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FEATURE

The Wayne Brown Institute—Building Jobs from the Ground Up

Few organizations, public or private, can claim to have helped create 20,000 Utah jobs, but the Wayne Brown Institute (WBI) can. “As a charitable educational organization, we’ve been the most successful economic development driver in the state in the area of business creation.” says Bradley Bertoch, WBI’s president and CEO.

Over the past 23 years WBI has dealt with thousands of businesses across the U.S. “Of those thousands, we have worked closely with over 600 businesses, of which approximately 70% have gone on to raise in excess of $1.7 billion in private equity,” according to Bertoch.

Formed in 1983 as the Utah Innovation Foundation, the organization was later renamed the Wayne Brown Institute in memory of its founder, Dr. Wayne S. Brown. Dr. Brown held positions in mechanical engineering and served as dean of the College of Engineering at the University of Utah. In addition to his academic postings, he was a founder of Kenway Engineering (HK Systems), TerraTek, NPI (Agridyne Technologies) and Utah Ventures (now UV Partners, Utah's first venture fund).

Bertoch says Dr. Brown was a leading authority in technological innovation and entrepreneurship, and many of the world's science/research parks, innovation centers and incubators have their roots with Dr. Brown.

Today the Salt Lake City-based WBI runs the oldest and most successful non-profit venture accelerator program in the country, with a mission to improve the human condition through entrepreneurship. Bertoch says the WBI's accelerator program helps technical entrepreneurs from every social economic level, raise money for their businesses. WBI's network of experienced and knowledgeable mentors has assisted over 600 promising high-tech companies and the WBI annually provides between one and two percent of all venture quality deal flow in the United States.

“Basically, what we do is help entrepreneurs that have big business ideas to get the contacts, the specific knowledge and experience they need, and the mentoring they need to attract venture capital,” says Bertoch. “Entrepreneurs need access to capital and access to markets, and then they need access to management. We help them through a program that provides specific knowledge and experience, as well as contacts in the markets, and then we mentor them in the ways of the venturing community.”

Some of the more well-known businesses that have received mentoring and training from WBI include Omniture, Sonic Innovations, Myriad Genetics, NPS Pharmaceuticals, Altiris and TruVision.

Deal Forums

The WBI’s nationally recognized mentoring process pairs selected entrepreneurs with successful venture professionals. In a given year the WBI will recruit between 150 – 200 venture professionals who donate thousands of hours to help the entrepreneurs prepare and present their business ideas and plans at Deal Forums—special conferences attended by angel investors and venture capitalists. Bertoch says to get involved an entrepreneur needs to submit a business plan to the WBI at dealforum@venturecapital.org. Only the most compelling companies are asked to present. At the Deal Forum the selected entrepreneurs will make a 10-minute presentation and then will be grilled for 20 minutes by the panel of investors.

“A lot of entrepreneurs shoot themselves in the foot before they really get started. One of the ways to avoid that is to co-op the investors in the mentoring process. It doesn’t burn the entrepreneurs with the investors. Instead, it piques investor interest,” says Bertoch. “Our educational process doesn’t simulate real life, it is real life. Through the mentoring process and Deal Forum entrepreneurs work with people that have the capacity to fund the company or introduce them to people who can. “It is very hard to get the real life experience without the Deal Forum,” according to Bertoch. Deal Forums are held in numerous locations around the country every year. The next Utah Deal Forum will be held Wednesday, November 15, from 4:30 - 6:30 p.m. at the Cafe Trio Cottonwood, 6405 South 3000 East, Salt Lake City.

How to Raise Money in Utah

Another of WBI’s successful educational programs is the “How to Raise Money in Utah” event, a rotating series of free seminars where venture professionals discuss the basics of the fundraising process. This month’s seminar will cover how and when service professionals add value, and how to raise capital from the perspective of an entrepreneur who recently did so. Bertoch says the seminar will be held Sept. 20 at Neumont University, 10701 S. River Front Parkway, Suite 300, South Jordan, from 4:30 to 6:30 p.m. For additional questions or offline registration call (801) 595-1141.

Building a successful company is a hands-on sport and Bertoch says it takes a lot of hard work from a lot of folks. Because the WBI does not have an endowment it is wholly funded by donations from professional corporate sponsors, government agencies, and fee income from registrations.

Click here for more information about the WBI, call (801) 595-1141, or send an email to info@venturecapital.org.

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IN THE NEWS

Economic Development Headlines

City, County Make a Deal

- When prospective tenants express interest in what locals call the "Schumaker building" in the city's industrial area, the buck usually stops there. The building's 10-acre lot straddles both city and county property, and both entities lack an economic development director to help new businesses quickly move into rural Morgan County. (Standard Examiner)

Key Bank Tower on Way Out

- The LDS Church is one step closer to finalizing its downtown Salt Lake City redevelopment plans after striking a deal that empties nearly all of the Key Bank Tower in preparation for demolition. After more than one year of negotiations, the law firm of Van Cott, Bagley, Cornwall & McCarthy agreed on Thursday to leave the aging 300,000 square foot office tower at 50 S. Main St. and move to the Beneficial Life Tower at 36 S. State St., attorney Stephen Swindle said. (SL Tribune)

No Director Hired at USTAR Closed-Door Meeting

- The Utah Science, Technology and Research (USTAR) board did not hire an executive director during its Thursday meeting. Board members are still looking at candidates and did not make a decision… (SL Tribune)

Nonstop: Salt Lake to Paris?

- Skiing, hiking, dramatic scenery, sites of historic and religious interest — in many respects, Salt Lake City is already an international destination. As soon as next summer, that status could be boosted by the city's first nonstop flight to Europe. Delta Air Lines and officials from Salt Lake City International Airport have been talking for years about such a flight, and the airport's executive director, Roy Williams, now says he has his fingers crossed for an announcement in the coming months and flights starting in summer 2007. (Morning News)

Businesses Pressure Delta for Nonstop Flight to Europe

- The prospect of a nonstop flight to Europe is so enticing to Salt Lake Area businesses, they've begun a letter-writing campaign to convince Delta Airlines it's worth the risk.
(KCPW)

Work to Begin on HAFB Business Park

- A 550-acre parcel on Hill Air Force Base's west side that has been "underutilized" for over 60 years is a step closer to becoming a business and technology park, Hill officials announced this week. It's uncertain when construction will begin, but the first phase will include a 44-acre space and missile complex, with office space for about 2,000 government and contractor employees, base officials said in a press release. Commercial businesses are also expected to be part of the first phase. (Morning News) (Utah Business Magazine)

Beneficial Business to be Enticed With Incentives

- City officials believe the Port 15 Industrial Park promises to lift Cedar City and surrounding areas out of a challenged economy with low wages and into prosperity through incentive programs to attract good companies to the area. (Cedar City Review)

Utah's Small Business Index Rises to 115.9

- A bump in the state's unemployment rate and possible interest rate easing should be welcome news to Utah's small businesses, according to a Zions Bank report released Tuesday. (Morning News) (Utah Business Magazine)

Freeport, BDO Free-For-All?

- Competition between the Freeport Center and Business Depot Ogden is heating up as the two large industrial parks show interest in the same tenants. During the past year, three businesses have pulled up stakes at the Freeport Center and moved north to BDO, taking with them anywhere from 500 to 1,000 jobs.

(Standard Examiner)

Legion Brings Cash, Too

- The American Legion Convention didn't just bring national attention and a Presidential visit to Utah. It also contributed an estimated 10-million dollars to the local economy in the form of hotel, restaurant and retail spending. (KCPW) (Utah Business Magazine)

MSNBC Dubs Neumont University One of the 'Most Talked About Colleges in America'

- Neumont University, a Salt Lake City-based educational institution that offers accelerated Bachelor of Science in Computer Science and Master of Business Administration degrees, was named one of the "most talked about colleges in America" during a broadcast on Aug. 30. (Utah Business Magazine)

New Co-packing Business to Open in 58,000 Square Feet

- Pristine Co-Packing LLC, a new business that will pack dry food items for nationwide retail distribution, is scheduled to open for business next month in approximately 58,000 square feet at 2450 W. 1700 S., Salt Lake City. The company is expected to employ between 50 and 100 people. Roughly 40 individuals have already been hired. (The Enterprise)

Las Vegas-Based CD, DVD Replicator Enters Utah Market

- A Las Vegas company that replicates and packages CDs and DVDs has entered the Utah market with an approximately 30,000 square foot plant at 3487 W. 2100 S., Salt Lake City. Digital Works Inc., which has operated in Nevada for approximately four years, will do business in Utah under the name Digital Depot, according to CEO Christian Rath. The Salt Lake City plant will employ 15 by the end of the year and as many as 40 by next year. (The Enterprise--scroll down)
 

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CALENDAR

Sept. 18:

Utah County Economic Development Update--Utah County Administration Building (east of the Historical County Courthouse), 100 East Center Street, Suite 2300, 8:30 a.m. to 10 a.m.

Sept. 28:

"What's Goin' Down Up North" - A summit to partner and showcase business and economic development activity in Northern Utah. (USU Innovation Campus--8 a.m. to 3:15 p.m.; RSVP by Sept. 15 to icstaff@usu.edu or call (435) 797-9610. Click here for more details)

Nov. 12-15:

CoreNet Global Summit (Orlando, FL.)

Jan. 10, 2007:

Washington County Economic Summit (St. George)
7:30 a.m. - 2:30 p.m., for more information contact:
Dixie Business Alliance, 225 South 700 East, St. George, 84770. Call (435) 652-7724 or email; website:
http://www.whatsupdownsouth.com

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