In March 2006, the Utah State Legislature passed Senate Bill 75 creating USTAR. This measure provided funding for strategic investments at the University of Utah (U of U) and Utah State University (USU).
To read the USTAR Statute, Click Here
Utah’s governor, Gary R. Herbert, has four main objectives for Utah’s continued growth. His vision simply states that Utah will excel in job creation, innovation, entrepreneurship, global business and a quality workforce. His four objectives are:
1. Strengthen and Grow Existing Utah Businesses
2. Increase Innovation, Entrepreneurship and Investment
3. Increase National and International Business
4. Prioritize Education to Develop the Workforce of the Future.
USTAR acts as the signature initiative for the focus on Objective 2.
USTAR is the catalyst for connecting entrepreneurs, innovators, industry, education and the financial community with the equipment and human capital assets of the regional schools and universities.
- Expand Utah’s University-based innovation capacity by organizing USTAR’s star faculty into teams around strategic innovation areas aligned with Utah’s near-term, medium-term and long-term industry growth needs.
- Improve mechanisms to support and encourage non-university based innovation by improving the utilization of established infrastructure, services and expertise to early stage companies.
- Support the Proof of Relevance and Proof of Concept vetting system by using the Go To Market Grant program and GOED’s Technology Commercialization and Innovation Program (TCIP) as mechanisms to unify inventors, entrepreneurs, investors and industry partners that are interested in using innovation to spur economic development of early stage technologies.
- Utilize the Technology and Outreach and Innovation Program (TOIP) as a regional campuses and communities such athat local entrepreneurs and businesses have access to emerging technologies for the benefit of regional economies.
- Support and strengthen innovation and entrepreneurship by driving awareness of incubators, cooperative work locations and other independent support services throughout the state.
- Broker ideas, new technologies and services to entrepreneurs and businesses throughout each respective service area and help connect local investors with entrepreneurs.