The Governor’s Office of Economic Development and StartupUtah are pleased to announce the first “Pitch Day” of the Technology Commercialization and Innovation Program on May 27 at 10 a.m. in Salt Lake City.
The event, hosted by StartupUtah, will showcase innovative technologies from this year’s TCIP grant recipients.
TCIP, a GOED-administered program, awarded grants to 19 projects for FY2015. At the Pitch Day event, each of the grant recipients will step up to the mound and publicly demonstrate the progress they’ve made since receiving their grants. The new technologies range from life science and medical devices to software and consumer products.
TCIP was created by the Utah legislature in 2011 to assist universities in bringing their technologies from the development process to the commercial market. In 2014, the legislature opened the program to small businesses as a means to further accelerate economic development in the state. In 2015, the GOED Board recommended TCIP grant awards of $1,297,000 across 19 projects.
“TCIP is a key feature of the innovation economy in Utah,” said Ben Hart, managing director of business services at GOED. “It’s a true catalyst for our emerging technologies and young businesses. This mentoring component has been especially important in helping these 19 companies bring their technologies to market.”
This year, TCIP recipients were required to receive formal mentoring to claim the full amount of their awards. GOED contracted with StartupUtah to operate this year’s mentoring program to help awardees fast-track their technologies for commercialization.
StartupUtah is best known for operating the successful BoomStartup accelerator, named no. 12 accelerator in the U.S. in 2014 by TechCrunch. Roughly 62 percent of BoomStartup-accelerated companies receive funding upon graduation and 80 percent remain in operation three years after graduation.
“As a past TCIP judge I have witnessed firsthand the need for new companies to receive a lot more than just money,” said BoomStartup founder Robb Kunz. “It’s about providing them an entrepreneurial framework and mentorship along the way. BoomStartup’s accelerator model and proven track record provides a clear solution for that need.”
Pitch Day will mark the recipients’ completion of the TCIP grant’s mentoring component. It will take place at the Holodeck coworking space in Salt Lake City on May 27 from 10a.m. – 12 p.m. The event is free and open to the public.