Utah’s tech startup scene has received $737 million in funding year to date. Two cities, Salt Lake and Provo, made a list of the country’s top 20 metropolitan areas according to research from the National Venture Capital Association. In total, 25 Utah companies were successfully funded. The average funding deal for the state was almost $29.5 million per company. The research didn’t include certain technology related companies and didn’t include all Utah startups.
Salt Lake City had more companies funded, but Provo had a larger amount of money going into venture capital deals at $462 million.
Utah rates highly in the tech world for several key reasons. First, the cost of doing business in Utah compared to Northern California is significantly lower. Secondly, Utah boasts a high percentage of college educated residents so there is a skilled labor pool. Starting a business in Utah is relatively easy as well with the Governor’s office boasting a “sensible regulatory environment.”
In the tech space, Utah has developed a tradition of successful companies like Novell, Qualtrics and Micron. Companies like Ebay and Adobe office in Utah or have bought Utah companies.