The Utah Science Technology and Research Initiative (USTAR) recently released its 2018 Annual Report highlighting programs, events, and economic impact for the fiscal year 2018.
“The past year demonstrated USTAR’s critical role in fostering technology-based economic development opportunities throughout Utah,” said Susan D. Opp, chair of the USTAR Governing Authority. USTAR’s success and effectiveness is due to both the caliber of its staff and unparalleled engagement by its Governing Authority members. I am proud of their commitment and focus to building Utah’s innovation infrastructure and the accomplishments of USTAR over the past year.”
The report includes calendar year 2017 private sector impact data of USTAR-supported clients. Key outcomes for the year include:
- $62.7 million in secured follow-on investment
- $22.1 million in commercialized product sales
- 130 full-time, and 76 part-time jobs created (206 total), with 148 of these paying above county average salaries
Additionally, the report evaluates USTAR’s performance and efficiency since the Legislature re-wrote USTAR’s statute in 2016, creating new programs focused on private sector entrepreneurs. Outcomes detailed in the report include:
- Five-year projected performance metrics met in just two years
- USTAR-supported companies secured $123 million in follow-on funding, created 424 high-wage full- and part-time jobs, and generated $27 million in product sales
- Sales from the first to second year of USTAR’s new programs increased by 351 percent.
The report highlights USTAR’s activities across the State and around the globe, including outreach activities in all 29 counties in Utah, the inaugural Utah Technology Innovation Summit, as well as participating in trade missions with Utah Governor Gary R. Herbert in Israel, Korea, Mexico, Singapore, Vietnam, and the United Kingdom.
USTAR’s total budget, the report notes, accounts for less than three percent of the State of Utah’s overall economic development spending.
The full 2018 Annual Report, including mandatory statutory reporting, can now be seen online at https://ustar.org/ustar-reports/2018.