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The mark of successful entrepreneurs is having a knack creating their own luck. Opportunity is often the gateway to success, and Denver is host to many exciting opportunities that can help put your startup in the spotlight, help with funding or even inspire a new venture.
1.DOED
Denver’s Office of Economic Development has a long history of cultivating a culture of innovation in Denver. The DOED enables citizens to make positive impact on their environment by providing small businesses and entrepreneurs with the resources they need to succeed.
Derek Woodbury, Director of Communications at the DOED, said that “Denver’s been doing this for 30 plus years through economic development, as far as providing gap financing for small businesses, either for starting up or expanding… It’s a strong small business culture here for sure.”
The DOED recognizes that time and time again, investing in its citizens and entrepreneurs has been a winning investment. Naturally, this investment is a two-way street. Just as entrepreneurs gain funding and other resources from the OED, Denver utilizes its ambitious populace to revitalize neighborhoods and stimulate growth. Denver’s small business community plays a vital role in the city economy, with small businesses making up for 42 percent of all businesses in the city, employing 44 percent of the total workforce in the city (186,500 people).
The OED also sponsors contests, which can serve as booster to existing entrepreneurs or even inspire new ones. A recent contest, the Welton Design/Development Challenge, gave away predevelopment grants totaling $475,000 to five commercial, residential and mixed-use projects in the Five Points/Curtis Park neighborhoods. Of note to the startup community is a $75,000 grant to develop a incubator/co-working space at 2942 Welton Street, called “nuROOT,” giving emerging businesses 4,710 square feet of office space for work and 2,310 square feet of space to play in an adjacent eating/drinking establishment.
2.Jumpstart
Similar contests, such as the 2013 Jumpstart Biz Plan Awards, gave out $50,000 in grant funding to the first place winner, along with a slew of other rewards, such as a year of office space in Galvanize’s G1 building, legal counsel, marketing services and mentoring from TiE Rockies. Established business owners and those thinking of starting a business should definitely circle this one on their calendars, it’s never too early to begin preparing for next year’s contest (the deadline for last year was August 2).
3.Go Code
Another, more immediate contest to keep an eye out for is Go Code Colorado, which is described as “an apps challenge designed to make public data more accessible and user-friendly.” Behind this initiative are: the Colorado’s Secretary of State’s Business Intelligence Center, the Governor’s Office, the Statewide Internet Portal Authority, the Governor’s Office of Information Technology, and the Office of Economic Development and International Trade.
The challenge kicks off March 19, followed by Challenge Weekend. Contestants can team up and choose to tackle any one of five different challenges designed to facilitate small business growth in Colorado. There are plenty of ways to participate, from starting your own team, joining one, supporting a team, mentoring or volunteering to help the contest.
The city of Denver also goes out its way to recognize successful startups in the area and keep engaged in the business community. In this way, Denver has created a culture of success, wherein successful startups become mentors for new emerging businesses. One such program sponsored by Denver’s OED recognizes some of the most influential startups as “Denver Gazelles.” You may recognize some (if not all) of the companies named to this group by the DOED in 2013, which underscores the OED’s ability to spotlight rising successes. At the end of the 2013 Startup Week, Convercent, FullContact, Placeable, Sympoz (known now as Craftsy) and WellTok were all named Denver Gazelles.
The OED has also established “Enterprise Zones” which encourage entrepreneurs to establish businesses in certain areas of Denver by offering a variety of tax credits and incentives. These not only bring startups to Denver, but keep them here, ensuring positive job growth for the city.
Other valuable resources to check out include the nationally innovative Denver Venture Capital Report and the Denver Capital Matrix, which identifies approximately 400 funding sources. This directory is a tremendous resource that any business owner should use as guide when seeking new capital.
Outside of Denver, the OED is engaging with VC firms to stoke interest in investment in Denver, engaging in roundtables to find out how Denver can make itself more attractive for venture capital.
The Office of Economic Development will continue to help businesses find a space and means to grow, through small business loans, contests and even physical locations such as the TAXI development center in the RINO district. There are plans for a new shared workspace/incubator complete with 3D printing capabilities on 1245 Champa Street opening later this year, right near the Denver Performing Arts Complex.