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For entrepreneurs and innovators alike, the Silicon Slopes region of Utah — which spans mostly through Salt Lake to Utah County — has emerged as a potent force in the tech world. It may not get as much attention as other, more prominent tech hubs, but Silicon Slopes offers a unique set of advantages that have helped several startups get off the ground. A few names you might recognize include Divvy, Ancestry.com and Qualtrics, among many others.
Lyndsey Stram, senior economist at the Utah Department of Workforce Services, says that Silicon Slopes has shown major growth and change over the past several years. Not only has this growth been beneficial to startups, but it's helped the state as a whole.
"The development of the tech industry has further strengthened the diversity of the Utah economy, which already stands among one of the most diverse in the United States," Stram reports.
This seems to support Forbes' prediction in 2017 that Salt Lake City was the No. 1 U.S. city "poised to become tomorrow's tech mecca."
If you're wondering how or why so many businesses have found success along Silicon Slopes, perhaps the following information can shed some light on the topic.
A thriving collaborative community
One key to the startup success in Silicon Slopes is its tightly-knit and collaborative community. Divvy, a pioneering expense management platform, is a great example of a company that benefited from the culture of collaboration. By harnessing the power of partnerships and knowledge-sharing within the Silicon Slopes community, Divvy was able to secure essential funding and key partnerships to boost their growth.
Their methods must have worked. In just a few short years, Divvy grew so quickly that Bill.com purchased it in 2021 for $2.5 billion, according to CB Insights.
Access to exceptional talent
Silicon Slopes is strategically located between two major universities — the University of Utah and Brigham Young University — which allows it to draw in top-tier talent on a local level and beyond.
Cultivating entrepreneurial drive
The environment of Silicon Slopes nurtures an entrepreneurial spirit that serves as a catalyst for app startup success. A major example in this category is Qualtrics, a trailblazing company in experience management. Founded in Utah Valley, Qualtrics embodies the region's risk-taking culture, which led to its meteoric rise and eventual acquisition by SAP for $8 billion. This was the largest private-enterprise-software acquisition in history.
But without taking a few risks, it probably never would have happened.
"One of the hardest disciplines in business and in life is tearing down what you've built to build something better—and knowing when to do it, especially if everything is going well," Qualtrics founder Ryan Smith told Harvard Business Review in 2021.
"In the end, it's not change but complacency that kills a business."
Thriving across diverse industries
Apps also benefit from cross-sector collaboration thanks to the diversity of industries within Silicon Slopes. Overstock, an innovative online retailer, is a testament to this. By integrating blockchain technology, Overstock capitalized on the region's diverse landscape and successfully bridged the gap between e-commerce and cutting-edge tech solutions.
Cost-effective growth opportunities
Another benefit of operating in Silicon Slopes is cost-effectiveness. In Utah, the cost of living is much lower than in somewhere like California, according to World Population Review. InsideSales, a leader in AI-powered sales acceleration, based their operations in Silicon Slopes and benefited from lower overhead costs while maintaining access to a talented workforce. This approach enabled the company to invest resources in refining its technology and expanding its market presence.
Nature's influence on innovation
Nature plays a role in innovation as well. Silicon Slopes' unique blend of urban living and proximity to great outdoor recreation has been a source of inspiration for app startups. The outdoor adventure app, Tread, is a good example. Born from the region's love for outdoor activities, Tread created an app that connects outdoor enthusiasts, showcasing how the environment can foster innovation.
The future looks bright for smaller, app-based businesses
As you can see, Silicon Slopes has an array of hidden advantages that lead to successful app startups. The collaborative community, access to top talent, entrepreneurial culture, cross-industry dynamics, cost-effectiveness, and nature-inspired creativity combine to create an environment primed for innovation and growth.
If you have a winning idea for an app, talk to the pros at Intelgic. They can help you come up with a plan, a look, and functionality for your goal and then make it happen. Visit their website today to get started.
