A vocal band of Colorado software engineers and venture capitalists are increasingly grumbling that their tech haven in the Rocky Mountains is devolving into the place of their nightmares: California.
During the 2010s, the stretch from Boulder to Colorado Springs, dubbed “Silicon Mountain” for its concentration of founders, was minting a new startup every 72 hours. Now a collection of more than 300 business leaders say burdensome regulations are hindering growth—and that as a result, dozens of companies are skipping town.
A widely circulated report last month from the state’s chamber of commerce reported a loss of publicly traded companies based in the state, estimating that Colorado had lost workers from some 98 firms to relocations or failed site-selection opportunities since 2019.
In an interview, Gov. Jared Polis said that “far more” firms are moving to the state than leaving, and that Colorado was home to 21 “unicorns,” or startups valued at more than $1 billion.
Still, some founders remain unnerved.
Companies’ latest complaint is over a landmark state bill regulating artificial intelligence. A previous version of the bill would have required companies to take steps to reduce the risk that AI-based algorithms used for high-stakes decisions such as employment or healthcare discriminate against users.