Utah Economic Development
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The program run through the Governor’s Office of Economic Development has $2.5 million available this year for competitive grants to small businesses and university teams to help fast-track commercialization of technology innovations.
OpenCounter is a customized guide to help applicants achieve their project goals, while outlining the permits, and fees required.
With cash from the University of Utah, four student teams spent the summer focused on their startups. Here’s how they did.
"What if there was a way to transmit the TV audio through my phone so I can listen anywhere I want without bothering anyone?" Mahidov thought.
Employees at Lucid Software in South Jordan know that any time there’s a good powder day in the winter, the owner won’t be in early — he’ll go skiing instead. And they can, too, as long as they do what needs to get done.
While the program is still in the design stage, Betts said it will help address the three main issues facing Utah’s tech industry: diversity, recruiting and education.
"Coupled with its incentive program, experienced crew and the Park City Studios, I think Utah is at the forefront of what will become a much bigger film industry."
Derek Miller, president and CEO of the World Trade Center Utah, cited a study that found recruiting corporations accounted for only 2 percent of job growth in rural areas. Ninety-eight percent of job growth came from new business started in those areas and the expansion of existing ones.
While the state’s tech growth has been on an enviable expansion streak, long-range planners like Grow and his Envision Utah team are working to anticipate where the weak spots may be in hopes of averting a downturn.
Between 2012 and 2015, the University of Utah generated more than $210 million in licensing income and seeded 69 new businesses, a production rate the report describes as a "remarkable accomplishment" in light the school’s location in a smaller metropolitan area.
"I would say that about 10 percent of those (inventions) are world class," Alder said. "They really are incredible opportunities for helping mankind with new cures for disease, new products (and) new software that solves problems."
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