As David Boskovic set out to launch Flatfile in 2018, the CEO never doubted that Denver, Colorado, would be home to his global headquarters.
Boskovic stated, "Finding talented individuals and offering competitive salaries in Colorado is more manageable than it would be if I were starting a company in San Francisco."
Aside from start-ups choosing to plant roots in the front range, Colorado has also become one of the most irresistible locations for Bay Area tech giants to establish secondary headquarters. Major firms such as Google, Facebook, and Salesforce have all established a presence in the state.
Fast forward to 2023, it’s no secret that Denver's economy and start-up scene are thriving. In fact, start-ups are the leading reason for job growth in the state of Colorado. With a diverse range of businesses and industries represented, the city has seen a 10% increase in the number of start-ups year over year and the downtown area has blossomed into a hub for innovation, entrepreneurship, and opportunity.
But if massive and rapid economic growth sounds too good to be true, you might be onto something.
With thousands of businesses AND people flocking to the sunny state, both residential and commercial real estate prices rise, leaving not only people, but countless businesses without an affordable place to set up shop. That’s where coworking spaces step forward to lend a helpful hand.
Below are some of the top reasons Denver start-ups are flocking to coworking spaces such as those in the growing Five Points neighborhood of Downtown Denver.
Cost-effective
If you’ve lived in Colorado more than a year, you’ve probably already seen rental, home, and entertainment prices hike up. And with an ever-fluctuating economy, even experts are unsure of where our financial standings will sit by summer.
With this being said, one of the main reasons why start-ups in Denver are choosing coworking spaces is because of their cost-effectiveness and cost reliability.
Renting a traditional office space can be extremely hard to come by, and if you do get your hands on a lease they’re often incredibly expensive, especially for a new business that is still trying to establish itself.
Coworking spaces, on the other hand, offer a more affordable option for start-ups. Local community oriented flex space operator, Venture X - who is located in the heart of the historic district of Five Points - offers flexible leasing options, which can be beneficial for start-ups that are still trying to determine their long-term needs. This allows business owners to scale up or down as the economy shifts, without having to worry about being locked into a long-term commitment.
Networking Opportunities
No matter if you have experience starting a business from scratch or have simply undergone a rigorous job market such as the one we’re in now, you know that networking is the fastest and most effective road to finding resources, partners and learnings that help lead to financial success.
One advantage start-ups have when joining a Venture X flex space is the networking opportunities we offer. Our community is full of like-minded individuals and businesses, allowing start-ups to network and collaborate with others in a wide range of industries.
Additionally, all Venture X locations host events and networking opportunities, which can be an affordable way for start-ups to get their name out there.
Amenities
Venture X coworking and office spaces provide a diverse range of amenities that start-ups may not be able to afford on their own, that will attract top talent. As we’ve seen in the news, employees no longer seek out ping pong tables and pizza parties as a benefit offered by their employer. Job seekers in 2023 demand flexibility in their work area, seek access to fitness and yoga studios to use during the day, and an environment where they can feel their most creative. Thus, great meeting rooms, event space and even photography and podcasting studios hold much appeal. Add a modern, luxurious office interior design and employees will feel highly productive. Premium, upscale coworking spaces such as Venture X, can provide all of that and more for its members.
Professional Image
Having a prestigious and verified business address can be crucial for start-ups as they try to establish themselves and attract customers, partners, and investors. However, leasing a traditional office space can be expensive and may not be feasible for a new business. Coworking spaces, on the other hand, provide a professional image for start-ups, giving them an established business address without the high cost of leasing a traditional space. Be it the benefits of a virtual office or that of a private suite, positioning a start-up as professional and credible is paramount.
Location: be where you want without spending the big bucks
Something we hear from our members often is how Venture X flex spaces allow their business to be in a prime location of the city, without spending prime dollar amounts.
Being situated in the Five Points neighborhood, in particular, provides start-ups easy access to transportation, entertainment, restaurants, and other unique amenities. This can be especially beneficial for start-ups that rely on face-to-face interaction with clients and partners, as it allows them to be easily accessible.
The Five Points neighborhood has a rich cultural history and is considered as one of the most diverse neighborhoods in Denver, which can provide a vibrant and stimulating environment for start-ups to work and grow. It’s well known arts district, RiNo, is only a few blocks away providing even more access to cultural and lifestyle amenities.
For start-ups, a coworking space in this neighborhood can provide a number of benefits, including a prestigious business address, a professional image, and a dynamic and stimulating environment. Additionally, the prime location of coworking spaces in the Five Points neighborhood can be crucial for start-ups that rely on face-to-face interaction with clients and partners, as it allows them to be easily accessible. Overall, the combination of cost-effective membership, networking opportunities, amenities, professional image, and location make coworking spaces in the Five Points neighborhood of Denver an attractive option for start-ups looking to establish themselves and grow their business.
Interested in learning more? Contact Venture X Denver Five Points here.
