Today was a luncheon sponsored by the Utah Valley Entrepreneurial Forum, Utah Technology Council, MountainWest Capital Network, and the Wayne Brown Institute. The topic of this joint meeting was the Utah Fund of Funds and the impact it has had on entrepreneurship in the State of Utah. It consisted of presentations by the fund manager and several of the venture capital organizations that have invested in Utah because of the fund.
It is a great thing that this fund exists in Utah because it creates the possiblity of future angel investors for entrepreneurs in Utah. The fund itself won’t help most small businesses to acquire funding, but for larger, fast growing businesses it is wonderful to see. Utah has a great entrepreneurial base and can provide a well-trained workforce. But funding for many early stage businesses have few resources. If you need less than $250,000 then you will have a tough road to hoe. Maybe someday there will be a greater level of support for the early stage entrepreneur. Until the influence of the Utah Fund of Funds filters down to the angels, we will need to keep being creative in funding our businesses.