Grow Utah Ventures gives back

OGDEN — Alan Hall could be kicking back, sunning himself aboard a nice yacht half a world away, enjoying the fruits of a hugely successful corporation he started in his Roy basement.

But instead, the man who matured MarketStar into a multimillion-dollar enterprise with operations in 100 countries is extending a helping hand — in the form of money and expertise — to a batch of Utah entrepreneurs who someday might repeat his success.

"I have a higher mission in life," Hall says. "Maybe when you get to a certain age, you say, 'Why not?' I'm not going to take it with me. I might as well use it to bless life's people."

The blessings flow from Grow Utah Ventures, an organization Hall started a couple years ago to help startup companies bridge the time between the seed and early stages of business growth. Grow Utah has committed $15 million to fund as many as 100 companies over the next five years, through either direct funding or collaboration from angel investor networks it is working to establish.

"Grow Utah Ventures' goal is to be the most powerful private entity for economic development," Hall said. "We've got the governor and counties and cities doing what they do, but there's no reason why private people can't try and marshal their resources to get some things done."

About 30 companies have received investments so far, but many have taken advantage of other benefits Grow Utah has to offer.

The right path

Grow Utah gets involved with entrepreneurs early in what Hall calls "conditioning." Greg Warnock of vSpring Capital in 2004 began an entrepreneurial training program called Junto Partners, and Hall soon came on board. It's under way in Salt Lake and Ogden. Teaching about 60 students, typically college juniors and seniors, the free program is offered for three hours a week for seven weeks.

"At the end of the course, they know whether they are an entrepreneur or if they're not, and that's equally as valuable," Hall said.

"What we know about that population is they're bright, they've got energy and they've got passion, but they don't necessarily possess wisdom, and we try to bring them some balance with that."

A few young entrepreneurs get a bit extra, in the form of $50,000 each to get their ventures going. Fifteen companies in the past two years have received the funding. Grow Utah gets a small ownership stake and will benefit should they hit it big.

Also helping out is the Northern Utah Business Ignitor Series, put together by Lumin Publishing and Grow Utah to let successful entrepreneurs provide helpful tips to the younger set.