Colorado ranked eighth for opening new businesses

The promising economic conditions in Denver are ideal for young entrepreneurs. Photo courtesy of Colorado Tennis Association

Economy Brings Students Hope
The promising economic conditions in Denver are ideal for young entrepreneurs.
Photo courtesy of Colorado Tennis Association

Colorado is ranked the eighth best state for opening a new business, according to a study conducted by Fit Small Business. The categories that were used to judge each state were the cost of starting a business (15 percent), taxes (20 percent), the labor market (20 percent), the cost of living (15 percent), startup activity (10 percent), access to capital (five percent), and quality of life (15 percent).

In addition, the United States Department of Labor showed the unemployment rate in Colorado to be 2.8 percent this year. This is on the lower side of the spectrum, with the percentage of the other states running from 2.1 percent to 6.1 percent.

World Population Review mentions that “many states in the US have shown growth at every census, but Colorado’s population is actually growing faster now than it did during the 20s, 30s, and 40s. The current growth is already causing housing shortages and increased traffic as Denver and Colorado Springs try to address the increased immigration.”

Starting a new company isn’t easy, so the low unemployment rate, along with the rapidly growing population in Colorado, fuels the economy. This is promising news for CU Denver students during or after graduation.

“To me, looking at the Colorado market and finding out that it ranks eighth in startup businesses is highly encouraging,” Ryan Kalmbach, a senior marketing student, said. “I do not ever envision to own my own business, but I would not mind working for a startup. This means more jobs and more opportunities for students to succeed with jobs after they graduate. So, for me, that means I have endless opportunities in companies that are rising and have potential to be the next big thing that everyone talks about.”

Not only is Colorado a favorable state for all sizes of companies, CU Denver itself has a wing of the Business School called “The Jake Jabs Center” that focuses on entrepreneurship.

Madhavan Parthasarathy, director of The Jake Jabs Center, stated on his profile that,  “In addition to a solid conceptual foundation, I bring high-profile and experienced guest speakers, involve students with real-world case studies, and organize projects that students often conduct for local companies. I also try to organize and encourage students to participate in networking events and other activities that make them more marketable to prospective employers.”

Kalmbach seconds that sentiment, saying that CU Denver and the Business School give opportunities that are not found elsewhere. “CU Denver’s Business School has the location and the people to help establish the networking opportunities that will carry you or any other student as far as possible in your future field/career,” Kalmbach said. “With Denver ranking eighth, it shows that people do not have barriers and are willing to try whatever they can to help local upcoming businesses.”

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