Utah companies attending a trade mission led by Governor Gary R. Herbert to Mexico this week had the opportunity to explore opportunities to collaborate with entrepreneurs at Startup Mexico, a nonprofit enterprise incubator, and meet with potential investors during a pitch event.
The pitch event was organized by the Utah Science Technology and Research Initiative (USTAR) as part of the trade mission coordinated by World Trade Center Utah (WTC Utah).
“These activities catalyze innovation and economic opportunity between Utah businesses and new markets,” said Ivy Estabrooke, Ph.D., executive director of USTAR. “This pitch event provided a unique opportunity for Utah companies to make promising financial connections in Mexico.”
The dynamic commercial relationship between the United States and Mexico complements Utah’s own economy, with Mexico seeing rapid growth in innovative technologies in the aerospace, agriculture, energy, defense, and environmental sectors. The growth has led to an increased need for economic development agencies and organizations, like Startup Mexico, which promotes innovation, entrepreneurship, and economic development locally in Mexico and internationally.
As part of the trade mission’s innovation component, on Tuesday, WTC Utah coordinated a visit for the delegation to Startup Mexico. The organization provides emerging companies with office space, mentors, workshops and funding to promote Mexico’s innovation ecosystem.
“By connecting Utah companies with potential investors, the site visit at Startup Mexico and pitch event embody the entrepreneurial spirit of our trade missions,” said Derek Miller, president and CEO of World Trade Center Utah. “Mexico is the fourth largest export market for Utah and offers exciting opportunities for innovation and growth.”
Four Utah companies—Innosys, Niivatech, Optisys, and TaskEasy—participated in the pitch event organized by USTAR, which followed a WTC Utah foreign direct investment luncheon. During the event, the companies pitched their business strategy to local investors and venture capitalists and explained how they would use investments to build their company in Utah as well as their international presence in Mexico.
USTAR organized a similar event during WTC Utah’s trade mission to Singapore and Vietnam in August 2017. Each Utah company that participated formed a local partnership or received funding as a result of the pitch event.
To learn more about USTAR programs, visit USTAR.org. To learn more about WTC Utah and upcoming trade missions, visit wtcutah.com.