By Jordan Phelps
The Utah Governor’s Office of Economic Development (GOED) announced a total of $2.5 million in grants that will be divided up between 25 startups in different industries. This funding is a part of GOED’s Technology Commercialization and Innovation Program (TCIP) which provides grants to small businesses and university teams who are developing innovative technologies.
“TCIP is a critical tool for local startups to get initial funding for their businesses,” said Val Hale, executive director of GOED. “These companies not only have innovative products but also have intrepid entrepreneurs that support the backbone of our local economy.”
Applicants are screened through several review panels of volunteer local industry experts. The startups are reviewed based on technical merit, level of matching funds, and the potential for job creation and economic development in the state. TCIP has awarded over $6 million and helped more than 180 projects in the state in the last five years.
“We use these grants to help very early stage companies put down roots and become the next wave of great Utah companies,” said Thomas Wadsworth, TCIP fund manager. “We reviewed many promising startups. From medical devices, to clean energy, biotechnology and IT, it’s reassuring to see that entrepreneurship continues to be as diverse as our economy.”