Speaking on Business: BioUtah
Bio Utah was created to support the important and growing Utah life science industry.
This is Chris Redgrave for Zions Bank Speaking on Business.
The life science industry in Utah is an important economic engine. Within this group there’s over 1,000 establishments representing an employee base of over 33,000 and average wages of $64,000. It’s one of the state’s six economic clusters accounting for 15 percent of all jobs. BioUtah was created five years ago to support this important and growing industry.
Kelly Sloan heads BioUtah, which has the mission to be the leader in and drive policy initiatives for Utah’s life science industry. Since taking over leadership, she says BioUtah has doubled their membership and created working groups for members to start collaborating.
BioUtah has identified two key issues that will improve growth and sustainability of this thriving industry: expand access to private capital for start-ups and develop and recruit specialized talent. Utah is in the Top 10 nationwide for venture capital funding but only four percent of these dollars are going to life sciences start-ups. So, they’re working to understand what investors are looking for and how to increase the amount of capital coming to the industry.
Utah is known for having a culture of innovation, and this includes the life sciences. Start-ups in this space tend to face greater barriers, including expense and more risk. BioUtah is working to address these issues so this promising industry can thrive.
Find more online at bioutah.org.
For Zions Bank, I’m Chris Redgrave, speaking on business.