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Tag: Colorado Office of Economic Development & International Trade

Mesa County Consortium Awarded $625,000 Grant for Technology Development Hub Project

The Economic Development Commission (EDC) has announced that a local consortium of public, private and non-profit organizations in Mesa County will receive up to $625,000 through the Colorado Office of Economic Development & International Trade (OEDIT) Technology Development Hub Program.

The Technology Development Program seeks to catalyze regional technology development by making place-based investments, positioning Colorado competitively nationally and globally in diverse Colorado regions and ecosystems with assets and resources to drive increased business attraction, net new job growth and workforce development with a focus on equity and inclusion.

READ: 4 Ways Colorado Continues to Lead America’s Aerospace Industry

“From our world-class institutions of higher education to our highly talented and educated workforce, Colorado is home to so much amazing innovation. We are developing the technologies of tomorrow right here, and Colorado Technology Hubs will ensure our state continues to be a national leader,” said Governor Polis.

The Resilient & Adaptive Cyber Protection of Industrial Control Devices & Systems (RAPIDS) Consortium is comprised of representatives from Mesa County, Colorado Mesa University, Grand Junction Economic Partnership, GroupSense and the Colorado River District.

The project will focus on protecting critical infrastructure, particularly the Colorado River, through cybersecurity measures, development of college-level curriculum to support industry workforce development, enabling secure and efficient management of water resources and providing a service economy to roughly 300 municipal water districts along the Colorado River.

“I am excited and grateful for the opportunity to participate in the RAPIDS Consortium with such dedicated partners. This grant from the OEDIT Technology Development Hub Program is an investment in technology and a commitment to safeguarding the Colorado River and enhancing our region’s resilience against cyber threats,” said Cody Davis, Mesa County Commissioner.

“By strengthening our critical infrastructure, we are ensuring the security of our water resources, which are vital for our community’s agricultural and economic prosperity. This project demonstrates our proactive approach to facing national challenges right from Mesa County,” said Cody Davis, Mesa County Commissioner.

Critical infrastructure vulnerability has been identified as a national issue, with possible cyber-attacks anticipated to impact critical technology-enabled resources, including water and agriculture.

RAPIDS began as a vision to protect the Colorado River and develop sustainable strategies to protect critical infrastructure nationally. The framework for the RAPIDS project will consist of three pillars:

  1. Water storage.
  2. Water policy
  3. Water protection.

The technology hub’s model will focus on updating and securing modern control systems along the Colorado River and determining ways to protect our water through cybersecurity, workforce, and talent development.

READ: Elevating the Economy — The Impact of Tech Startups on Colorado’s Business Ecosystem 

“We’re thrilled to be a part of such a diverse coalition focused on diversifying our economy and protecting our most critical infrastructure,” said CMU President John Marshall.

“This investment will help us continue our efforts to protect critical water resources right here in Mesa County.” Colorado Mesa University will act as the Fiscal Agent for the consortium, and funds will be dispersed over three years, subject to the terms of the agreement. The grant will enable the RAPIDS Consortium to begin funding feasibility studies, long-term business plans, and curriculum development at CMU.

“From an economic development perspective, this has the potential to create new primary jobs as we move towards the goal of a physical presence right here in Mesa County that will expand our reach,” said Curtis Englehart, Executive Director of the Grand Junction Economic Partnership. “Securing funding to begin this project is a huge win for our community as we champion ways to increase efficiency on how our water systems are managed and protected from cyber threats.”

As the digital world interfaces with our physical infrastructure, the importance of protecting the Colorado River from cyber-attacks cannot be overstated.

By fortifying digital infrastructure, investing in robust cybersecurity measures and fostering collaboration among stakeholders, RAPIDS aims to mitigate the risk of potential disasters and secure the river’s sustainable future.

“As we work to develop tomorrow’s most critical technologies, we have the opportunity to spur growth and innovation across the state so that Coloradans of all backgrounds can benefit from these incredible new opportunities. Each of these Colorado Tech Hubs will build on regional strengths while working to create inclusive and equitable ecosystems that support a Colorado economy that works for everyone,” said OEDIT’s Executive Director, Eve Lieberman.

Grand Junction Economic Partnership Unveils Captivating Video Highlighting Opportunity Zones & Riverfront at Las Colonias

The Grand Junction Economic Partnership (GJEP) has released its latest video highlighting the Grand Junction area produced in partnership with the Colorado Office of Economic Development & International Trade (OEDIT). The video, titled Opportunity Awaits in Grand Junction, highlights the region as a place for investment through its seven federally designated Opportunity Zones.

The video puts the spotlight on the picturesque Riverfront at Las Colonias business park and showcases the area’s potential for economic growth and new development. Featuring several local businesses and community stakeholders including Bonsai Design, Camp Eddy, City of Grand Junction and Colorado Mesa University, the video tells the story of development within the region and areas of opportunity for new investment and business development.

“Our community has experienced tremendous momentum over the past few years and many of the new investments we’re seeing are from the Opportunity Zone perspective. These designated Opportunity Zones provide a unique chance for visionary businesses to thrive and flourish”, stated Curtis Englehart, Executive Director of the Grand Junction Economic Partnership. “This video really tells the story of who we are as a community and highlights many of our shared values. We are thankful for the support of OEDIT and the opportunity to produce this asset that will be utilized as a focal point within our marketing efforts.”

The Opportunity Zone program is a federal incentive encouraging long-term private investment in historically low-income communities by giving investors tax benefits for investing in real estate projects and operating businesses. Investors can receive incentives through deferral and elimination of state and federal capital gains taxes. Over the past five years, the program has garnered much success throughout Colorado and amassed over $1 billion in new investment throughout the state.

“We are excited to see the Grand Junction area celebrated in this video. The Opportunity Zone incentive has driven over a billion dollars of needed investment into workforce housing, outdoor recreation and businesses across Colorado. We have seen all three investment types in Grand Junction, which has exemplified best practices by identifying Opportunity Zone projects and businesses and working directly with investors to multiply investments in businesses and create new housing. This video continues the great work we’ve seen in Grand Junction since the program began in 2018,” stated Jack Tiebout, Senior Program Manager for the Colorado Office of Economic Development and International Trade.

There are seven Colorado Opportunity Zones in the Grand Junction area, primarily located near Downtown Grand Junction, Powderhorn Mountain Resort and Grand Mesa. One of the most notable properties ready for investment is the Riverfront at Las Colonias business park.

The Riverfront at Las Colonias is a 140-acre mixed-use space; and includes a 15-acre business park with seven shovel-ready pad sites along the Colorado River near Downtown Grand Junction. This development began as a public-private partnership to turn the City of Grand Junction’s blighted riverfront into a beloved community asset. The property is now home to 6 local businesses, the development of 322 housing units. It features attractive nearby amenities, including a 4,000-person capacity amphitheater, a botanical garden, a river park and a zip line opening this summer.

As the Opportunity Zone (OZ) program nears its 2026 sunset, now is the time to take advantage of investment opportunities within these designated zones. This program aids in spurring economic growth and job creation in historically lower-income communities while providing tax benefits to investors. Investors can defer tax on any prior eligible gain to the extent that a corresponding amount is invested in a Qualified Opportunity Fund (QOF). The last day that investors can realize a capital gain that can be put into a QOF is December 31, 2026, but investors can hold an OZ investment as long as 2046 to realize its full 10+ year benefit, including the elimination of capital gains tax on the appreciation of the OZ investment itself.

For businesses seeking to relocate or expand into the region, GJEP offers a range of support services, including assistance with site selection, access to business resources and incentives and introduction to local and state networks.

To view the captivating video and discover the potential of the Grand Junction area’s Opportunity Zones and development opportunities through the Riverfront at Las Colonias, please visit www.gjep.org/opportunity.

Departments You Should Focus on Streamlining in 2022

According to the Colorado Office of Economic Development & International Trade, “Colorado is home to over 653,000 small businesses accounting for about 99.5% of all Colorado businesses. Our small businesses demonstrate the entrepreneurial spirit and work ethic of those who call our state home. These small businesses employ 1.1 million Coloradans.”

Statistics like these make any business owner smile. But, they also make them think about how they will continue thriving and helping others do the same.

To continue turning a profit, providing employment opportunities, and contributing overall to the world’s economy, Colorado businesses and companies worldwide must focus on streamlining their most influential departments in 2022.

Simplifying each department’s workload by automating repetitive tasks, communications, and processes boosts productivity, maximizes efficiency, and enables sound decisions about business finances.

Let’s explore three departments company leaders should focus on streamlining in 2022.

Information Technology

Your Information Technology department (IT) is incredibly important to your business success. IT ensures your networks and connections are solid, software and hardware programs are running at optimal efficiency, and all of your technology ecosystems are healthy.

For 2022, you should focus on streamlining your data filing systems and cybersecurity in your IT department. The continued rise of technology and the emphasis on data analytics make better filing systems and cybersecurity tools a must this year.

Explore New Technology File Systems (NTFS) and File Allocation Table (FAT) filing systems for data storage. The main differences between the two lies in their compatibility, flexibility, and security. NTFS can be resized and give you more space, so they’re usually the way to go.

Also, assess your cybersecurity measures. If you determine you need more to secure the online space for your customers and employees, thoroughly research additional cybersecurity tools that are simple to implement and maintain.

The next department you should focus on streamlining is Human Resources.

Human Resources

The HR department in your company is responsible for the administrative functions of the business like payroll, accounts receivable/payable, and ensuring compliance with labor laws and employment standards. This department also heads employee services, recruiting, hiring, and onboarding new employees.

This year, focus on streamlining the onboarding process to better retention rates and accommodate growing workforce trends like remote work. This focus will also ensure new employees feel connected to their coworkers, job responsibilities, and the company culture at large.

Company leaders can streamline how their HR departments onboard employees by using machine learning, artificial intelligence, and virtual reality tools to enhance connections for remote workers. They can also explore making the remote onboarding process longer, more precise, interactive, and inclusive to accommodate the needs of a diverse candidate pool.

You should also focus on streamlining your marketing department in 2022.

Marketing

The marketing department is critical for business growth and longevity because they’re responsible for growing strong relationships with your target audience, promoting your products and services to them effectively, and building a solid brand.

There will be a spotlight on building brand awareness, recognition, and visibility in 2022.

Psychology will play a significant role in boosting your brand because people make purchases and other business decisions based on emotion.

Understanding how the human mind works enables you to present your brand identity, voice, and visual elements in a way that gets inside your customers’ heads and touches their hearts.

Focus on your use of social proof, user-generated content, testimonials, and influencer marketing in your strategy to resonate with the hearts and minds of your customers this year.

Actionable Results

Company leaders should focus on streamlining the above three departments in 2022 if they want to continue building a memorable brand, providing incredible service to customers, protecting their technology, and optimizing their recruitment efforts.

To begin improving the productivity of and processes in these departments:

  1. Thoroughly analyze every process and workers’ productivity in the department to pinpoint what’s working and what isn’t.
  2. Identify precisely what you need to work on to improve your existing processes and how your team works together.
  3. Break down how those processes are currently operating and what you can do to improve them.
  4. Determine which processes you must improve first and rank the remaining by importance.
  5. Layout every step in each plan for improving a process, team productivity, and overall department effectiveness. Also, determine how you’ll keep the workflow intact while you make improvements.
  6. Implement automation tools that help you streamline repetitive processes and test out your new workflow. Then, adjust your processes based on what you learn in your tests.
  7. Once you’re confident in the new workflow and tools, let the process go live in your department and continually refine it over time.

Ultimately, your unique business goals, processes, and teams will determine which departments you focus on streamlining this year. Still, the above is an excellent guide for those who need a little nudge in the right direction.

 

Noah RueNoah Rue is a journalist and content writer, fascinated with the intersection between global health, personal wellness, and modern technology. When he isn’t searching out his next great writing opportunity, Noah likes to shut off his devices and head to the mountains to disconnect.