It’s an interesting time to live in Colorado Springs, let alone to run a business.
Though the city’s booming economy might encourage increased investment, many fear the next economic downturn is right around the corner.
A recent Business Journal website poll revealed 97 percent of nearly 1,000 respondents believe a slowdown will occur this year.
The Business Journal asked local movers and shakers what went right in their industries this past year, what’s in store for them in 2019 and how to prepare for the next recession.
Luke Hutchison, founder and CEO of Perfect Venue
What’s something exciting that happened in the local startup industry in 2018?
A healthy startup ecosystem is critical for any startups growth and I think the launch of Exponential Impact this year along with the announcement that they received a large grant will go along ways towards growing a more robust startup ecosystem of founders, investors and advisors in Colorado Springs.
What’s something you are excited about for the startup industry next year?
It will be exciting to see more and more startups get traction, build momentum and expand to new markets.
What’s a challenge facing the local startup industry in 2019?
Building a density of software engineers that have the right skill set and interest in startups I think will be an ongoing challenge.
What advice you have for other leaders in the startup industry as the New Year approaches?
Be excited! The barriers to entry for getting a startup off the ground have never been lower and the ability to access resources online has never been easier. With the last big wave of startups starting to mature and most likely IPO in 2019 — Uber, Lyft, Airbnb and others — it will be exciting to see what startups are built in this next wave.
How are you preparing your company for the next economic downturn?
We’re hoping it is still a ways off and when it does come that it is mild, but we’re ensuring that we’ll be insulated by offering our customers performance-based pricing so that we’ll be able to serve them and create win-win value even if their budgets are squeezed.