Colorado: The (Minute)Key to a Successful Tech Company
If you need evidence that the tech industry is alive and well in Colorado, look no further than MinuteKey. Coming in at #11 on the Inc. 500 fastest growing companies in the United States, (their revenue increased to 15.8 million in 2013 from just over 100k in 2010), MinuteKey is the developer of the world’s first automated kiosk for cutting custom keys.
It may seem like a small achievement, building a machine to duplicate keys, but it required innovation resulting in numerous patents and dedication over several years of development. The business opportunity brought in $10.6 million in investment dollars and in just 3 years, MinuteKey has grown from a company of 20 employees to over 110.
One of the aspects of MinuteKey’s remarkable growth had to do with its location; Boulder, CO. The choice of Boulder was no accident – the founders are actually from California but they made the savvy decision to grow the business in Boulder because they understood the opportunity and energy Colorado brings to tech entrepreneurs. The CEO of the company, Randall Fagundo, is quoted by the Denver Business Journal as having said, “(We) can expand better in Boulder than in California because of the wider availability of software talent here.” Fagundo was the CEO of American Coin Merchandising when it was sold to Coinstar in 2004 for $235 million.
None of us at BWBacon knows a single person at MinuteKey – they’re not a client and we’re not affiliated with them in any way, but having been inspired by their story just got our wheels turning. It certainly has us eager to make some new keys…
As a tech recruiter in Colorado, it’s great to hear that prominent people in the industry are increasingly learning to see our state as an attractive place to start and grow a business. If you want to be a part of Colorado’s mushrooming tech and startup industry, take a look at the list of jobs we’re currently recruiting for or simply contact us and talk to one of our recruiters about what your perfect job would look like!