The startup wave in Utah and how mobile business banking is a help
One of the most intriguing business stories in Utah in the last few years has been the startup culture’s positive invasion into our state’s economy. Boosting diversity in the economy, these companies have been taking advantage of the friendly financial climate of Utah to foster growth and keep the state healthy when it comes to income and overall business.
Recently, Utah Business magazine spoke with several Utah entrepreneurs to talk about ways the state has helped them. One of the ways that First Utah Bank can help is with business banking options, including the ease of mobile banking.
Here is a look at what some of these startup business leaders said about Utah, both present and future.
Utah’s a great place to start a business
Maggie Kruse, VP of people and culture for the company Nav, says that Salt Lake City is a hidden gem of the U.S.
“I think we hear a lot about the community and how people feel like they’re welcome,” she says. “I think it’s that, and I think that the work ethic in Utah is by far one of the best I’ve ever seen.”
Another business leader, Anne Marie Wallace, state director of the Women’s Business Center of Utah, mentioned the Open Report, an annual outlook study that American Express does measuring such attributes as employment vitality for women-owned businesses. She points out that Utah tied for No. 2 for the entire U.S. in this ranking.
“When you look at the whole, opportunity is really good here for women business owners,” Kruse says. “It’s easy to start a business. Other states, it’s really difficult to get a business registered and licensed. Utah has made that very easy.”
Utah is a strong place for business inclusion
Than Hancock, executive VP of sales at Podium, said their business “built a women in sales council at Podium, which is kind of unique and different. But we now give outside training, mentorship, and development, particularly for women who don’t have a lot of software sales experience. We put them now on a specific career development path.”
Kruse learned a hard lesson about the gender pay gap, to the point where Nav did something about it.
“We decided to neutralize the pay gap, and it was hard,” Kruse shares. “We lost a lot of engineers because they felt like because they have a special skillset, they should be paid more than someone else. And we said, no, we’re going to pay for your value and your impact on the company. So I think if you want to try to attract diversity into the state, you have to tackle the things that are preventing us from bringing more diversity into the state.”
Raising capital is easier in Utah than expected
Davis Smith, founder and CEO for Cotpaxi, said that the early success of startups in the first part of the decade has led to more interest from investors.
“All of a sudden there’s been a lot more venture capital flowing into the state,” Smith says. “We’re in a very nascent entrepreneurial ecosystem still here in Salt Lake City. We’re going to see some exciting things happen over the next decade.”
The chief operating officer of Recursion Pharmaceuticals, Tina Larson, says other medical/tech startups have helped bring more awareness to Utah as a place for that industry to thrive.
“I was talking to an investor from the Bay Area, he was a venture capitalist, and we were talking about how great the Health Catalyst IPO was and he was like, ‘Oh, that’s a Utah company?’” Larson says. “The more capital we see coming into the state, the more awareness it raises.”
How mobile business banking contributes to the boom
Whether in Salt Lake City or a rural area, business banking is an essential stop on the route to success. Having a mobile component to the banking needs for your small business or startup helps with convenience as well as upkeep on just how successful you are at any time, or what adjustments you need to make as you continue on your journey in Utah’s business climate.
A complementary service of First Utah Bank, mobile banking makes it a snap to check balances and deposits as well as view the transactions for a current day. You can also transfer funds between accounts, access Bill Pay and find any First Utah Bank branches or ATMs throughout the Salt Lake Valley.
It’s also easy to use our Mobile Deposit service, and it can all be done from your smartphone with the First Utah Bank app. If you click on the Deposits icon on the Mobile Banking portion of our app, you just follow the easy instructions on the screen. You just need to remember to endorse each check that is deposited.
Mobile Deposit is also available 24/7, and if you use it before 6 p.m. MST on a day that the bank is open, you’ll get same-day credit.
Consider First Utah Bank for all of your business banking needs, as so many other startups and small businesses in Utah have done. Learn more at our mobile banking website, or call First Utah Bank at 801-308-2265.