Utah Economic Summit encourages state’s unique business opportunities among challenges of education and growth
Keynote speaker Arthur Brooks, president of the American Enterprise Institute, speaks of living the startup April 14, 2017 at the Governor’s Utah Economic Summit.
Panelists discuss being disruptive startups at the Governoer’s Utah Economic Summit April 14
, 2017
in the Grand America Hotel.
Pictured from left: Troy D’Ambrosio of the University of Utah Lassonde Entrepreneur Institute, Ashley Langell of the U of U School of Medicine, Johnny Hanna of Homie, and Priyanka Bakaya of PK Clean.
Scott Anderson of Zions Bank speaks April 14, 2017 at the Governor's Utah Economic Summit in the Grand America Hotel.
The theme of the Governor’s Utah Economic Summit Friday was business opportunity — the opportunities unique to Utah’s business economy, opportunities for both small and large businesses, and the future opportunities available to all.
Economist Natalie Gochnour shared her positive outlook on the state’s future, while reminding summit-goers of the natural cycles and volatility of the country’s economy. Gochnour, associate dean of the University of Utah David Eccles School of Business and director of the Kem C. Gardner Policy Institute, even went so far as to declare that, in regard to the state’s unemployment numbers, Utah is approaching full employment.
Gochnour said a lot of positive things are happening in Utah and the Utah economy is “healthy in so many ways.” But she also cautioned the gathered business leaders to be mindful as they move forward.
“There’re a lot of risks out there. There are a lot of things we need to be paying attention to,” Gochnour said.
Those within the Governor’s Office of Economic Development shared that same feeling. Even Gov. Gary Herbert, normally solidly positive in many of his business speeches, said that despite the many accolades the state has received in recent months and years, the state faces some challenges.
Herbert highlighted challenges the state is facing: educating the future employees and business leaders of tomorrow, the state’s air quality, Utah’s exponential residential growth — which he said is expected to double by 2050 — and making sure everyone, including those in rural communities, shares equally in the state’s prosperity. This is not the time to rest, he said.
“There are 49 other states that would love to be in Utah’s position,” Herbert said. “I suggest that while we are in first place … we should never, for a second, think we’ve arrived at our destination. The competition is keen and getting keener.”
Recalling Brigham Young and his vision as he came into the Salt Lake valley with the early pioneers, Herbert said the work is not done.
“Nearly 170 years ago, Utah’s first territorial governor, Brigham Young, looked over the Salt Lake Valley and famously declared, ‘This is the right place, drive on.’ Well, as Utah 17th governor, I say today Utah still is the right place, and we need to continue to drive on.”
Starting from a place of strength, Utah’s economy has many opportunities for growth and success he shared. The day’s speakers and presenters, while speaking on a variety of unique topics, touched on all the prospects for all businesses.
Both small and large businesses have more opportunities for venture capital and other means of funding today than just a few years ago, as explained by experts from Peak Ventures, Pelion, Sorenson Capital, Epic Ventures, Lendio, OnDeck and BlueVine. There also are a multitude of avenues for diversification and development, as shared by experts from Amer Sports America, Thatcher Group, Kodiak Cakes, Petersen Inc. and Jas. D. Easton Inc.
There are even ways to be a disruptive startup in industries that are highly regulated, as evidenced by the panel featuring local change agents. The panelists in this session — Johnny Hanna of Homie, Ashley Langell of the U of U School of Medicine and Priyanka Bakaya of PK Clean — were from very diverse industries: real estate, biomedical engineering and plastic waste management. But each one shared how they were able to completely turn their respective industries on their heads.
Keynote speaker Arthur Brooks, president of the American Enterprise Institute, echoed this same sentiment, sharing that living the startup life means saying yes to risk and acknowledging our weakness.
“The research says, say yes if you want a startup life. It’s usually a good decision,” Brooks explained. “Think about what you are struggling with in your personal life, and say yes. It’s probably the right choice.”
Drawing on America’s history as a whole, he reminded listeners that America is a land of opportunity, and has been since the beginning. If “we just have to remember who we are,” then everyone from the budding entrepreneur to the experienced mentor can move forward into successful enterprises.
“We’re all of outcast stock. This is a country where every single one of us comes from a stock of ambitious riff-raff,” Brooks said.
Gov. Gary Herbert and the Governor’s Office of Economic Development issued a promise to the business leaders of Utah during the Governor’s Utah Economic Summit Friday.
It is as follows:
Utah’s Business Promise
The Utah Business Promise is our commitment to a business-friendly environment and high quality of life. These fundamental principles set Utah apart and serve as a foundation for our economic success.
Business Environment:
– Strong, diversified economy
– Business-friendly environment that supports capitalism and free enterprise
– Affordable, resilient and diverse energy sources
– Competitive tax rates
– Efficient and effective regulation
– Strong entrepreneurial spirit
– Accessibility to government decision makers in a transparent environment
– Quality, educated workforce
– More than 120 languages spoken by employees
Quality of Life:
– Affordable housing and cost of living
– Effective transportation infrastructure (i.e. major interstate freeways, Salt Lake City International Airport, rail lines, and bus systems)
– Year-round outdoor recreation opportunities (i.e. five national parks, 43 state parks, world-class ski resorts, spectacular mountains and red rock adventures)
– World-renowned arts and cultural events
– Strong K-12 public education system and higher education featuring top-notch universities and colleges statewide
– High quality and low cost of healthcare