Sid Krommenhoek is one of six partners at venture capitalist firm Peak's Ventures. They have invested in some of Utah's biggest companies such a Weave, Podium and Homie.
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Sid Krommenhoek’s main objection at Peaks Ventures is to distinguish just that. With an office just north of the Riverwoods and headquarters in Lehi, this venture capital firm, created in 2014, seeks to gauge the region's up-and-coming talent and see what makes Utah so unique and pivotal for these entrepreneurs. He says his six-person team of investors wants to “increase the odds in an industry where more fail than succeed.'
Though quite a few Peak Ventures’ clients are out of state, many in the Bay Area, 50% are here in Utah. Krommenhoek says Utah has an advantage on the Silicon Valley and east coast competition not because of financial benefits or any big name ranking but because of loyalty.
“Utah is still a place where loyalty and deep fraternity exists. In the Bay Area, there’s a good chance your engineers, not to mention other team members, will move around. When you have that density of tech and startup, engineers can see themselves as angel investors in that they need to be jumping around to gain the best experience for themselves,” Krommenhoek said.
With this perspective, Krommenhoek says he and his partners have a new confidence and energy approaching Peak’s newest investments.
He said each hub along Utah's tech corridor — Salt Lake, Lehi and Provo — has individuals who are doing more than just showing up at work.
“There’s an entrepreneurial spirit that’s been in Provo longer, but with the rise of Lehi, there’s a unique energy there in that there are engineers who are moonlighting after hours to start on their own up-and-coming projects,” Krommenhoek said.
Startups believe Utah's ability to nurture these new ventures well into the future puts it on a steady growth path for years to come.