Entrepreneurship thrives in Colorado as businesses expand

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(The Center Square) – Multiple companies have announced expansions in Colorado, bringing new jobs and opportunities to the state.

That comes as Colorado recently ranked fifth nationally as a top entrepreneurial state, according to a study by Wave Connect.

It found that across all 50 states, Colorado processed over 2,200 business applications per 100,000 residents.

“Most Colorado entrepreneurs are entrepreneurship-driven and employ a considerable number of local workers,” the report found. “Colorado has an excellent 82% startup survival rate, while residents show the second-highest entrepreneurial curiosity nationwide.”

One of those Colorado-based companies is RK Industries LLC, which recently announced a significant expansion of its operations in Aurora.

The expansion will feature a 154,488-square-foot facility, housing its headquarters and four wings of the company.

Colorado Gov. Jared Polis applauded the many jobs that expansion will bring to the state over the next eight years.

“Colorado is the best place to work and play,” he said. “We are thrilled to see RK Industries expand in Colorado, which helps grow our state’s thriving advanced manufacturing industry and create 1,786 good-paying jobs for Coloradans.”

This project has been multiple years in the making and was not a guaranteed win for Colorado, as it was considering other states.

It also comes with an expense to taxpayers.

The announcement was made just weeks after reports that the Colorado Economic Development Commission approved more than $24 million in job growth tax incentives for an unnamed company that matches the description of RK Industries.

That was the largest tax incentive awarded to any one company in Colorado this year.

Mytikas Manufacturing also recently announced that it would be expanding operations, bringing 170 new jobs.

Like RK Industries, the Colorado-based company also worked with the Colorado Office of Economic Development and International Trade to finalize its decision.

“Mytikas Manufacturing is profoundly thankful for OEDIT's help through the Rural Jump-Start and Innovative Housing Incentive programs,” said Eric J. Bonick, Mytikas Manufacturing’s CFO. “Their support was crucial to allow us to bring our vision of sustainable, high-efficiency, and affordable building solutions and tiny homes to life in Colorado.”

Mytikas Manufacturing received some taxpayer-funded support from programs like the Rural Jump-Start Program, which first began in 2016 as a tax incentive program promoting rural economic development. In 2021, it also expanded into grant funding.

Fremont County Economic Development Corp. is the sponsoring entity for the project.

Because Fremont is one of the counties designated as a “Rural-Jump Start zone” by the Rural Jump-Start Program, that means Mytikas Manufacturing could receive a matching grant of up to $15,000 and tax credits.

It was the first Fremont County business to successfully apply for and join the Rural Jump-Start program.

“The Rural Jump-Start program is a valuable tool for supporting new jobs across Colorado, fostering economic growth and opportunity in our rural communities,” said Eve Lieberman, OEDIT executive director. “We are thrilled to witness how programs like RJS and the Innovative Housing Incentive Program can support innovative companies, generating 170 jobs in Fremont County and increasing housing options in Colorado.”