A study published on June 11 by Crunchbase News shows Utah is fast stepping away from being known only as a hot spot for tourists hitting the slopes and would-be attendees of the Sundance Film festival. It’s instead starting to be though of by business investors as the next hub for tech companies and other innovative companies.
Crunchbase’s researchers contend that during the period between 2016 and up until their study was published this month, some of Utah’s newest and most promising companies were able to generate as much as $353 per capita in yearly venture capital funding. This equates to the sixth highest amount generated per person of all states.
While an ability to generate venture capital more easily has motivated many companies to set up their operations in Utah, others have flocked to the area because it offers lower real estate prices and a more favorable tax climate. Crunchbase’s researchers even contend that some business forecasters anticipate that Utah could realistically become a viable alternative for companies looking to leave California’s Silicone Valley.
A 2016 study conducted by the television station CNBC lauded Utah as being an ideal state to do business in. In 2017, a Forbes business analyst even called Utah the country’s cloud computing mecca. Currently, some of the most innovative tech companies including the market research firm Qualtrics, the edtech one Pluralsight and others have set up operations in the state.
Aside from having a desirable business climate, software startups have been impressed by the wealth of well-trained computer science graduates the state’s many colleges have been able to churn out. They’re also impressed by the potential work-life balance Utah affords their workers.
In fact, the head executive of Canopy, one of the many companies that calls this state home, argues that his workers appreciate not having to commute an hour to work and not having to work so hard to be able to purchase a home. They also appreciate being surrounded by mountains, ski lopes and other activities the state has to offer within a short drive.
Companies looking to set up shop in Utah can benefit from doing so sooner than later as prices will only continue to spike as demand increases for land, real estate and know how. A St. George business organizations attorney can guide you through the process of setting up operations in Utah.