Esparq Ventures, founded by Darryl Majid and on a mission to redefine the entrepreneurial landscape by providing the capital, mentorship, and resources needed for Indigenous businesses to thrive, has today announced the launch of its Torres Futures Kickstarter Fund.
The fund aims to increase access to capital for First Nations businesses, which is a consistent and long-term challenge for Indigenous entrepreneurs, particularly those based in regional and remote areas.
Darryl commented, “First Nations businesses are some of the most overlooked and underestimated in our economy, and I’m excited to be partnering with a range of purpose-led philanthropists and impact investors to build this fund from scratch to provide the capital and wrap-around support many Indigenous entrepreneurs are looking for to get their ideas off the ground.”
Plugging the “startup gap” for early stage Indigenous businesses
The fund has raised $100,000, which has already started to be distributed to Indigenous businesses in Far North Queensland. Esparq Ventures plans to grow the fund to $2.5 million over the next three years, and currently already has support and contributions from dedicated funders including Bright Moon Trust.
Darryl added, “Intergenerational wealth, geographic isolation, lack of access to resources and capital are some of the biggest challenges for Indigenous entrepreneurs, but they are far from impossible to overcome. In our experience, while generating their ‘first dollar’ can be difficult, once they have it, Indigenous businesses deliver significant financial and social outcomes. It’s the philanthropic, investor and VC sectors’ opportunity to lose by not engaging with this thriving industry, and we’re seeing many tech entrepreneurs-turned-philanthropists already capitalising on some innovative early stage businesses by thinking outside the box.”
How $10,000 turned a crayfish fisherman’s dream into reality
The Torres Futures Kickstarter Fund will distribute a range of grants and low-to-no interest loans between $10,000-$30,000.
Based in the Torres Strait Islands, Ian Wymarra from Sesia Crayfishing reached out to Esparq Ventures to explore ways to launch, monetise and scale their business idea in the crayfishing industry. Through the Torres Futures Kickstarter Fund, Ian qualified for a $10,000 grant that has been used to upgrade parts of his boat and purchase fuel, which will enable him to continue turning a small crayfishing operation into a fast-growing and international export business.
Prior to partnering with Esparq, Ian was flying his goods to a vendor on Thursday Island, who would then send the product to buyers overseas. With the grant secured via the fund, Ian is now using expertise and business guidance from the Esparq team to establish his own supply chain and export crayfish directly to buyers.
Ian said, “It’s very rare to find a financial or capital partner who genuinely understands how the business operates, the ambitions we have to grow, and the additional support we need to bring those ambitions to fruition. Working with Darryl, Toni and the Esparq team has enabled us to get the basic infrastructure to ensure our business can not only continue to operate sustainably, but also grow in ways that wouldn’t otherwise be possible.”
Recent research shows Indigenous businesses contribute more than $16 billion to the Australian economy, and are 100 times more likely to employ a First Nations Australian than non-Indigenous businesses.
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