A diversified approach: Spreading economic success to all Utah communities.

• Author: Miller, Derek B.
• Position: Worldview

Utah has been ranked No. 1 on the Forbes Best State for Business and Careers list six out of the last seven years. While it is true Utah is doing well overall economically, some rural areas like the Uintah Basin are struggling.

Many companies in the Uintah Basin are reliant on the energy sector, which is known for its cyclical booms and busts. The pleasure most Utah residents get from filling up their cars at the gas pump for less than $2.50 a gallon is a stark contrast to the stress these prices are putting on Uintah Basin residents. The unemployment rate in Uintah County is at 10.2 percent, more than double the 4 percent average unemployment rate in Utah.

So while the Wasatch Front is growing and Silicon Slopes is booming, some rural areas like the Uintah Basin are feeling left out. How can this problem be remedied? The first step is to diversify both what is produced in these areas and their customer base to prevent the economic success of the region from being tied to any one industry.

Changing the mindset

World Trade Center Utah (WTC Utah), in conjunction with the Department of Workforce Services and the Vernal and Duchesne Chambers of Commerce, hosted the Business Innovation Summit of Eastern Utah on Nov. 3 to help companies in the area learn how to diversify and expand to international markets. The event focused on innovation and showcased companies that are revising strategies or pivoting to succeed in a global economy.

Education is key to helping these companies adapt and survive. This business innovation summit is just one of the ways WTC Utah is working to help buoy up the area. A lot of the small companies in the Uintah Basin have not even expanded to the Wasatch Front, so an international expansion can be daunting. The purpose of rural outreach efforts is to demystify the expansion process and connect companies to resources that can help them grow right now.

Innovation focused

One of the rural companies WTC Utah has worked with is Superior Drilling Products, Inc. (SDPI). Troy Meier founded Superior Drilling Products in Vernal in 1993 as a drill bit repair company. Throughout the years, the company has undergone many changes and adjusted its strategy to meet demand. In 2014 SDPI purchased Hard Rock Solutions, Inc. and became a public company listed on the New York Stock Exchange.

Superior Drilling Products evolved to become more than just a repair company. Over time the owners began to design and manufacture new drill bits in...