Utah Launches Funding Program for Small Biz Owners’ Tech Projects

Business consultancyCash-strapped small businesses in Salt Lake City that have promising technology projects may apply for funding grants from the Governor’s Office of Economic Development (GOED).

The Technology Commercialization and Innovation Program aims to distribute $2.5 million in 2017 to around 25 qualified companies. Clark Cahoon, TCIP Fund Director at the GOED, said that small businesses have until November 20 to submit their applications.

Funding Awards

The funding program will award between $100,000 and $200,000, according to Cahoon. A committee comprising 40 members will screen applicants based on their technology resources, ability to implement their plans and their understanding of the market.

The program will further uplift Salt Lake City and the Utah’s status as a technology and innovation hub. Wallet Hub ranked the state among the top 10 most innovative states in the US, according to Annie Davis of the Salt Lake City Department of Economic Development.

Friendly Environment

Those who plan to buy a business in Utah have another reason to do so, as the process becomes easier due the “friendliness” of the state. A Thumbtack survey revealed that the state ranked seventh most business-friendly place in the country. The poll based its findings on more than 13,000 small business owners in 50 states and 80 cities.

The rankings showed how easy it was to create, run and expand your business. With an A+ rating, Utah maintained its standing from the previous year. Thumbtack economist Lucas Puente said that respondents have a higher confidence in the state’s support for small businesses. They were 4% more positive about the system. In addition, the expansion of Comcast Business in the state and Boeing’s six funding grants to nonprofit groups represent some of the positivity.

Your company should take advantage of Utah’s funding program and business-friendly environment, as your business rivals may have already begun to do so.

 

Posted on by Tsfp6 in Money Times

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