The Utah Capital Investment Corp. announced Thursday the official formation of its board of directors — one of the two groups charged with overseeing and implementing Utah's $100 million Fund of Funds, a state-backed venture capital fund approved by the Legislature in 2003.

The new board includes high-tech entrepreneur Will West; Gary Crittenden, executive vice president and chief financial officer of American Express; Richard Nelson, president and chief executive officer of the Utah Information Technology Association; retired venture capitalist Frank Trumbower; and Geoff Woolley, founder of Dominion Ventures Inc. and European Venture Partners.

West has been selected as chairman of the board.

The new board will reach out to the venture community with the goal of attracting five to 10 new venture capital firms to invest in Utah and establish an ongoing presence in the state. These firms will be entrusted with a portion of the Fund of Funds and will, in return, be encouraged to invest in the growth of Utah's high-tech future.

The fund will be financed by private sources like Utah banks and utilities, according to Utah Capital, but the state will protect institutional investors from losses by issuing contingent tax credits that will go into effect if investors do not receive an agreed-upon minimum return on their investment.