From Deseret News archives:

Businesses study how to strengthen status

Strategies set for jobs, technology

Published: Thursday, March 10, 2005 6:30 p.m. MST
 |  E-MAIL | PRINT | FONT + - 
More jobs, better access to capital and more technology parks could be in Utah's future if the Department of Business and Economic Development is successful with some new strategies.

Those strategies were presented by Martin Frey and Ladd Christensen, co-directors of the department, Thursday at a meeting of the state Board of Business and Economic Development.

The overall department structure is under three main headings: creating new business, growing existing business and recruiting business into the state.

Among the proposals for creating new businesses are:

• Developing "clusters," whereby Utah is "best in class" in targeted industries. But the state needs to establish a consensus of what those clusters are, Frey said.

"One of the challenges we've seen in the past with some of the 'ecosystems' and the Silicon Valley initiative is perhaps we tried to do too many things and we had so many specialties and focus areas, nothing was really core-focused . . . ," he said, referring to programs instituted under former Gov. Mike Leavitt.

The energy and film industries already have been identified. The state wants to increase the film industry impact on the economy by 25 percent in 2005 and 20 percent more in 2006, plus increase the number of production days by 40 percent in 2005 and 30 percent next year.

Story continues below
• Developing a faster, more effective Centers of Excellence program by July 1, to help turn university-generated technology into Utah jobs.

• Boosting capital formation by lowering the cost of capital and increasing the amount of entrepreneurial funding.

• Establishing statewide best practices for economic development, with training and methodology developed by December.

• Creating more technology parks, with a new planning council developing the blueprints by this fall and construction starting in spring 2007.

In the "growing existing business" category, Christensen said the department's goal is to "connect and reach" 75 percent of the companies over the next 12 months. He also said the department should provide some sort of services to 50 percent of those businesses "in a relatively short time."

Regarding business recruitment, Frey said one goal is a seamless outsourcing of the recruiting process. By June 30, the state will pick a partner organization to help select and recruit targeted companies.

Comments

You can be the first to comment on this story.

previousnext

Latest comments

I find it interesting that many of the same people who say that we can't...

Cougs begin bowl preparations

None of these teams is going to be easy. They all have fine football...

Max Hall issues apology

Max, no apology was necessary, but the apology was polically correct. If...

Very good piece of writing, Amy. You summarized what many of us have been...

U. eyes bowl for redemption

How is a top 25 finish make Utah a top twenty team? I think what the poster...

Max Hall issues apology

90% of the BYU & Utah fans have class, and Hall knows it. If you don't...

This might be my favorite article I've ever read from the Deseret News. Kudos.

Y. student vanished in China

Thank you for not giving up and don't give up now brother and sister...

Child prostitutes don't get help

Dr. Lois Lee's work with children who are victims of child sexual...

Look at the preview for Pixar's "Up". The whole move is summarized in...

Advertisements