Colorado’s technology sector continues to be a powerhouse, significantly contributing to the state’s economy. The recently released 2024 Colorado Tech Report underscores this vital role, highlighting not only the industry’s current strength but also the opportunities for future expansion and sustained competitive advantage under the guidance of strong leadership, including visionary CEOs and strategic technology partners.
Key Highlights from the 2024 Colorado Tech Report
The report, compiled with over 120 data points, paints a compelling picture of Colorado’s tech landscape. It positions Colorado as the third most concentrated tech economy in the nation, a testament to its robust ecosystem and attractive business environment. This ranking, placing it behind only Massachusetts and New Mexico, demonstrates Colorado’s significant national standing in the tech industry.
The tech sector’s economic impact within Colorado is substantial. Directly, it accounts for 10 percent of the state’s employment and a remarkable 20 percent of Colorado’s gross domestic product (GDP). This significant contribution highlights the industry’s deep integration into the state’s economic fabric and its role as a primary driver of prosperity. Furthermore, over the past five years, the tech industry has been the leading job creator in Colorado, adding 47,440 net new jobs. This figure surpasses any other major industry within the state, showcasing the sector’s dynamism and growth potential.
Looking ahead, the projections for the Colorado tech industry remain optimistic. It is anticipated to grow by 11.5 percent in the next five years, ranking as the 5th highest projected rate nationally. This forward-looking growth trajectory indicates continued expansion and opportunities within the sector, further solidifying Colorado’s position as a tech hub. Colorado’s leadership in innovation is also evident in its venture capital funding rates. The state consistently ranked 5th in the US for venture capital funding from 2018 to 2023, demonstrating a strong investment environment for tech startups and established companies alike.
The Multiplier Effect and Strategic Partnerships
Brittany Morris Saunders, President and CEO of the Colorado Technology Association (CTA), emphasized the broader economic impact of the tech sector. “What excites me most about these findings is how they demonstrate the multiplier effect of tech investment in our state,” she stated. This multiplier effect is significant, with each tech job created supporting an additional 2.67 jobs in the broader state economy. This highlights the extensive reach of the tech industry and its ability to stimulate growth across various sectors.
Saunders further stressed the importance of strategic partnerships in maximizing this potential. “Every new tech job creates ripple effects throughout our economy, and with this data, we can work more strategically with our partners in government, education, and industry to capitalize on our strengths while addressing key challenges in affordability and infrastructure.” This collaborative approach, involving CEOs, technology partners, and stakeholders across different sectors, is crucial for navigating challenges and fostering continued growth.
Celebrating Leadership: CEO of the Year and APEX Awards
The Colorado Tech Summit + APEX Awards, presented by Slalom, recently celebrated individuals and organizations that are instrumental in the growth of Colorado’s tech industry. Among the distinguished award winners was Jon Nordmark of Iterate.ai, recognized as CEO of the Year. This award acknowledges Nordmark’s exceptional leadership and contribution to the Colorado tech sector, exemplifying the critical role CEOs play in driving innovation and success.
The APEX Awards also highlighted other key figures and companies contributing to the ecosystem, including:
- Bob Newman Lifetime Achievement Award: John Street (Pax8)
- CIO of the Year: Luke Swanson (Ibotta)
- CISO of the Year: Lena Taylor (Crocs Inc.)
- Colorado Entrepreneur Excellence: Samuel Ogah (ZICT & CACC)
- DEI & Talent Champion of the Year: Chris Berthiaume (Denver Economic Development & Opportunity – City & County of Denver)
- Emerging Leader of the Year: Brittany Katalenas (Konnected Technologies, Inc.)
- Company of the Year: Ibotta
- Advocate of the Year Award: Elevate Quantum
- Project of the Year: Colorado Department of Early Childhood (CDEC)
These awards recognize a wide range of achievements and contributions, underscoring the diverse talent and innovation present within Colorado’s tech community.
Partner Perspectives and Future Outlook
The 2024 Colorado Tech Industry Report received support from numerous key partners, including the Colorado Chamber Foundation, Colorado Office of Economic Development & International Trade, Metro Denver Economic Development Corporation, Moss Adams, Slalom, and Wells Fargo. These partnerships highlight the collaborative spirit driving the Colorado tech sector.
Loren Furman, President and CEO of the Colorado Chamber, emphasized the essential role of the tech industry for Colorado’s economic competitiveness. “A thriving tech industry is essential to Colorado’s economic competitiveness, driving job creation and a strong workforce. This report underscores the vital role of technology in shaping our state’s future and ensuring Colorado remains a top destination for business and talent.”
Michelle Carr, Partner at Moss Adams, echoed this sentiment, congratulating CTA on the report and highlighting the innovation and growth within the state’s technology landscape. Matt Servatius, Wells Fargo Technology Banking Central Region Executive, expressed pride in supporting Colorado’s tech ecosystem and anticipation for a strong 2025.
The 2024 Colorado Tech Industry Report provides valuable insights into the strength and future potential of Colorado’s tech sector. With strong leadership from CEOs and continued collaboration amongst technology partners, Colorado is poised to maintain and enhance its position as a leading tech hub, driving economic growth and innovation for years to come.
Access the full report at: https://coloradotechnology.org/cotechreport/
