A Hand Up: State grant programs offer fuel for early stage companies.

AuthorSteinbrech, Amy
PositionEntrepreneurEdge

It's no secret Utah is an excellent place to call home for entrepreneurs and small business owners. The state consistently receives high marks for its business-friendly environment and expansive ecosystem that helps visionaries take their product from invention through development.

Utah is also known for its programs that support technology entrepreneurs and innovators in their quest to develop state-of-art products. Here's a look at some of these competitive, state-sponsored grant programs:

USTAR Talent Acceleration Program

TAP is designed for startup and early stage companies that are seeking funding for technology development. Proposed work can include research and development, proof of concept, prototype development and product validation.

For 2018, TAP will focus on five technology sectors including aerospace, automation and robotics, big data and cyber systems, energy and clean technology, and life sciences.

"By providing early stage risk capital, we are seeing an increase in the number of companies able to attract private investment from outside the state and create jobs by accelerating their technology development in Utah," says Ivy Estabrooke, executive director of USTAR.

According to Estabrooke, USTAR and its governing board consider several factors when selecting and approving awardees. "We consider if there is enough of an ecosystem in the state and if they will have a supply chain to produce their products. We also consider their ability to raise capital or form strategic partnerships and if they have the ability to grow from an early stage company into a mature company without leaving the state of Utah," she says.

USTAR offers TAP awardees a variety of services such as educational training and mentoring services. According to Estabrooke, once accepted, the companies are assigned a program manager who works with them to make sure they meet technology milestones and determines other resources they may need to be successful in the program.

USTAR works closely with the Governor's Office of Economic Development (GOED) to ensure all gaps are covered in the technology startup market without being duplicative. TAP is designed for early stage technology development. As companies mature out of the TAP program, they can qualify for TCIP (see below).

For additional information visit tap.ustar.org.

GOED Technology Commercialization and Innovation Program

The TCIP program ensures new technologies within Utah are being developed and...

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