Information Technology-Software: Small
businesses dominate Colorado’s information
technology software industry. A 2013 report
by TechAmerica Foundation reported Colorado had the nation’s sixth-largest employment
base in software publishing. The state also
ranked 10th in venture capital investment in
2013, with $560 million in investments.
POSITIVE GROWTH,
THRIVING BUSINESSES
Large companies are also important to
the metro area’s economy. More than 500
large businesses—those with 250 or more
workers—operate in Denver. The area’s biggest
employers include a diverse cross-section
of industries including aerospace, aviation,
bioscience, financial services, healthcare and
telecommunications.
Many major employers call Denver their home,
giving the region a good geographic balance
of employment centers. In fact, in 2014, two
metro Denver companies—DaVita HealthCare Partners Inc. and Chipotle Mexican
Grill—were named to Fortune magazine’s list
of The World’s Most Admired Companies.
The state of Colorado is also fertile ground
for growing businesses, and the metro Denver
area benefits substantially. Colorado ranked
sixth in the country for research money won
from the Small Business Innovation Research
(SBIR) program in 2013. Colorado awardees
received 891 grants worth $301 million in
SBIR funds that year. The state also ranked
fifth in the U.S. for Small Business Technology Transfer Program (STTR) funds, with
$108.8 million from 416 awards. Clearly,
Colorado is a leader in encouraging entrepreneurialism, beating the national average rate
by more than 30 percent.
In fact, Coloradans embrace entrepreneurship
and technology in a variety of ways. High-tech workers in Colorado tend to make wages
that are 96 percent higher than the state’s
overall private sector average. And Colorado
ranks third in the U.S. for its concentration
of high-tech jobs and fifth in the U.S. for
entrepreneurialism, according to the 2014
Kauffman Foundation Entrepreneurial
Index. One example of this entrepreneurial
spirit is the Colorado Innovation Network
Denver’s location exactly midway between Tokyo and Frankfurt
makes it an ideal place for companies that work in international trade.
Multinational corporations benefit greatly from setting up headquarters
in this strategic location. International trade has helped the city’s business
and economic sectors take off. Local and state officials recognize
the benefit of international trade to the local economy, and support
businesses that work internationally from Denver in a number of different
ways.
Metro Denver businesses appreciate the easy access to international air
travel and satellite communications to destinations around the world,
including Europe, Asia, and Latin America. Denver International Airport
boasts 23 nonstop international flights, including a daily nonstop flight to
Tokyo. In addition, Denver has strong business relationships with Canada
and Mexico, which are both partners in the trilateral North American
Free Trade Agreement (NAFTA). Colorado’s five biggest trading partners
in 2013 included Canada ($206 billion), Mexico ($917.8 million), China
($772 million), Japan ($442 million) and Korea ($340.6 million). In 2013,
Colorado’s overall exports totaled a record $8.7 billion.
Colorado’s top six exports in 2013 were computers and electronic
products ($518 million), fresh beef ($427.5 million), medical instruments
($417 million), orthopedic and hearing devices ($302.8 million), frozen
beef ($294.9 million) and civilian aircraft, engines and parts ($359 million).
International trade is strongly promoted in Colorado. The Colorado
Consular Corps includes 33 foreign consulates, including full-time offices
for Canada, Japan, Mexico, Peru and the United Kingdom. The consulates
provide trade, tourism, and cultural exchange information and services.
Encouragement for multinational corporations is high in the metro area.
Denver’s World Trade Center supports Denver’s international companies
and is part of a global network that spans 100 countries. The Denver
office provides trade-related education and training, market research,
connections to local members and other WTC offices and advocacy for
free trade through the legislature.
Another way that international trade is supported in Denver includes
two general purpose Foreign Trade Zones that allow manufacturers
to expedite customs and either reduce or eliminate fees and tariffs
on imported materials. Businesses that are high-volume, high-tariff
manufacturers can also establish their own Foreign Trade Subzones.
Finally, the Colorado Office of Economic Development and International
Trade (OEDIT) gives grants that cover travel and other business expenses
for small businesses in Colorado that want to expand into international
markets. The U.S. Treasury Department’s State Small Business Credit
Initiative gave $5.5 million to the OEDIT in June 2014. The office will invest
that money into Colorado’s small businesses. Multinational companies
can expect to be supported and to thrive in the Denver metro region.
INTERNATIONAL
T R A D E in DENVER
