February 23, 2024
Welcome to Utah—The Startup Capital of the World, where the entrepreneurial spirit thrives, and the business landscape is buzzing with energy. In this dynamic state, a whopping 99.3% of businesses are small enterprises, contributing to over 45.5% of Utah’s workforce. Utah is more than a great place to live; it’s a launchpad for startups to soar to new heights.
What makes Utah truly exceptional is its collaborative business community, built on the culture of lifting each other up. Small businesses here don’t just survive; they thrive by tapping into valuable resources, connecting with mentors, and spearheading cutting-edge technologies that propel them both locally and globally. Utah leads the nation with its business-friendly approach, boasting low taxes and minimal regulations, making the journey of starting a business significantly smoother.
Utah’s commitment to fostering entrepreneurship has earned it the coveted title of the #1 state in the country to start a business. Governor Spencer Cox has taken it a step further by appointing Brad Bonham as the state’s first entrepreneur-in-residence. Bonham is a successful entrepreneur, investor and philanthropist. He is the founder and CEO of Walker Edison and BONCO, a family of companies that invest in promising startups, private equity and real estate. Bonham’s role as Utah’s Entrepreneur-in-Residence includes advising the Cox administration on entrepreneurship education, culture and resources. His mission is clear: to enhance the state’s small business ecosystem and champion the Startup State Initiative.
The Startup State Initiative is a groundbreaking approach aimed at empowering entrepreneurs, cultivating startup ecosystems, and expanding resources for early-stage companies.
“Entrepreneurship is in Utah’s DNA,” said Brad Bonham. “From scrappy pioneers who had to survive against all odds, Utah has become an enviable startup hub and innovators across the world are taking note.
This initiative is not just a vision; it’s a tangible effort to support, celebrate, inspire and empower Utah entrepreneurs.
“We’ve been named the top state to start a business in, but we’re not stopping at the top,” said Bonham. “Through the Governor’s Startup State Initiative, we’re taking an unprecedented approach to empower entrepreneurs, cultivate startup ecosystems and expand resources for our early-stage companies. Utah will be the startup capital of the world.”
Scheduled to launch this spring, the Initiative includes a statewide entrepreneurship brand and a comprehensive business resource portal. This collaborative effort is designed to assist startups, small businesses and entrepreneurs at every stage of their journey by connecting them with the resources essential for success in today’s competitive marketplace.
The Startup State Initiative is about setting a new global standard for innovation and entrepreneurship. Utah is not just a state; it’s a mindset—a startup state of mind that inspires the world with its unwavering commitment to innovation and entrepreneurial excellence. Join us on this exciting journey as Utah solidifies itself as the epicenter of global startup success!