< Previous18 BUS I N E SS I N U T A HUtah by the NUMBERSST A T I ST I CA L P R O F I L ECAPITAL:Salt Lake City2017 POPULATION: 3.10 Million2.9%2017 Job Growth#2Labor Supply#3Regulatory Climate#8Economic Climate34%College Attainment$60,727 Median Household Income:PopulationNonfarm EmpoymentUnemployment RatePersonal IncomeHome PricesRetail SalesUTAH ECONOMIC INDICATORSFORBES LIST NATIONAL RANKINGS20158% 7% 6% 5% 4% 3% 2% 1% 0%201620172018B U S I N E S S I N U T A H 19WORKFORCE:EDUCATION:40,000 Jobs brought to the state in the last year5.7% Of the state’s population is enrolled in higher educationUtah’s Cottonwood Canyons are one of the snowiest places in the world annually, with resorts topping 500 in.157 Schools offer dual emersion programs120+ Languages are spoken in daily commerce in the state.$$$#1 For high-tech job growth#4 Cost of in-state tuition. Utah sudents pay $6,580 a year.PROFESSIONAL SPORTS TEAMSUtah Jazz NBA BasketballReal Salt Lake MLS SoccerUtah Grizzlies ECHL HockeySalt Lake City Stars NBA D-League BasketballSalt Lake Bees Pacific Coast League Baseball Orem Owlz Pioneer League Ogden Raptors Pioneer League UNIVERSITY SPORTS TEAMSBYU Cougars NCAA Division IUtah Utes NCAA DivisionUtah State Aggies NCAA Division IGREATEST SNOW ON EARTHForbes magazine ranked three Utah resorts as part of its Top 10 ski resorts in North America for 2017:• No. 2 Snowbird• No. 3 Alta• No. 9 Park CitySource: Governor’s Office of Economic Development20 BUS I N E SS I N U T A HUTAH ATTRACTIONS:HEALTHCARE:TEMPLE SQUAREOne of Utah’s top tourist spots. Attractions include the iconic Salt Lake Temple and the Church History Museum. CITY CREEK CENTERA unique shopping environment featuring a retractable glass roof, a creek that runs through the property, a skybridge and over 100 stores and restaurants. HOGLE ZOOCovering 42 acres, the zoo boasts more than 800 animals.THE LEONARDOThis interactive science and art museum is inspired by da Vinci’s cross-disciplinary inquisitiveness. CLARK PLANETARIUMThe planetarium features space exhibits, educational shows and current movie releases in its IMAX theatre. NATURAL HISTORY MUSEUM This beautiful museum showcases Utah’s natural history with artifacts, dinosaur exhibits, and science displays.8THHealthiest state in the nation 10THIn the nation for life expectancy, at 80.2 years6TH Healthiest state for seniors overall.Source: Governor’s Office of Economic DevelopmentB U S I N E S S I N U T A H 21LOVELAND LIVING PLANETThe aquarium is home to 4,000 animals and 450 species. RED BUTTE GARDENThe botanical gardens and arboretum sit on over 100 acres, and hosts many concerts and events. LAGOON AMUSEMENT PARKThis park has nearly 50 rides, along with games and a water park. THANKSGIVING POINTThe institute encompasses multiple museums, gardens, restaurants, activities & events. Utah has the lowest rate of cancer deaths per capita in the nation.The third highest state in the country for all health outcomesUtah is home to a strong life science and biotech industry.1ST LOWEST• Prevalence of smoking• Strokes• Cancer deaths• Heart attacks• High blood pressure• Heart disease2ND LOWEST• Prevalence of chronic drinking• High cholesterol• Diabetes• Preventable hospitalizationOVERALL HEALTHSource: United Health Foundation, 2016Source: Governor’s Office of Economic Development22 BUS I N E SS I N U T A HINFRASTRUCTURE:25THThe Salt Lake International Airport is the 25th busiest airport in North America, but maintains a strong on-time record.5THAverage broadband connection speed, and the state ranks No. 9 for its average peak connection speed, according to Akamai Technologies.1 DAYUtah is a one-day truck drive or less from almost every major city in the Western US.21.6Mean travel time to work, in minutes, compared to the national mean of 25.9.75%Of the population along the Wasatch Front lives within three miles of major transit. The area has 135.8 total operational miles.Source: Governor’s Office of Economic DevelopmentB U S I N E S S I N U T A H 23POPULATION:1ST Highest percentage of married couple families and the highest percentage of families with at least one minor child.FASTESTAt 2%, Utah’s growth rate is the highest in the nation, which collectively saw an increase of only 0.7%.1ST Highest percentage of residents under the age of 5, as well as the highest percentage of school-age children.YOUNGEST The largest average household size and the youngest median age of any state.POPULATION SNAPSHOT Utah USAPop. 3,051,217 323,127,513> 5 years 8.4% 6.2%> 18 years 30.5% 22.9%65+ 10.3% 14.9%Sources: U.S. Census BureauSource: Governor’s Office of Economic Development24 BUS I N E SS I N U T A Hometimes the biggest hurdle in a technology startup’s path is lack of funding. The Utah Governor’s Office of Economic Development helps young firms overcome that obstacle through an innovative program known as TCIP.The Technology Commercialization and Innovation Program awards grants that are designed to help Utah small business and university teams bring their new technologies to market.“A strong entrepreneurial spirit lies at the heart of Utah’s economic success,” said Val Hale, GOED executive director. “These companies are the state’s cream of the crop when it comes to innovative thinking, and we are proud to support them as they grow.”Utah bolsters tech startups with innovative incentive program.by R ON STA R N E RSGIVING A LEG UPI N C E NTI V E SU T A H : B U S I N E S S E L E V A T E D 2526 BUS I N E SS I N U T A HTCIP helps small businesses secure non-dilutive funding at critical stages of technology development. This year, a record 130 applicants requesting funding of more than $15 million. Qualified firms may receive grants of between $75,000 and $200,000. Recipients may also take advantage of mentoring opportunities and a special entrepreneurial curriculum. A state review panel selected 27 companies to be funded in the current grant cycle.Awardees for TCIP funds in 2018 include AtlasRTX, Dentavations, ETLrobot, Homemation, Indigo Industries, Nozzle, SNO-GO, Trace, Wooly and 18 other firms. Previous grant recipients include Renewlogy, Distal Access and Simple Citizen.Priyanka Bakaya, founder and CEO of Renewlogy in Salt Lake City, says the TCIP money helped her firm bridge the dreaded “Valley of Death” — the period in which a startup is trying to get through the commercialization phase and start earning customer revenue.“It really helped us two years in a row and that allowed us to close our first sale in Canada,” says Bayaka. “We were able to take advantage of TCIP and Salt Lake City’s Loan Fund. The rest of our funding came from Enhanced Capital, a New Market Tax Credit program in the state.”Bayaka says she started the firm while she was still a student at MIT in Massachusetts to solve the problem of plastic waste in the U.S. “The approach we take is a form of chemical treatment,” she notes. “Traditional recycling is mechanical. Chemical recycling allows you to take plastics back down to their basic structures.”After graduating from MIT, it took Bakaya and her partners years to scale up. “We partnered with University of Utah for R&D,” she says. “We liked “We liked working in Utah. We got interest from GOED to provide the TCIP grant. The university chemical engineering department has considerable expertise in this chemical area.”— Priyanka Bakaya, Founder and CEO, Renewlogyworking in Utah. We got interest from GOED to provide the TCIP grant. The university chemical engineering department has considerable expertise in this chemical area. They also have a large industrial warehouse. That is why we ended up here. I had no connection to Utah before that.”She does now. With 15 employees and 3,000 sq. ft. of space for operations, Renewlogy is off and running. “We also have a manufacturing facility,” Bakaya adds. “We have raised some money from Steve Case as well. Our scale-up is to deploy these plastic recycling facilities in different locations around the country. We will look to collocate with recycling centers.”Even with the expansion across North America, which includes plans to build a site in Nova Scotia, Bakaya says “we plan to do all the engineering and R&D in Salt Lake City.”Clark Cahoon, TCIP fund manager for Utah, says the special funding program has been around since the 1980s. “In 2015, we made big changes to it,” he says. “The TCIP name was adopted, and we opened it up to private small businesses. Before that, it only went to new technologies being launched by university teams.”To qualify, a firm must not have over $500,000 in revenue or raised over $3 million in debt or equity funding. Firms can apply for $50,000 to $200,000 in TCIP funding.From 2015 to 2018, Utah distributed $8.4 million in TCIP funding to 90 projects at 80 companies statewide. “They use this funding toward commercialization, sales and marketing, hiring people, and going through the FDA approval process,” Cahoon says. “So far, we’ve funded 40 life science projects, 26 in software and I.T., eight in natural resources, six in aerospace and defense, five in consumer products, four in outdoor products, and one in financial services.”Commenting on Renewlogy, Cahoon says that “the talent Priyanka needed was here. She understood this space. She saw that Utah offered a very business-friendly atmosphere. They received $200,000 in 2016 and 2017.”Cahoon notes that 147 new jobs were created by TCIP recipients from 2015 to 2017, and an additional $49 million in capital was raised. “The $5.3 million that we awarded to firms in those three years was leveraged to raise another $49 million,” he says. “We look at it as an infusion of capital. We are also constantly assessing the companies through their mentors. The mentors work with these firms to help them raise additional capital.” Next >