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Colorado’s "Give First" Business Community

Colorado has long been a hub for entrepreneurs, and its vibrant economy and supportive business environment have helped to create an ideal environment for startup companies.

According to the US Bureau of Economic Analysis, Colorado's economy grew more than 2.0% on average over the last three years, despite the challenges posed by the pandemic. This growth rate was higher than the national average, and it highlights the resilience and strength of the state's economy.

Colorado is also home to many successful companies, including a number of startups that have become household names. These include companies such as Green Chef, Vinyl Me Please, TeamSnap, and GoSpotCheck, all of which have experienced significant growth and success in recent years. The State has received numerous accolades for its supportive business environment. In 2021, the state was ranked as the 4th best state for business by CNBC, which cited Colorado's diverse economy and talented workforce as key factors in its ranking.

The State has been recognized as one of the best places for female entrepreneurs. According to a report by FitSmallBusiness.com, Colorado is the 2nd best state for female entrepreneurs, with women owning over 37% of all businesses.

But what makes Colorado such a great place for entrepreneurs? One reason is the state's vibrant and diverse business community. According to a report by the Colorado Office of Economic Development and International Trade, Colorado is home to over 633,000 small businesses, which employ over 1.2 million people. These businesses represent a wide range of industries, including healthcare, technology, and agriculture, among others. There are also organizations such as Blackstone Entrepreneurs Network (BEN) Colorado that are dedicated to guiding entrepreneurs through the challenging journey of growth. 

“We live in a community with a give-first mentality and that support spreads throughout Colorado. People who visit here pick up on it and know it makes this a special place,” said Mark Hopkins, Partner at Rallyday Partners and Board Member of BEN Colorado. 

This give-first culture in the business community leads to an enormous amount of collaboration. And not just collaboration between entrepreneurs but between public and private organizations. 

“Collaboration between the public and private sector is actually really hard, because it's often a different culture, in government, academia, and the private sector. The intersection of these relationships in Colorado has made this a special place to do business.” said Colorado Attorney General and BEN Colorado founder, Phil Weiser.  

Gender and race statistics for new businesses in Colorado show that the state is making progress in promoting diversity and inclusion in entrepreneurship. According to a report by the National Women's Business Council, women-owned businesses in Colorado grew by 35.5% between 2007 and 2016, compared to a national average of 27.5%. In addition, according to a report by the Colorado Women's Chamber of Commerce, women-owned businesses in Colorado generate over $21 billion in revenue annually.

The state's diverse population is also reflected in the racial and ethnic diversity of new businesses in Colorado. According to a report by the University of Colorado Boulder, businesses owned by people of color in Colorado grew by 47% between years 2007 and 2012, and they now represent nearly 20% of all businesses in the state.

These statistics highlight the importance of promoting diversity and inclusion in entrepreneurship, and Colorado is making strides in this area. The state has a number of programs and initiatives aimed at supporting minority-owned businesses, including the Minority Business Office, which offers resources and support to minority-owned businesses, and the Colorado Black Chamber of Commerce, which advocates for and supports Black-owned businesses in the state.

Colorado is a great place for entrepreneurs for a variety of reasons. Its strong economy, supportive business environment, and diverse and collaborative business community make it an ideal location for startups. If you’re part of the business ecosystem in Colorado, be part of the give-first culture. Find someone to mentor, support events in your area, and shop locally. The strength of this business community is in each of our hands and we can make a difference.