Attracting capital and talent is the key to Denver disrupting large tech markets like San Francisco, according to The Denver Post. The Mile High City has attracted large companies from California, Texas and other places across the U.S. due to its booming economy, supportive environment and scenic location.
Colorado’s thriving economy is a key factor for incoming tech companies. In April, the Denver Business Journal reported that the unemployment rate in the state was at 2.9 percent—the third-lowest in the nation. Additionally, in 2015, construction payroll jobs increased by 10,900 and leisure and hospitality jobs increased by 24,200. Education and health services went up by 11,000 jobs. The only major industries that are down are mining, logging and energy, according to The Denver Post.
In addition to rich job growth, the Colorado area and Denver in particular have a culture focused on building entrepreneurs and nurturing startups. Events like Denver Startup Week and C-Level @ A Mile High, along with organizations like Startup Grind Denver and Galvanize, help create a supportive environment for businesses and investors.
Larger markets like San Francisco are also expensive to live in. “We are going to be 60 cents on the dollar for a little while compared to those markets,” Sean Campbell, CEO of Formativ and co-founder and co-developer of Industry, told The Denver Post. “When you’re making $250,000 at Google, and you have to live in Oakland because you can’t afford to buy a place in San Francisco and you’re taking the Google bus, Denver and Boulder start to look pretty darn attractive.”
