After eight months as the Boulder Chamber’s vice president of economic vitality and executive director of the Boulder Economic Council, I still find myself energized by the legacy of resiliency that defines our city.

Our economic journey, grounded in pioneering research, natural environmental assets and a thriving entrepreneurial ecosystem, has fostered advancements in industries as diverse as natural products and outdoor recreation to aerospace and quantum computing. In the larger economic context, it is the mark of a community that continually reinvents and revitalizes itself. As we adapt to groundbreaking scientific discoveries and evolving consumer preferences, so too does our economy rapidly adapt and evolve.

As an economic developer, the key to successfully navigating this dynamic economic landscape is the capacity to identify the changes around us and help apply them in the most productive fashion. This involves proactively seeking leadership in emerging trends, seeking exposure to technological shifts and working in partnership with others who can help leverage our community’s strengths to drive sustainable growth.

The Boulder region has recently experienced significant shifts in leadership and technological advances that will shape our economy for years to come. Let me highlight a few of them for you, with a spoiler alert: You will have a chance to expose yourself to these new leaders and technologies at the upcoming Boulder Chamber Economic Summit on Oct. 8.

New leadership at CU Boulder

I often recognize the University of Colorado’s flagship campus in Boulder as the cornerstone of our economy. Commanding over $684 million in research funding in 2023 alone, their scientific breakthroughs lead to direct spending in our community, along with new business enterprises. This is on top of the impact that student and faculty spending and visitor dollars the campus generates. And what about the Prime Effect? In total, it is estimated that the University of Colorado has a $113.2 million economic impact on the City of Boulder.

Sitting at the helm of the University of Colorado is the new chancellor, Justin Schwartz. Justin brings a distinguished background in academic leadership, research and innovation. Previously the executive vice president and provost at Penn State, he holds a Ph.D. from MIT and is a fellow of prestigious organizations like the National Academy of Inventors. Justin will deliver his inaugural keynote to the Boulder business community at the upcoming Economic Summit, providing a glimpse into how he plans to steer this cornerstone economic engine for our community.

The quantum technology future

In May, we learned that our consortium of Colorado, Wyoming and New Mexico, with Boulder as the epicenter, successfully secured national status as the Tech Hub for quantum technology. With four Nobel laureates in quantum science and renowned research centers, it was no surprise that we received this designation along with substantial federal and state investment. This includes over $127 million in funding and the expectation to attract more than $2 billion in private capital. This influx of resources will help establish Colorado as a global leader in quantum technology research and development, driving further scientific discoveries and business applications.

In addition to ongoing research, we already have local companies that are advancing quantum technology, including Infleqtion and Maybell Quantum Industries. Oxford Ionics, a leader in trapped-ion quantum computing, recently opened its first international office in Boulder. This activity presages what we believe will be a title wave of new business interest in proximity to Boulder’s quantum science leadership. To help us to further understand these dynamics, the Economic Summit will feature prominent leaders in the development of our quantum ecosystem, including Zachary Yerushalmi, CEO of Elevate Quantum; Corban Tillemann-Dick, CEO of Maybell Quantum Industries; and Wendy Lea, Chief Instigator at Elevate Quantum and Co-Founder of TechHubNow! and Energize Colorado.The Pulse of the U.S. Economy

And then there’s the foundation for understanding the future direction of business activity in Boulder: the health and vitality of the U.S. economy. Having observed Federal Reserve Chair Jerome Powell’s recent speech on the economic outlook, it appears he’s buoyed by the easing of high inflation due to improved supply conditions and strategic monetary policies. Although there has been a slight increase in unemployment as the labor market cools, there have been no significant job losses reported, reflecting a balanced approach to achieving price stability while supporting economic growth. We can only hope that these positive trends will offer the opportunity for stimulating interest rate reductions.

Breaking it all down for us at the upcoming Economic Summit, Nicholas Sly, vice president and Colorado executive at the Federal Reserve Bank of Kansas City, will provide us with a comprehensive analysis of these current economic conditions and the future Fed policy they portend. He’ll also outline strategies for sustained economic growth and resilience, emphasizing how companies can capitalize on opportunities despite uncertainties.

Yes, we’ve weathered a host of economic uncertainties these past years with our innate resiliency.

And now, we confront significant trends that promise to shape our economic landscape for years to come. Join me at the Oct. 8 Economic Summit — business.boulderchamber.com — and let’s navigate your business and our collective economy toward an even brighter future ahead.

Joseph Hovancak is vice president of economic vitality for the Boulder Chamber.