Denver, CO – According to the latest report released yesterday by the U.S. Chamber of Commerce Foundation, 1776 and Free Enterprise, Denver is a strong contender as a leader in the new digital economy.
The report entitled, “Innovation That Matters 2016”, researches and ranks 25 cities across the U.S. on their readiness and ability to capitalize on the emerging digital economy. The report ranked Denver #3 overall just behind Boston (#1) and the San Francisco Bay Area (#2).
Below are further breakdowns of where Denver ranked in the following sub-categories:
- #1 in quality of life
- #2 for well connected eco-system
- #3 for vibrant cultural foundation
- #4 in supply of educated millennials
However, the report identified that capital funding is still an issue in Denver. “Relatively weak funding and exit numbers (14th in total investment and IPOs) reveal that Denver has yet to build the capital base to take its digital economy to the next level. However, entrepreneurs do consider local investors to be highly involved and supportive of the ecosystem (1st), suggesting that the key is to bring more investors into the community,” the report says.
Another issue includes lack of international population inflow, where Denver ranks 23rd overall. The report notes, “To take its [Denver’s] startup success to the next level, it will have to find ways to compete with more globalized cities such as San Francisco, New York and Washington, DC.”
According to the report, the researchers based their analysis on the following six themes.
- “Talent: Does the city have the workforce it needs?
- Capital: Has the city mobilized adequate financial resources?
- Industry Specialization: As tech evolves from general IT to specialized sectors,
is the city ready to capitalize on this shift? - Density: Is the community concentrated enough to form a cohesive identity?
- Connectivity: Are the city’s key actors well integrated with the startup
community? - Culture: Does the city have the mindset and lifestyle to attract
entrepreneurs?”
Photo courtesy of Business Rewritten
