Outdoor Industry lures are many. The Colorado Outdoors project is located in a federally recognized Qualified Opportunity Zone (QOZ) as well as a state of Colorado Enterprise Zone. Both programs offer numerous tax credits and incentives to lure companies, including zero long-term capital gains taxes, cash incentives of up to $10,000 per qualified job created and a state tax credit of $2,000 per job created. Dragoo says a strategic local economic development plan goes a long way for OI manufacturers, no matter where they are based. “I think Montrose is a great example,” he adds. “They have a [QOZ] and are aggressive in their recruiting. They’ve become a partner.” Other public-private partnerships are laying the groundwork for more growth on the Western Slope. A number of incubators Mayfly Outdoors and accelerators are working to foster the next generation of outdoor companies in Colorado. “Montrose, of course, has the Catapult Innovation Lab as its new location after leaving the Gunnison-Crested Butte area,” Fey says. “They’re expanding their accelerator to different locations around Colorado.” Likewise, outdoor gear retailer Moosejaw is working with Western Colorado University’s ICELab on an accelerator program to help OI startups get early-stage traction. That project is now in its second iteration, having already launched three companies in its first cohort. “Obviously, having access to a brick-and-mortar retailer and placement for products that come out of that accelerator program is really exciting,” says Fey. Taking cues from advanced manufacturing, OI has plenty of runway to reshore in places once considered too far off the beaten path. In Colorado, companies can leverage the whitewater, powder and singletrack for testing and iteration, and its central location and ever-improving infrastructure and logistics make manufacturing viable in the unlikeliest of locales—say, a ski town or alongside a gold-medal fly-fishing river. Then there’s the cachet that comes with manufacturing in Colorado’s rarefied air. Touts Fey: “There is a certain prestige that comes with being made here in the state and being part of the outdoor rec ecosystem.” This article was reprinted with the permission of CompanyWeek Media. Read the full-length version at companyweek.com . 32 Business in Colorado Magazine 2021 IMAGES COURTESY OF COMPANYWEEK
Business in Colorado May 2021: Page 32
