Jun 18, 2007

Utah One of Top States for Technology Investment, According to Out-of-State Venture Capital Firms

Salt Lake City, UT

Venture Capitalists Address Utah Executives at Utah Technology Council (UTC) Event

"Utah is the most prolific state we invest in," says Phil Reed, General Partner of Highway 12 Ventures of Boise, Idaho. "It has a strong entrepreneurial culture, an excellent infrastructure, and strong syndicate partners such as Wasatch Venture Fund. All of these add up to an excellent opportunity.

"Reed's comments corresponded with opinions from Darlene Collins, Managing Director of Psilos, of Sante Fe, New Mexico, and Ido Sarig, Venture Partner of Thomas Weisel Venture Partners based in Palo Alto, CA. These out-of-state venture capital investors shared their input with Utah executives at the Utah Technology Council (UTC) breakfast event at Utah Valley State University recently.

"We believe Utah has a strong market for innovative entrepreneurs and smart venture business partners," said Ido Sarig. "Our team has been impressed by the level of industry experience we've been associated with in Utah."

"Utah is an exciting state, with a diverse collection of innovative entrepreneurs," Collins said. "We're looking for companies that are not only thinking on a national level, but have global implications. We are very interested in applications of technology."

All three VC firms represented in this week's panel are syndicated partners of Utah's Wasatch Venture Fund, and the session was moderated by Wasatch Venture Fund Managing Partner and UTC Trustee Todd Stevens.

As advice for Utah entrepreneurs seeking investment, the panelists discussed the importance of doing some specific homework on the criteria and the priorities of a particular VC, as well as the companies they are currently funding and on the values of working through an investment organization such as Wasatch Venture Fund for assistance in finding an ideal placement.

All firms acknowledged that they place the highest value on organizations that have already established themselves as far as they are able prior to seeking outside VC funds.

"I would make sure your firm is truly VC ready," said Reed. "You can go to any of the websites and see what that means for a particular VC, and get some background on when they typically place funds. We place a very high value on entrepreneurs who have gone as far as they can by themselves. Those are attractive investments for us."

For more information about UTC or about upcoming events, readers can visit www.utahtechcouncil.org.

About UTC

As the premier professional organization for Utah's 4,300-plus technology companies, the Utah Technology Council exists to form closer relationships with industry and community leaders, develop superior management talent, sharpen professional skills and help gain access to capital. For more information on UTC, please visit www.utahtechcouncil.org.

Contact:

Snapp Conner PR
Cheryl Snapp Conner, 801-994-9625
or
Utah Technology Coucil
Judy Young, 801-568-3500

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Source: Utah Technology Council