BUILDING BUSINESS RESILIENCY Amids A Changing Economy

As we head into 2023, several national and international challenges are casting a shadow on our economy here in Boulder. You’ve probably heard about the significant cutbacks and hiring freezes of technology giants like Amazon, Twitter, and Google. On top of that, the remote and hybrid work models that many companies have shifted to throughout the pandemic have put a strain on commercial office spaces in Boulder; with many folks not necessarily returning to the office, we’re seeing high vacancy rates.

“Pre-pandemic, Boulder relied on about 70,000 commuters coming into work every day to support local businesses,” says Scott Sternberg, Associate Vice President for Economic Vitality at the Boulder Chamber. “With general traffic down, so are local retail sales.” This has a significant impact on the bars, restaurants, coffee shops, salons, and more that give character to our community. At the Boulder Chamber, we’ve been strategizing on how to bolster businesses and fuel our economy to weather the macroeconomic storm ahead.

Developing the Boulder Workforce to Fulfill Industry Needs

Our Workforce Development program, led by Matt Wiggins, is dedicated to matching industry needs with the current — and future — workforce. “Having businesses themselves identify their specific needs is the first step in the process,” says Matt. “Convening local business via an open forum is critical to understanding collective industry needs.”

When the healthcare industry experienced a shortage of medical assistants at the onset of the pandemic, Boulder hospitals, family practices, and clinics couldn’t hire the staff they needed. So with the Front Range Community College and other partners, we created an apprenticeship program to fill this need, managing 23 healthcare apprentices working with local employers.

We’re now using that same model to address the need for talent in advanced manufacturing, which 12% of Boulder businesses are categorized as. “This is good news for local businesses, because this sector generally requires employees to be on the premises,” reflects Scott. “Thereby, it strengthens our overall Boulder economy.”

Promoting Skills-Based Hiring to Expand the Talent Pool

Along with local education partners and Workforce Boulder County, we’re promoting skills-based hiring. This means convincing employers to write job descriptions based on the skills necessary for success in a particular position, which tends to attract a wider diversity of qualified applicants than a traditional, experienced-based job description.

Over 50 employers were trained last year. “Ultimately, this perspective diversifies the candidate pool,” explains Scott. “You’re now looking for people not necessarily based on what they know, but what they know how to do.”

We’ve also aligned with Grow With Google and Coursera to provide community members with stipends for online development courses to grow their skills — and career. Individuals receive a certificate of completion that they can use to strengthen their job applications.

We’re also engaging first-generation college students at the University of Colorado Boulder in virtual research projects for local businesses. Groups of 3-5 members gain experience working on a team — while providing businesses with the capacity to accomplish important tasks. Win-win!

Hosting Events to Inform and Empower Local Business Leaders

The Boulder Chamber hosts two Signature Events each year for the business and economic development community. In January, our Economic Forecast engaged researchers at the University of Colorado Boulder and nationallyrecognized economists in a forum to highlight the latest economic trends and make a projection for the year ahead. The nearly 250 attendees left in a more informed position to lead.

“Our Economic Summit in October is all about the subjective story lines, the flesh and bones of Boulder’s economy,” says Scott. It’s a series of open dialogue discussions and panel conversations about the issues our business leaders and owners are facing — and creative solutions. With a combination of quantitative and qualitative information, we want to help you position your business to survive (and thrive!) through economic changes.

Boosting Key Industries to Build Long-Term Strength

As the U.S. technology industry takes a hit, we are somewhat more prepared here in Boulder because of the diversity of industries we host. Though tech certainly has a presence in our city, the variety of our other key industries has created more economic resilience compared to more tech-centric markets.

In Boulder, we have six main industries: aerospace, biosciences, clean tech, internet solutions, natural products, and outdoor recreation. “These key industries provide Boulder with economic vibrancy and a unique brand that makes it desirable for employees to live and work here,” says Scott. With many associated businesses in each cluster, employees can switch positions while remaining in the same industry — a key factor in talent recruitment for jobs in Boulder.

As for vacant office buildings, we’re working with commercial real estate brokers and dialing into our network to fill these empty spaces with new businesses in our key industries.

Making Boulder’s Name as a Top Innovation Economy

Another advantage of the Boulder economy is the University and federal laboratories that provide research and development for our local businesses. This serves as the foundation of our “innovation economy,” promoting our startup and entrepreneurial ecosystems.

In 2023, we’ll share our Innovation Venture Report, which will benchmark Boulder against similar cities throughout the country known for their entrepreneurial spirit. We’ll compare how we rank and discern the strengths to elevate as well as the areas for greater attention to meet our economic vitality goals. (The Research & Development chapter of the report was released in January — stay tuned for more!).

Our Promise Supporting Your Business Growth and Success

Our role, as part of a larger team, is to advocate for you and your business in Boulder,” shares Scott. “We are here to listen to you and support you with the resources and talent pool you need to grow.” At the core, we want you to find business success and take advantage of the many opportunities our vibrant community has to offer.

Scott Sternberg Executive Director, Boulder Economic Council and Associate Vice President for Economic Vitality | scott.sternberg@bouldechamber.com

Matt Wiggins WorkforceDevelopment Director | matt.wiggins@boulderchamber.com

Boulder, Colorado A Center of Innovation

www.bouldereconomiccouncil.org/boulder-economy/market-profile/

When I moved to Boulder from Los Angeles several years ago to launch my consulting business, I had no contacts, no network, and no prospects. The Boulder Chamber provided me with a calendar of events that allowed me to meet other business owners at networking events before and after my work day. The more events I attended, the better the staff knew my business, allowing them to refer chamber members who transitioned from prospect to client and in several instances friends. The value of the Boulder Chamber far exceeds my membership fees.

Carey Mason | Diversity Business Coach, DEI4BIZ