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VSpring asking for technology’s rising stars in Utah

Want to gauge the Utah technology sector’s optimism? Ask its executives to identify their industries’ future entrepreneurial elite.

That is what vSpring Capital did in compiling its Top 100 Venture Entrepreneurs — a list of those expected to lead information technology and biotechnology development by 2008-2010. And, as much as it is a "most likely to succeed" recognition, the "V 100" also is an indicator of economic recovery, said Greg Warnock, vSpring’s managing director.

By Bob Mims
The Salt Lake Tribune

http://www.sltrib.com/2004/Apr/04062004/business/business.asp

"There is more optimism out there. You can sense it at conferences and in conversation with co-investors," he said Monday. "There is an increasing level of activity in venture investment. The deals we look at have other interested investors looking at the same time, and that hasn’t happened for the past few years."

For Salt Lake City-based vSpring, which specializes in nurturing early-stage tech enterprises throughout the Intermountain West, the V 100 will serve as a watch list of promising prospects — a tool to stay ahead of an expected tech-sector boom.

"This is not an award for past performance but an identification, by their peers, of those likely to succeed in the near future," Warnock said. "We just wanted to be aware of who they are and do everything we can to empower their efforts. We believe a rising tide lifts all ships."

Organization of what Warnock calls the "V 100 community" began late last year with a survey of Utah business leaders. Nominations to the list included those expected to launch a successful venture within the next five to seven years, and individuals — in Utah or with ties to the state — who could be chief executives or leading tech officers of such a business.

Those chosen in turn were asked to vote for the top 10 individuals each nominee felt would be the most likely to meet the same criteria, with the final tally generating the V 100. More than 90 percent of the nominees live in Utah, with the group credited with having raised more than $1.8 billion in overall capital and created more than 7,000 jobs.

For the full list: http://www.sltrib.com/2004/Apr/04062004/business/154479.asp

The project goes beyond generating a list of honorees; vSpring plans to build a private Internet community for the group where entrepreneurs and potential investors can interact. VSpring also plans to sponsor a recognition lunch, golf tournament and executive-level round tables dedicated to the V 100.

Scott Peterson, Ernst & Young’s Pacific Northwest area assurance managing partner and the former managing partner of the Ernst & Young Salt Lake City office, said the V 100 "is solid proof that Utah is not only a phenomenal incubator of innovative technologies and technology companies, but that it has a large pool of seasoned executives and technologists driving that success."

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© Copyright 2004, The Salt Lake Tribune.

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