Utah summit — boosting business
Huntsman hears from executives around state
More than 100 people attended the governor's first economic summit, which Huntsman described as "a listening and learning opportunity."
What he heard was a divergent set of comments — everything from funding for start-up companies to improving recreational opportunities for the state's blue-collar workers.
While no one suggested major changes to the administration's focus areas — tax reform, business facilitation, industry cluster development, education and work force development, capital and advisory services, business and technology parks and image-building — several topics were dissected during the hourlong comment session.
Among the most-discussed was access to money for start-up companies.
Josh James, co-founder and chief executive officer of Omniture, said many of his company's competitors were able to secure millions of dollars "whereas we'd put together rounds of $150,000s or $400,000s or $50,000s."
"We still need some more that are willing to say, 'You seem like a bright, young kid. You've got a great idea.' Instead of, 'Here is 150 grand,' 'here's a million bucks and let's see what you can do with it.' So I think that's something that still needs to happen," James said.
"I think if we really want to build businesses here and have small businesses that can get big, we need to focus on how can we do this in a way that's not just lining the pockets of VC firms, where they have an agenda to do that," he said. "But let's put together something that helps those of us who are trying to build businesses."
Brent Brown of the Brent Brown Automotive Group said a tax deal with the city of Provo allowed his business to grow.
"The point I want to bring up is it doesn't always just have to be venture capital and going to the bank and so on," Brown said. "I would hope that the state would look at the city of Provo model and say there are ways to invest and get a return on investment. If you ask the city of Provo people, they're going to tell you that the sales tax that we're generating for them right now is an enormous return on investment. It got us started. It allowed us to grow."
Business growth was another common subject. Tim Miller, president of Echelon Biosciences, said the state needs more facilities for business incubators and suggested using some of Fort Douglas — a handy spot because space at the adjacent Research Park is full.
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