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When it comes to turning your app idea into a successful startup, location matters. Utah has emerged as a vibrant hub for innovation and entrepreneurship, particularly in the app development space. With a robust economic environment that includes venture funding, a supportive community, and a growing number of app startups, Utah is a great place for turning your app dream into reality.
Here are five reasons why Utah has become a hotspot for app development and why that means your app idea is more valuable in the Beehive State.
Strong venture funding
Utah boasts an impressive track record of securing venture funding for app startups. Investors are drawn to the state's thriving tech scene, which has fostered many successful companies over the years. According to PitchBook, a leading financial data platform, venture capital investments in Utah have been on the rise. In 2021, venture funding in Utah soared to 3.4 billion dollars in total. The Beehive State consistently ranks among the top regions for funding across various industries, including technology and apps.
One of the main reasons for Utah's strong venture funding is the presence of reputable venture capital firms and angel investors who actively seek out promising startups. Firms like Pelion Venture Partners, Signal Peak Ventures, and Kickstart have a significant presence in Utah and have backed scores of ventures that went on to see success.
Economic stability creates unicorns
This year, U.S. News & World Report named Utah the best state to live in. Sure, the red rocks and snowy mountains are gorgeous—but what pushed Utah to the top of the list was its strong economy and business environment. Elliot Davis Jr. writes, "Utah provides a good atmosphere for entrepreneurs and startup companies, which has been a big part of its economic story. The state ranks No. 3 in the Best States business creation rate metric – an assessment of business growth in the private sector – and companies tend to find success after being born, too."
Davis goes on to cite research from Stanford University Professor Ilya Strebulaev, saying, "1 out of every 61 Utah startups backed by venture capital reaches unicorn status – a term for a privately held startup valued at over $1 billion." This rate is almost 70% above the national average.
Flourishing startup ecosystem
Utah's app startup ecosystem is thriving, thanks to a combination of factors. World-class universities like Brigham Young University and the University of Utah produce a steady stream of talented graduates in technology-related fields. These graduates often become the driving force behind new app startups, bringing fresh ideas and technical expertise to the table.
Additionally, Utah has a strong culture of innovation and entrepreneurship. A supportive community exists, made up of like-minded individuals and organizations. Utah even has an Innovation Center where small businesses can receive free consultations, training and proposal assistance to secure funding.
Startups have the benefit of co-working spaces, startup incubators, and networking events, which all provide an environment where app founders can receive guidance, mentorship, and access to resources. Put simply, these resources make it easier to turn app ideas into successful businesses.
Utah's app boom
Over the past few years, the number of app startups in Utah has skyrocketed. The state's low cost of living, business-friendly policies, and access to a highly skilled workforce make it an attractive destination for entrepreneurs looking to launch their app ventures. From healthcare and education to finance and gaming, apps across various industries are finding success.
Apps like Relay — an app that aids in addiction recovery — are just the tip of the iceberg in Utah. PonyEx and Errand are also examples of businesses built from the app up.
An environment years in the making
The rise of Utah's Silicon Slopes might seem sudden, but it's actually been years in the making. According to a KSL Homes article, the environment started as early as the 1960s with the University of Utah and the U.S. Department of defense. Their network was a forerunner to the internet.
Today, there are many reasons that your app or startup can succeed here. According to a 2022 Indeed article, there are several tech giants in Silicon Slopes today, including Bamboo HR, Ancestry, Podium and more.
Find success in your startup with Utah Tech Labs
Utah has undoubtedly emerged as a prime location for turning your app idea into a lucrative business venture. With a thriving ecosystem of venture funding, a supportive community of entrepreneurs and investors, and a growing number of successful app startups, the Beehive State offers the perfect blend of ingredients for entrepreneurial success.
If you've been nurturing a brilliant app idea and are eager to take the leap, you can make it happen here. So, why wait? Bring your app idea to life and join the ranks of successful Utah-based app startups.
Utah Tech Labs can help you get your startup off the ground with technology solutions that help businesses flourish. They have unmatched expertise in digital transformations and offer technology services to make you an autonomous enterprise.
Whether to run your business more efficiently or boost your revenue, Utah Tech Labs can get you there. Learn more at utahtechlabs.com.
