Bill Summary for Bill Number Presentation by Brian Vogt on Colorado Economic Development

Final
Presentation by Brian Vogt on Colorado Economic Development

ECONOMIC DEVELOPMENT

Votes:

Action Taken:

<none>

01:35 PM -- Presentation by Mr. Brian Vogt on Colorado Economic Development Issues

Advisory board members present introduced themselves and indicated the expertise they can provide to the board. The members present were Mr. Brian Vogt, co-chair, Office of Economic Development Office, Mr. Tom Clark, co-chair, Metro Denver Economic Development Corporation, Mr. Bill Becker, Adams County Economic Development, Ms. Carolyn Siegel, AFL-CIO, Mr. Tony Robinson, CU-Denver, Ms. Marguerite Salazar, Valley-Wide Health Systems, Mr. Will Point, sitting in for Matt Baker for Environment Colorado, Ms. Carla Perez, Carter and Burgess, Ms. Su Hawk, Colorado Software and Internet Association, and Mr. Bonifacio Consyleon, Byerly & Consyleon Construction.

Mr. Brian Vogt, Director of the Colorado Office of Economic Development and International Trade, began by indicating that he looked forward to the upcoming dialogue on moving Colorado forward as a state. A folder providing materials on the Office of Economic Development's programs was distributed to the committee. He stated that Colorado is in a state of recovery. He indicated that his office's approach to statewide economic development involves forming partnerships with local communities and organizations, where everyone has a place at the table. He indicated that each industry in Colorado is critical to the state's future. The state needs policies that will help amplify its potential. He mentioned that the nanotechnology sector was recently cited has having strong potential in the state. However, the state needs to work on making this potential become reality.

Mr. Vogt continued by stating that economic development is a long-term endeavor and that the state needed to be more proactive. Colorado has been generally reactive in the past because it has not had difficulty in attracting entrepreneurs to the state. He discussed the importance of the tourism industry in Colorado.

Mr. Vogt explained a five-point plan that his office is working on. The first point of the plan is integration. The state's economic development and business assistance organizations need to work together and pool their resources. The second point of the plan is communication. He indicated that there were abundant resources to help businesses and that the state needed to ensure that businesses know what is available. The Advance Colorado Center is a headquarters for industry associations to support innovation and help entrepreneurs grow profitable, sustainable businesses. The third point is culture. The state has wide ranging interests that compete with each other. He stated that this competition needed to stop and that each industry is interrelated and critical to the entire state. He commented on the economic development conferences that are upcoming in the state that will help market the state. The fourth point is policy. The state needs to ensure that is has the right policies in place to ensure that the state is competitive with other states, as well as other countries that are competing for Colorado business. He discussed the possible need for legislation to create a net operating loss program for the biotech industry because other states have the program. The state needs to decide on what are the most effective incentives for each industry. Although he stated that he was not completely comfortable with the use of incentives, he explained that the state needs to realize that it operates in the real world which uses incentives. The fifth point of the plan is strategy. Policy makers need to understand that Colorado's recovery is the result of a multitude of business decisions that have been made over the past few years.

02:01 PM

Mr. Vogt explained that the state needs to get on the same page so that it understands its current economic development policies and programs. State policy makers and the Office of Economic Development need to better communicate its economic development programs. Also, the state needs to look at questions that it does not have answers to, such as what is the appropriate role of incentives and how to effectively fund tourism promotion in the state.

Senator Tapia discussed the state's challenges and opportunities regarding education. He stated that the state needed to look to the future to anticipate which areas the state needed to educate people to compete in the economy. Mr. Vogt discussed the existence of grants available from his office for companies to help train its employees. Education should be a lifelong endeavor and should continue to anticipate the future.

Representative Massey discussed an Oklahoma statewide institute of science. Mr. Vogt indicated that the state has several tools in place to help it succeed in the science and tech industries and that the state needed to continue to support these tools.

02:14 PM

Senator Bacon discussed the need to come up with a broad cohesive economic development policy and not have a piecemeal approach to economic development. Mr. Vogt discussed that his office is working on having local communities create longer terms plans so that they know where they are headed. These plans will help the state understand what they need. Senator Bacon questioned whether the state needed to assess what kind of economic development the state wants, such as the type of jobs and benefits it wants to provide. Mr. Vogt commented on how the market does a good job of showing what jobs are needed and that planning for the future is important.