Innovation and Entrepreneurship Policy Pillar 2
Support the creation and growth of high impact, future-forward Utah businesses and products for the global market. Through these initiatives, Utah seeks to help provide access to new ideas, innovation and opportunities to grow Utah companies. Primary Goal: More new, high impact businesses and more significant investment in Utah companies. Utah’s long-term economic success is tied to emerging new businesses and the constant churn that results from “creative destruction” that marks successful economies. While uncompetitive companies and industries die off, these forces also generate new ideas, products and companies that represent the next generation economy. A sign of the state’s ability to renew its economic base and withstand economic change is the ability of entrepreneurs to find opportunities and thrive. During the past decade, Utah has generated more new businesses than have closed. In recent years, the number of new business starts has spiked upward while business deaths remained stable. This represents an important bellwether of the state’s ability to withstand the buffeting forces of technological change. Figure 8: Business Churn in Utah Reveals Dynamic and Resilient Churn
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