Denver is booming with entrepreneurial activity.
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[/caption] Considering the low price of sweet crude and such nicknames as "Houston of the West" (and no, that's not because Texans like to come to Denver to go skiing, but rather the amount of oil and gas activity just north and east of the city!), Denver is showing serious economic strength. What used to be a major economic force in the city is proving to be less so; in fact, Denver is one of the fastest growing cities in the country, and we have an influx of entrepreneurs/start-ups to thank.
The city is now on the radar as a tech hub and welcomes everything from organic farming, to marijuana and aerospace. But why Denver? What makes this
city such an entrepreneur and venture capital magnet? According to an article published by Entrepreneur Magazine
, Catherine Clifford, senior entrepreneurship writer, notes a few reasons:
- "Been-there-done-that" sentiment. Clifford says that Denver's hip laid-back atmosphere is extremely attractive to burned-out employees who are overworked and tired of bouncing between New York and San Fransisco. The slightly lower cost of living is an added bonus as well.
- Fewer distractions for talent. Denver, despite having a lot of start-ups, still has less than the Valley or New York. Furthermore, the labor pool is highly educated -- the state of Colorado ranks as the third most highly educated state.
- Quality of life. As we've seen with Google, work-life balance is essential to having happy, creative, and enthusiastic employees; and what better place than Denver? With world-class views, breathtaking national parks, plenty of bike trails, and a hip city scene, what better backdrop could you use?
But, it's not all milk and honey. Some of the challenges entrepreneurs face are:
- DIA is still 30 miles outside the city, making air travel that much more of a chore.
- Tech start-ups that use large social platforms as their base sometimes have better luck securing financial backing near the coast.
- Overall VC is less accessible in Denver than it is on the coast, however, it might be easier to pitch your idea in Denver than it is in New York or San Fransisco.
Regardless, there's no denying that Denver's economy is bustling. If you're thinking about getting in the game, please do not hesitate to reach out to the Doida Law Group. Starting a business always sounds simpler than it really is, but that doesn't mean you should put your dreams on hold. We'll help you get tactical and set you up for success!