Colorado is the 10th-best state to launch a startup business, according to a new report.

Texas, Utah and Georgia were named the top three states to start a business, while New Hampshire, New Jersey and Rhode Island came in last.

The report, released Monday by finance website WalletHub, compared the 50 states across 26 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise.

“Startups fail for different reasons, a bad location among the most common,” the study states. “Choosing the right state for a business is therefore crucial to its success. A state that provides the ideal conditions for business creation — access to cash, skilled workers and affordable office space, for instance — can help new ventures not only take off but also thrive.”

Key results for starting a business in Colorado include (1 = best, 25 = average):

2nd – share of college-educated population
4th – startups per capita
6th – average growth in number of small businesses
15th – average length of work week in hours
27th – industry variety

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Among Colorado’s neighboring states, Oklahoma came in fifth, Arizona ranked seventh, Kansas ranked 16th, Nebraska came in 19th, New Mexico ranked 27th, and Wyoming came in at No. 33.

For the full report, see https://wallethub.com/edu/best-states-to-start-a-business/36934/.

 

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