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Sandy Journal

‘Startup capital of the world’ initiative launched to help support small businesses

Jun 03, 2024 11:25AM ● By Bailey Chism

In January, Wallethub named Utah as the best state to start a business and a U.S. News & World Report crowned Utah as home to the nation’s best economy. (Photo from Startup State Initiative)

Utah is home to 324,821 small businesses that collectively employ around 625,571 people. 

That means about 45.5% of Utah employees are employed by a small business. 

And in a bid to provide further support to startups and small businesses, Gov. Spencer Cox and the Governor’s Office of Economic Opportunity have launched the Startup State Initiative. The initiative includes an all-in-one website to help guide startups, small businesses and entrepreneurs through every step of the business journey. 

“Utah has created the perfect ecosystem for startups to thrive,” said Cox in a statement. “The Startup State Initiative highlights what already exists in Utah and elevates it to new heights. It isn’t just about Utah, it’s about setting a new global standard for innovation and entrepreneurship.”

The website holds resources like step-by-step business journey guides, a resource fitter and a business plan generator to connect entrepreneurs with the information necessary to start their business. 

Brad Bonham, Utah’s first entrepreneur-in-residence, announced the launch of the website at the One Utah Summit in April. 

“ and the Startup State Initiative celebrate, inspire and empower Utah entrepreneurs and those who support them,” said Bonham in a statement. “We want to continue encouraging innovators to start their businesses in Utah and let them know that this resource can assist them while navigating entrepreneurial challenges.”

During Cox’s speech at the One Utah Summit, he declared Utah as the “startup capital of the world,” and his latest move seems to be pushing to solidify that title. 

Utah’s low corporate tax rate and high government support for small businesses make Utah a prime startup environment. These have led to Utah being recognized as the No. 1 best state to start a business, the nation's best economy, and the No. 1 best economic outlook for the 17th consecutive year. 

In a statement, Ryan Starks, executive director of the Governor’s Office of Economic Opportunity said: “We are proud to support Gov. Cox in this initiative and are excited to continue championing Utah’s small business community. An entrepreneur’s journey can often be daunting. Whether someone is at the early stages of an idea, needs help creating a business plan, or is considering how to grow or sell a business, is a one-stop-shop that truly highlights Utah as the Startup Capital of the World.” 

For more information, go to λ