So. Colorado Business Forum & Digest || NOVEMBER || 2024

Small Town Colorado Business Ecosystems Doing Big Things

FOUNDER, COLORADO MEDIA GROUP & EXECUTIVE PUBLISHER, SO. CO. BUSINESS FORUM & DIGEST

Dirk R. Hobbs dhobbs@coloradomediagroup.com

MANAGING EDITOR

Lee Harper lharper@coloradomediagroup.com

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Rhonda Van Pelt info@coloradomediagroup.com

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Christopher Tombaugh ctombaugh@coloradomediagroup.com

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Geraldine Villanueva gvillanueva@coloradomediagroup.com

DIRECTOR OF MEDIA SALES & PARTNERSHIPS

Jeff Mohrfeld jmohrfeld@coloradomediagroup.com

STUDIO NARRATOR/BUSINESS DIGEST WEEKLY Rachael Plath

SENIOR WRITERS

Pam Bales, Jeanne Davant, Warren Epstein & Wayne Heilman

STAFF WRITERS

Emilie Hagopian, Keri Kahn, Lucy Richardson & Tiffany Underwood

CONTRIBUTING WRITERS

William Craighead, Ph.D., UCCS Economic Forum & Lola Woloch, CEO, SC Women’s Chamber of Commerce

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Sterling McMannis & Emilie Hagopian

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Publisher’s Letter

Acharacteristic of great business communities is to recognize and intentionally celebrate the hard work, dedication and progress by those who represent the latest generation of business and civic leaders, innovators, pioneers and agents of positive community change.

Authentic and meaningful recognition sends the message of respect and acknowledgement for those who take their place at the table to shepherd forward our economic engines, business infrastructure and way of life. When the current leaders appreciate and invest in their success, it builds longevity – generations of professionals who choose to contribute to Southern Colorado’s economy and culture.

The So. Colorado Business Digest’s 40 Under 40 inaugural event will take place at City Hub in Colorado Springs on the morning of Tuesday, February 25, 2025. Award recipients from throughout southern Colorado are expected to attend, along with current leaders, winners and their guests.

Nominations are officially open and can be found on our website: www.socodigest.com — look for the 40 Under 40 icons throughout the site. Nominations close December 9, 2024, at 5pm.

The Business Conversation is in The Digest!

The Digest is committed to strengthening the Southern Colorado business ecosystems of services,

providers and companies in various industries with insights, access, visibility and connectivity. In addition to our advertising and sponsored content opportunities, features by The Digest writing staff are ALL earned media stories –not pay to play.

Have real business and economic news? Is your company hiring or expanding? Are you innovating or disrupting? Want to attract other necessary contributors to create a stronger ecosystem? Tell your business story in The Digest! Email story pitch ideas to the Managing Editor: Newsdesk@coloradomediagroup.com

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Dirk R. Hobbs, Founder & Executive Publisher Colorado Media Group, Inc.

Comi ng Feb. 25, 2025

Contents / October/November 2024

TOURISM

8 SOCO Toursim on Par with 2023

Compared with 2023, this year has performed equally well for some of the major areas in Southern Colorado. The Royal Gorge region and Las Animas County, like every tourist area, benefit greatly by traveler spending, tax receipts and tourism employment. Get the numbers here.

BY JEANNE DAVANT

14 Hotel St. Cloud Renovation

Transforming Downtown Cañon City

Social enterprise entrepreneur Stan Bullis has rebuilt the foundation of an historic hotel and the city’s Main Street. The lobby currently welcomes patrons to the hotel’s bar and restaurants; Bullis owns six other buildings along the street with restaurants, retail, an arts center and office space.

BY JEANNE DAVANT

REGION PROFILE: TRINIDAD

10 Cimino’s Legacy Will Last for Generations

Gina Cimino spoke with The Digest about her father’s commitment to his hometown of Trinidad. He spearheaded the purchase of land for a new state park, the church he attended as a child, and the home he grew up in. But his interests in the area were spurred by his concern and loyalty to those who came after him.

BY WARREN EPSTEIN

NONPROFIT

15 CO Gives Day Delivers Matching Funds

CO Gives makes it easy for individuals and businesses to give to nonprofits across Colorado. In 2023, the wave of generosity garnered more than $54 million through the day’s campaign. On Tuesday, December 10, the 15th CO Gives Day will add to the missions of more than 3800 nonprofit organizations around the state.

BUSINESS

17 Remote Work: Where Does Colorado Springs Stand?

The pandemic sent thousands of workers home for months or even years. Many have since returned to the office. The Digest explored what businesses in Colorado Springs have maintained the remote model or moved to a hybrid formula.

BY KERI KAHN

36 Six Colorado Springs Companies Make Inc 5000

Before arriving in Colorado Springs, Lt. Gen. Tony Bauernfeind served in Afghanistan and South Korea, and most recently was the U.S. Air Force Special Operations Command top general. He will now lead the 47-month program of military education and leadership development to reflect the U.S. Air Force and U.S. Space Force directives. BY PAM BALES

SMALL BUSINESS

19 Palace Drug Store

Treats Customers Like Royalty

In Cañon City, Palace Drug Store has thrived for well over 100 years. The Digest visited the store on Main Street to learn more about its history and its formula for maintaining customers when so many retail establishments struggle to survive.

BY JEANNE DAVANT

26 Shopping Small Makes a Big Difference

Small Business Saturday has grown exponentially since American Express® launched the concept in 2010. The credit card company estimates that SBS has generated more than $200 billion in reported sales since 2012. Read about why the annual merchandising event is so important to small business.

BY RHONDA VAN PELT

FINANCE

21 National Bank Deposits’ Decline Includes Colorado Springs, Mostly

Deposits for the year ending June 30 dropped 1.8% in Colorado Springs after a surge during the pandemic. The same trend has been seen across the state and the country. Experts say many banks haven’t been aggressive in retaining deposits amid weak loan demand.

BY WAYNE HEILMAN

40

De-dollarization: Should We be Concerned?

The debate over the U.S. dollar’s reign as the world’s reserve currency continues to make headlines. Why does the dollar hold the attention of the finance world?

A closer look at the possible alternatives reveals that the dollar’s international usage has remained stable over two decades, overshadowing its nearest competitor.

BY T.H. WILLIAMS OF VIRTUENT

PEOPLE

24 Professionals on the Rise

Get to know some of those people in the region who have made leaps in their careers. This is where The Digest celebrates the achievements of Southern Colorado’s workforce.

UTILITIES

27 Expansion Needed to Meet Eastern Development

As new homes and businesses are built on Colorado Springs’ east side, Colorado Springs Utilities is working to ensure services are in place to meet the expected increase in demand. Read about the critical backbone of infrastructure Springs Utilities is putting in place by the end of 2029.

BY COLORADO SPRINGS UTILITIES

TECHNOLOGY

29 New Tech Incubator Emerges in Trinidad

Like its parent, the Emergent Campus in Florence, the Trinidad campus is envisioned as an innovation hub for businesses. Discussions to expand to the area began two years ago and a team of education and nonprofit groups won a $3.5 million grant to develop and sustain the new campus in record time.

BY JEANNE DAVANT

34 Expansion and Innovation: Formula for Catalyst Campus

Founded by Dawn Lissy of Empirical Technologies, NAFF raises money to help for therapies that are rarely if ever covered by insurance. Facilitating access to suitable programs across the country, Lissy’s organization will host Gala for Good on Oct. 19 at Opus Creative Studios in Colorado Springs. BY WAYNE HEILMAN

ECONOMIC FORUM

31 America’s Turn Away from Free Trade

In recent years, the U.S. has turned away from the free trade principles it advocated during most of the postWorld War II period. UCCS’ Economic expert Craighead looks at the history of tariffs, their role in the Great Depression and the impact of the politically popular topic on consumer pricing of goods.

BY DR. WILLIAM CRAIGHEAD

MILITARY

32 Warrior Games to Return to COS in 2025

The Warrior Games, first held in 2010, is an annual adaptive sports event designed for wounded, ill and injured military service members and veterans. The event remains a vital part of their recovery and continues to inspire both participants and spectators.

BY TIFFANY UNDERWOOD

KEEP RISING.

Comcast RISE is supporting the growth of small businesses and entrepreneurs committed to uplifting their local communities. The program is built to help businesses and their communities thrive, with a focus on economic growth. This year, Comcast RISE has awarded 500 recipients in five regions, including 100 in Southern Colorado. These grant packages include business consultation services, educational resources, monetary grants, creative production, media schedules, and technology makeovers.

14,000

Now in its fourth year, Comcast RISE celebrates supporting a total of 14,000 small business owners with tech services, marketing resources, and millions of dollars in grants.

Visit ComcastRISE.com for more information.

1,410 $140M

Entrepreneurs in 1,410 cities across 38 states have been selected as Comcast RISE recipients.

Comcast RISE awarded over $140 million in monetary, marketing, and technology grants.

Updates From Around the Region

El Paso

Downtown Partnership of Colorado Springs Top Executive Steps Down

After serving downtown Colorado Springs initiatives for the last eleven years, Downtown Partnership CEO Susan Edmondson has resigned for personal health reasons. This announcement was made on October 25, 2024.

Edmondson and her board of directors had taken steps for a leadership succession plan in 2023 without planning for the need to put it in motion.

Board Chair Jen Furda says, "In her tenure as CEO, Susan has amassed an incredible staff who will continue the work of the Downtown Partnership in conjunction with a highly engaged board. Supporting business continuation further are a list of partner organizations including the City of Colorado Springs, prominent area developers and numerous business and community leaders."

More than 2,000 residents will eventually call downtown Colorado Springs home, along with a strong restaurant and retail scene and thriving business center. A more extensive review of Edmondson's decades of work in Colorado Springs, which include The Gazette and the Bee Vradenburg Foundation, can be viewed on socodigest.com.

Pueblo

Whataburger Expands to Pueblo

Texas-based burger chain

Whataburger came to Colorado in 2022, and in October, broke ground on its eighth location in the state. The new restaurant will be at 2850 W. Pueblo Blvd. in Pueblo County. As with the six locations in Colorado Springs and one in Monument, the new location is courtesy of franchisee BurgerWorks Colorado and owner William Tamminga. Whataburger began as a simple stand in Corpus Christi, Texas, in the 1950s and has since grown to more than 1,000 locations in 15 states. (courtesy of Denver 9News)

Las Animas

SNEAK PEEK: Trinidad’s Emergent Campus

Like its parent in Florence, there is an Emergent Campus in Trinidad, envisioned as an innovation hub for businesses, drawing new employers and creating educational pathways, internships and well-paying jobs.

Its executive director, Christine Louden, hails from Branson, Colorado, a tiny town 50 miles east of Trinidad. A fourth-generation Coloradan, Louden returned from travels near and far, moving her family back to the United States in 2018.

Although the emphasis will be creating a tech industry base, Louden says tech-adjacent and advanced manufacturing companies are welcome, as well as web designers, digital marketers and e-commerce providers.

“We are leveraging 24 existing Southern Colorado employers on the Emergent campus in Florence and providing additional internship pathways,” Louden says. “We’re building a workforce partnership with Fremont [County], Pueblo and Trinidad to triangulate in order to draw more tech business down from the Front Range.”

Read the full story on page 27

El Paso Pueblo

Las Animas

Photos

Trinidad State College

Susan Edmondson

Updates From Around the Region

El Paso

Hotel Polaris Prepares for November Launch

Hotel Polaris at the U.S. Air Force Academy is set to open its doors on Nov. 14. Managed by CoralTree Hospitality, the 375-room resort-style hotel promises a unique experience, blending the grandeur of the Academy grounds and the Rocky Mountain backdrop.

Curtis Bova, general manager, expressed his excitement about the launch, stating, “We look forward to setting a new standard of hospitality in the Pikes Peak region with an amazing hotel, from the comfort and design of our rooms to the creative cuisine at our restaurants.”

Among the hotel’s standout amenities are six dining options, including Pamela’s, which will offer a variety of American regional cuisines. Guests can also enjoy the Aviator Bar’s rooftop views and refined cocktails, or

El Paso

The Colorado Springs Sports Hall of Fame Class of 2024 was formally inducted and honored on October 22, at The Broadmoor World Arena. The 24th annual banquet and induction ceremony was presented by the Colorado Springs Sports Corporation and honored the following.

Henry Cejudo is a fighter who took home Olympic gold in freestyle wrestling at the 2008 Summer Games in Beijing. He was only 21, making him the youngest American wrestler ever to win the Olympics. Later, Cejudo set his sights on the UFC, and became the first fighter to win an Olympic gold medal and a UFC championship.

Rick Swan served as the head coach of the Colorado College (CC) women’s volleyball team and guided

visit Doolies, a 1950s-style soda shop featuring vintage diner classics. For relaxation, Ascend Spa & Wellness will offer a full-service spa and wellness center with wellness programs ranging from active classes to outdoor adventures.

Hotel Polaris will also offer signature experiences, including the country’s only in-hotel flight simulators, providing an immersive experience in F16 and 737 Max simulators.

Families can enjoy activities such as the Junior Cadet Program, complete with flight suit pajamas and daily glider launches for children, while the K-9 Cadet Program offers custom amenities for pets and supports retired military and law enforcement K9s.

In preparation for the opening, Hotel Polaris is offering several introductory lodging packages.

the Tigers to 22 consecutive appearances in the NCAA Division III national tournament, compiling an overall record of 596-175. Since 2021, he served as head coach of the Saint Kitts and Nevis men’s and women’s national teams, competing worldwide. He also served several terms on volleyball’s NCAA National Committee and Regional Advisory Committee.

Lauren Howe, a prominent female golfer from the 1970s-80s, achieved early success and joined the LPGA Tour in 1978. In 1983, she was named Golf Person of the Year by the Colorado Golf Hall of Fame after winning the Mayflower Classic. After 13 years in the LPGA, Howe has shared her expertise as a golf instructor, in St. Augustine, Florida, and the Denver area.

Chucky Jeffery is a longtime resident of Colorado who became a local basketball star in childhood. After much success in high school,

The “Countdown to Takeoff” promotion includes a $100 hotel credit and welcome amenity, with rates starting at $235 per night for stays through March 2025. Additionally, the “Holidays for Heroes” special honors first responders, military personnel and teachers with a free third night

she played Division I basketball at the University of Colorado in Boulder.

Jeffery became the first player in CU history to record 1,600 points, 900 rebounds, and 400 assists. In 2013, she played for the Minnesota Lynx and, in 2014, for the New York Liberty.

Lou Vairo served as a respected figure in American hockey for over six decades. From the 1960s, when he led grassroots initiatives in New York City, to the 1970s when he transitioned to coaching. He coached USA Hockey and the U.S. Olympic men’s team in 1984 and 2002. Vairo’s contributions were recognized by the U.S. Hockey Hall of Fame, the International Ice Hockey Federation, the National Hockey League and USA Hockey.

Before Lt. Gen. Richard Clark completed his tenure as the first African American superintendent of the U.S. Air Force Academy in 2024, he was a USAFA four-year letter winner

and complimentary cocktails. Rates for this offer start at $153 per night, available through January 2025.

(1982-85) in football. He was on the WAC All-Conference Academic Team and received the Colorado Fellowship of Christian Athletes’ Athlete of the Year. As an Air Force pilot, he commanded at various levels and served at the Pentagon. He also served three combat tours and received numerous awards and decorations. In retirement, Lieutenant Gen. Clark now the executive director of the College Football Playoff.

The 1983 Coronado High School Girls’ Volleyball Team and the 1997 Sierra High School Boys’ Basketball Team were also inducted. The U.S Olympic and Paralympic Committee was honored with the Pikes Peak Community Legacy Award. Dave Shackelford was awarded the Col. F. Don Miller Sports Service Award. And David Weinstein was presented the Thayer Tutt Sportsman Award Winner.

2024 SOCO Tourism on Par with 2023

BY JEANNE DAVANT

Tourism is a major boost to the economies of the Royal Gorge region and the Trinidad area. Although tourism has dropped off a bit since it peaked during the pandemic, tourism indicators in both areas are at least on par with 2023.

Royal Gorge Region

As of July 31, 2024, collections from Fremont County’s 2% lodging tax were up 0.5%, a modest increase over the same period of 2023, says Bryan Jordan, owner and president of Destination IQ. The county contracts with Jordan’s Buena Vista-based firm for destination management services. Through the end of September, about 5,100 tourism packets and visitor guides were mailed out, Jordan says, matching 2023 numbers.

The Royal Gorge Bridge and Park, the Royal Gorge Route Railroad and outdoor sports including the rafting industry are the three attractions that generate the most visits to Fremont County, Jordan says. Because of the

mild weather in the Royal Gorge region — “it’s sometimes referred to as the Banana Belt of Colorado,” Jordan says — the area draws people year round.

At the Royal Gorge Railroad, “our summer was excellent,” says Kelly Pascal Gould of Denver-based Pascal Public Relations. The railroad does not share specific numbers, but Pascal Gould says that, month by month to date this year, ridership has matched or exceeded ridership in 2022 and 2023.

Events throughout the summer bring people to the Royal Gorge area.

The season kicks off with the Cañon City Music & Blossom Festival, held May 1-5, 2024, for the 86th year. The festival features a parade along Main Street, band competitions, free concerts, 5K run, a crafts fair and carnival.

The 15th annual Royal Gorge Whitewater Festival, held July 26-27, 2024, celebrates the area’s outdoor industry. It included numerous rafting and kayak events and competitions, water sports demonstrations, 5K and 10K trail runs and live music

Tourism Statistics, 2023

Source: The Economic Impact of Travel in Colorado, prepared by Dean Runyan Associates for the Colorado Tourism Office

performances on several outdoor stages in Centennial Park.

The 22nd annual Harvest Festival, held this year on Sept. 28-29 at The Winery at Holy Cross Abbey, opened with the traditional blessing of the harvest and offered wine tastings, food and live music.

After a slow start last spring, visitation picked up during the summer and is now up 7% over last year, says Marketing and Communications Director Brooklyn Osborne.

The Royal Gorge Railroad is launching a Thanksgiving train

this year that will run at 12:30 p.m. on Thanksgiving Day. The familyoriented Santa Express Train, with up to three departures a day, runs from Nov. 20-Dec. 31 and is one of the busiest events of the year, Pascal Gould says. The daily Holiday Train offers a more subdued ride for adults.

The Christmas Parade of Lights, a signature event of the Royal Gorge Chamber Alliance, has been a Cañon City tradition since 1989. This year’s parade us set for 6-8 p.m. Dec. 7.

Fremont County Las Animas County

Photo

Source: Royal Gorge Bridge & Park

The Royal Gorge Bridge is suspended 956 feet above the Arkansas River.

Las Animas County

A new visitor center opened in downtown Trinidad in September 2023, says Marty Hackett, Welcome Center manager and event coordinator for the city of Trinidad. Formerly stationed at the Colorado Welcome Center off Interstate 25, Hackett now greets visitors at the downtown site at 210 W. Main St.

Visits to the Colorado Welcome Center totaled 16,444 through September of this year, Hackett says, which is on par with 2023 figures.

Arts events and installations are among the attractions visitors enjoy. The Commons @ Space to Create hosted an exhibit called “Goodnight Moon” in 2023. A fiber diorama produced by two local artists, it brought lots of attention to the Corazón de Trinidad Creative District and attracted visitors from across the country, Hackett says. Other popular exhibits include the Smithsonian Institution’s “Change Across Rural America,” which brought in about 5,000 people over five months, and “Colorado Scenic & Historic Byways,” featured from Aug. 1-Oct. 31, 2024. The A.R. Mitchell

Museum of Western Art is another popular attraction.

Outdoor recreation is another draw, including hiking, mountain biking, fishing, boating and camping at the area’s two state parks.

Las Animas County is capitalizing on its hundreds of miles of gravel roads, Hackett says, with dedicated cycling routes and the Rad Dirt Fest, part of the Life Time Fitness Grand Prix circuit of races, held each September for the past four years.

About 700 riders competed in the Rad race the first year, Hackett says. This year, nearly 1,000 riders participated and, along with supporters, the race brought in about 3,000 people, she says.

Upcoming events include the Holiday Homelighting Trolley Tour on Dec. 17, 18, 22 and 23, and Victorian-style tea parties in the Trinidad History Museum on Saturday afternoons until Christmas.

Jeanne Davant is a senior writer for the SoCo Business Forum & Digest.

Photo by Nick Landry.

Region Profile

Cimino’s Legacy Will Last for Generations

BY WARREN EPSTEIN

It was a moment Gary Fentiman will never forget. It was 2017 and he was working as Jay Cimino’s chief operating officer of the Phil Long Ford automotive group.

Cimino turned to Fentiman and proclaimed, “I want to buy a mountain.”

“You what? … Buy a mountain?”

Long pause.

“You have 90 days to find out how to fund it,” Cimino said. And the Cimino group got to work.

The Mountain

In 2020, Fishers Peak opened as Colorado’s second-largest state park, standing as a towering legacy of a man dedicated to reviving his beloved hometown of Trinidad.

In a recent article, we explored an overview of Trinidad, looking at its ever-changing personalities as well as its arts scene and natural wonders.

Today, we look at the legacy of a man, best known for his car dealerships in Colorado Springs, Denver, Glenwood Springs, Trinidad and Raton, New Mexico, who created a mountain of hope in the southern Colorado town.

Getting out of Town

Jay Cimino was born in 1936 and grew up in Trinidad, where just about every kid rode a bike over gravel roads and knew the family behind every door knocked on for Halloween. His dad had told him that if he wanted to make something of himself, though, he would need to leave.

“You can’t stay in this town,” his dad told him (according to his daughter Gina Cimino). “There’s no opportunities for young people here.”

He took that advice, leaving after high school to join the Marines. He came back for two years, attending Trinidad Junior State College (now Trinidad State College) before heading out of town again to study business at the University of Denver.

After graduation, he married his college sweetheart, Emily Roitz.

Soon after college, the rubber hit the road to his lifelong career in the automotive business, starting

with a management position at B.F. Goodrich. In 1975, he joined Phil Long Dealerships’ founder Phil Long as his partner and general manager of one Ford dealership. Over his 49-year career, Cimino grew the dealership to 18 locations, making Phil Long Dealerships the largest privately owned automotive group in Colorado. Although his home was in Colorado Springs, Cimino dedicated the last two decades of his life to helping his hometown.

Fentiman estimates Cimino’s investments in Trinidad at more than $80 million, and that doesn’t include all the sweat equity the Cimino family and their partners put in.

He often returned to Trinidad to visit family and friends, and he was sad to see boarded storefronts and a fragile economy that seemed a lot more bust than boom.

“It was thriving when he was a kid, and that’s what was driving him,” says

Gina Cimino. “He wanted to bring it back to what he remembered, a city of champions.”

In the early 2000s, with both of his parents deceased, Jay got word that his childhood home was up for sale. He bought it, renovated it and began using it as a headquarters for his investment and philanthropic work in Trinidad.

In 2008, he started working closely with his daughter Gina to help Trinidad. It was in bad shape. The economy was stalled. The roof of the church Jay had attended as a boy had caved in, and the diocese put it up for sale.

“Guess who bought the church?” Gina asks. “After studying the needs of this poor, underserved community, it wasn’t difficult to see that the biggest need here was healthcare.”

Indeed, Las Animas County’s healthcare was rated second to last in the state, with half of its residents

Gina Cimino on her father’s plans for Trinidad:

“He wanted to bring it back to what he remembered, a city of champions.”

going out of town even for simple medical attention. Gina and Jay had a plan to renovate the old church and turn it into a clinic. They approached a major healthcare system to run the clinic, but after management changes, their proposal was rejected.

“But we couldn’t walk away,” says Gina. “I asked my father, ‘What is our next step?’ He said, ‘We run it ourselves.’ We hired a management company, doctors and nurses. We had key staffers Ashley DiPaola and Felix Lopez, who helped us lay the foundation for our nonprofit.”

In 2011, Mt. Carmel Wellness and Community Center was born. In 2018, the group approached the CEO of Salud Family Health, who was from Trinidad. He agreed to take over the center’s medical services, and in 2022, added dental services. With a federally qualified health center as its partner,

Region Profile

the Cimino team focused on the wellness portion. Today, Mt. Carmel Wellness and Community Center has expanded to become a healthcare campus, where residents can participate in more than two dozen free or low-cost wellness programs.

Alongside the health center, another dream became reality. Since his time in the Marines, Jay had a vision of helping other veterans. Along with retired Col. Bob McLaughlin, his family and staffers, Cimino established Mt. Carmel Veterans Service Center in 2016 in Colorado Springs to support active military members, veterans and their families as they transition into civilian life, seek gainful employment and face emergent needs.

A Mountain of a Plan

Cimino’s largest, most ambitious Trinidad initiative began with that conversation between Cimino and

Fentiman to purchase what would become Colorado’s second-largest state park.

Through all the booms and busts of the old mining town, Cimino saw the way forward. The way to sustainable economic growth was through tourism, and he saw Fishers Peak as the key.

“He knew we sit on this gateway to Colorado on the I-25 corridor, with thousands of cars coming through every day,” says Cy Michaels, Trinidad hotelier and Cimino friend. Michaels later became part of the ownership group of the Hilton Garden Inn and serves as a hospitality consultant to the chamber and tourism offices.

“He knew we had to get them to stop, get gas and a bite, and then discover this wonderful slice of Americana in Trinidad.”

He also knew what a mountain park could do to bring in more of those drivers. Towering over the

city at 9,633 feet, the highest spot between Trinidad and the Atlantic, Fishers Peak had been owned by the Crazy French Ranch (questions of sanity aside, that was the name of the incorporation), led by a widow in Santa Fe. Cimino and Michaels visited her, shared their ideas, and she was amenable to the sale. To get the ball rolling on fundraising, Cimino formed a group of impassioned individuals consisting of family members, community stakeholders and local city representatives (later called the Gang of 14).

They took a jeep tour up the mountain. The beauty of the forests, meadows and the abundance of wildlife (along with Cimino’s passionate vision) convinced the gang of the land’s importance to the community.

Then former Mayor of Trinidad Phil Rico (one of the Gang of 14) asked the Trinidad City Council to

approve pursuing the purchase. They voted yes. State agencies and trusts eventually purchased the 30 square miles of mountain for a little more than $25 million in 2019. Gov. Jared Polis, thrilled about adding a new — and uniquely untouched — state park to Colorado, signed the executive order to fund Fishers Peak.

The park officially opened in October 2020, with limited access and trail development underway. Currently, one trailhead and one picnic area are open, leading to 13 miles of trails, accessing roughly 250 of the available 19,200 acres.

Once the park is fully developed for hiking, biking and hunting, researchers at Colorado State University estimate that more than 170,000 people will visit annually, generating more than $18 million in local business revenues for Trinidad.

With an elevation of 9,633 ft., Fishers Peak is the highest point in the Ratón Mesa of southern Colorado.

Region Profile

CONTINUED FROM P. 11

“He had so much love for this community. We’re dedicated to keeping his legacy alive in Trinidad.”

— Gina Cimino

Cimino’s Legacy

Beyond the Mountain

Cities like Colorado Springs had visionaries, including Spencer Penrose, but Trinidad had no such champion for its community. Motivated to fill that void, Jay Cimino founded the Trinidad Community Foundation in 2006, with a goal of gathering people who are driven by mind, body and spirit to move the community forward into the future.

Along with his family and other collaborators, Cimino focused on uplifting Trinidad through various partnerships, nonprofits (a fourth one he founded is Sister Blandina Wellness Gardens, a spiritual retreat free and open to the public in downtown Trinidad), historic preservation, economic development, education and recreation.

Jay Cimino died in February at 87 years old, but his legacy investments in Trinidad continue.

Building on the outdoor recreation promise of Fishers Peak State Park, Cimino initiated plans for a riverwalk park along the Purgatoire River, which the city has taken on. Cimino also expanded the tourism infrastructure to handle an increase in visitors, building a Hilton Garden Inn, Club 14 Garden Grill and Pub, The Marketplace (a food hall and a bar that serves as a business incubator), The Stock House event center and The Champions Center (a collection of businesses and the county chamber of commerce, housed in a restored bank building).

He also established the Downtown Trinidad Development Group and co-founded the Trinidad Construction Group with Karl Gabrielson to facilitate the expected growth.

“Right now, we’re working on the old Catholic school,” Fentiman says. “With luck, that’ll soon be rentcontrolled, affordable workforce housing.”

Restoring historic buildings to revitalize Trinidad was a passion for Cimino and his partners. In addition to the restorations, Cimino created an automotive course track, including donated equipment, to his alma mater, Trinidad State, and encouraged his people to be champions in the community.

The city of Trinidad honored Cimino’s dedication to his hometown by putting his name on the Downtown Family Park and Playground, and adopted a Memorial Resolution honoring his life and legacy. He was inducted into the Trinidad State Junior College Hall of Fame in 2012. The Pikes Peak chapter of the American Red Cross named Cimino humanitarian of the year for his work in Trinidad.

“He had so much love for this community,” says his daughter Gina, who serves as president of Mt. Carmel of Colorado as well as Kip Hampden Properties in Trinidad. “We’re dedicated to keeping his legacy alive in Trinidad.”

Warren Epstein is a senior writer for the SoCo Business Forum & Digest.

Photo Source: Nina Riggio

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Hotel St. Cloud Renovation Transforming Downtown Cañon City

BY JEANNE DAVANT

The Hotel St. Cloud, a landmark on Cañon City’s Main Street, narrowly escaped demolition in 2012, when its corporate owners deemed essential repairs too costly.

Six years later, serial social enterprise entrepreneur Stan Bullis took on the project through his Denver-based company, Unbridled.

“It needed to be saved,” he says. “It’s a very prominent building in a very prominent location with a very prominent history.”

But the hotel’s restoration has a significance beyond the building itself. Along with Bullis’ other projects and the city’s infrastructure upgrades, it is driving a renaissance on Main Street, inspiring additional building renovations and attracting new businesses.

“The St. Cloud is going to have an impact on our community that’s never been seen before,” says Rick Harrmann, Cañon City’s economic development manager. “It is going to be our first four-star hotel — an amazing establishment that will change our demographics and our economy.”

With the lobby and the rest of the first floor finished, that’s already happening.

“When we came in 2018, Main Street had about a 40% vacancy, and now it fluctuates between 5-10% vacancy,” Bullis says.

The hotel now welcomes patrons to the Fremont Public House bar; the War Room, a speakeasy; and a restaurant named 1887, A Historic Eatery. Outfitted with periodappropriate flooring, elegant fixtures and furnishings, they’re already popular with locals and visitors.

Work is proceeding on the guest rooms. The hotel originally had 55 rooms, but when it reopens in March 2025, it will have 36. The original 10-foot-by-10-foot rooms have been combined for more modern standards.

“Ninety percent of the work is

locally done,” Bullis says. “We learned in the process that there’s quite a good group of engaged professionals here. They care a lot about this building.”

He estimates that about 200 people have been employed on the project so far.

A Business Ecosystem

Bullis has been in the hotel and event industry since 1981.

“I started out as a dishwasher at 16 and worked my way through food and beverage, then banquets and catering, and then I got into sales,” he says.

Bullis worked with Marriott Hotels and Ritz-Carlton Hotel Co., then went into event planning and founded Unbridled in 2001.

“As we kept dreaming about new services, we would add new companies,” he says. The events business spawned a travel agency, production company, creative agency and more enterprises that created an ecosystem of shared services that now encompasses 32 companies.

“We wanted to be a social enterprise business before that was cool,” Bullis says. “We wrote in the initial bylaws that our first 20% of profits would go to charity, the second 20% would stay in the companies and the balance, 60%, would be distributed to shareholders.

Every company of the 32 has that social aspect.”

Bullis says his companies generate between $1 million and $1.5 million a year for charities.

“One of the companies was devoted to preservation of historic buildings,” he says. “I’ve always wanted to own a hotel because of my hotel background, and we wanted to explore this business model: doing good by doing well. Could there be some long-range impact on small towns?”

That’s why Bullis was immediately interested when the St. Cloud went up for auction in July 2018.

Costly Renovations

million budget to the current budget of $17 million.

“We discovered that the building was collapsing on itself,” he says. That required lifting the hotel four inches to install new infrastructure.

Originally built in Westcliffe in the silver boom days of 1879 and moved to Cañon City in 1887, the St. Cloud provided luxurious accommodations for film stars during the silent movie era, when Hollywood used the town as a picturesque setting. It housed the Colorado headquarters of the Ku Klux Klan in 1927 and, at one time, was converted to apartments.

Bullis knew the hotel needed a lot more than a facelift. Right off the bat, he had to mitigate asbestos and leadbased paint. These costly renovations were accomplished with the help of state and federal tax credits.

Unexpected costs inflated an $8.8

“We ran out of money twice,” Bullis says. “Then the state of Colorado gave us a grant, and we rolled it into a new markets tax credit,” which helps finance projects in underserved communities.

Between 2018 and 2021, Bullis bought and restored six more Main Street buildings, including the town’s old post office, which houses the Fremont Center for the Arts; the Apex Building, converted into retail and office space; and Fremont Provisions, which accommodates a restaurant and event space in a historic ballroom.

“We’re trying to make Main Street a destination; a place that you want to stay,” he says.

Jeanne Davant is a senior writer for the SoCo Business Forum & Digest.

Left: St. Cloud owner and developer Stan Bullis chats with Rick Harrmann, economic development manager for Cañon City, in the lobby of the Hotel St. Cloud.

CO Gives Day Delivers Matching Funds

BY PAM BALES

Colorado Gives Foundation (CO Gives) is a statewide community foundation unlike any other. Started by Colorado’s homegrown FirstBank, the foundation supports nonprofits through free philanthropic tools and a matching incentive fund.

CO Gives makes it easy for individuals and businesses to give to nonprofits across Colorado and for nonprofits to fundraise year-round. The foundation also holds a one-day event called Colorado Gives Day — this year, on Tuesday, Dec. 10.

In 2023, Coloradans came together to raise more than $54.2 million for Colorado Gives Day, spreading a wave of generosity across the state. Since the event’s inception in 2010, Coloradoans have raised more than $469 million through the giving event to help communities thrive. To date, more than 3,800 nonprofits have signed up for CO Gives Day. There is still time to enroll with Colorado Gives, but sign-up closes at midnight Sunday, Nov. 24, 2024.

CO Gives is good for nonprofits and donors alike. For donors, it provides the opportunity to donate to multiple nonprofits with a single transaction. Donors can give any day, any time, but the potential for matching funds happens on Dec. 10. All nonprofit organizations are vetted for 501(c)(3) status serving Colorado. More than 600,000 donors trust the platform.

For nonprofits, it offers the ability to fundraise year-round for free,

streamline the donation process for donors, enjoy access to educational trainings and webinars, build customized pages for giving events and participate in Colorado Gives Day donation matching.

The biggest benefit may be the ability to amplify impact with CO Gives $1M+ Incentive Fund. Every donation made during Colorado Gives Day is boosted by one of the nation’s largest incentive funds.

All nonprofits receive a percentage of the fund equal to the percentage they raise for Colorado Gives Day.

As an example: Nonprofit A raises ($10,000) divided by the total amount raised on Colorado Gives Day ($10,000,000) times total amount in incentive fund ($1,000,000) equals individual nonprofit’s share of Incentive Fund ($1,000).*

Pam Bales is a senior writer for the SoCo Business Forum & Digest.

ColoradoGives.org is free for nonprofits to join. Donors have the option to pay a 3.99% transaction fee, and 93% of donors do. When donors don’t cover the fee, only the 2.05% payment processing is withheld from donations. *All numbers presented in the example amount are hypothetical.

February 2025

Celebrating Southern Colorado’s Soaring Young Professionals

The Southern Colorado Business Forum & Digest announces our first ever 40 Under 40 celebration to honor the current leaders, movers, and shakers who get things done. This exclusive showcase will highlight forty outstanding young professionals under the age of 40 who are making waves across industries, driving innovation, and shaping the future of our community. Join us on February 25, 2025 as we come together to celebrate southern Colorado’s finest!

Know Someone Who Deserves to Be Honored?

Nominations are now open for SOCO Digest’s 40 Under 40 Awards! Go to SoCoDigest.com to submit your application(s) before December 9, 2024, at 5 pm.

Remote Work: Where Does Colorado Springs Stand?

BY KERI KAHN

In recent months, big tech companies like Amazon, Dell, Ubisoft and others have issued return-to-office mandates. It’s a dealbreaker for many remote or hybrid workers accustomed to the flexibility and work-life balance they’ve been afforded since 2020.

More In-Person Than Other Cities

Office vacancy rates can be used to determine how remote the Colorado Springs workforce is and according to Susan Edmondson, president & CEO of Downtown Partnership, the office vacancy rate in the city’s urban center has increased steadily from the 6% vacancy rate of early 2023.

In Q2 of 2024, she says, “Office vacancy ticked up slightly to 8.4% overall and 14.3% in Class A. Not great but way better than what some cities are seeing: 2019 had hit a 10-year office occupancy high of 94.1%, thus a vacancy rate of 5.9%.”

Edmondson references The Downtown Colorado Springs Q2 Market Report, which also reports that citywide office vacancies were at 9.7% in Q2.

While it seems vacancy rates are climbing, Downtown Colorado Springs is not on trend with other urban centers like Downtown Denver,

which has seen rates as high as 30%.

According to the 2024 State of Downtown Colorado Springs, downtown hosts more than five million square feet of office space, occupied by notable employers like Bluestaq, GE Johnson, Colorado College and the U.S. Olympic & Paralympic Committee.

The downtown workforce is comprised of 27,000 people, with roughly 24,000 of them consistently going into their place of business in 2024.

Hybrid Models Popular In Colorado Springs

Reports indicate a strong inperson work presence in Colorado Springs, but many employers offer the best of both worlds.

“Our economic development team says some companies have embraced the hybrid system and are not fully remote,” says Colorado Springs Chamber & EDC spokeswoman Jayne Mhono Dickey.

A hybrid workforce blends inoffice with remote work and could account for the city’s office vacancy rates being lower than cities where many employees are fully remote.

A report pulled by Mhono Dickey’s group shows local companies with active remote job ads. The list includes large employers like Aerotek, USAA, Humana, Lockheed Martin, University of Colorado, El Paso

County, The Aerospace Corp., First American Financial Corp. and others.

Saved Time & Money = Happier Employees

Jennifer Emerson, who is a paralegal for criminal defense attorney Matt Werner, recalls an uneasy feeling she had in March of 2020 when everyone at her firm left to work from home.

“There’s no way I can do my job from home. That’s really what I thought,” she says. “The majority of us stayed home at least six months and were not in the office together at all. I found I was just so much more productive. I was happier. I didn’t want to come back to the office and my boss supported me in that.”

Emerson makes her 25-minute commute on occasion, but for the most part uses video conferencing from home to go over cases, deadlines and workloads with her boss.

According to recent findings in a LinkedIn Workforce Confidence Index, on average, 44% of U.S. employees feel well compensated for the work they do, with four out of 10 onsite employees reporting satisfaction with their pay compared to about half of remote and hybrid workers.

One large employer in Colorado Springs that offers hybrid work opportunities is Progressive Insurance. The Digest spoke with

multiple staff members from the insurance giant and the overarching theme was undoubtedly a high level of satisfaction.

Bill Griffin is an apps programmer lead at Progressive and he works from home five days a week, minus the occasional in-person meeting. For him, the biggest benefit is the absence of what used to be a 30-minute oneway commute.

Griffin says, “It’s just all the traffic and so I really don’t miss the commute at all. You miss the camaraderie a bit, but everybody’s online and chatting all the time.”

He says he has cut his fuel costs and lunch expenses, but that the remote set-up also makes it easier to schedule personal projects, most recently the installation of a house fan that took place while he worked from his downtown home.

“A lot of tech companies have gone back to saying ‘Hey, you’ve got to come in the office,’” he says. “But Progressive is the best place I’ve ever worked in my 64 years of living. The managers do trust people. … Everybody pulls their weight and seems to be really happy working for Progressive.”

Keri Kahn is a staff writer for the SoCo Business Forum & Digest.

Small Business Spotlight

Palace Drug Store Treats Customers Like Royalty

BY JEANNE DAVANT

Cañon City’s Palace Drug Store is the Cheers of southern Colorado pharmacies — it’s a place where everybody knows your name. Owner Dr. William Shelver says personal service is what has kept the independent pharmacy afloat in an industry crowded with chain stores.

“We have a lot of dedicated customers, and we try to go above and beyond for them,” Shelver says. “I think they really appreciate that, and we really appreciate them. A good, symbiotic relationship with our customers is really how we do it.”

As a business that bills itself as “a modern pharmacy with old-school values,” Palace Drug offers a wide selection of the over-the-counter items commonly found in drug stores, plus in-person and online pharmacy services and extras like home delivery, immunizations, medication therapy management, wellness educational videos and assistance with Medicare insurance enrollment.

The “old school” term is used advisedly: Palace Drug has been serving customers since 1880. First located at 432 Main St., the original owner, George Pedley, relocated the store to 405 Main St. in 1899. Subsequent owners moved it to 601 Main St. The store passed through several sets of hands until 1991, when Bill Masse purchased it.

Originally from North Dakota, Shelver graduated from high school in Cotopaxi, a tiny town west of Cañon City. After graduation, he says, he “traveled around and did various things” until he decided to go to pharmacy school at the University of Colorado.

“I worked in a lot of the larger corporate-type stores,” he says. “They’re not really focused on the patients, and they treat their employees not so great. That trickles

down — an unhappy employee takes it out on the customers, which makes the customers unhappy.”

Shelver interned at the Palace Drug Store in 2006. When he arrived, “the owner was standing right there behind the counter, and he cared more than anybody about the patients. That kind of knocked me back at first — I didn’t think that was even a possibility in pharmacy. You don’t see that kind of caring or empathy from a lot of pharmacists or technicians. I just fell in love with the store and the customers.”

Toward the end of his internship, he recalls talking with his mother and saying he would love to own a store like Palace Drug someday.

“A week or two later, Mr. Masse took me to lunch and asked if I’d be interested in continuing to work there and purchase into the store and eventually own it,” he says. “Of course, I jumped at the opportunity.”

In May 2007, Shelver graduated with a doctor of pharmacy degree, went to work for Masse and bought stock in the company. He took over the business as sole owner in 2020.

By then, the store had gained a lot of customers in the WestcliffeSilver Cliff area, and Palace Drug was delivering prescriptions to many of them. Shelver opened a second store at 94 Main St. in Silver Cliff. Between the two, he employs 25 people.

“We don’t have a million dollars of advertising,” he says. “You’re not going to see our commercials on ‘Monday Night Football.’ Word of mouth is our biggest advertisement.”

Shelver says he frequently sees people posting on social media about unpleasant experiences at other pharmacies and asking for recommendations.

“I would venture to say that 80 to 90% of the comments are, ‘Try Palace Drug, they’re wonderful,’” he says. “That really puts a smile on my face.”

In fact, locals have voted Palace

Drug the best pharmacy in Fremont County for the past 17 years.

In the 18 years since he’s been at Palace Drug, Shelver has seen ups and downs in the area. He has seen businesses open and close, and times when there were vacant storefronts along Main Street. But it’s a lot busier now than when he first started, he says, and he is proud to be part of Main Street’s renaissance.

“I would love to see every storefront filled with a mom-andpop store — a clothing store and a shoe store, and all the stores that I remember when I was a kid, but I don’t think that’s possible anymore,” he says. “In lieu of that, I think

what needs to continue is Main Street filling with more high-quality restaurants and the kind of stuff that will draw people to Main Street instead of the fast-food alley on Highway 50.

“I’m just blessed to have my time in the Palace’s history,” he says. “It’s way bigger than myself, and I hope it continues long after I’m gone.”

Jeanne Davant is a senior writer for the SoCo Business Forum & Digest.

Photo Source: Palace Drug Store

Palace Drug’s owner, Dr. William Shelver, began work at the store as an intern in 2006.

Inspirational IQ

Living in a state of gratitude is the gateway to grace.

—

Arianna Huffington Co-founder of The Huffington Post

I am enough of an artist to draw freely upon my imagination. Imagination is more important than knowledge. Knowledge is limited. Imagination encircles the world.

— Albert Einstein

Theoretical Physicist & Nobel Prize Winner

Finance National Bank Deposits’ Decline Includes Colorado Springs, Mostly

BY WAYNE HEILMAN

Deposits in Colorado Springs-area financial institutions declined for a second consecutive year as consumers continued to spend some of the stimulus payments they received and saved during the COVID-19 pandemic, industry officials say.

The 1.8% drop in deposits for the year ended June 30 followed a 5.4% fall in the previous year, the largest in data available from the Federal Deposit Insurance Corp. and National Credit Union Administration. During the past two years, area deposits have declined by $1.35 billion, or 7.1%, to $17.7 billion, but deposits are still $4.2 billion higher than prepandemic levels, reflecting significant growth even after adjustments for increased population.

“There has been a drawdown in pandemic [-related] excess savings,” says Bill Craighead, director of the University of Colorado, Colorado Springs Economic Forum. “But median household income continues to show healthy growth.”

Deposits in financial institutions in the area, statewide and nationwide surged during the pandemic as government stimulus payments fueled double-digit percentage growth during both 2020 and 2021. That growth slowed in 2022, and deposits began declining last year as the pandemic became a memory and consumers resumed spending on restaurant meals, entertainment and travel, as well as purchasing homes and vehicles.

than $700 million in area deposits and nearly $8 billion in statewide deposits during the past two years. Federal regulators last month ordered the California-based banking giant to tighten its efforts to combat money laundering and other illegal transactions as the bank continued to face increased scrutiny after a 2016 fake accounts scandal.

Life is short, and it’s up to you to make it sweet.

— Sadie Delany

American Educator & Civil Rights Pioneer

The same trend has been happening statewide as bank deposits grew by $62.6 billion from 2019-22 to a record $205.3 billion and have since fallen by $22.3 billion, or 10.9%, in the past two years. U.S. bank deposits recovered with a 0.9% gain to $17.4 trillion after a 4.9% drop in the previous year. Much of the previous year’s national decline occurred in deposits above the $250,000 per account federal deposit insurance limit in the wake of three large bank failures.

Jim Swanson, president of Bank Strategies, a Golden-based bank consulting firm, says many banks haven’t been aggressive in retaining deposits amid weak loan demand, prompting consumers to shift funds to higher-yielding investments such as money market mutual funds. Investors also may have moved some funds into the stock market — the widely followed Dow Jones industrial average surged 13.7% during the 12 months ended June 30.

The largest decline in area and statewide deposits came at Wells Fargo, the largest bank in the area and the state. Wells Fargo has lost more

Wells Fargo is the second-largest area financial institution after Ent Credit Union, which boosted area deposits 4.6% to $5.5 billion in the 12 months ended June 30, the most growth of any of the area’s 10 largest institutions, as measured by deposits.

The area numbers do not include data on area deposits from Navy Federal Credit Union, which declined to provide a total for its three Colorado Springs branches. Two credit unions operating in the area merged with other institutions in the 12 months ended June 30 – Aventa Credit Union merged Feb. 26 with Blue Federal Credit Union, based in Cheyenne, Wyoming, and Harrison Federal Credit Union merged with Air Academy Credit Union on July 1, 2023.

Wayne Heilman is a senior writer for the SoCo Business Forum & Digest.

Colorado Springs Area Financial Institution Deposits

Colorado Springs Area Financial Institution Deposits

People Professionals on the Rise Southern Colorado’s Workforce Achievements!

The Colorado State Fair Board announced Andrea Wiesenmeyer as the new general manager for the annual event. After a national search, Wiesenmeyer was selected for her decade of progressive leadership experience, the last three with the Jerome County Fair and Rodeo in Idaho.

Bill Hybl, chair of the Colorado State Fair Board of Authority, says, “Andrea brings enthusiasm and professional background that will continue to make the Colorado State Fair one of the best in the nation.”

Colorado College has hired Johanna Blickenstaff as vice president for Strategic Communications & Marketing. Blickenstaff comes to CC from the University of Denver, and will lead efforts to develop a research-based and multichannel messaging, marketing and brand management plan for CC. She will oversee the college’s branding work with the marketing agency Truth & Consequences, collaborate with the Advancement and Enrollment offices on targeted engagement efforts and guide a cohesive, integrated vision for messaging and storytelling that enhances the CC brand.

“I am joining this community at an exciting time as we commemorate Colorado College’s 150th anniversary and envision new ways to support and prepare the leaders of tomorrow,” says Blickenstaff.

Blickenstaff also spent 13 years in brand and digital marketing roles at her alma mater, the University of Idaho.

“I know the college will benefit from Johanna’s strategic expertise, depth of experience in higher education and collaborative leadership style,” says Interim President Manya Whitaker.

The Colorado Springs City Council approved the appointment of Kevin Walker as the City’s planning director, after a national search and selection process. He will oversee comprehensive planning, urban planning, land use review and the development review enterprise. Walker’s selection is pending City Council confirmation.

Walker has been serving as interim planning director for the City since June, demonstrating “leadership and innovation necessary to guide our City Planning team in addressing the growing needs of our vibrant and evolving community” states the LinkedIn announcement. Walker boasts a successful career providing management services and working with homeowners associations in the Pikes Peak region. He has a master’s degree in city planning from Southern Illinois University Edwardsville.

Her strengths in customer service, organization and communication helped her advance to the event manager job, where she quickly became an integral part of the Hill Climb’s success. Her new role encompasses overall supervision of competition-related functions, competitor and team liaison, event ticketing and event management.

Also, Melissa Eickhoff, CEO for the PPIHC, will be a featured speaker on a panel at the Drive Summit in Indianapolis, Ind., on Dec. 11. The summit is presented by the Women in Motorsports North America (WIMNA), an organization devoted to supporting opportunities for women across all disciplines of motorsport, for the continued strength and successful future of the industry.

CTI - Chromatic Technologies, Inc. welcomes Willis Reese as their new Printer Innovation Partner. Willis brings over two decades of global experience in both traditional and digital printing, having held leadership roles at companies such as ARMOR-IIMAK, Dystar, and Sakata-INX. At CTI, Willis will work closely with the commercial team, to drive innovations and strengthen printer partnerships.

Space Foundation announced two additions to its Government Relations team: Patrick Slaughter as director of government relations national security space and, Mariah Sumner as director of government relations outreach.

Patrick Slaughter’s career as an Air Force and Space Force officer spanned more than 20 years, where he led both space operations and professional military education, holding a variety of positions at the squadron, delta, and wing levels. Prior to his retirement in 2022, he was the vice commander for Space Delta 3 at Peterson Space Force Base in Colorado Springs. In his new role with Space Foundation, he will be engaging and collaborating with National Security Space partners concerning space-related issues.

Pikes Peak International Hill Climb announced the promotion of Alex Urban to director of Competition Services for the organization. Urban’s eight-year career with the PPIHC began as an intern.

Mariah Sumner’s 20-year career in education has included roles as curriculum specialist and director of improvement science, partnering with districts internationally. Her early career included teaching for American international schools in Argentina, Ghana and Syria. In her role with Space Foundation, she will be engaging and collaborating with congressional members and staff, public policy leaders, and space advocacy groups as well as educating policy makers about space-related issues.

Andrea Wiesenmeyer

Alex Urban

Melissa Eickhoff

Willis Reese

Patrick Slaughter

Mariah Sumner

Johanna Blickenstaff

Kevin Walker

Businesses to Watch

Colorado Companies to Watch (CCTW), a unique awards program that recognizes the growing, second-stage companies fueling Colorado’s economy, reported the Colorado Springs-based businesses recognized in 2024. The winners span every industry and region, creating thousands of high-quality jobs and contributing billions to local economies. Since 2009, CCTW has celebrated more than 800 companies, generating a $6.5 billion economic impact.

Learn more at: www.coloradocompaniestowatch.org.

Contact Jon-Michael Horst, program manager at (303) 434-4912

Tech7

Animal ER Care

Animal ER Care, based in Colorado Springs, is committed to delivering exceptional emergency veterinary care with kindness, compassion and integrity. With two specialty hospitals, including one equipped for exotic animals, AERC provides 24/7 emergency services using state-of-the-art equipment including CT scans, digital radiology and advanced surgical suites. Serving more than 15,000 cases annually, AERC practices progressive medicine with access to board-certified veterinary specialists. As an independently women-owned practice, AERC is proud to be recognized for its dedication to patient care and community partnership through initiatives such as the myBalto Foundation.

Alethia Software

Founded in 2015, Tech7 has rapidly grown into a leader in U.S. defense and national security, specializing in government system acquisition support and rapid capability development. With a team of experts from government, military, commercial and defense sectors, Tech7 delivers exceptional solutions across the entire system acquisition life cycle.

Located in Monument, its focus on protecting space and ground systems from evolving threats, paired with innovation and quality, has earned the company two new certifications for streamlined contracting. Co-founders Juan and Nadine Echeverry see this recognition as a pivotal milestone, providing invaluable connections within Colorado’s business community.

Vida HR

Vida HR, based in Colorado Springs, provides expert human resources outsourcing services to businesses with 10 to 500 employees, allowing them to focus on growth. Offering personalized care in HR, payroll, benefits and compliance, Vida HR serves more than 4,000 employees across 115 client companies in 45 states.

This recognition honors Vida HR’s dedication to hands-on, relationship-focused service, supporting businesses as they navigate complex employee relations and compliance challenges. The award highlights the company’s commitment to helping small businesses succeed by delivering meaningful, tailored support.

KS Technologies

KS Technologies, founded in 2003, specializes in engineering hardware accessories and the mobile apps that power them. With expertise in wireless and wired technology development, mobile app creation and cloud-based applications, KST provides innovative solutions for remote sensing challenges. From lab-certified sensors to medical devices, KST excels at uplinking data to the cloud and applying it for maximum benefit. This recognition has opened doors to a supportive business community, and KST is eager to contribute and grow alongside fellow winners.

Alethia Software, a woman-owned small business based in Colorado Springs, specializes in developing custom, data-centric user interfaces and back-end APIs, particularly in the SATCOM and Space Domain Awareness fields. Its innovative solutions connect and fuse disparate data sources into a unified application, quickly providing warfighters with actionable intelligence. This honor underscores Alethia’s commitment to excellence and its mission to deliver best-in-class tools to warfighters, customers and the community.

PteroDynamics Inc.

PteroDynamics Inc., based in Colorado Springs, is revolutionizing aviation with its game-changing autonomous vertical takeoff and landing (VTOL) aircraft, designed to reach remote locations without runways. The Transwing unmanned aerial vehicle transitions seamlessly between vertical and horizontal flight, overcoming limitations that traditional VTOL designs face. Proud to call Colorado home, PteroDynamics credits the state’s supportive business community, skilled workforce and proactive public sector for playing a crucial role in its success over the past three years.

Cogitic Corp.

Cogitic Corp., founded in 2004 and based in Colorado Springs, is a project management, technical services and advanced manufacturing company. The company specializes in producing complex components and assemblies for critical “cannot-fail” applications, serving primary markets in subsea defense and space. Cogitic combines cutting-edge engineering with advanced manufacturing to address the most challenging Navy nuclear design demands. Cogitic has already formed meaningful relationships within the CCTW community and is grateful for the recognition and support the organization provides.

Shopping Small Makes a Big Difference

BY RHONDA VAN PELT

Small Business Saturday has grown exponentially since American Express launched it in 2010. The credit card company estimates SBS has generated more than $200 billion in reported sales since 2012.

This year, it falls on Saturday, Nov. 30. To Carrie Simison, director of marketing and communications for the Downtown Partnership of Colorado Springs (downtowncs.com), SBS is ideal for kicking off the holidays.

“When you shop local, you see and feel the quality of the product, you get to take it home with you that day, so you know it will ‘arrive’ on time, and you engaged with human beings while you were shopping,” Simison says. It also makes economic sense.

Simison cites statistics that claim for every $100 spent at a locally owned business, $70 stays in the community and helps support services including schools, parks and roads. But when that $100 is spent online or at a chain store, $60 immediately leaves the community.

Every year, the Downtown Partnership compiles a free book of coupons from its member businesses — locals own more than 90% of downtown Colorado Springs businesses. Simison and other Downtown Partnership staffers will hand out the books in Acacia Park, and copies are available at Terra Verde, 208 N. Tejon St., or the Mountain Chalet, 15 N. Nevada Ave. Street meter parking downtown will be free Nov. 30.

Carrie Hibbard and Leah Riehl

“Since COVID, small businesses continue to struggle. We are competing with big-box stores and online business like Amazon every day. It is important that our community is aware of how important small businesses are to our economy. Everything we do is local,” Hibbard says.

She also emphasizes the importance of face-to-face interaction with people who know the wares they’re selling.

It’s the same at the Mountain Chalet. Elaine and Jim Smith bought Colorado’s oldest outdoors store in March 2015.

Elaine Smith says she, her husband and their staffers use the clothing, gear and footwear they offer. And they love hearing about customers’ adventures.

“We know them one-on-one, where they are in their journey and where they want to go,” Smith says. “It’s what we’re passionate about in our lives. It’s not just what we do at work; it’s what we do for fun and fulfillment.”

In Manitou Springs, Jenna Gallas is both the event coordinator for the Chamber of Commerce, Visitors Bureau & Office of Economic Development (manitousprings.org) and the co-owner of a small business. She and her fiancé, Jason Wells, are Manitou residents who operate the Armadillo Ranch, a restaurant, bar and music venue at 962 Manitou Ave.

“We are a country full of

entrepreneurs and mom-and-pops that need those dollars to keep the lights on and doors open, not to mention feeding their families. Within the Manitou Springs community, it is most important. Our shops are all locally owned. Without the support — especially in the off-tourism season — it can be tough to winter in a small town,” Gallas says.

The Small Business Administration’s tips for merchants wanting to participate in SBS include the concept of offering something special to set a business apart from the competition. Suggestions also include consider adjusting shop hours, huddle up with staff to brainstorm, refresh the business’ digital profile, plan a special event and partner with other businesses. For more information: www.sba.gov/ blog/2023/2023-10/how-prepareyour-small-business-holidays

According to a Harris Poll survey, 83% of Americans — more than 217 million people — plan to purchase gifts this season, spending an average of $925 each. That would total $201 billion.

The survey also found that 39% of respondents will shop on Black Friday, Nov. 29, and 36% plan to shop online for Cyber Monday, Dec. 2. Only 16% planned to shop at locally owned or small businesses.

Rhonda Van Pelt is the assistant editor for the SoCo Business Forum & Digest.

bought Terra Verde on Jan. 1, 2020, and were still getting their feet under them when the pandemic hit.

Wastewater Service Expansion Needed To Meet Eastern Development

BY COLORADO SPRINGS UTILITIES

As new homes and businesses are built in the city’s rapidly growing east side, Colorado Springs Utilities is working to ensure that utility services are in place to meet the expected increase in demand. That includes expanding existing infrastructure to help manage the additional wastewater flows that will be generated as the area continues to develop.

The Eastern Wastewater System Expansion project will build the critical “backbone” needed to provide wastewater service to these future customers. Phase I of the project, estimated at $396 million, is one of the major drivers of the utility’s proposed five-year financial plan (2025-2029). Construction is slated to begin in 2026 and last through 2030.

Phase I consists of three large and complex projects that will construct approximately 18 miles of new pipeline and two new lift stations to move waste product. The infrastructure is needed to convey waste product from the northern, central and southern portions of Banning Lewis Ranch to the utility’s Las Vegas Street Wastewater Resource Recovery

Facility in the south-central area of the city.

Later phases, which will occur over the next 25 years, call for additional pipeline and the expansion of lift stations and the utility’s Las Vegas treatment plant. Currently, the plant processes 30 million gallons of waste product daily but it will need to be able to treat 50 million gallons a day in the future. At full buildout, the Eastern Wastewater System Expansion will provide service to an estimated 225,000 people. Due to the considerable costs and technical aspects of planning, designing and installing the infrastructure, Springs Utilities is acting as the developer for Phase I. The utility is proposing to pay for project costs through wastewater base rate increases and recoup those costs through charges to builders as development occurs.

Colorado Springs City Council’s final vote on the proposed rate increase occurs Nov. 12.

THERE FOR PRACTICALLY EVERY “EUREKA” MOMENT FOR THE PA ST 100 YEARS.

When you’ve been around for 100 years, you’ve been around for a lot of “eureka!” moments, countless “aha!” moments, and more revelations and realizations than you can remember. From the joyous celebrations to the quiet reflections, we’ve illuminated the path every step of the way. Our commitment extends beyond merely providing electricity; it’s about being there for the milestones, the challenges and the everyday triumphs that make up a century of shared experiences. That’s a Century of Service. And that’s worth celebrating.

Who You Associate with Matters…

BY LOLA WOLOCH

The Southern Colorado Women’s Chamber of Commerce (SCWCC) is proud to be a member of the Colorado Chamber of Commerce’s Colorado Chamber Alliance (CCA). The Colorado Chamber Alliance is a program that provides local chamber executives and their teams with opportunities for professional development, organizational excellence and grassroots advocacy.

More than 80 local chambers of commerce from across the state of Colorado are members of CCA, making it the strongest network of chamber industry peers in the state.

“There is definitely power in numbers, especially when it comes to legislative advocacy on a local, regional and state level,” notes Lola Woloch, CEO & President, SCWCC.

Local chambers of commerce represent more than 50,000 businesses and more than 1 million employees in Colorado, and their

partnership with the Colorado Chamber is critical to securing Colorado’s economic future.

Southern Colorado chambers hosted the annual CCA Conference in October at the DoubleTree by Hilton in Colorado Springs. The conference culminated with the annual Performance Awards at the banquet recognizing outstanding achievements by chambers of commerce around the state.

“Congrats to all my colleagues at the Colorado Springs Hispanic Chamber of Commerce, Tri-Lakes Chamber of Commerce and the Royal Gorge Chamber Alliance,” says Woloch. “Our collective four chambers won 9 out of a total of 16 awards. That truly shows the dedication we have to our members in the Southern Colorado region.”

SCWCC was recognized with second place in Highest Increase in Membership and third place in Highest Increase in Membership Dues Revenue. SCWCC has been recognized seven years in a row at the CCA Conference.

Being involved with the State Chamber provides additional advocacy and resources within the statewide business community, according to Woloch.

“Our members benefit from this membership through business advocacy on their behalf,” explains

Woloch. “Our Public Policy committee works tirelessly during the legislative session to ensure that we are pushing a pro-business agenda for all our members. By working with the Colorado State Chamber, our efforts are enhanced immensely.”

The Colorado Chamber, created in 1965, is the only business association that works to improve the business climate for all sizes of business from a statewide, multi-industry perspective. As a private, nonprofit organization, the Colorado Chamber’s work is funded solely by its members.

Lola Woloch is the president & CEO of SCWCC.

FOR MORE INFORMATION about the SCWCC, its work in the business community or to check out upcoming events, visit: WWW.SCWCC.COM

From left: Terri Hayes, president and CEO, Tri-Lakes Chamber; Joe Aldaz Jr., Lt. Col. (Ret.), USAF, president and CEO, Colorado Springs Hispanic Chamber; and Lola Woloch, CEO and president, Southern Colorado Women’s Chamber.

Photo by Mandy

Penn Photography

New Tech Incubator Emerges in Trinidad

BY JEANNE DAVANT

Christine Louden hails from Branson, Colorado, a tiny town 50 miles east of Trinidad. But she has left her footprint in places as far away as Southeast Asia and Australia.

A fourth-generation Coloradan, Louden has returned to her roots, moving her family back to the U.S. in 2018. With a background in marketing, design, entrepreneurship and leadership consulting, she brings an international business perspective to her newest venture — launching the Emergent Campus Trinidad as its executive director.

“What drew me was the chance to shape this area going forward for our kids, and to create some new economic opportunities here,” says Louden, who took on the role in midJuly 2024.

Like its parent, the Emergent Campus in Florence, the Trinidad campus is envisioned as an innovation hub for businesses, drawing new employers and creating educational pathways, internships and wellpaying jobs.

“We are leveraging 24 existing Southern Colorado employers on the Emergent campus in Florence and providing additional internship pathways,” Louden says. “We’re building a workforce partnership with Fremont [County], Pueblo and Trinidad to triangulate in order to draw more tech business down from the Front Range.”

Like the original Emergent Campus, which is housed in a former school building, the Trinidad campus is located in what used to be the Park Street School. Across the street from Trinidad State College, Park Street, originally an elementary school, sat vacant for years.

Several years ago, the Trinidad school district won a Colorado BEST (Building Excellent Schools Today) grant and used some of the funds to renovate the Park Street School to move-inready condition. But it remained unoccupied until the partners looking to create the Emergent Campus saw it as an ideal site and partnered with the district to rent it.

Within the building, seven office spaces have been created with new flooring, windows and climate control, projection capabilities and high-speed fiber internet, Louden says. One is a coworking space that already has three members.

The Trinidad State College campus is providing additional facilities, including a makerspace, training rooms and collaboration and coworking spaces for the campus’s tenants, remote workers and students.

Although the emphasis will be creating a tech industry base, Louden says tech-adjacent and advanced manufacturing companies are welcome, as well as web designers, digital marketers and e-commerce providers.

“Ultimately, we’d like to bring light manufacturing here,” she says. “But while there is space on the Emergent Campus, we are going to support any business that is looking for growth and support.”

Discussions about expanding the Emergent concept to Trinidad began about two years ago, says Brad Rowland, general manager of the Florence Emergent Campus. At that time, the Florence campus, which

grew out of the Fremont Economic Development Corp.’s TechSTART program, was garnering recognition as a tech hub and generating new jobs in the county.

Although Trinidad had a thriving arts scene and a beautiful downtown with numerous well-preserved historic buildings, it had relied on traditional industries such as agriculture, gas production and coal mining, which were in decline.

Business and education leaders from Trinidad approached the Emergent Campus about replicating the Florence campus’s success. Together, they built a team that included the Trinidad School District; BOCES, an educational nonprofit; and Trinidad State College. The coalition applied for and won a $3.5 million Colorado Opportunity Now grant to develop and sustain the Trinidad campus for 27 months.

The educational partners are essential to the project to create the job pathways that will train students and workers from Trinidad and seven adjacent counties to fill well-paying tech jobs.

“We are trying to build a workforce partnership and education network with Fremont [County],

Pueblo and Trinidad,” Louden says. “We are taking the approach of banding together and dividing and conquering.”

Louden spends much of her time assembling those networks, reaching out to lending partners, business incubators, workforce development partners and schools from Pueblo to Walsenburg.

“Ultimately, I want to activate Colfax County in northern New Mexico,” she says.

In the next 12 months, Louden hopes to enlist up to 20 co-workers and to house four businesses with two to four employees each.

“We could easily have seven businesses here and some that have outgrown us. And I hope that, by year five, we’re starting to see some activity spill out of the Emergent Campus into the city and the region. Then I’ll feel like we’ve fulfilled our mission.”

Jeanne Davant is a senior writer for the SoCo Business Forum & Digest.

Attendees at the kickoff of the Emergent Campus Trinidad were, from left, Katherine Novinski, Colorado Education Initiative; Brad Rowland, Emergent Campus Florence; Chris Koehn, Second-61; Rhonda Epper, Trinidad State College; Christine Louden, Emergent Campus Trinidad; Gaby Glassford, Data Driven Economic Strategies; Tatiana Bailey, Data Driven Economic Strategies; Amy Spicer, Colorado Education Initiative; Landon Mascareñaz, Open System Institute; Diana Armstrong, Fremont Economic Development Corp.; Bonnie Aaron, Trinidad School District; and Donna Haddow, Trinidad State College.

Submitted photo.

Tuesday, December 3, 2024 | 11 AM - 1 PM

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Economic Forum

America’s Turn Away from Free Trade

BY DR. BILL CRAIGHEAD

In recent years, the United States has turned away from the free trade principles it advocated, and somewhat imperfectly observed, during most of the post-World War II period.

In a way, this recent turn represents a turning back — during much of American history, tariffs (taxes on imports) were the main source of revenue for the federal government. Tariffs had been advocated by Treasury Secretary Alexander Hamilton and Sen. Henry Clay of Kentucky as part of an economic development strategy for the young country. Tariffs were set by Congress, subject to “logrolling,” where members of Congress would exchange protection for interests in their respective regions. This culminated with the Smoot-Hawley tariff, which substantially increased U.S. duties in 1930 and led to widespread retaliation from trading partners.

Although tariffs did not cause the Great Depression, they were widely seen as exacerbating the misery of the world economy in the 1930s. The turning point for U.S. trade policy was the Reciprocal Trade Agreements Act of 1934, which gave the president authority to negotiate tariff-limiting trade agreements, subject to Congressional ratification. Trade liberalization was a pillar of the postwar economic order advocated by the United States. Successive negotiation rounds under the 1947 General Agreement on Trade and Tariffs (GATT) led to lower tariffs. The GATT was subsumed under the World Trade Organization (WTO) in 1995.

Although the Constitution gives Congress the power to levy tariffs, it has delegated considerable powers to the president, and presidents have used these powers

— especially recently.

The Trump administration levied tariffs on imports from China as well as on worldwide imports of steel and aluminum. The Biden administration has left the tariffs on Chinese imports in place, and in some cases, increased them. It negotiated some limits on the steel and aluminum tariffs with partners, like the European Union, in exchange for them dropping retaliatory measures.

The United States has also hobbled the World Trade Organization by blocking appointments to the body, which hears the final appeals of trade disputes — since December 2019 it has lacked a quorum and is therefore unable to issue rulings.

Economists believe that trade between countries is generally mutually beneficial. Just as individuals are better off if they specialize rather than trying to make everything for themselves – very few people try to grow all their own food or do major repairs on their own cars — so too are countries. Economies are more productive — and their people therefore richer — when they

can specialize and exchange the things they make best for goods that would require them to forgo a larger amount of output to produce domestically.

So why the turn? Tariffs can be politically popular because, even though the costs exceed the benefits, their costs are diffuse, while their benefits are concentrated. The case of tariffs imposed on washing machines in 2018 is instructive. The tariffs are estimated to have increased the price to consumers of washing machines by about 12%. While the tariffs may have created some jobs in the domestic industry, the cost was steep – estimated to be about $820,000 in lost consumer welfare per job. Although the burden fell on consumers, it is unlikely that many realized they were paying more due to the tariffs. However, the closure of a washing machine factory would have been highly visible and had a political impact.

Challenges presented by China have also contributed to the shift. An academic paper published in 2013 showed that wages and employment in regions exposed to competition from China suffered

after trade increased when China joined the WTO in 2001. This illustrates that trade can have distributional consequences — i.e., some are harmed, while others benefit — even though the economy-wide benefits exceed the harms. Policy toward China is also linked to concerns over human rights and national security. Trade was once seen as a tool for binding the U.S. with its allies in the Pacific Rim as a counterweight to China –but, after leading the negotiations for the Trans-Pacific Partnership trade agreement, the U.S. walked away from it in 2017.

Trade policy has always been contentious, but there was a time, not long ago, when there was enough support across both major political parties to make progress on lowering trade barriers. To the chagrin of economists — and the detriment of U.S. consumers and economic productivity — those days seem unlikely to return anytime soon.

Dr. Bill Craighead is the director of the UCCS Economic Forum.

Warrior Games to Return to COS in 2025

BY TIFFANY UNDERWOOD

The U.S. Army Training and Doctrine Command (TRADOC) has announced the locations for the Department of Defense (DoD) Warrior Games in the coming years, with the event set to return to Colorado Springs in 2025. The games will then be hosted in San Antonio, Texas, in 2026 and 2028. These locations have been selected for their strong tradition of supporting military service members, particularly those in recovery from injury or illness.

“We are excited to host this event in locations with a deep tradition of supporting the military, especially those service members going through recovery journeys. These men and women deserve our support as they overcome these obstacles,” says Gen. Gary Brito, commanding general of TRADOC. “It’s an honor for us to once again host these athletes, along with their families, friends, supporters and community, for this inspiring adaptive sports event that plays such a powerful role in the recovery of wounded, ill and injured military

members and veterans.”

The Warrior Games, first held in 2010, is an annual adaptive sports event designed for wounded, ill and injured military service members and veterans. Athletes compete in various sports including wheelchair basketball, cycling, indoor rowing and sitting volleyball, with participation serving as a key component in their physical and mental recovery journeys. These sports programs help participants build physical strength, endurance and camaraderie with their teammates.

Previously, the Warrior Games took place in Colorado Springs from 2010 to 2014, at the U.S. Olympic & Paralympic Training Center, and again in 2018 at the U.S. Air Force Academy. For the games’ July 2025 return to Colorado Springs, approximately 200 participants will gather at Colorado College and the U.S. Olympic & Paralympic Training Center to take part in competitions.

“We are absolutely thrilled to welcome the Department of Defense Warrior Games back to Colorado Springs. Hosting these inspiring games once again is a tremendous

honor for our city and a testament to our deep commitment to supporting our nation’s wounded, ill and injured service members and veterans,” says Megan Leatham, president and CEO of the Colorado Springs Sports Corp. “The return of the Warrior Games is not just a major sporting event; it is a celebration of community, courage and the unyielding spirit of our heroes. We are excited to provide a world-class platform where their stories of determination and triumph can inspire us all.”

San Antonio, known as “Military City, USA,” will host the Warrior Games for the first time in 2026 and 2028. This will mark a significant occasion for the city, which had been scheduled to host the games in 2020 before they were canceled due to the COVID-19 pandemic.

“We’re excited to welcome the Department of Defense Warrior Games and recognize our wounded, ill, or injured service members in Military City, USA, home of the DoD’s largest medical center,” says Jenny Carnes, president and CEO of San Antonio Sports. “San Antonio Sports’ mission is to transform our

community through the power of sport. We know that this competition is about more than just athletics. We look forward to celebrating sport as a means of empowering individuals, giving confidence, strengthening community and being an integral part of the recovery journey.”

As the 2025, 2026 and 2028 Warrior Games draw closer, additional details about the sports schedule, viewing opportunities and sponsorships will be announced. The event remains a vital part of recovery for wounded warriors and continues to inspire both participants and spectators through the power of adaptive sports.

Tiffany Underwood is a staff writer for the SoCo Business Forum & Digest.

Photo Source: Department of Defense Warrior Games

Must Read

The Heartbeat of Change in America’s Landscape

Disrupting Partisan Politics: Finding Humanity in a World of Hyper Partisanship

by Niki Cicak

125 pages • Published October 14, 2024

$21.95 on Amazon or website: nikicicak.com

Colorado Springs serves as the backdrop for a story that reaches into the heart of America’s quest for unity and leadership. This tale, rich with the promise of change, is more than a local election narrative. It embodies the nation’s yearning for leaders who personify courage, empathy, and humility.

Yemi Mobolade’s campaign for mayor stands out as a beacon of hope. An immigrant, pastor, and entrepreneur, Mobolade’s approach wasn’t just about seeking office; it was a mission to infuse politics with core values that often seem forgotten in government. In a city marked by its military heritage and pioneering spirit, his journey from Nigeria to Colorado Springs epitomizes the American dream, redefined for today.

This story is larger than one individual’s ascent. It symbolizes a movement towards a politics that elevates collective well-being and seeks unity in shared values. With a team spanning the political spectrum, including his republican campaign manager, Niki Cicak, and democrat campaign strategist, Anthony Carlson, Mobolade’s narrative illustrates the power of collaboration. The campaign ignited hope across Colorado Springs and showcased the power of diverse voices coming together, offering a model for leadership that truly listens and serves with humility.

This book is a call to believe in the power of unity, respect, and effective leadership to open new chapters in our communities and across the country. Let this story inspire you to believe in the power of leading with our hearts, united by our shared values.

Expansion and Innovation: the Formula at Catalyst Campus

BY WAYNE HEILMAN

T.I. Weintraub moved his company, Freedom Space, to the Catalyst Campus for Technology and Innovation to help make the small software company look like a bigger, more established business instead of a startup.

Freedom Space, which is owned by Michigan-based Atlas Space Operations, develops software to connect ground stations (antennas) from across the globe into a single network to download data that satellites collect. The company has grown from having Weintraub as its only employee to a team of 10, and he anticipates even more growth next year as the company’s prime contractor customers win orders under a $1 billion Space Force contract.

“When you walk into [Freedom Space’s office in] Catalyst Campus, we don’t look like a startup because of the staff, facilities and technology here,” Weintraub says. “If you are a startup (and open an office on the campus), you don’t have to buy furniture, all of the technology infrastructure is available on day one and there is someone at the front desk to welcome customers — smaller companies have to look bigger than they are” to win government contracts.

Catalyst Campus started nearly 10 years ago in a vacant former railway station on the east end of downtown Colorado Springs. As a hub for space and technology startups, it has since expanded to nine buildings totaling more than 200,000 square feet. The 12-acre property now houses nine specialized laboratories, dozens of small companies and satellite offices for several military commands that want to use the technology that other campus tenants have developed.

The newest campus tenant will be WMD Squared Engineering, a Louisiana company that plans to hire 42 employees over eight years to provide engineering, design and drafting services to the medical,

energy and aerospace industries.

Three years ago, Catalyst Campus opened additional locations near the University of Maryland-College Park campus — which is focused on bringing new capabilities to the Navy — and another in Ogden, Utah — near Hill Air Force Base and three universities.

The campus’ centerpiece is a defense and space accelerator program that helps startup companies grow. The 121 companies that completed the accelerator program at the Colorado Springs and Ogden campuses have won 413 government contracts totaling $332.7 million and creating 1,581 jobs, according to program data. Accelerator participants also landed $311.4 million in private investments.

Campus tenants can seek investments from the Colorado ONE Fund, which partners with the Colorado Venture Capital Authority to invest $34 million in startup aerospace, defense, homeland security and related industries. The fund is composed primarily of current and former employees of Catalyst owner The O’Neil Group and has invested about $4 million in three companies, including two campus tenants.

In late 2024, the campus will open a dining area for tenants and others in historic railroad dining cars and an outdoor plaza surrounded by metal

shipping containers that will house restaurants and food vendors.

The nonprofit that operates the campus has received nearly $3 million in federal and state grants since early last year to build two major laboratories and help startups grow into larger companies that can provide groundbreaking technology to Space Force, U.S. Space Command and other military and intelligence agencies. The grants are nearly four times the size of what Catalyst Campus received in previous years.

The new labs include Joint Commercial Operations Laboratory, which is operated by Space Force’s Space Systems Command and staffed by a consortium of the U.S. and 21 allies. The lab monitors nonclassified and commercial satellite data for events in space, as well as the Space Domain Awareness Tools, Applications and Processing (SDA-TAP) Lab that operates startup accelerator programs to help them develop technology that military commands can use quickly.

The Joint Commercial Operations Lab opened at Catalyst Campus in 2019, and the SDA-TAP Lab opened in 2023 in northwest Colorado

Springs. SDA-TAP is expected to open at Catalyst Campus in November, says Dawn Conley, senior executive director of the campus. To build out the SDA-TAP lab, the campus is using funds from $1.75 million in grants from the Colorado Office of Economic Development and International Trade.

“We will bring companies here and advance their engagement with the government [military commands] so [the companies] can get up and running and work with governmentfunded research agencies such as Mitre Corp., Aerospace Corp. and MIT [Massachusetts Institute of Technology] Lincoln Labs to drive technological advancements and integrate new solutions into national security strategies,” Conley says.

Also last year, the campus won a nearly $1 million National Science Foundation grant to eventually launch a new program designed to foster technology innovation and technology transfer in the space industry. The grant qualifies the campus to compete for a follow-up grant of up to $160 million — financed by the CHIPS and Science Act —

T.I. Weintraub

Photo Source: Catalyst Campus

Technology

that Conley says would have a “transformative” impact on expanding the space industry in the Colorado Springs area. The campus will use other federal and state grants to:

• Open a Gaming Lab designed to expose Colorado community college students, especially ones from rural areas, to careers available in the U.S. Department of Defense.

• Open a Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Accelerator Lab to bring emerging technology companies to the campus to work with military commands and improve their chances of winning SBIR and STTR grants and follow-up contracts.

• Develop a Data Mine of the Rockies in partnership with the Colorado Springs-based Space Information Sharing and Analysis Center, University of Colorado, Colorado Springs and Purdue

University to expand the number of U.S. data scientists.

• Start a program in Oklahoma with the U.S. Small Business Administration to expand the agency’s Growth Accelerator Fund Competition to that state.

Wayne Heilman is a senior writer for the SoCo Business Forum & Digest.

Dawn Conley, Sr. Executive Director for Catalyst Campus, COS

Six Colorado Springs Companies Make Inc. 5000 List

BY PAM BALES

Colorado is home to 131 companies on the prestigious Inc. 5000 Fastest-Growing Private Companies in America (2024) with six in Colorado Springs. The top three Colorado industries on the list were business products and services (16 companies), software (15) and advertising and marketing (13). Collectively, these Colorado companies added nearly 14,700 jobs and achieved a median growth rate of 221% over the past three years.

Alpine IQ, a Broomfield-based software company, was Colorado’s fastest-growing private business between 2020 and 2023. Over the past three years, Alpine IQ’s revenue growth skyrocketed by a staggering 16,469% — making it the 10th fastest-growing private company nationwide.

IV Hydration & Wellness

Ranked 875

primeivhydration.com

Owner Anntoine Glover comments on his success at the company’s locations in Monument and Colorado Springs.

“As a fast-growing company, we focus on delivering exceptional experiences,” he says. “Our services are tailored to meet the needs of our clients, from athletes to busy professionals seeking to improve their overall health and wellness. We prioritize quality and personalized care. This commitment, combined with our team’s dedication, has helped us rise to become the highest-ranked business in the Colorado Springs Metro area.” He also credits the local community’s support.

“Colorado Springs offers a supportive environment for entrepreneurs, with a growing economy and a community that values innovation and wellness. The city’s diverse population and its active lifestyle create a strong demand for health-

Glover has plans to expand the Prime IV footprint. “We’re looking at opportunities to grow in other markets, as more people recognize the benefits of IV hydration and wellness therapies.”

Ranked 1,017 professionaltransition.com

PTS specializes in selling, buying, leasing and/ or expanding medical or dental clinics. The team provides world-class customer service through solutions tailored specifically to each client, balancing experience and innovation. The firm works only to help professionals market and sell, buy or assist in real estate acquisitions for medical and dental clinics.

focused businesses like ours,” Glover notes.

IV Hydration & Wellness #875

Transition Strategies

Business

Kings Loot

Ranked 1,067 kingsloot.com

In 2019, owners Joshua Stephens and his wife, Jessica, sold their home and put their life savings into the business of creating handcrafted wallets. During COVID, the couple transitioned from farmers markets and trade shows to the online world. The business took off and thousands of orders were fulfilled out of their garage. As products kept expanding, from wallets to watches, belts, accessories and the Luxe bag, Kings Loot moved to its own fulfillment center.

Bluestaq

Ranked 1,663 bluestaq.com

This software technology firm based in Colorado Springs specializes in developing highly secure data management solutions. Recognized as an Inc. 5000 company for three consecutive years and as an Inc. Best Workplaces company for three years, Bluestaq is committed to revolutionizing data management through innovative technology.

Quantum Metric

Ranked 2,351 quantummetric.com

Quantum Metric’s mission is to improve how organizations use their data to understand their customers and build customerdefined digital products faster — a process called Continuous Product Design. The company strives to help their customers put people at the heart of everything they do.

Builder Funnel

Ranked 3,675 builderfunnel.com

This 12-year-old strategic marketing and advertising agency is on a mission to help design-build remodelers and custom home builders achieve sustainable business growth by combining inbound marketing, sophisticated software and proven strategy to shorten the path to revenue and profit goals. Builder Funnel works with remodelers and custom builders across the United States and Canada.

Pam Bales is a senior writer for the SoCo Business Forum & Digest.

Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 through 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit and independent — not subsidiaries or divisions of other companies — as of Dec. 31, 2023. (Since the period under review, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. Growth rates used to determine rankings were calculated to four decimal places. All honorees must pass Inc. editorial review. For more information about Inc.’s full methodology visit www.inc. com/inc5000.

De-Dollarization: Should We Be Concerned?

BY T.H. WILLIAMS, PHD, CFP®

The debate over the U.S. dollar’s reign as the world’s reserve currency continues to make headlines. Recent developments, especially the U.S.’s comprehensive sanctions against Russia after its invasion of Ukraine, have catalyzed the de-dollarization trend. This movement seeks to decrease the U.S. dollar’s role in international trade. However, despite these shifts, the U.S. dollar’s formidable presence is hard to contest. Here’s why the concerns surrounding de-dollarization might be overstated.

Why the U.S. Dollar Reigns Supreme

Store of Value: A crucial function of any currency is its role as a store of value. In 2022, the dollar made up 58% of global foreign reserves, surpassing the euro (21%) and the yuan (3%). The U.S. sanctions against Russia postUkraine invasion haven’t caused a significant shift in these reserves (Source: IMF, COFER).

Medium of Exchange: As of recent data, the dollar is the primary medium for trade, with 96% of trade in the Americas, 74% in the Asia-Pacific, and 79% elsewhere using it. Europe remains an exception, favoring the euro at 66% (Source: IMF Direction of Trade). The U.S. dollar also prevails in international banking with 60% of foreign currency claims being dollar-denominated (Source: BIS locational banking statistics).

Unit of Measure: The U.S. dollar is the principal currency for

foreign currency debt, where the percentage of foreign currency debt denominated in U.S. dollars has remained around 70% since 2010 in comparison to the euro’s share at 21% (Source: Refinitiv). And notably, the lion’s share of global oil trade is denominated in U.S. dollars, also strengthening its demand.

Reliability & Stability: Stability is a cornerstone of any reserve currency. The dollar’s robustness stems from the U.S.’s commitment to property rights, rule of law, and a strong economic foundation. Events like the 2008-2009 financial crisis and the COVID-19 pandemic underscored the Federal Reserve’s proactive approach by offering swap lines to foreign countries, solidifying its reputation as a stabilizing force in global finance (Source: Federal Reserve Bank of New York).

Possible Alternatives: A Closer Look

The U.S. dollar as a share of global central bank reserves has dropped from 72% in 2002 to 58% in 2022 (Source: Goldman Sachs Asset Management). Nonetheless, this trend does not come at the cost of a sudden rise in dominance by another global currency backed by ally or enemy state. To illustrate this, it makes sense to ask, “What could replace the dollar?”

The Euro: The euro’s 20+ year track record offers some potential. However, it faces internal challenges due to EU member state disagreements. Furthermore, past financial

Finance

crises have diminished its global prominence. Nevertheless, increased European integration could boost its global role.

The Yuan: China poses a modest challenge to the U.S. dollar due to its expanding global ties and as the world’s largest exporter. Despite its size, China’s bond market is approximately $20 trillion where the U.S. bond market is approximately $51 trillion (Source: GSAM). More importantly, China’s population is in decline, Chinese markets are less open and transparent, their housing market faces structural and significant challenges, and youth unemployment exceeds 21% (source: CNBC). Finally, trust and confidence in Chinese government and institutions is relatively low, making the Chinese yuan relatively unattractive for international investors.

The BRIC?: Led by the U.S., the world’s crushing sanctions against Russia, albeit necessary, had the knock-on effect of sending message to adversaries that they must immediately become less reliant on the dollar. Russia, China, Brazil and Malaysia, and India among others, are seeking to set up trade channels using currencies other than the dollar. While this would reduce the dollar position among those countries, it is a stretch to argue that this will facilitate adoption of those currencies or a new “BRIC” currency.

Digital Assets (aka “Crypto”):

A shifting payments landscape due to the rapid growth of digital currencies, could reduce reliance on the U.S. dollar. A Bank of International Settlements survey found that 93% of the world’s central banks are working on a Central Bank Digital Currency (CBDC). But the digital asset ecosystem is still young and faces an uphill regulatory environment. That said, it is also possible that technological progress may solidify the dominant role of the

dollar where 99% of stablecoin market capitalization is linked to the U.S. dollar (source: CoinMarketCap.com).

Final thoughts

Despite shifts in the global economic landscape, the U.S. dollar’s stronghold seems secure. Research by Bertaut, von Beschwitz, and Curcuru (2023) reveals that the dollar’s international usage has remained stable over two decades, overshadowing its nearest competitor, the euro. While international usage of the Chinese yuan has increased over the past 20 years, it has only reached an index level of about 3 versus the dollar at 70.

A modest weakening dollar should not be feared. Rather, there are benefits. For the dollar to maintain its reserve status, the U.S. must maintain persistent trade deficits, putting strain on the economy. A softening of the dollar increases the competitiveness of U.S. exports and fosters tourism.

Despite persistent fears of the dollar losing its hegemony circulate, they are largely overblown. It remains unlikely that any currency will dethrone the dollar in the foreseeable future. Given its historical track record, robust economic infrastructure, and the intricate web of global financial systems intertwined with it, the U.S. dollar is poised to remain the world’s preeminent reserve currency.

T.H. Williams, PhD, CFP ®, is a Private Wealth Financial Advisor, Managing Director –Investments and VIRTUENT Wealth Management Group of Wells Fargo Advisors.

CONTACT We look forward to getting to know you. Please visit: WWW.VIRTUENTWMG.COM (844) 925-0888

Advertiser Index / In Alphabetical Order

Thank you to each and every advertiser listed.

Air Force Athletics

Alpine Bank

Altitude Hospitality Group

APG: Advanced Printing & Graphics

Bank of Colorado

BBB® of Southern Colorado

The Broadmoor

Business Digest Weekly Radio

Colorado Springs Hispanic Chamber of Commerce

Colorado Springs Utilities

ComcastRISE

Dad’s Donuts

Garden of the Gods Catering and Events

Garden of the Gods Market and Café

Garden of the Gods Resort & Club

Kaiser Permanente-Colorado

InBank

Marquesa Hobbs/Platinum Group

Minuteman Press

NORTH Magazine

Pikes Peak Small Business Development Center

Pikes Peak Workforce Center

Southern Colorado Women’s Chamber of Commerce

The Pinery

TILL

Trainwreck

Underline Infrastructure/Colorado Springs

Unied States Golf Association

Vine & Wheel

Xledger Inc.

Hosted By Dirk R. Hobbs Media Entreprenuer & Founder of Colorado Media Group, Inc.

Whether you’re celebrating the biggest milestones in life with friends and family, or simply enjoying a night out with the one you love, we look for ways to over-deliver on every detail. With over 65,000 square feet of event space and everything from catering to floral design, Altitude Hospitality Group is here to account for every detail.

From intimate gatherings to full-scale parties, book your holiday party space now!

Learn more about our family of brands at altitudehg.com