In January 2023, WalletHub named Utah the No. 1 best state to start a business. Utah is the startup state.
Utah provides fertile soil for modern innovators and entrepreneurs. As the country’s fastest-growing state, with a well-educated workforce and thriving economy, Utah’s mountains, valleys, deserts, and plateaus provide the perfect environment to nourish and champion the startup and entrepreneurial spirit.
The state’s growth, unparalleled quality of life, government support for small businesses, and access to startup networks and capital attract doers and innovative thinkers to Utah’s communities.
Utah has a governor-appointed entrepreneur-in-residence. That’s how essential the Cox/Henderson administration views startups and entrepreneurship.
In January 2023, Gov. Spencer Cox named Brad Bonham as the state’s first entrepreneur-in-residence to advise his administration on entrepreneurship education, culture, and resources. As part of his responsibilities, he was asked to make recommendations to enhance the state’s entrepreneurship ecosystem.
The Startup Initiative and its resources are part of Bonham’s efforts to coalesce an already strong statewide entrepreneurship community and elevate conversations, introductions, and resources to a statewide level.
- The Utah Small Business Administration office provides help with SBA services, including funding programs, counseling, federal contracting certifications, and disaster recovery.
- Utah’s Small Business Development Center (SBDC) offers training from startup to succession planning and everything in between. Reach out to them for a free consultation with a business expert.
- WBCUtah serves Utah women business owners statewide from its Salt Lake City and Cedar City offices.
- Utah Tech Week offers an array of experiences and events hosted by startups, venture capital firms, community organizations, and anyone who supports the startup community.
- Recognized as one of the most important economic opportunities in state history, The Point utilizes 600 acres of state-owned land as the future home of Utah’s Innovation Community. The new community will foster innovation and technological advancement, provide parks and open spaces, support economic growth, and enhance Utahns’ quality of life.
- The Utah Advanced Materials and Manufacturing Initiative (UAMMI) brings together public, private, community, industry, and education partners to ensure the growth and sustainability of Utah’s advanced material and manufacturing industry.
Utah has one of the lowest corporate tax rates in the country. It has a highly diverse economy, with solid sectors in advanced manufacturing, aerospace & defense, financial services, life sciences & healthcare, and software & IT. It’s also globally oriented and economically competitive, with a young, educated workforce, over 120 languages spoken in daily business, and a high quality of life.
Utah is the startup state.