Colorado is known for its magnificent scenery, adventurous outdoor activities, and prosperous economy. The state ranks fourth in the Nation’s Best States for Business list published by Forbes Magazine in 2019 and has been a hub for entrepreneurial success in recent years.
Behind this achievement is a robust small business support system through various programs and incentives available to small business owners. The Colorado government and business organizations are working together to create a beneficial environment for startups and small businesses.
This blog post will highlight some of Colorado’s Success Stories that have flourished due to the state’s small business support.
The first success story is that of Ethan Holmes, who founded Atlas Snow-Shoe Company in Golden, Colorado. Ethan took advantage of the Small Business Development Center (SBDC) in Colorado, which provided him with access to a mentor who helped him navigate the complexities of starting a business.
Colorado’s SBDC program provides resources to both startups and existing businesses, including free, one-on-one consultations and myriad workshops and classes. During the mentorship, Ethan was able to devise a strategy to grow his business and expand the company’s product line.
The company is now one of the best in the industry, producing high-quality snowshoes and exporting them globally.
Another success story is that of Scott Langerman, owner of the Aspen Seating, a manufacturing company based in Colorado Springs. The manufacturing sector is critical to Colorado’s economy, contributing to almost 6% of the state’s gross domestic product.
However, the industry is competitive and faces several challenges, including a lack of workforce and proper infrastructure. Colorado has a manufacturing assistance center (CMAC) that provides support to manufacturing companies in the state.
The CMAC offers broad services that range from facilitation to intervention, helping manufacturers streamline their operations and become more competitive. Scott sought the assistance of the CMAC to help him improve his production line.
With the center’s services, he was able to increase his production speed and volume, leading to significant savings for the company.
The third success story is that of Lisa Sanchez, who founded Tamales by La Casita, a restaurant in the Five-Points neighborhood of Denver. Lisa benefited from the city of Denver Business Incentive Program, which offers various incentives, including links to business funding and improving Denver’s job and business ecosystem.
Through the program, Lisa was able to get funding for her business, design her restaurant, and hire staff. Her restaurant has gained popularity, and she has expanded her business to other areas of Denver.
Yet another success story is that of Dan Powers, who founded Four Winds Interactive in Denver. Dan started his company in a spare bedroom with a friend and only had $300 to his name. The company today has 500 employees and has become one of Colorado’s fastest-growing tech firms.
Dan received assistance from the Economic Development Commission (EDC), which provides incentives for businesses to expand in Colorado. Through the EDC, Dan secured funding and was able to expand his business.
Today his firm provides software that powers digital signage across numerous verticals, including hospitality, retail, and healthcare.
Finally, the story of Valeo Networks’ growth can’t go unnoticed. Valeo Networks is an IT consulting firm based in Colorado Springs. The business was consistently growing, and its CEO, Todd founded out he had hit a plateau.
He sought the help of his ValuedAdvisor through the SBDC program, and his advisor helped him come up with innovative strategies to take his business to the next level. The advisor helped Valeo Networks connect with other companies to build relationships, hire additional staff and help Valeo’s security team grow. These initiatives helped Valeo grow its operations to span multiple locations.
Conclusion:
Colorado’s small business support has created an innovative ecosystem that gives businesses a competitive edge. This support system is constantly evolving, and entrepreneurs can take advantage of various programs and incentives to grow their businesses. It is no wonder that Colorado has become a popular destination for startups and small businesses. These success stories show that Colorado’s small business support can help push businesses to their maximum potential.