Over the last 5 years, Wakopa Financial has led the research and development of multiple, new social finance instruments and supporting initiatives (in the tens and hundreds of millions of dollars) that will increase the access to capital of Indigenous entrepreneurs across Canada in the short term; while enabling the necessary structural and systems changes required to break down many of the barriers to success for all future Indigenous entrepreneurs.
In short, we believe that it is not the work of Indigenous entrepreneurs to overcome the structural and systemic barriers – like racist banks and capital systems or policies that have excluded full Indigenous participation in the economy from generations – but for a new capital system based on Indigenous values of reciprocity and relationship to emerge and support our Indigenous entrepreneurs. Wakopa Financial is leading the way.
Through the various national and provincial studies coordinated by Wakopa Financial, Indigenous entrepreneurs have resoundingly stated that a new capital system and investment tools are needed and that SEALs (Shared Earnings Agreements) have components that are most aligned with Indigenous Ways of Knowing and Being. As such, Wakopa Financial, with the support of Indigenous lawyers, have drafted a new SEAL that takes out the post-money SAFE language that disproportionately negatively affects founders that most extant SEAL agreements use. By doing this, we’ve also removed all language that could make an Indigenous SEAL a security, conveniently overcoming the racist and patriarchal accredited investor system. Though vastly different from traditional loans, Indigenous SEALs are treated like a debt product that anyone can invest in.
Wakopa Financial Workers' Co-operative 