Engage Industry
Technology Commercialization & Innovation Program Program Spotlight Distal Access developed a game-changing device (RESECTR) for women’s health to remove uterine polyps. “TCIP allowed us to internally justify keeping a long-term project in Utah despite the fact we knew we were likely to sell a technology to Boston Scientific…with TCIP money in hand, we convinced BSC that we needed to give a Utah-based entity the first shot. In November 2016, days before our sale to Boston Scientific was announced, we signed a long-term deal with Biomerics [a Utah company] to assemble the global RESECTR platform in Utah and transfer that agreement to Boston Scientific. TCIP gave the money and goodwill to keep this in Utah and incent an acquiring party to do the same. This was a win for Boston Scientific, Biomerics, and us.
Purpose
“TCIP gave us support to create jobs, but companies can also use TCIP funds as an excuse to select a higher bidder if the bidder is in Utah and use the ‘bully pulpit’ with an acquirer to say, ‘I took TCIP funds, I have to keep this in Utah after you buy it or I’m not going to be welcomed back at TCIP.’ —Shawn Fojtik, Founder & CEO, Distal Access
Contact Clark Cahoon TCIP Fund Manager 801-538-8895 ccahoon@utah.gov
• Potential economic development in the state of Utah (number of jobs, average salary, etc.)
U.C.A. 63N-3-201
The Technology Commercialization and Innovation Program (TCIP) creates positive economic impact in the state of Utah by assisting early stage companies commercialize their technology and take it to market.
• Quality of management and leadership, including experience in startups or commercialization
TCIP supports the growth and commercialization of promising technologies developed by private sector entrepreneurs and by students and faculty of Utah’s higher education communities. TCIP provides smaller, more frequent funding opportunities to a wide range of projects at critical points in their product life cycle.
• Size and growth of the market for the proposed technology
To be eligible for a TCIP grant, applicants must either be affiliated with a Utah-based university, or be a small business as defined by the U.S. Small Business Administration and whose principal place of business is Utah. Applications are ranked according to:
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• Strength of the company’s technology and potential for commercialization
• Ability to sell and market the technology and credibility of their “go-to-market” strategy • Strength of the company’s overall value proposition and competitive advantage Mentorship and entrepreneurial curriculum are made available to award recipients as part of the grant program.
Governor’s Office of Economic Development • 2017 Annual Report • www.business.utah.gov
