The governor and a host of Utah business leaders are scheduled for a series of conferences in 24 U.S. and foreign cities in the hopes of generating business opportunities for the state.
The State Olympic Office has scheduled “trade missions” throughout 2003 to capitalize on the attention drawn to the state during the Olympics and try to boost Utah’s lagging economy.
“We need to put more money into economic development than we ever had,” said Lane Beattie, state Olympic officer.
After studying the impact of the games on other Olympic cities, Beattie said there is a window of opportunity for economic growth following the games.
“People recognize Utah, we feel the long term benefit is overwhelming,” he said.
Beattie said the Sydney games injected $10 billion into the Australian economy, but officials there felt like they could have done more to take advantage of hosting the games.
Jeff Edwards, a vice-president of The Economic Development Corporation of Utah (EDCU) regularly travels around the country to persuade corporate real estate managers and site consultants to invest in Utah. He said without exception, the people he meets with praise Utah on the way it represented the United States.
“I think it (the Olympics) sent two clear messages,” said Jeff Edwards, vice-president of client services for The Economic Development Corporation of Utah.
“First, that Utah is a beautiful place. More importantly, it says that Utahns are smart, competent people who know how to get a big job done like the Olympics.”
The EDCU, which is funded both by private entities and cities and counties, will participate in each of the domestic missions.
“The trade missions are great way for us to get out there and meet those same people,” Edwards said. “With the governor along, it raises the level of interest and the market value of the event.”
The first leg of the trade missions begins Feb. 2 in Mexico City, followed by a series of nine more trips slated through Fall 2003.
State Olympic Officer Lane Beattie has invited business people from all over the state to join Governor Mike Leavitt for meetings, workshops and receptions with current and potential business partners.
“These are not pleasure trips, you start early in the morning and go until late at night,” Beattie said.
The five domestic missions are follow-ups of similar conferences prior to the games in connection with the torch relay, Beattie said.
“Now we are going back to businesses that showed interests,” Beattie said. “We will have much more intimate dinners, more of a rifle approach.”
Leavitt’s major goal is to attract venture capital to the state to start up new businesses. Individuals make a lot of venture capital decisions, so the trade missions will have to strengthen those personal relationships, Edwards said.
“When people with money are willing to invest in Utah, that’s a good sign,” he said.
Beattie said the participating businesses will fund their own expenses for the trade missions and the remaining costs to the state will be covered under economic development.
Combined, the trade missions will run for more than 60 days. So far, the governor is scheduled to attend each one.
“I am just amazed that he would take the time to do this,” Beattie said.
