Rep. Jeff Stenquist proposes an independent nonprofit organization that would invest in startups at the “pre-seed” phase before venture capitalists are willing to jump in.
Lassonde Studios on the University of Utah campus in Salt Lake City on Thursday, Oct. 27, 2022. The Utah Legislature is considering a bill to create a Utah Innovation Lab that would fund startup businesses coming out of university entrepreneurs at Lassonde and elsewhere.This story is part of The Salt Lake Tribune’s ongoing commitment to identify solutions to Utah’s biggest challenges through the work of the Innovation Lab.
Even the proponents of the plan acknowledge that not every investment is going to yield a return. Most in the valley of death do, in fact, die. The legislation says the lab would start with a $15 million allocation from Utah’s “fund of funds,” which is a remnant of an earlier effort to encourage startups in Utah. Started during the Gov. Jon Huntsman administration, the fund of funds was created with private seed money that has since been paid back. The money in the fund of funds is investment income and did not come from taxpayers, lab backers say.
Whether the lab succeeds or fails would largely depend on its board’s ability to pick winners. Stenquist’s bill calls for a board with representatives from the universities, plus private sector members with expertise in areas where technology transfer holds promise. Those would include software, life sciences and defense industries.
“The state is already investing in this research. This gives us an opportunity to actually get a return,” he told the House Economic Development and Workforce Services Committee last week.
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