Feb. 15, 2007

  

A Publication of the Economic Development Corporation of Utah
CEO Jeff Edwards

PRESIDENT'S  

MESSAGE

 

Entrepreneurial Spirit Thrives in Utah

Utah’s entrepreneurial spirit thrives; today, a majority of Utahns are employed by small businesses. Where does the money to start-up a truly viable business come from? Investors. Today’s feature article discusses a $100,000 equity investment being offered to a winning entrepreneur this March by Utah’s Angel Investors in partnership with GOED, Grow Utah Ventures and FundingUniverse.

In addition, this issue of the Economic Review includes links to many of the ED-related news stories from the past week. If you have comments, suggestions or topics you’d like to see in the Economic Review, please contact us by clicking the “Comments” link on the bottom of this page.

Enjoy!

Jeff Edwards
Jeff Edwards
President and CEO

FEATURE

Angel Investors Will Award
up to $100,000 in Business Funding
at Governor’s Utah Economic Summit


Last week at the Investor’s Choice Conference, Jason Perry, executive director of the Governor’s Office of Economic Development (GOED), announced that a major entrepreneurial funding competition will held during the Governor’s Utah Economic Summit ’07, March 22 at the Grand America Hotel. The competition will result in up to a $100,000 equity investment being offered to the winning entrepreneur by Utah’s Angel investors—a group of successful businessmen and entrepreneurs who provide early-stage seed capital to business startups.

Entrepreneurs from across the state are invited to submit their business plans via the FundingUniverse web site. Plans will be accepted through March 6, 2007. Summit sponsors Grow Utah Ventures and FundingUniverse will review the business plans submitted and select up to five entrepreneurs to present before a panel of angel investors during the summit. Those entrepreneurs selected will receive assistance and coaching before the summit from Grow Utah Ventures.

“This is a very unique opportunity for all of Utah’s entrepreneurs,” says T. Craig Bott, Grow Utah Ventures president and CEO. “Not only will the entrepreneurs who are selected have the opportunity to make their pitch to active angel investors, but those in the audience will be able to watch the presentations.” Summit attendees will be provided the unique opportunity to listen in on the dialogue between entrepreneurs and investors. “The attendees will gain some great insight,” says Bott, “as they hear the angel investors discuss the strengths and weaknesses of each pitch. Those attending will come away with strong understanding of how to make their respective businesses more attractive to equity investors.”

What’s more, Bott says all of the plans submitted will remain in the FundingUniverse database, so submitting a plan is a good way to gain exposure in the investment community even if the entrepreneur isn’t selected to present at the summit. “FundingUniverse and Grow Utah Ventures are dedicated to matching resources with promising entrepreneurs, so those that aren’t selected will remain in the system and may be able to present to other angel investors down the road,” he says.

Brock Blake, CEO of FundingUniverse says all entrepreneurs in the state should take advantage of this incredible opportunity: “It is easy to submit your plan for consideration – just go to our website and look for the Funding Competition icon.” After submission, the FundingUniverse team will provide each entrepreneur with initial feedback on the overall quality of the business opportunity. Those selected for presentation at the summit will also be assisted in preparation. “We will work with the semi-finalists to help them prepare the very best presentation possible,” Blake says. “We believe this opportunity will surface some of the best entrepreneurs and the strongest business models in the state.”

Economic Summit Information

The Governor’s Economic Summit will feature five tracks with multiple topics in each track. Topics will include business law, marketing, management, rural development, transportation, commercial real estate, international business, public relations, human resource development, energy, and technology commercialization. This event is a "must attend" for those leading or managing a business in Utah. Those interested in attending the summit can pre-register here.

Business leaders and managers throughout Utah are urged to consider sending someone from their firm for the day’s events. “The opportunity to meet with business experts and learn from the best in their respective fields, packed into a single day, is a rare event not to be missed,” says Perry. The summit will give business leaders important insight to help them develop strategic plans for the coming year and beyond.
 

EDCUTAH Moving to New Office

Up One Floor from Its Current Location

EDCUTAH will be moving up one floor in the One Utah Center, at 201 South Main Street. Beginning Tuesday, February 20, EDCUTAH will be located on the 21st floor in suite 2150. The Utah Sports Commission will remain adjacent to us in suite 2125.

Our moving process will take place over several days from February 20th through the 23rd. During this time, our staff can be reached on their cell phones or via email. Administrative staff will be in the office during normal business hours. A list of staff member’s cell phone numbers appears below. EDCUTAH’s office phone numbers will not change.

We will be up and running in our new space, Suite 2150 on Monday, February 26, 2007. And of course, we will have a ribbon cutting to celebrate our new space soon, so stay tuned.

EDCUTAH Staff Members Cell Phone Numbers

Amie Salazar                550-4370
Art Franks                     558-3311
Brad Baird                    440-3103
Colleen Fraser            910-5404
Erin Farr                        824-5945
Jeff Edwards                455-0896
Jessica Turner            458-1978
Kim Lofgreen               455-5691
Linda Townsend         891-7353
Lynn Pett                       455-5691
Mike Flynn                     891-5755
Sherrie Martell             699-6360
Stephanie Frohman   550-4718
Tauni Everett                824-0029
Todd Brightwell            860-1275
Tom Gleason               369-4509
Trina Stanley                349-6328
 

CALENDAR

Mar. 14:

Quarterly Investor Update

Mar. 22:

Governor's Economic Summit, Grand America Hotel

April 5-6:

Utah League of Cities and Towns Conference (St. George)

April 11:

EDCUTAH Ribbon Cutting Ceremony and Open House

April 29-May 2:

CoreNet (Denver)

May 6-9:

BIO 2007, Boston

June 6-8:

The New West Summit, in Big Sky, Montana will bring together business leaders, entrepreneurs, politicians, journalists, academicians, and engaged citizens to talk about the future of the Rocky Mountain West.

June 20:

EDCUTAH Golf Tournament

EDCUTAH PARTNERS


Current Partners
Why Be a Partner?
 Board of Trustees


IN THE NEWS

Economic Development Headlines

Sporting Goods Retailer to Enter Utah Market With West Jordan Store

- California-based sporting goods retailer Sport Chalet, is planning to enter the Beehive State with its first Utah store built in the Jordan Landing shopping center in West Jordan. (SL Enterprise)

Metro Fitness, Sanctuary Day Spa to Return to Downtown

- The Sanctuary Day Spa, which opened the Wasatch Front's first full-service spa in the ZCMI Center in 1985, and the Metro Fitness Club, Salt Lake City's first executive health club, which opened the same year, are joining forces to re-open at The Gateway in downtown Salt Lake City. (SL Enterprise)

Michigan-Based Commercial Laundry to Enter Utah Market

- Elite Cleanroom Services, a Lapeer, Mich.-based firm that launders wiping cloths used in a variety of industries, will enter the Utah market next month, marking the company's first expansion outside Michigan, a result of a contract with KraftMaid Cabinetry. (SL Enterprise)  

8-story Landmark for Orem Planned

- A towering landmark planned for 1600 North is being touted by developers as a one-of-a-kind addition to Orem. (Morning News)

Stadium Plan is Real as it Gets

- Real is here to stay — for real this time.
Now that lawmakers agreed Thursday to set aside $35 million to keep Real Salt Lake from leaving Utah for St. Louis, work will begin in earnest to finish an agreement between the state, Sandy City and the team.
(Morning News here, here and here) (SL Tribune here, here, here and here) (KCPW here and here)

Centerville Eyes New Main Street

-With some forethought, a section of Main Street through this south Davis County city could develop into something special. That's the hope of city officials as they move forward with a four-month process to update land-use plans on Main, between Parrish Lane on the north and Pages Lane to the south. (SL Tribune)

Cottonwood's High Vacancy: Exodus of Merchants Points to Makeover

- By all appearances, the glory days of 1960s-era Cottonwood Mall are long gone. Talk that mall owner General Growth Properties is either selling Utah's oldest enclosed mall or finally moving forward with an ambitious redevelopment plan has gone on for years. But there are signs something might be happening soon at 4835 S. Highland Drive. (SL Tribune)

Condo Boom Hits Downtown SLC

- Although there are a number of established condo developments in and around downtown, scores of projects are on the way. (SL Tribune)

Bolster the Downtown

- Development throughout Southern Utah creates challenges. Planners and residents have to deal with more traffic, the need for infrastructure and other complications that come with growth. (The Spectrum)

Funding Competition is Set for March

- A March 22 state economic summit will feature a unique "earn and learn" session as attendees get to see entrepreneurs make a pitch for funding from a panel of angel investors. The winner gets $100,000.
(Morning News) (SL Tribune)

Stale Data May Yield Fresh Ideas on Tourism

- The Utah Board of Tourism Development crunched some numbers Friday but admitted they were not-so-fresh. The staleness was attributable to the fact that the tourism numbers were from 2005 — before the state launched a new tourism brand and multimillion-dollar marketing campaign to lure out-of-state visitors. (Morning News) 

Heber Braces For Big-Box Battle

- Big-box development is knocking on the door in Heber City. Thursday the Heber City Council is scheduled to hold one last meeting, and perhaps vote, on an ordinance to approve a new commercial zone that would pave the way for retail giants like Wal-Mart. (Park Record)

Development Shutdown Declined 

- City Hall does not intend to halt development in Old Town Park City, an option briefly debated as a method to give the local government time to reconsider the regulations as officials try to keep the neighborhood's historic feel.  (Park Record)

Park City Real Estate Cushioned by High-End Sales

- Nationwide, "applications for mortgages have leveled off, properties under contract are declining and inventories are starting to decline," said Matt Green, president of the Park City Board of Realtors. Real estate agents however, aren't following the same path as the real estate sales. (Park Record) 

Small Business Index Dips Slightly

- The Zions Bank Small Business Index dipped slightly, but there is no cause for alarm, according to Kendall Oliphant, senior vice president for Thredgold Economics. “Most of the dip has to do with the calendar change,” Thredgold said. “When we move from December to January we go from working with data to working with forecasts. This leads to slight changes.” (Clipper Today) (Utah Business)

Olympic Benefit Incalculable

-Five years ago, Utahns were holding their collective breath as the 2002 Winter Games got under way. It was the first large-scale international sports competition following the Sept. 11, 2001, attacks on America. Except for a few early bobbles with transportation and a judging scandal in figure skating, the Games were highly successful. They turned a profit, which was unthinkable considering the bid scandal and stepped-up concerns about security. Thanks to an army of volunteers and the leadership of Mitt Romney and Fraser Bullock, the Games were deemed "superb" by IOC President Jacques Rogge. Dick Ebersol, chairman of NBC Sports (which held the broadcast rights to the Salt Lake Games), offered this assessment: "Far and away, the most successful Olympics, summer or winter, in history." (Morning News) 

Facility is Seen as an Economic Engine for Surrounding Acreage

- Five hundred acres - most of it farmland -surrounds the Logan-Cache Airport, and planning for its future got a boost Tuesday from the airport authority board. The Logan-Cache Airport Authority Board decided to start spending some of the $50,000 authorized two years ago for a master plan of the lands surrounding the airport, located north of this northern Utah city. (SL Tribune)

Outdoor Gadgets Drew Record Mob

- Last month's Outdoor Retailer Winter Market provided evidence that if you build it bigger, they will come. The annual winter trade show attracted a record 17,973 attendees to the expanded Salt Palace Convention Center, 24 percent more than in January 2006. And with more space to work in, the trade show played host to 815 exhibitors, including 274 first-time companies and 152 repeat participants who expanded their booths. (SL Tribune)

Initiative Helping Businesses Grow

- Although there is strong growth in local entrepreneurship, the Seed Dixie initiative is continually working to help young business become successful. (The Spectrum)

Worried, Officials Head to D.C.

- A delegation of City Hall and Summit County leaders is scheduled to visit Washington, D.C., next week in a late-hour attempt to convince congressmen and Pentagon officials to stop a developer's plans to build a big hotel on the busy S.R. 248 entryway. (Park Record) 

Expert Predicts Spring in Economic Forecast

- While most of the country waited for the groundhog's forecast last Friday, Park City business owners waited to hear if an economic spring would also be on the horizon. On its 25th anniversary, the Park City Chamber/Bureau hosted the 2007 Economic Forecast Luncheon at the Grand Summit Resort Hotel at The Canyons with a growing contingency of Park City businesses. (Park Record)

Station Park Inches Closer to Reality

- Farmington City recently signed a pre-development agreement with CenterCal Properties to bring Station Park one step closer to construction. CenterCal is the retail development company in charge of Farmington’s Station Park project, which is scheduled to be an 100-acre business, entertainment and residential development for Davis County. (Clipper Today)

Rocky, Miller Spar Over RSL Subsidy

- Still don't like the moniker Energy Solutions Arena? Well, someday you, Joe and Jill Taxpayer, will own the home of the Utah Jazz and can find a new sponsor. When Jazz owner Larry Miller's lease is up on the venue's land in 2040, Salt Lake City, through its Redevelopment Agency, will take control of the arena and the property. It's just one part of the deal the city brokered with Miller when he sought a taxpayer subsidy to help build the arena in 1990. (SL Tribune)