Utah Governor's Office of Economic Opportunity

Justin Helms, St. George branch manager at Utah Disaster Kleenup (UDK), recently joined the latest "Business Elevated" podcast episode. He highlights UDK’s operations, extensive service offerings throughout Utah, and capacity to handle residential, commercial, and healthcare-related disasters. https://lnkd.in/gPMGG5c2

What is a pitch competition all about? It’s where entrepreneurs showcase their ideas to a panel of judges for a chance to win funding and support. To participate, businesses should have a well-prepared pitch, a compelling business plan, and a clear demonstration of their innovative solutions. Excited to take the stage? Sign up for our newsletter to learn about upcoming pitch competitions: https://lnkd.in/gX9urjxa

Brad Edison Bonham, Utah’s entrepreneur-in-residence, was featured in the Deseret News to share why Utah is the startup capital of the world. "Brad has dived into his entrepreneur-in-residence nonprofit role as enthusiastically as those that have been for-profit. First thing he did was travel the length and breadth of the state, organizing lunches and inviting local entrepreneurs or would-be entrepreneurs to attend. He listened to their comments, hopes, problems, suggestions and concerns (and paid for the lunches). That took up the first half of 2023. Armed with their input, he spent the second half of the year setting up a website: startup.utah.gov — a one-stop-shop clearing house for all the tools and resources entrepreneurs can access, full of information designed to “make it as easy as humanly possible to start a business here in Utah.” The website has been up and running most of 2024. As word spreads, more and more success stories are pouring in. “I believe wholeheartedly that government is great when it enables and it’s horrible when it impedes,” said Brad recently as he met with the Deseret News at Twenty and Creek, the event venue in Sandy run by his wife, Megan (yet another Bonham entrepreneur). “Utah is already the best fiscally run state in the union. My goal is to make it even better.” Read more: https://lnkd.in/gEvWxqv2

Today, GOEO awarded Rio Tinto a post-performance tax reduction for a potential expansion of its mining operation in Salt Lake County as part of the EDTIF program. Rio Tinto is seeking approval to expand its critical mineral production at its Kennecott copper asset, which would add seven new, high-paying jobs and invest $201 million in Utah over a five-year period. https://lnkd.in/gssAZuag

Today, GOEO awarded Torus, Inc., a global energy solutions company, a post-performance tax reduction for its expansion in Salt Lake County as part of the EDTIF program. Under the agreement, Torus plans to add 172 new, high-paying jobs and invest $10 million in Utah over the next 10 years. https://lnkd.in/geF3r4Sd

WETx, a Utah-based company, recently received a Phase II award from the National Science Foundation’s Small Business Innovation Research (SBIR) program. The Utah Innovation Center assisted WETx with their successful SBIR applications, providing strategic guidance and support. https://lnkd.in/guhmAP-J

Located in the southern Utah town of LaVerkin (population 4,400), LV Swiss is an integral part of the state’s manufacturing community. In its 25,000-square-foot facility, the company employs 43 highly skilled individuals who pride themselves on short turnaround times, competitive pricing, exceptional quality, and on-time delivery. Read more in the Business In Utah magazine. https://lnkd.in/g6AdHySW

A recent WalletHub study found Utah is the fourth happiest state in the country! Metrics in the study included emotional and physical well-being, work environment, community, and more. https://lnkd.in/dvp8UsD

Ready to take your business to the next level? Creating a strategic plan is imperative to navigate an expansion successfully. Here are some things to include in your plan for growth: 1️⃣ Expansion opportunities — do your homework to determine your best opportunities for growth 2️⃣ Financial goals — break them down by quarter and year 3️⃣ Marketing plan — identify your target market, channels, and messaging 4️⃣ Staffing needs and responsibilities — determine your employee skill sets and when you need to fire up your hiring process You can find all of the resources on our website 👉 startup.utah.gov

Listen to the latest 'Business Elevated' podcast with McKenzie Bauer, co-founder of Thread Wallets. She and her husband co-founded the company in 2014 after noticing a market gap for expressive, functional designs. Bauer stresses the importance of maintaining simplicity in entrepreneurship, seeking mentorship, and taking incremental steps toward success. https://lnkd.in/g4i387_W