Fox File #4 "Utah's Value Proposition: Compelling from Wall Street to Silicon Alley"
The Fox Files is a weekly message from EDCUtah President & CEO Theresa Foxley.
I spent some time in NYC this week with Governor Herbert and his team. We visited companies who already have a presence in UT and companies eager to learn more about what we have to offer as a state. It was a fantastic trip and the Governor was at his best; he shared why Utah is a premier business destination and what the State is doing to stay at the top of the heap through the Utah Business Promise.
A few key observations about Utah’s value proposition and why NY companies roll out the red carpet when Utah comes a’callin':
- Economic Diversity: Like Utah, New York’s economy is diverse and vibrant. This diversity is perhaps most notable through the physical spaces occupied by our target companies. We visited some of the oldest and most celebrated financial institutions in the country. We also visited plucky upstarts in New York’s Silicon Alley. Our friends on Wall Street have beautiful office spaces with marble foyers and elegant artwork. Our friends in Silicon Alley have pool tables, open seating, and iced coffee on tap. In Utah we have created a marketplace where there’s room for both.
- Innovation Policy: The companies we visited are curious about what Utah is doing to support an innovation economy. We had several questions on how Utah’s policy climate has unlocked innovation, and what the country can do to transition from 1930’s labor and tax constructs to today's economy. The problems we have solved to support our innovation economy are well-received. The moves we make as a state on tax reform in the coming years will be closely watched.
- Inclusivity: Utah’s inclusive approach to social issues is noted. The companies with whom we spoke are interested in being part of a community where their employees feel welcomed. The approach to social issues by other states has been called into question. Utah’s ability to compromise is appreciated. Props to our policy makers for striking a positive balance.
- High Education, Low Turnover: Utah’s workforce is recognized by companies with and without a Utah presence as being loyal, productive, and well-educated. Everyone would like to clone our workforce. Workforce investments through education and industry/education partnerships will continue to pay dividends.
We made and strengthened great contacts on this trip. As these companies continue to invest in Utah or make initial forays into Utah, we’ll look forward to sharing more about how they succeed by taking advantage of Utah’s unique value proposition.
EDCUtah Fri, 04/28/2017 - 14:21