Coined by venture capitalist Aileen Lee in 2013, a “unicorn” is a tech start-up valued at $1 billion or more based on funding from public or private market investors. The mythological reference is well-chosen, since the idea of a billion-dollar tech start-up was once the stuff of fantasy. Not any more. In February, Fortune reported that there are 80 unicorns worldwide, with Provo-based application software developer Qualtrics among them.
That’s one headline out of many generated by Utah’s powerhouse tech sector, as more than 4,300 “Silicon Slopes” companies attract major capital—and talent—to the state. With the industry fully supported by the state via the Governor’s Office of Economic Development, and with strong synergistic ties to schools—the University of Utah has a venture fund, for example—technology meetings, conferences and events are having their own bull run in the sun. The influence is irresistible. At its 62nd annual conference last September, the Utah Division of State History went with “Utah Technology Through Time” as its theme.
The same goes for the other industries powering Utah’s diversified economy, including aerospace, energy, healthcare and financial services. Salt Lake City’s 2015 convention calendar is booked with multiple medical and life science events, while the city’s strength as a financial hub includes the growing presence of Goldman Sachs, which continues to add jobs and has its second-largest employee base here after New York City.
One of the world’s supreme outdoor destinations, Utah is also a natural fit for outdoor apparel and equipment companies.
Moving to Salt Lake City about two years ago from Idaho, outdoor giant Scott USA exemplifies the enterprises attracted to Utah by its low relocation costs and business-friendly environment. Since 1996, Salt Lake City has hosted the annual Outdoor Retailer Summer (August) and Winter (January) Markets, the industry’s leading trade shows. The 2014 Summer Market was the largest ever, attracting more than 27,000 attendees and 1,564 exhibitors.
Was there a unicorn on display amid all the gear for biking, backpacking, fishing, mountaineering, triathlons, yoga and other outdoor sports and activities? Perhaps, because in Utah, the possibilities are limitless.
