EP#244 ~ How to build refugee economic empowerment for the whole Australian economy

Small Biz Matters: People, Policy, Purpose ~ Episode #244
Broadcast date: 6 Aug 2024
Host: Alexi Boyd, Small Business Advocate & Policy Advisor
Guests: Huy Truong Co-Founder and Executive Chairman at Thrive Refugee Enterprise

Recent data from Australian Small Business and Family Enterprise Ombudsman shows one out of three small business owners (34%) were born outside of Australia. Migrants and refugees are more likely to be successful in business ownership; they may have previously run a successful business or simply have the unique skills from challenging life circumstances which bring the tenacity and grit to run a small business.

Australian Bureau of statistics data shows that typically it takes 4 years before humanitarian visa holders earn more than $30,000 per year. That’s not a liveable wage anywhere. It’s one thing to welcome refugees with open arms and it’s another to support them into viable, economic stability and empower them with skills and training to, if they wish, to start their own small business.

So why are there not more opportunities and programs encouraging this, given that it can be a more reliable source of income for those who don’t have their skills or qualifications recognised? Well, one such organisation is feeling this very important gap.

The Thrive Refugee Entrepreneurship Program is specifically designed for refugees and asylum seekers interested in starting their own businesses and aims to accelerate and increase social and economic inclusion for refugees and asylum seekers through self-employment. 

The strength comes from a national footprint with grassroots service delivery model embedded in key refugee settlement destinations. And as migration flows towards different areas and refugee communities become more established, the need for communities outside the major cities to access and benefit from the Thrive continues to grow.

There is also added benefit to the whole economy, of increased employment opportunities for the local community as the number of small businesses grow, and of course the benefits to the government of GST and tax collected. Plus, refugees and migrants who have invested in a small business, both financially and with their time are more likely to remain in a community where the type of business are forged.

Today we welcome Thrive’s proud co-founder, Huy Truong, who, along with an incredible board and advisory council who are passionate about refugee, economic empowerment is ensuring this not-for-profit grows from a concept to a national organisation, making a real difference to the Australian economy.

PEOPLE –  Tell us your story and how your journey had led you to be one of Australia’s foremost refugee advocates. Why is it so important to empower through entrepreneurial enterprise rather than position refugees as victims?

POLICY - Why should economic empowerment for refugees be front of mind for all policy makers? What are the benefits to the local and national economy?

PURPOSE - What role does your NFP organisation Thrive Refugee Enterprise play in leading the way for purpose-driven funding? Which areas of Government do you and your team work with and how do you advocate? What would be your advice to other social enterprises starting today?

Huy arrived in Australia as a refugee and is an entrepreneur and investor who now dedicates his time to the success of refugees and migrants in Australia.

Huy is the Executive Chairman and Founder of Thrive Refugee Enterprise – a NGO dedicated to the economic self-reliance of refugees. Since inception, Thrive has provided almost $15m in business financing and planning support to over 700 refugees to start/grow a small business – generating over $70m p.a to the Australian economy. Thrive operates in QLD, NSW and VIC with a strong governance including Advisory Council members Martin Parkinson, David Gonski, Christine Holgate and John Curtis.

Huy began his career with the Boston Consulting Group before embarking on his entrepreneurial and investment career path.

Huy has an Economic Honours Degree from Monash University and a MBA from Harvard Business School.

Huy lives in Melbourne, married with 3 children and is passionate about a confident, united and Progressive Australia.

Thrive was founded on the core beliefs that refugees are entrepreneurial, hard working and contribute back to the economy through business participation and social integration.

You can find out more about Thrive HERE