New Utah network hopes to stir up innovations

One of the facets of the Utah business world that has come to the fore in recent years is entrepreneurship. New companies with fresh ideas have changed the landscape in the Beehive State.

Now, there’s a recently-formed group in Utah that wants to keep that entrepreneurial spirit thriving. The Wasatch Innovation Network (WIN) was formed by the Salt Lake Chamber, along with other leaders in the business world and at the state’s universities. The goal: to nurture innovative ideas and foster more capital into the region in order to support more emerging businesses.

Jump-starting a company is possible through funding available through First Utah Bank, including Small Business Administration(SBA) loans to meet the needs of a growing business.

A gathering of great minds

The WIN organization is hoping to particularly boost some of the fastest-growing sectors in Utah’s economy. According to a story about WIN in the Salt Lake Tribune, these include AI, advanced manufacturing, biotech and aerospace.

This will come to fruition through mentors, venture capitalists, lobbyists and planners all working together with industries that don’t regularly intersect with one another. The group calls it a “best-in-class entrepreneurial ecosystem.”

The support means encouraging more new research and support for businesses, including helping some find more financial resources to either get their business off the ground or keep it going. 

“Utah’s key differentiator is its public-private partnerships and dynamic pioneering spirit that not only established it as the Crossroads of the West, but it is now garnering global attention,” said Brandon Fugal, chairman of Colliers International, a real estate firm.

How WIN will start its journey

On its website, WIN outlines its main objectives for the group, noting that a collaborative spirit will be a big role in the group’s success in order to accelerate job growth, recruit more people to the region and continue the state’s progress in its own economy.

The objectives read like this:

• Develop a unified vision for creating its ecosystem.
• Influence state and local governments to enact policy that better boosts transportation, education, tax incentives, talent recruitment and workforce development.
• Pull the disparate strands of innovative businesses together to create a long-lasting network.
• Create network effects from pulling all the innovation nodes together.
• Advocate for a better multi-modal transportation network across the state.
• Support IP commercialization for universities in the Beehive State.
• Influence development in key economic areas, including Point of the Mountain in Draper, Tech Lake City for healthcare innovations, Northwest Quadrant, Innovation Campus and Falcon Hill Aerospace Research Park near Hill Air Force Base.

These early goals will tie in to the biggest one: bringing together all of these groups to jump-start innovations that will ultimately help the entirety of business in Utah.

“Utah businesses have proven time and time again that working together and sharing strengths and insights makes everyone stronger and more successful,” says Jay Francis, President/CEO of the South Valley Chamber in a press release for WIN. “The term ‘Network’ really says it all, and as our businesses come together and network across city and county boundaries we will once again be a standard for innovation for other states to follow.”

How SBA loans can help businesses thrive

When a company is starting out, there are many challenges that can distract the founders and impede growth. First Utah Bank can help young companies get to the next level with loans from the U.S. Small Business Administration (SBA).

We are the preferred lender for SBA loans in the state and we have a department built solely for this type of loan. Our SBA specialists can help you navigate the details of receiving one of these loans, which are an option for business owners where traditional or conventional bank financing is hard to obtain or isn’t available.

There are specific needs for which an SBA loan can be used, but they are all a part of the standard world of operating a business, and all can help as your business develops. Among the uses for an SBA loan:

• Buying or building an owner-occupied commercial building
• Expanding or refurbishing facilities in order to modernize them
• Consolidating debt to bring in more money
• 
Managing cash flow during peak buying seasons
• Buying machinery, fixtures and equipment
• Money for leasehold improvements
• Buying an existing business
• 
Purchasing inventory or receivables
• 
Adding to working capital (a term loan or line of credit)
• Refinancing debt that is maturing
• Starting expenses for a franchise or a new business
• Financing exports

As the evolution of your thriving business in Utah continues, also know that you have First Bank Utah on your side to help along the way, whether its as an SBA lender or with any other banking need. Find out more about what we have to offer at our website, or call us at 801-308-2265.