Colorado Real Estate Journal - April 6, 2016
Mayor Michael B. Hancock and the Denver Office of Economic Development released JumpStart 2016, the city’s strategic plan for economic development. “This is Denver’s time. We are seeing record-breaking economic success on so many levels, and the challenge now is to maintain this growth in a manner that will positively impact all our people,” said Hancock. “Our JumpStart vision has always been founded on inclusivity, striking a balance between bold goal setting and ensuring that we are directly creating economic mobility for residents in every corner of the city.” As in previous years, JumpStart 2016 outlines strategic pillars of economic development: business development, small-business advocacy, housing, neighborhoods and workforce development. Each pillar includes detailed initiatives, goals and partners with which the OED will collaborate to convert plans to action. Included in this year’s report is a broad, three-year framework for economic development strategies for the 2016-2018 window. Among the specific initiatives in the 2016 plan: • Build outreach efforts to international companies looking to expand in the U.S., while also exploring international opportunities for local firms to tap new markets. • In conjunction with institutional early stage venture funds, support Denver-based startups through a new loan fund, which in turn will provide payment enhancements to the city following a firm’s successful growth and/or exit strategy. • Identify up to 500 firms that contribute to Denver’s core economy, and assign them an OED business development representative to strengthen lines of communication for future expansion or retention conversations. • Provide financing to the top ideas addressing food insecurity in the Globeville-Elyria/Swansea neighborhoods. • Build upon the success of the JumpStart BizPlan Awards by organizing JumpStart Academy, a consortium of startup entrepreneurs that can formally share strategic planning, finance, marketing and mentoring practices with peers and future applicants. • Support the creation of at least 600 additional affordable and workforce housing units, and also pilot new financing tools for affordable homeownership. • Establish a retail incubator and storefront on East Colfax Avenue for immigrant-entrepreneurs to manufacture, market and sell goods to the Denver community.