Why Are Companies Relocating To Denver?

Ranked as the 16th in the US economy’s, contributing over $553 billion dollars into the US gross domestic product (GDP), where’s better to do business other than Colorado’s thriving capital? International companies including Gymshark, Salesforce and Zoom are just a few of the many companies in Denver. We spoke to Stephanie Garnica, the director of Global Business Development for the City and County of Denver to find out why companies are relocating to Denver.

What Makes Denver a Good Location for Businesses?

Historically known as a great gateway to the Rocky Mountains, Denver is a popular destination and thriving capital for companies who are looking to do business in the US. Below is a list of advantages for companies doing business in Denver:

Central Location

Denver is based almost in the geographic center of the United States. When doing business in the US, a central or well-connected location is essential to connect you to:

• Transportation routes for shipments.
• Airports for traveling into, across, and out of the US for business.
• Commuting lines to attract quality talent.

The prime location is a reasonable distance from both coasts in the US, so if you have business to do in California or New York, you are not at opposite ends of the country or clock.

Denver follows Mountain Standard Time (MST) which makes it:

• 1 hour ahead of California (Pacific Time Zone)
• 2 hours behind New York (Eastern Standard Time)
• 7 hours behind the United Kingdom (Greenwich Mean Time)

Companies based in Denver can find a convenient time to accommodate all parties. Thanks to the time zone you can typically start your day talking to European companies, followed by those based in North America, South America, and end the day with Asia. For example, to catch UK clients or co-workers, you can schedule a virtual meeting between 9 and 11 am (MST) which falls between 4 pm and 6 pm in the UK within working hours.

Work Life Balance

The city is at the base of the Rocky Mountains, boasting not only a beautiful view but providing residents the perfect balance between an urban and outdoor lifestyle. Health and wellness life balance is imbued in every aspect of the Denver community, both from a work and a personal side. Therefore, companies relocating to Denver and their employees can experience the US city life combined with an array of options for outdoor activities.

Diverse Economy

Denver’s diverse economy has been critical for attracting both companies and employees to the city. Denver is not fully focused on one sector having learned its lessons historically. Previously, the city was known for oil and gas and at one stage an agricultural hub.

After massive fluctuations within those sectors in the eighties, the state, city, and county governments of Denver decided to intentionally diversify. As a result of this, Denver has branched out as a hub for aerospace, life science, and tech, making it an appealing location for start-ups wanting to achieve new growth. Consequently, the mix of international companies in Denver operating within these diverse sectors is attracting high-quality talent with varied skillsets.

Attratcive Talant Pool

Entrepreneurial, innovative, and creative minds are attracted to Denver. Colorado in general is a research-heavy state thanks to the high standard of local universities. The federal government research and development labs provide a great platform for scientists and researchers from around the world. These centres also give back to the communities in Denver and open lab space for start-up companies to empower them to test ideas and help commercialise them. For those working in research-heavy industries, Denver can help employees grow in their careers.

It’s very easy to promote job openings in Denver through community networks. Denver companies appear to be faring better than some areas in the US because of the attractive nature of the city and the community-focused ecosystem.

An Innovative Location for FinTech Companies

Denver has become a hidden gem for tech talent thanks to its developing FinTech scene. Several international companies operating within the FinTech industry have recently set up offices in Denver, such as Melio, and Finder.

Melio cited the strategic location of Denver providing better time zone coverage for their western users. Combined with a diverse talent pool and the state’s vibrant small business ecosystem, these were the main reasons they chose Denver for their new western headquarters.

Traditionally, these types of companies chose the US coastal cities as their base. However, over recent years, there has been a massive uptick in companies relocating to Denver, or opening a second office, while keeping satellite offices on the US coast. Companies have recognised that they require a location with a:

• Talented workforce
• Central location
• Time zone that provides greater access to their clients around the world
• Lower cost of living
• More balanced/outdoor lifestyle

Does Denver have any Attractive Business Incentives?

A big driver for companies relocating to the US is the tax climate. The City and County of Denver have some limited funding available to encourage and reward business growth. The Office of Denver Economic Development and Opportunity will often refer companies to the Colorado state government and their economic development team.

Funding options for businesses in Denver

The state has a greater pool of funding to provide businesses expanding or relocating in Colorado. They offer over 100 programs varying from tax credit, economic incentives, and business grants to encourage job and economic growth.

Community connections to expand your network in Denver

Where Denver really shines is the community-like feel it offers companies. Denver provides warm introductions to help businesses form connections and integrate into the community. This can include anything from site selection, helping advertise jobs, and tapping into workforce services.

Connect with leaders in your industry

The office of Denver Economic Development and Opportunity can connect you or your employees to Denver based leaders in the industry you operate in. Often people within these business networks in Denver are willing and ready to meet with other companies for a coffee to share the experiences and challenges they have faced doing business in Denver.

The City of Denver is great for sharing knowledge and its network of contacts with companies relocating to Denver. They want to see companies not just relocating to Denver, but establish themselves successfully, integrate into the community and feel like they have an instantaneous network that they can start building and tapping into.

Build brand awareness within the Denver community

The office of Denver Economic Development and Opportunity invites companies relocating to Denver, or already based there, to attend events across the city as guests or panel speakers.

They can also help publicise your business across the community by:

• Sharing your brand awareness pieces.
• Introducing you to key chambers of commerce or industry associations.
• Sharing annual events that align with your industry or the country you’re from if international.

The main goal is to set up companies relocating to Denver for success. Taking the big leap and setting up an office in the US or relocating to another state can be intimidating. Having a team in your chosen state for business like the City of Denver to help you every step of the way and with structure is a great resource to utilise.

Disclaimer: Workwell Global does not endorse any personal views or opinions of the interviewee. All information here is for general informational purposes only and is not intended to be a substitute for professional and/or legal services.