Techstars Returns to Denver with Focus on Workforce Development
Techstars, the business accelerator, recently concluded its latest class of startups in Denver, which now serves as the base for its workforce development program. This event coincides with Denver being named the nation’s hottest labor market by the ADP Research Institute. Despite the positive ranking, both employers and workers face challenges within this dynamic economic environment.
Colorado Governor Jared Polis, formerly a Techstars co-founder, noted the dual nature of this “hot labor market.” While attractive for job seekers, it presents difficulties for businesses seeking to recruit and retain talent.
“One of the biggest challenges employers and companies face is attracting and retaining the people they need to power their success and their growth,” said Polis.
Polis also pointed out an advantage for early-stage companies, who can potentially recruit from out of state, knowing that there will always be other employment options in Denver should something not work out.
Startups Innovating to Address Employment Gaps
The recent class of startups shared visions for new technologies aimed at helping overlooked workers, including those with disabilities, and methods to train the workforce, as well as programs to aid the underemployed without college degrees. Companies like IncSkill, Flexspeak, SubHub, and Fathom demonstrated how they are approaching these issues.
Kartik Sawhney, founder of IncSkill, despite discouragement, earned a computer science degree from Stanford University. His company is now working to improve website and document accessibility for customers and employees with disabilities.
“Growing up, I was advised not to pursue STEM in high school because my textbooks would not be available in an accessible format,” Sawhney said. “A decade later, 96% of the web continues to be inaccessible.”
Flexspeak developed a device that uses AI to assist individuals with disabilities in communication. By using the device’s buttons, the user can indicate their message, which the AI then translates into fluent speech.
Alan Vu, CEO of Flexspeak, noted that this method increases communication rates significantly.
Sam Akhtar, a long-time educator, founded SubHub, an app designed to provide training, communication, and support for substitute teachers. The app has seen rapid adoption, with seven paying schools in just 60 days and plans to expand.
Fathom uses AI to provide job seekers with personalized career navigation and support, and has recently secured a federal contract. Fathom is leveraging blockchain technology to verify skills and assist in connecting job seekers to applicable resources and training.
“We just completed our first federal contract with the Department of labor,” said Fathom’s co-founder JoAdel Adeola.
Techstars plans to host another workforce accelerator starting in March of the following year, with applications closing on November 20th.
Denver’s Economic Landscape
Recent statistics confirm Denver’s economic strength. ADP Research Institute’s study analyzed 55 metro areas, with Denver achieving top marks due to wage increases, starting wages, and hiring rates. A reader poll reflects the mixed employee and employer sentiment, with some finding it hard to find suitable employment while others face challenges in hiring.
This disconnect between employer demand and worker availability is evident in the responses to the poll. Some readers also shared their insights, touching on hiring quality workers, the search for jobs that suit their skills, and experiences with layoffs and job searches.
This column is about surviving in today’s economy. Readers can share their thoughts at cosun.co/heyww.
