Growing High Tech Business in Utah

Great article published by Forbes about the tech growth in Utah.

Silicon Slopes Vs. Silicon Valley: Four Tech Unicorns, Thousands Of Startups, No Frenzy – by Amy Feldman

Among the state’s more than 4,000 tech startups, at least four are unicorns, venture-backed companies valued at more than $1 billion: Pluralsight, Qualtrics, Domo (founded by Josh James, who’d previously founded Omniture), and InsideSales. Many more could become billion-dollar companies if the stars align. Among them are Health Catalyst, a platform for health-related data from different systems; Workfront, an online project management software company; MaritzCX, a customer experience platform; and Owlet, makers of a high-tech baby sock monitor that FORBES named to its 2016 list of Next Billion-Dollar Startups. Instructure, an educational technology company that went public in 2015, has a market cap approaching $700 million, while Vivint, a provider of security and home automation, was acquired by Blackstone for $2 billion.

 Utah’s Mormon culture, with its focus on family and hard work (and going door-to-door), lends itself to startups. FORBES named it the best state to do business for the third time in 2016. Fast-growing companies can count on a deep pool of young, educated job candidates from Brigham Young University and the University of Utah. And venture capital firms have caught on, pouring $2.5 billion into Utah in the last three years, compared to $1.1 billion the three years before that, according to the PwC/CB Insights MoneyTree Report. “It’s not putting a huge dent in Silicon Valley, but what’s happening in the state is pretty significant,” says PwC’s Tom Ciccolella, who leads the firm’s U.S. venture capital practice.

photo credit: Aurimas Adomavicius Desk via photopin (license)

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