It happened like this.
Annette MacIntyre, Salt Lake City inventor, and founder of Majelco Medical Inc. happened to be walking through the University of Utah hospital hallway (where she worked at the time) and saw a sign from Partners for Innovation, Ventures, Outreach & Technology (PIVOT) Center. She said, “There it was. Someone advertising help in setting up business ideas. There’s a person right there waiting for me. So I walked in. They were extremely helpful and did an invention disclosure right then and there.” Her invention came to life with a solid business plan attracting new investors. She also discovered WeRoc which supplied more inspiration and encouragement. It is where she met Salt Lake City’s Small Business Development Center. A podcast of her journey can be found in our StartupSLC podcast.
Founders of Z NECTAR Craft Beverages Sam and Emily Samuel had no background in the food industry. Sam said, “We had an idea and lots of passion. We just didn’t know how to go about doing this. We spent a lot of hours online looking for help with dispensed food businesses. Nothing really helped that much. Then we discovered SBDC. And they helped us write a plan.” The SBDC connected Z NECTAR with similar businesses in the are who were willing to help them going in the right direction.
New business filings for Salt Lake City have been on an upward trend since 2017. And while we don’t expect this year to exceed 2019 numbers, we are optimistic it will bounce back in due time.
Call it the ‘Small Lake City’ effect or the way in which our community supports one another, but LinkedIn Workforce Insights recently said Salt Lake City is a top 10 U.S. where entrepreneurs thrive.
LinkedIn said, “Some early signs are emerging of the ways that this year’s COVID-19 pandemic and associated workplace restrictions may redefine the future map for entrepreneurs’ opportunities… fresh waves of founders are creating momentum in (smaller) metro areas. For 2020 to date, Salt Lake City has enjoyed big gains (+26%) of the share of new entrepreneurs relative to total entrepreneurs.”
This is a really great time to create or refine a business plan,” says Roberta Reichgelt, Local Business and Entrepreneurship Manager for Salt Lake City’s Department of Economic Development. She continues, “Thoroughly research the market opportunity and your competition. It’s easy to get overwhelmed during this time of uncertainty, but a business plan is a vital tool in maintaining your vision. You’ll need it to get a lease, loan, attracting investors, and the usefulness doesn’t end there. We can help connect you with the resources to get started and plan through the COVID-19 recovery phase.”
For tech and healthcare innovation companies, Clark Cahoon, Technology & Innovation Advisor at Salt Lake City says, “Many may not realize that there are significant financial and tax savings available to startups in Salt Lake City. We’re here to help connect you with the right resources to ensure a successful startup and long term growth.”
Not ready to talk to someone in person yet?
We have a free Business Development Resource Finder — a one-stop shop for anyone who is interested in starting a business or who is currently running one – it incorporates resources for all businesses, both large and small; old and new.
This unique, one-of-a-kind tool does not exist anywhere else in the state of Utah. It is comprehensive, encompassing a wide variety of resources including financial (grants, loans, and tax incentives), partnerships with private and local agencies and groups, and general information that can connect businesses to programs that address workforce and city planning questions. Start here: http://bit.ly/SaltLakeCity-BDRF
If your startup needs assistance, the Salt Lake City Department of Economic Development is here to help. You can e-mail us at email@example.com or follow us on our social media pages.