This morning, the Economic Development Commission, a division of the Colorado Office of Economic Development and International Trade (OEDIT), approved Sky Peak Technologies for the Rural Jump-Start Tax Credit Program, a Colorado incentive program that provides companies located in rural areas with significant tax breaks if they bring a new technology, product or service to the region.
Sky Peak Technologies, based in Fruita, has developed a proprietary software to reduce mobile data consumption and costs for Mobile Operators. The company earned statewide recognition earlier this year as a winner of the Greater Colorado Pitch Series during West Slope Startup Week. With this incentive program, the startup plans to open a new office in Fruita and hire at least five new software developers. Their primary source for new talent will be through a collaboration with Colorado Mesa University’s computer science program.
Sky Peak is the fourth company to join the Jump-Start program in Mesa County since August – and the sixth company to be approved for the tax credit this calendar year. Additional companies that were recently approved for the program are:
- Valkyrie Recovery Systems Inc., a company that specializes in using parachutes and other fabric decelerators to slow down and safely land rockets, UAV’s, airdropped payloads and satellites that are designed to re-enter Earth’s atmosphere. The brand-new startup, launched in 2021 in Grand Junction, plans to double its staff in 2022 and add a few local interns from Colorado Mesa University’s engineering program.
- Lyttle’s Fleet is a manufacturer that recently relocated from Pomona, CA to Grand Junction. Their operations involve “upfitting” for large vehicle manufacturers (FM, Ford, Chrysler). Lyttle’s Fleet receives unfinished trucks and installs truck beds and other finishing work. The compay has several large contracts underway that offer great opportunity to scale operations in the Grand Valley.
- SCOR’D is a user-friendly app designed to connect socially aware consumers to proven, socially responsible companies. 87% of consumers want to buy from socially responsible companies, according to the startup, and this app gives them the information to make informed purchasing decisions. With the approval of Jump-Start, SCOR’D is now ready to find office space and several employees to run, maintain and improve this technology.
The Grand Junction Economic Partnership (GJEP) previously reported on Eco Super Structures, Hayden Data, and Acom Unlimited, which were approved for Jump-Start earlier this year.
The Jump-Start program originated in Mesa County in 2015, spearheaded by Colorado Mesa University (CMU), local business leaders, and economic development partners. Sky Peak Technologies makes the 25th company to participate in the program in the County.
Through Jump-Start, companies receive 100% tax credit on income and sales taxes for four years, with the opportunity to extend for another four years. As of this year, participants are also eligible for special cash grants. In exchange, the businesses will add a minimum of three net new jobs to the county in high-paying, highly skilled fields. They also form a partnership with CMU through mentorship, internship opportunities, and community involvement. To learn more about the Rural Jump-Start Tax Zone in Mesa County, Colorado, visit jumpstartmesaco.com