From website FormDs.com, this is a somewhat surprising map of Form Ds from the last year by state. Form Ds are filed when a company raises money, so it’s a great proxy of where companies are getting funded. (The original map can be found here).
You’ll note that per million people, Colorado is in the top bracket for financings. Now, many will argue that a place like California has a much greater population and therefore there is dilution to this study. However, the population difference is 37 million to 5 million (7x), but there is way more than 7x the amount of venture capital money and presumably amount of startup companies as well in California compared to Colorado.
The conclusion: Clearly Colorado is importing a lot of VC money has has high quality companies to fund. As we like to say in Boulder: “We Love Our Bubble.”