture, health, digital equity and STEM, and climate and environment. “My job is not to simply measure impact, it’s to help understand what’s changing, why it’s changing, and how we can strengthen that change over time,” Cho says. “That’s what excites me most.”

It’s a big and important mandate, one that allows Cho to draw on more than 15 years working in Indigenous economic development, a decade leading research and strategy for organizations like the Canadian Council for Indigenous Business (CCIB), Teach for Canada and the Assembly of First Nations, as well as his own lived experience as a Mi’kmaw citizen and a member of the Miawpukek First Nation.

As he rounds the final stretch of a Smith Executive MBA program, Cho spoke with Smith Business Insight contributor Deborah Aarts about the state of Indigenous economic reconciliation today, how Indigenous youth are re-shaping the economy, and what corporations can do to work with Indigenous Peoples to create a better future for all. 

It’s been more than a decade since Canada’s Truth and Reconciliation Commission (TRC) issued its 94 Calls to Action. Given your experiences and perspective, how would you characterize the state of economic reconciliation in Canada today?

I would describe it as a moment of momentum and unfinished work. There’s significantly more awareness today than there was 10 years ago, and that’s a definite response to the TRC’s Calls to Action. And thanks to the National Indigenous Economic Strategy, more people have a better understanding about the importance of Indigenous procurement, Indigenous ownership, increases in access to capital and true community partnerships.

But I think the important thing to note is that awareness alone doesn’t create transformation. Economic reconciliation ultimately has to be measured by whether access to opportunity, capital, ownership and decision-making power has actually shifted towards Indigenous Peoples. I think that’s where we are now. I think we’re moving in the right direction, but there’s still considerable work ahead.

What indicators are you seeing that we are on the right track?

The wins that encourage me the most are where Indigenous communities and institutions are not simply just being included in existing systems, but are starting to shape, own, and then lead them.

One strong example that comes to mind is Cedar Leaf Capital, Canada’s first majority Indigenous-owned investment dealer, which launched in 2024. That’s significant because it moves economic reconciliation into the core architecture of finance and capital markets. To me, it signals that Indigenous participation is increasingly about ownership and investment, and not simply consultation and engagement.

I’m also really encouraged by what we’re seeing with regards to Indigenous ownership and equity participation in some major infrastructure projects happening in clean energy across Canada. That matters because ownership changes the conversation.

And of course, given the work that I do, I’m most encouraged by Indigenous youth. It’s important to note that 40 per cent of Indigenous Peoples in Canada are under the age of 25. This next generation is entering leadership roles with a strong sense of identity, confidence and ambition. They have a stronger sense of identity, community and culture, and they are bringing it to the public, private and non-profit sectors. We’re seeing it in clean energy, technology, education and entrepreneurship. It’s really changing quite significantly.

In recent years, several experts have been touting the growth potential of Indigenous-owned businesses. What shifts in momentum are you seeing in the entrepreneurial space?

I’m excited by the recent launch of EntrepreNorth's Sinew Impact Fund, which brings Indigenous-led investment opportunities to Northern communities. It’s a $10-million impact fund designed to deploy patient, flexible capital to Indigenous entrepreneurs from the Yukon, the Northwest Territories and Nunavut. 

I find initiatives like this compelling because they go beyond entrepreneurship support and begin to address access to capital, one of the most persistent barriers to Indigenous economic participation and growth. Talent is everywhere, but opportunity and capital are not always distributed equally. When Indigenous entrepreneurs have access to mentorship, networks and capital, we begin to see a shift from participation in the economy toward ownership and long-term wealth creation.

But what I really love about the EntrepreNorth example isn’t just the fact that it increases access to capital. It’s that it challenges the assumption that Indigenous entrepreneurs need to fit within existing financial systems. It allows Indigenous-led organizations to begin to design financial systems that reflect Indigenous values, relationships, community priorities and Northern realities from the outset.

In your view, what role should corporate Canada play in supporting developments like those you’ve just described?

I think corporations are recognizing that they have a tremendous role to play. Specifically, more people in leadership roles are recognizing how organizations can support Indigenous Peoples and businesses through the decisions they make about procurement, supply chains, hiring, partnerships, and, of course, investments. We’re seeing the leaders of many corporations making strong efforts to put reconciliation action plans into place. That’s really important.

What do you think differentiates strong corporate leadership in this space?

One common misconception I see in organizations is that economic reconciliation is primarily the responsibility of governance, to be dealt with at the board level. Now, governance absolutely has an important role to play. But corporations and businesses often have more power than they realize to shape economic opportunities for First Nations, Inuit and Métis Peoples through the decisions that they make every day. So, senior leaders should be asking themselves: How can we change the systems we already control? How can we invite Indigenous leadership to the table and create opportunities?

Where do you see corporations get it wrong?

The less effective economic reconciliation efforts are performative. They’re short-term. They’re disconnected from the voice and agency of Indigenous peoples themselves, and they lack meaningful accountability. Sadly, we still do see that happening. We still do see companies focus on optics rather than the outcomes.

Reconciliation should not be treated as a communication strategy. It really has to be a relationship-building and institutional change strategy.

What advice would you have for a leader who’s worried about fumbling economic reconciliation efforts?

Don’t let fear of imperfection prevent action. I see it time and time again: People are too worried about perfecting their engagement strategy and their approach to a reconciliation action plan. That can delay things by years.

I think folks would do well to start with humility and ground themselves in shared values. Really listen to the Elders and the youth in terms of what economic reconciliation they’re hoping for. There’s lots of research out there: There are so many reports and calls to action. The evidence is there, so I’d say listen deeply to it.

And then, I’d say to look inward. I think businesses and corporations need to think about who they hire, who they buy from, who participates in decision-making, things like that.

Reconciliation doesn’t need to involve the creation of something new. It can begin with changes to how organizations have been engaging with Indigenous people already.

What is something you wish more people in corporate Canada understood about Indigenous economies?

Indigenous prosperity is not a future possibility. It already exists. Indigenous peoples have always had economies, governance systems, trade networks and sophisticated knowledge systems. Economic reconciliation is not about bringing Indigenous Peoples into the economy; it is about removing barriers to Indigenous participation, ownership and prosperity on Indigenous terms.

Furthermore, over my career, I’ve learned that economic reconciliation is not simply a moral responsibility, or the right thing to do, or an abstract concept. It’s really about increasing access to opportunity, capital, procurement, education and infrastructure.  And that’s a huge economic opportunity. 

So, I think the conversations surrounding economic reconciliation should not be so much about helping Indigenous peoples participate in the economy. It should be about creating conditions so that Indigenous prosperity can continue to grow on Indigenous terms. It should be about working together to remove barriers so that Indigenous enterprises, communities and peoples can thrive at their full potential. And that benefits everyone.