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Technology can be supported by backing the state’s identification of economic "clusters," or types of industries where Utah has demonstrated world-class expertise. Gov. Jon Huntsman Jr. wants business recruitment and existing business development targeted in these groups and wants to develop cooperation among competing companies in the individual clusters.
The club will consider proposals for technology-based businesses emanating from USU and other regional universities, as well as those from the general public in northern Utah.
Steven H. Kane, president and chief executive officer of Protalex, said the company will use the proceeds primarily to fund upcoming clinical trials for a compound to treat rheumatoid arthritis and pemphigus, and also for general working capital purposes.
"The main focus is on helping entrepreneurs just beginning to get their business off the ground,"
Unlike other equity funds, Sorenson Capital is a leveraged buyout fund, where money is targeted at buying small to midsize Western U.S. companies with revenues of $30 million to $300 million.
"Our main objective is to maintain an environment where you as entrepreneurs can thrive," he said. "That is our charge, and I believe that together we can get it done."
Hot spots: Utah firm finds a rich niche in hospitality industry by providing wired and wireless broadband service to corporate road warriors.
Reflecting its financial and customer growth, iBAHN increased its global work force to 300 over the past year. More hiring is expected as the company’s fortunes continue to climb.
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