3 Colorado Cities Rank in Top 10 Best Metro-Areas for Young Entrepreneurs.
Looking to start a business but don't know where to go? We've got some good news for you: Colorado is the place to be. NerdWallet's most recent study looked at metro areas across the country to find the best cities for young entrepreneurs, and the study revealed Colorado as a clear front runner, with three of our metro areas ranking in the top 10 best for young entrepreneurs. In addition to their key finding: "business is booming in Colorado," the study also found that innovation is moving inland, as only two coastal areas made the top 10 list.
NerdWallet is a financial services website that offers personalized information to manage financial decisions. To rank the best cities for young entrepreneurs, the study scored the 381 metro areas (as defined by the U.S. Census Bureau) on characteristics related to potential entrepreneurial success:
- Population of adults ages 25 - 34
- Percentage of the area's population with an undergrad education or higher (used to judge the extent to which entrepreneurs in each metro area could rely on a well-educated workforce)
- Per capita dollar amount of U.S. Small Business Administration loans (used to represent small businesses credit availability in each area)
- Number of businesses per 100 people (used to determine business environment each metro area could offer entrepreneurs)
- Network coverage (used to determine the feasibility for an entrepreneur to maintain communication with clients, employees, and investors in an increasingly remote world)
- Median home value
- Median income
- Unemployment rate
#1 Boulder: Boulder came in first place as the best metro-area for young entrepreneurs. NerdWallet cites Boulder as having the highest percentage of college-educated residents in the top 10 areas, plus the most businesses per 100 residents in the top 10.
#5 Denver-Aurora-Lakewood: NerdWallet found that Denver scores just a little lower than Boulder in most categories. Denver, however, was found to have more affordable real estate and a higher concentration of residents aged 25-34 than Boulder.
#6 Fort Collins: Fort Collins comes in right behind Denver in the ranks thanks to the city's lower unemployment rate and lower real estate prices. However, median income of Fort Collins was found to be the 3rd lowest of the top 10 areas.
Read the full study & statistics here.