DRIVING INNOVATION IN UTAH: THE STATE IS HELPING SPUR INNOVATION WITH CATALYZING PROGRAMS.

AuthorBowler, Hillary
PositionSILICON SLOPES

Utah is a proud supporter of innovation. Under the leadership of Gov. Gary Herbert--a champion of reduced regulation--the state boasts one of the nation's most business-friendly environments. But Utah's support for game-changing ideas and forward-thinking technologies extends beyond basic policy and regulations. The state is an active player in driving innovation across every industry, specifically through two separate state-sponsored programs.

ECONOMIC DEVELOPMENT TAX INCREMENT FINANCING (EDTIF)

The EDTIF program is administered by the Governor's Office of Economic Development (GOED). Through EDTIF incentive agreements, the state has supported tech giants including Dell EMC, Amazon, Adobe and homegrown Pluraisight. Varo Money, Snap Finance and SoFi are anchors to Utah's growing fintech sector. HealthEquity, Collective Medical Technologies and CHG Healthcare utilize software programs and big data to improve health payment systems, patient care, and staffing, respectively. All of these companies have been approved in the last few years for a post-performance incentive through the EDTIF program.

Based on conservative principles, Utah's post-performance incentives model has been replicated in several other states. It protects taxpayers and supports business growth--a win-win. There are several metrics and requirements listed in policy, but innovative products and practices always count highly in a company's favor.

"The goal of the EDTIF program is to support growing companies that will create significant economic impact in the state through high-paying jobs, capital investment and new tax revenue," said Thomas Wadsworth, director of corporate recruitment at GOED. "It's only natural that the companies meeting those requirements are also the most innovative. The state is proud to partner with companies creating game-changing products and business models."

Some stories truly stand out. For example, Salt Lake City-based Packsize's On Demand Packaging system uses software and robotics to customize box sizes for shipping--saving companies up to 30 percent in costs and minimizing waste. Packsize was approved for an incentive in January 2017.

TECHNOLOGY COMMERCIALIZATION AND INNOVATION PROGRAM (TCIP)

According to Clark Cahoon, industry cluster director at GOED, state support for innovation extends beyond dollars and cents.

"When a company clears the vetting process for a state-sponsored business development program, it provides a level of credibility...

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