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INNOVATION

 
The share of self-employed residents in an economy tends to reflect the overall entrepreneurial environment. Self-employed individuals are often entrepreneurs, working as consultants, craftspeople, tradespeople, and many other occupations. Self-employment data is only available at the county level. Boulder County has a significantly higher concentration of self-employed residents, reflecting the entrepreneurial culture and supportive environment in the community. Of residents over 16 in Boulder County, 14% are self-employed, compared to 9% nationally and 11% in the State of Colorado.
 
Longmont has a remarkably high concentration of patents being produced by local inventors. Inventors from Longmont were credited with an average of 45 patents per 10,000 residents per year, well above the national average (4 patents), the State of Colorado (4).  Among benchmarked regions, only the City of Boulder had a higher share of patents per capita than Longmont, but as a non-university town, Longmont’s share of patent production is incredibly high.
 
Patents in Longmont are highly concentrated in technical fields, particularly related to data storage, management, and recovery and medical fields. The largest category of patents invented by Longmont residents was Surgical Instruments with 194 patents between 2008 and 2013, followed by Error & Fault Detection/Correction/Recovery technology (190 patents); Magnetic Information Storage or Retrieval (174); and Memory (123).
 
Boulder County has nearly ten times the US average concentration of venture capital investment and has a history of supporting many successful startups.  The County is also home to a number of angel investment groups such as Boulder Angel Investors, Colorado Angel Investors, the Impact Angel Group, and Transition Partners Limited.  Much of the investment by angels and VCs has likely centered on spinoffs from the University of Colorado in Boulder. Longmont’s proximity to the university and relative affordability make it an ideal location for university spin offs looking for space to grow and a more affordable business climate.
 
These trends all reveal the incredibly strong entrepreneurial environment in Longmont, which is home to inventors working on hundreds of new technological patents each year, a high concentration of self-employed individuals, and a supportive overall small business environment.
Longmont Economic Development Partnership
630 15th Avenue, Suite 100A
Longmont, CO 80501
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