While it may not seem all that easy to believe, Utah is quickly becoming one of the best places to open a new business and start a fresh career. Cities like Salt Lake City have seen an explosion in growth over the past few years and it doesn’t seem like this is going to end any time soon. While we may be entering the new year (let’s go 2016), it’s important to look over the past year to see just how Utah has grown, especially when it comes to investment and new business opportunities.
One of the most important aspects to look at when deciding where to open a business is the numbers. In this case, I mean the amount of dollars spent in the past in terms of funding new companies. This is a great way to see just how open to business a city and the people who live there are. In this case, I want to look at the first business quarter of 2015. In the first quarter, Utah got over $200 million in venture capital funding for new and expanding businesses within the state. This is a huge amount, especially for a state that was previously unrecognized as a business haven. This amount of money meant that Utah raised more in that first quarter than Colorado, Arizona and Idaho combined. It was the 6th most money raised in the first quarter in the country, ranking behind New York, California, Texas, Massachusetts and Washington.
The most funding went to Health Catalyst, which got $70 million. Infrastructure got $40 million and InsideSales received $60 million. The rest of the money was spread between smaller, more localized businesses. This shows that Utah is open to companies of all sizes and scales, ranging from small with local goals to large with national and international goals. So if you’re thinking about starting a new business, look into Utah. You’d be surprised at what you might find and it’s very possible that it could be the best business decision of your life!
If you’d like to read more, the link is here.