May 8-12, 2023
Economic Development Week 2023 celebrates the role of economic development in creating jobs and improving quality of life. For the Town of Frederick, it is an opportunity to showcase unique challenges and innovative solutions. Small towns must attract businesses and build community partnerships to foster growth. Adapting to changing economic conditions and embracing innovation is essential for long-term success. Economic Development Week highlights successes, unique strengths, and strategies for driving growth, enabling small municipalities to build thriving, sustainable communities that provide opportunities for all.
Monday - May 8
Celebrating Economic Development
Economic Development week was created by the International Economic Development Council (IEDC) in 2016 to increase awareness of local programs that create jobs, advance career development opportunities, and improve the quality of life in communities everywhere.
Your Frederick economic development team is celebrating this week by organizing an educational campaign for the public to better understand economic development strategies & concepts.
Tuesday - May 9
Business Retention & Expansion (BRE)
Focusing on existing businesses is arguably the most important task in economic development, but is often overshadowed. Up to 80% of net new jobs and capital investment in any economy are generated by existing companies, and working with existing businesses can be 10 times more cost effective than continually cultivating new ones. Creating a solid foundation of existing businesses also creates an attractive culture for incoming prospective businesses – they want to see an example of how their own company can look if they choose our community. BRE is how we avoid blighted communities and business closures.
How Frederick is helping BRE
- Business Roundtables – Hearing from local business owners to understand common struggles. Over the last 12 Months, the Town has held several Business Roundtables throughout the community, and has provided an opportunity for every single brick and mortar business in Frederick to participate. The next upcoming Business Roundtable, slated for June, will be open to all home businesses based in Frederick. If you have a home based business in Frederick, email our Economic Development Specialist, Sierra Fedder, to make sure you are on our contact list.
- Business Walks – Checking in with local business owners and being present in the business communities. Business Walks serve as an effective tool for monitoring the pulse of the business community in real time, as Town Economic Development Staff interface directly with businesses on their turf. As a result of some of the feedback gathered during business walks, the Economic Development Division is currently working on launching a Business Retention and Capital Improvement Grant to provide more tangible forms of assistance to the Business Community. In the last 12 months, the Economic Development Division has visited the entire business community within the Town of Frederick.
- Business Retention Visits - BRE Visits are an important tool in the toolbox of any economic developer, and in the Town of Frederick we take these visits very seriously. In 2022, Town ED staff engaged with 21 different businesses to visit their facility and have a dedicated conversation on the needs of their business.
- Sharing Resources – Your ED team is watching for grant opportunities, working with industry partners, and learning from other communities to highlight best practices for Frederick businesses. The Town also contracts with the Eastern Colorado Small Business Development Center (SBDC) to provide office hours in Frederick for local businesses that need assistance.
Wednesday - May 10
Site Selection is the process of considering the sustainable properties of a company's future location and market area, including access to existing amenities and alternative transportation methods. Market areas are evaluated based on supply chain needs, available workforce, overall tax burden, potential federal, state, and local incentives, utility costs, and real estate costs.Potential markets are identified, then specific sites and buildings are evaluated for viability.
Local government and economic development teams play a few roles throughout the site selection process. First, we need data. Economic Development staff use various programs and sources across all levels, including the US Census data; State & County data; internal local data; and working with local developers and real estate agents for a complete understanding of the market area as a whole and also specific details about properties within the area. Traffic volumes, residents within a certain radius, and daytime population are other major factors considered in this process.
Second, staff has to work to spread the word about their community and available sites. We share our collaborated data, why we love our community, and the quality of life their workforce would experience if they chose the Town of Frederick.
Through these steps, economic development teams set the stage for success. Suppose site selectors have access to our readily available information. In that case, we're more likely to be one of the communities vetted for potential projects. Of course, we can only be the chosen community if we're in the process to begin with.
After our community is presented to the potential company as a viable future site, we work with local partners to provide any additional requested information that is more project-specific. During this process, we discuss potential incentives, ask local governing bodies to vote on providing incentives, and sign non-disclosure agreements with the companies to ensure everything moves smoothly. Finally, we continue to work with the company and the site selector until our community is eliminated from consideration or chosen for the project.
Thursday - May 11
Business Incubators can be beneficial resources for any potential start-up. A Business Incubator is an organization that helps new and start-up businesses develop by providing a range of services, from workforce training and office space to venture capital financing and loan applications. These organizations should be one of the earliest stops for anyone with questions about how to begin their own business. Even if you aren’t ready to commit to a program, learning how you can be helped along your small business journey isn’t a waste of your time.
How Frederick uses Business Incubators: We have great relationships with and access to organizations that provide these start-up services. Depending on your specific industry and the stage of business/planning you’re in, the Frederick Economic Development team will be happy to refer you to a great fit. Currently, we partner with Eastern Colorado Small Business Development Center (SBDC) to host office hours every other Tuesday at the Town of Frederick Administration Building. These office hours are free to attend for Frederick small businesses.
Friday - May 12
Your Eco Devo Team
Economic Development Specialist
Sierra joined the Frederick Economic Development team in April 2023. Her primary role is to serve existing Frederick businesses – planning the business roundtables and other events, educating the business community, being the point of contact when a Frederick business owner needs guidance on Town policies or help with grant applications, conducting business walks, and leading the strategies discussed on Tuesday’s BRE section.
Economic Development Manager
Max took on the role of Economic Development Manager for the Town of Frederick in April of 2022. Before that, he served in various economic development roles with Adams County, Colorado, and the City of Huntington Beach, California, since 2014. Throughout his first year with the Town of Frederick, Max created the Town’s business retention programs. Now with Sierra on board, Max will focus more on business attraction for the Town. In this role, Max will lead potential prospects, respond to Requests for Information (RFI’s) from our site selection partners, and roll out the red carpet when it comes to promoting the Town to potential relocating businesses. In addition to these roles, Max serves as the Chair of the Northern Colorado Regional Economic Development Initiative (NoCo REDI) and is also a board member of the Carbon Valley Chamber of Commerce.
Assistant Town Manager
Ryan originally joined the Town of Frederick in January 2021 as the Economic Development Director. Before that, he served in various economic development roles with the City of Brighton and the City of Westminster. During Ryan’s tenure in Frederick, Ryan was able to establish the Economic Development Department from scratch, create the foundation for business attraction and create a staffing plan to grow the economic development functions within the Town. Ryan also led the effort to restructure the external development-related disciplines into the Department of Community and Economic Development overseeing Economic Development, Planning, Building, and GIS. Since then, Ryan has been fortunate enough to hire Max Daffron, who primarily oversees business attraction activities as the Economic Development Manager, and Sierra Fedder, who oversees existing business activities as Economic Development Specialist. Ryan mainly focuses on strategic initiatives and projects, including strategic planning, public policy, and legislative matters.