Data from Metro Denver shows that “the Millennial population is Metro Denver’s largest generational group,” representing 24% of the metro’s population. Additionally, “among the 25 ‘large’ states in the United States, the state of Colorado ranked 5 in Startup Activity,” in the Kauffman Index. More specifically, a report from the Kauffman Foundation found that Colorado has the highest rate of young entrepreneurs in the US, where they can find educated workers, access to capital, and mentors.
Living cost, compared to other startup scenes in the US, is also one of the reasons why Millennials are starting their own businesses in the Denver Metro. But there’s more than that. The government provides various incentives that make it easier and cheaper to start a business and make it successful. Plus, Metro Denver lists at least 18 different Venture Capital and Private Equity Firms that provide funding and resources to entrepreneurs.
While all these aspects are attractive for individuals in the first place, it takes more than this to make people stay. In an interview with Colorado Public Radio, Kelly Brough, CEO of the Denver Metro Chamber of Commerce, said that one of the reasons why Denver is so popular among Millennial entrepreneurs is because Denver is “one of the few regions in the country, maybe in the world, who have figured out the distinction between when you compete and when you collaborate.”
This collaborative spirit can be seen in the amount of conferences, forums, events, and resources that the Denver community offers. For example, The Denver Office of Economic Development has 3 programs that can help startups get on their feet, including The Denver Enterprise Zone, The Business Investment Program, and The Business Incentive Fund. Plus, there’s Denver Startup Week and other events that are organized and hosted by the highly active Denver Startup Community.
Fact is, collaboration is key to the development and success of any community, and Denver seems to have gotten this right. Doing business in Denver, whether you’re an entrepreneur, early-stage startup, or medium sized business, means being collaborative.
Coworking spaces in Denver have also contributed to this collaborative movement. These spaces are the physical manifestation of collaboration; they nurture micro-communities that have a big impact on the surrounding community, and they also encourage people to interact with one another, which usually leads to sharing knowledge, insights, and connections.
With capital available, government incentives, comparable low living cost, access to office space that makes it easy to set up a business, and a collaborative spirit, the Denver Metro has positioned itself as a highly attractive place for Millennials and entrepreneurs to make their dreams come true. Here’s how Shift can help in this quest!