From Deseret News archives:
Grow Utah Ventures gives back
Founder Hall's 'mission in life' is helping local entrepreneurs succeed
Money and more
Grow Utah also is making money and assistance available to entrepreneurs who have set up shop. While venture funds typically do bigger deals with later-stage companies, Grow Utah is focused on early-stage companies that have moved on from funding obtained from "family, friends and fools," Hall said.
Aided by a group of Weber State University students who receive scholarships in exchange for screening potential deals, Grow Utah looks for start-ups involved in technology that have had early sales, even if they are not necessarily profitable, and could benefit from funding between $50,000 and $500,000.
"It's an interesting thing that you can really launch a business that will succeed without that many dollars," Hall said. "Our average is $100,000. We've got 31 in place now. We're looking to make sure they're good people and not headed to Rio with our money."
Ultimately, the goal is the creation of strong companies with plenty of high-paying tech jobs.
"I really feel like it's the Lord's money, and I have a stewardship and I'm a manager of the funds, and therefore I'm going to do good things with them, and that's the whole focus here," Hall said. "There's a spiritual overtone to this."
And there's more than money.
"Utah is tops in the U.S. for startup companies, and there are thousands of entrepreneurs, mostly in technology of biomed, from Provo to Logan. Usually it's people with great ideas and dreams to succeed, but they're all needing money, and most of the time it's not money they need as much as some of the other things we do for them," Hall said.
The E Station
That's where the E Station comes in. Currently based in a former Greyhound Bus depot in downtown Ogden, the first E Station incubator is designed for five to seven businesses and about 30 total employees who can tap into the expertise of various partners.
Comments
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