We all know that urban life provides a breeding ground for businesses to develop and grow. It’s often undesirable to start a business in a rural setting for a variety of reasons. For example, lack of people, capital, and infrastructure are often drawbacks to settling in the country. So what do people do, they move away from the countryside and open up shop in the big city.
Colorado is hoping to change this trend and encourage more people to take an entrepreneurial risk in rural areas. How so? Well Colorado’s Office of Economic Development and International Trade announced that it will be allocating $9 million to early-stage startups throughout rural Colorado communities. The funding will help support farming, manufacturing, education, health, and technology (just to name a few).
State-backed funding to rural areas encourages residents to grow business in often “left behind” communities throughout the state. With such a high demand for people to live in the city, Colorado is encouraging economic growth in often overlooked counties. Divides between urban and rural economies are not unique to Colorado — most of the country faces a similar dilemma. That’s why a funding program like this may be a trendsetter for the rest of U.S.
As a resident of Colorado, I am pretty excited to see such a desire for growth throughout the entire state and not just in major metropolitan areas. Time will tell how successful this funding platform will be, but we are eager to see growth throughout all of Colorado.
Would you launch a startup in a rural community? Tweet @StarterNoise.
Katherine is a newbie to Denver. She recently completed her Masters in Peace and Justice Studies at the University of San Diego. When she isn’t trying to save the world, Katherine is all about trying any and all delicious foods, hitting up the beach but not actually swimming (deathly afraid of sharks), and taking as many hikes as humanly possible.