Governor Gary Herbert addressed a crowd of business men and women at the Utah Startup Festival in Provo Tuesday morning. His address focused on motivating, educating, and encouraging local business leaders in the State.
“We have a lot to brag about here in the state of Utah,” Herbert said. “Utah is excelling in about every aspect of business.”
Herbert started his remarks by recalling lessons he learned from his father while planting a garden at his childhood home in Utah County.
His father taught him that in order for plants to grow there needs to be not only a good seed, but good planting soil. He then stated that Utah has indeed provided good soil for business to grow and flourish in the state.
At the end of Herbert’s presentation, Clint Betts, CEO of Beehive Startups, asked how Utah is adapting its business laws in order to provide the good soil for startups to emerge. The governor answered with examples of legislative changes in order to welcome new companies and expand the economy in Utah.
“The laws are in place to protect the public and create a level playing field, but we must also adapt to constant changes to the business landscape,” Herbert said.
The governor also explained that a growth in venture capital in the State of Utah has also provided the good soil in which businesses are able to excel in the state. The governor sited INC.com, which showed that businesses in Utah earn more venture capital per deal than in any other area in the country.
Venture Capital is a financial term for money or assets that are exchanged for shares or percentages of new companies.
Utah County ranked number one in the study, with businesses bringing in $51.3 million per deal.
Besides characterizing Utah as having good soil for business, Herbert said Utah is setting an example of economic growth for other states to follow.
As the chair of the National Governors Association, Herbert has chosen to advise other states in how to improve their overall economies.
He credits his confidential 10-step economic plan as helping the Governor of Michigan, Rick Snyder, boost Michigan’s struggling economy.
“We are a role model for the other states and the cream is rising to the top,” Herbert said.
At the end of his presentation, the Governor praised the successes of the men and women in the StartFEST audience and encouraged them to be optimistic about the future for business in Utah.
Read more about why Provo is a prime location for business here.