Collaboration over Competition: How Small Business Owners Support Each Other in Summit County

In the competitive world of business, it’s often assumed that companies are always in rivalry, striving to outdo each other. However, in Summit County, the ethos of "collaboration over competition" is transforming the business ecosystem. Local entrepreneurs are finding that working together not only helps them thrive but also strengthens the community as a whole.

The Power of Unity: Summit Founders Coopetition

A prime example of this collaborative spirit is the recent Summit Founders Coopetition program, which wrapped up on June 19th. This program brought together ten entrepreneurs from diverse backgrounds, including tech, retail, apparel, marketing, and consulting. From the outset, the group embraced vulnerability, openly sharing challenges and brainstorming solutions. The result was a dynamic exchange of ideas and resources that benefited everyone involved.

One standout story from this program was the collective support for SkyGOAT, an apparel company. Every participant purchased jackets from SkyGOAT, showcasing a tangible commitment to supporting one another’s ventures. Beyond financial support, the entrepreneurs provided referrals, made valuable connections, and engaged in inspiring conversations that fueled each other's growth.

Common Forms of Collaboration

Collaborations among small businesses in Summit County take many forms:

• Networking Events: Events like SEP’s Network in Nature or Fireside Chats are prime ways for business owners and others to meet and chat over like minded activities. 

• Joint Promotions and Events: Businesses often partner to host events or run joint promotions, which can draw larger crowds and increase visibility for all involved. Just last week, Saved by the Wine, a local wine bar, hosted an event with Claudine Wines to promote their artist series, which featured local artists on their wine labels.

• Cross-Referrals: By referring clients to each other, businesses can expand their customer base and build a network of trust. A great example of this is Broken Compass, a locally owned and operated brewery, serving food from BreckFast, a locally owned and operated eatery, at their Main St. location.

• Resource Sharing: Sharing resources, whether it's knowledge, tools, or even physical space, helps reduce costs and fosters a sense of community. Women of the Summit offers low or no-cost workshops where their members share their expertise with one another. These workshops cover topics such as branding, social media marketing, and pricing/financial forecasting.

Facilitating Collaboration

Programs like the Summit Founders Coopetition, facilitated by the Summit Economic Partnership and Startup Colorado, play a crucial role in fostering these collaborations. These organizations, along with the local Chamber of Commerce, provide platforms where entrepreneurs can meet, share experiences, and form partnerships. However, the spirit of collaboration extends beyond formal programs. Entrepreneurs in Summit County frequently support each other emotionally, understanding the unique challenges of running a business in a mountain town.

Benefits of Collaboration

The benefits of collaboration are numerous:

• Increased Visibility: Collaborating with other businesses can introduce you to a new customer base. Joint events and cross-promotions can significantly enhance your visibility.

• Shared Resources: Pooling resources can reduce individual costs and increase efficiency. This might include sharing marketing expenses, tools, or even physical spaces.

• Emotional Support: Entrepreneurship can be a lonely journey. Having a network of supportive peers who understand the challenges you face can be invaluable.

• Innovation and Creativity: Collaboration often leads to new ideas and innovative solutions. By working together, businesses can brainstorm and problem-solve more effectively.

In Summit County, the philosophy of "rising tides raise all ships" is more than just a saying; it’s a way of doing business. By choosing collaboration over competition, small business owners not only enhance their own success but also contribute to a thriving, supportive community. Whether through joint promotions, shared resources, or simply offering a listening ear, the entrepreneurs of Summit County demonstrate that together, they are stronger.