Utah

Technology Commercialization & Innovation Program

Mr. Clark Cahoon
TCIP Fund Manager
Utah Governor’s Office of Economic Development
60 East South Temple, 3rd Floor
Salt Lake City, UT 84111
(801) 538-8895
ccahoon@utah.gov

Purpose of Initiative

The Technology Commercialization & Innovation Program (TCIP) provides competitive grants to small businesses and university teams to support the commercialization of technologies. The program, administered by the Governor’s Office of Economic Development, aids companies in securing non-dilutive funding, resulting in long-term success and economic development in the state.

Eligibility

Applicants must be a Utah-based small business or a university team of the licensee of a university technology. In addition, the applicant can have generated no more than $500,000 in revenue from the new technology and no more than $3,000,000 in total prior funding (including equity and debt-based financing.) Further, the company must meet the required criteria of being at technology readiness levels 6-9.

Application Process

For the FY 2018 TCIP grant solicitation, the pre-application and application opened in late October and closed 11/20/17. Additional information on instruction guidelines can be found through the following website.

Award Details

Grants are up to $100,000 per technology per funding round for potential first-time awardees and up to $200,000 for previous TCIP recipients. An Applicant may apply for a TCIP grant up to three times for a specific new technology. If a technology receives funding from TCIP that number will reset and allow for additional application submissions in subsequent solicitation rounds. Specific technologies may only receive up to $400,000 in TCIP grants over the life of the technology. Only one technology per applicant or entity will be reviewed per funding round.

Rural Fast Track

Ms. Nan Anderson
Rural Development Outreach
Utah Governor’s Office of Economic Development
60 East South Temple, 3rd Floor
Salt Lake City, UT 84111
(435) 287-4170

Purpose of Initiative

Small companies in rural Utah qualify for the Rural Fast Track (RFT) Program, which is a post-performance grant for existing, small companies to receive incentives for creating high paying jobs in rural areas of Utah and to, in turn, promote business and economic development in those areas.

Eligibility

In order to be eligible for this grant the applicant must meet the following criteria:

  1. Be located in a county of the third*, fourth, fifth, or sixth class as described in Utah Code Section 17-50-501. Companies located in a county of the third class may not be located within a city that has a population of more than 20,000 or a median household income of more than $70,000.
  2. Have been in business for at least two years.
  3. Have at least two full-time employees.
  4. Enter into an incentive agreement with GOED which specifies performance milestones.
  5. Demonstrate how the business development project will promote business and economic development in a rural county.

In addition, the applicant must work with and obtain a letter of support from a local city or county economic development representative that confirms that the local economic developer has reviewed and is in support of the project and that the project meets the criteria.

Application Process

Applications can be submitted throughout the year on a monthly basis every Friday before the GOED Board Meeting to perform Rural Fast Track approvals. The Rural Track program application can be found here.

Award Details

Awards of up to $50,000 for a qualifying business development projects which create and retain new high-paying jobs in a rural county for at least 12 months.

  • $1,000 for each new full-time job paying 110% of the county’s average annual wage
  • $1,250 for each new full-time job paying 115% of the county’s average annual wage
  • $1,500 for each new full-time job paying 125% of the county’s average annual wage

State Trade Expansion Program (STEP)

Ms. Nichole Sherwood
World Trade Center Utah
60 East South Temple
Suite 300
Salt Lake City, UT 84111
(801) 599-9185
nsherwood@wtcutah.com

Purpose of Initiative

The World Trade Center Utah’s State Trade Expansion Program (STEP) looks to assist Utah businesses enter and grow into dynamic global markets. The effort aims to increase the number of small businesses exporting in Utah, increase sales of Utah-made goods and services, and increase Utah’s gross domestic product through international trade. The program awards eligible small businesses based in Utah to help offset the cost of expenses associated with export development activities.

Eligibility

Eligible small businesses in Utah must meet the following criteria:

  • Meet SBA size standards (view here)
  • Is not barred from federal funds
  • Is an eligible small business
  • Has been in business for more than one year
  • Has sufficient resources to bear the costs associated with trade
  • Is headquartered in Utah
  • Is a for-profit company
  • Recommended 3 or more full-time employees
  • Has a finished product or qualifying service with at least 51% U.S. content
  • Has an export plan

Application Process

The application period is now closed although the application process can still be accessed here. Please contact WTC Utah at grants@wtcutah.com or fill out the contact information form to be notified of future grants.

Award Details

The Utah STEP Grant is a cost reimbursement grant. Recipients may receive up to $15,000 for various eligible international business activities. All grant awards require 25 percent cash match by the grant recipient.

Updated by Rachel Werth in April 2018