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The Secret Is Out: Utah is the Place for Business

February 06 2014 - 9:11 am

The Secret Is Out: Utah is the Place for Business

It’s no secret that Utah is a growing epicenter for entrepreneurs and business owners. In fact, 95 Utah companies – including Equinox, Skull Candy, AtTask and Goal Zero – are currently listed as Inc.’s fastest growing companies in the nation.  And Utah continues to attract industry pioneers such as Google, Adobe and Ebay, providing our state with exponential growth and success.

Why Utah?

Utah consistently receives number one ratings for business, and received an A+ grade for ease of starting a new business.

According to the U.S. Chamber of Commerce, Utah ranks third in the nation for overall economic performance, while also being recognized by The Pew Center as the “Best Managed State in the Nation.” A fiscally conservative legislature has worked hard with the Governor over the years to establish a well-managed and progressive governmental platform that provides predictability in spending, tax policy and a business friendly climate. If there is anything business leaders around the world crave it is a safe, stable and predictable place to conduct business. Utah is that place.

And the pipeline of ideas and talent continues to grow. Entrepreneur Magazine ranked three of Utah’s university Entrepreneurship programs highly:

#8 BYU’s Graduate Program

#9 BYU’s Undergraduate Program

#23 University of Utah’s Graduate Program

How GOED can help:

Now is a great time to start a business in Utah, and GOED wants to ensure you’ll succeed. We offer resources designed specifically to help your start-up grow, including:

Street-level Support

Throughout the state there are Business Resource Centers and Small Business Development Centers to help you launch your business. These centers can help with business planning, finding funding, business education, networking, business document assistance, business support and conferences. These centers will also provide expert advice and a confidential evaluation.

Doing Business in Utah Publication

The Doing Business in Utah publication from the Utah State Tax Commission provides information and instructions on how to start a business. Additionally, it covers regulations that need to be followed, provides sources of assistance and explains the pros and cons of different business and tax structures.

GOED’s Rural Office

GOED’s Rural Office works with economic development partners to assist businesses and offers incentives to encourage business expansion. From Rural Development Grants, Enterprise Zones, the Business Expansion and Retention (BEAR) program and more, a wide range of services can accelerate your rural operations.

The Governor’s Summit

At the annual Governor’s Utah Economic Summit, you can network with business leaders and decision makers from industry, government and academia. Hear from national experts about strategic opportunities and challenges facing business today.

Utah’s Business Website

GOED’s website is a great resource for established and new businesses. Learn about international trade opportunities, Avenue H health insurance marketplace, government contracting, upcoming outreach events, new business expansions and the latest trends across key industries.

Funding Sources

The Utah Fund of Funds is a $300 million program to provide access to alternative or non-traditional capitol.

The SBIR-STTR Assistance Center helps Utah companies apply for federal grants for new technology. (www.innovationutah.com/sbir/)

GOED’s Technology Commercialization and Innovation Program provides funding to accelerate commercialization of university-based breakthroughs. (http://business.utah.gov/programs/tcip/)

The Utah Small Business Growth Initiative creates jobs and stabilizes Utah’s neighborhoods by providing growing businesses with access to capital. (utsbgi.com)

These are just a few of the resources we offer to help you start or build your business in Utah. Visit our newly redesigned website for additional resources at business.utah.gov/start/.

Our great state welcomes business owners and entrepreneurs, and we’re here to help them succeed. For additional information, visit business.utah.gov/start/ today.