Salt Lake City Named ‘Hot Startup City’

Entrepreneur Magazine says Salt Lake City is one of nine cities where starting a high-tech business is easier and cheaper than meccas like New York or San Francisco.

Salt Lake was named the best city for software and hardware in the magazine's rankings.

Tech companies such as Adobe and Workday are moving to “Silicon Slopes” in droves, inspired by startups launched by alumni from software pioneers Novell and WordPerfect, not to mention the easy access to world-class skiing. On the hardware side, everything from flash memory chips (one of every 14 worldwide is made here) to Skullcandy headphones calls the Wasatch Front home. VCs invested nearly $1 billion in local startups last year, making Salt Lake tops nationally in dollar-per-deal average.

The Utah Science Technology and Research Economic Development Initiative provides funding to the University of Utah in Salt Lake and Utah State University in nearby Ogden to research new technologies and spin them off into a handful of companies each year. And when the state’s insurance department wanted to ban Zenefits, a Silicon Valley startup that gives away its HR-management software for free, Governor Gary Herbert signed a law reversing the ban, stating, “Utah is open for business.”