$1.2 Million in Projects Funded: Encouraging New Colorado Markets
On February 18, 2020 officials from the Office of Economic Development and International Trade (OEDIT) talked with the State of Colorado Executive Network about the State of Colorado’s strategic plans for 2020.
The State of Colorado Governor’s office is aggressively pursuing new economic development and encouraging innovation. They also work closely with organizations outside Colorado and the U.S. to development new markets. Each year OEDIT releases their annual report.
Two professionals from the Governor’s Office – Katie Woslager and Dan Salvetti shared the plan with us. We also had special guests Connor Murphy, Diplomacy Manager for the Governor’s OEDIT, William Reed from the German American Chambers of Commerce, and John LoPorto, Executive in Residence at Cleantech Industries.
Katie Woslager, the Advanced Industries Senior Manager spent a few minutes on the Advanced Industries Accelerator Program (AIAP). This program is designed build a business-friendly environment, retain, grow, and recruit companies and cultivate innovation and technology within Colorado.
The program objectives are several, including increase access to early stage capital, increase exports, and accelerate commercialization of new technologies developed here.
Working with various trade organizations in Colorado, the AIAP has several programs they oversee. These programs include the:
- Proof of Concept Grant
- Early Stage Capital and Retention Grant
- Collaborative Infrastructure Grant
- Investment Tax Credit
- Export Accelerator Grant
- Global Consultant Network
- State Trade Expansion Program
There have been over 40 recipients Advanced Industry awards over the past few years including RoGo Fire from Westminster, Voormi from Pagosa Springs, MFB Fertility from Boulder, and Radar Relay from Fort Collins.
For more information on any of these programs, contact Katie at firstname.lastname@example.org.
Dan Salvetti, Manager of Strategy & Analytics at the Colorado Governor’s Office of OEDIT spent some time explaining the Foreign Direct Investment (FDI) and Export strategies.
The Governor’s office starts by identifying target industries and countries. After much deliberation and research, the top countries for FDI attraction efforts are the United Kingdom, Canada, France, China, Germany, Japan Ireland, Switzerland, Australia, Italy, Netherlands, and Israel. These countries made all 25 of the industry lists created during this process.
For export promotion efforts, the list is somewhat smaller, but still familiar. These countries include China, South Korea, Japan, Mexico, Germany, Netherlands, United Kingdom, Canada, France, Australia, India, Spain, Singapore, Poland, Philippines, Hong Kong, and Taiwan. These are the countries which show the most potential for increasing exports.
In general, the countries that are being targeted have the highest income, highest population, and are economically advanced. Other markets such as those in Eastern Europe and Southeast Asia are still developing and may be added as targets in the future. To learn more about the FDI or Export programs, contact Dan Salvetti at Dan.Salvetti@state.co.us.
There was a great discussion during the event with our presenters about how companies can get involved with the OEDIT office, including serving as ambassador from industry to the State leadership team. To be more involved with OEDIT, contact Connor Murphy, Diplomacy Manager at the Colorado Governor’s OEDIT at email@example.com.
For more information about the Colorado Executive Network, including the next event, visit ColoradoExecutiveNetwork.org.