Here you’ll find the guiding principles of the Economic Development Corporation of Utah (EDCUtah) regarding its interactions with both clients and investors EDCUtah staff will follow these professional and ethical guidelines. Investment in EDCUtah is contingent upon acknowledgement of and agreement with the following guiding principles. We reserve the right to discontinue EDCUtah investments for companies or communities who do not honor these commitments.
EDCUtah's Mission
Since 1987, EDCUtah has worked with state and local government and private industry to attract and grow competitive, high-value companies and spur the expansion of local Utah businesses.
Our Guiding Principles are driven by our mission to serve expanding companies. We will always default to meeting clients needs first while accommodating the needs of our investors wherever we can.
Geographic Inclusivity
EDCUtah is a statewide organization that prioritizes geographic inclusivity. While we recognize that different regions of Utah offer different economic strengths, our website, industry marketing materials, outreach efforts, and Strategic Recruiting Plan will always be based on promoting Utah in a statewide, one-market format.
Business Development
EDCUtah will submit statewide data and site options to clients whenever possible. If a client has already limited their search to a region or Metropolitan Statistical Area (MSA), we'll respect their decision and provide them with the broadest regional data and site options that their project definition allows.
When a client requires EDCUtah to force-rank sites (e.g., submit Utah's top five sites), we will publish the evaluation criteria that the client has asked us to use. In addition to the force-ranked sites, we will submit all completed Request For Information (RFI) responses as an addendum.
Research & Marketing
EDCUtah's published marketing materials will promote Utah on a statewide basis (e.g, Life Sciences in Utah, The Arts in Utah, etc.) EDCUtah will endeavor to promote positive news stories from all around the state in our newsletter and social media campaigns. We welcome tips on positive news stories from EDCUtah community members.
When EDCUtah presents at tradeshows and marketing events, EDCUtah staff will promote the assets of the entire state. As part of EDCUtah's Community Strategy program, EDCUtah may work directly with investor communities to develop their own local marketing materials.
Communities may refer to EDCUtah's Strategic Recruiting Plan to identify when, where, and how they can get involved with our marketing program at a more local level.
Global Strategy & Outreach (GSO)
EDCUtah will represent the entire state on Global Strategy & Outreach (GSO) missions and will present statewide data to prospective clients. EDCUtah may occasionally include representatives from investor communities on GSO missions. These partners will cover the cost of their own travel and may bring their own regional marketing materials.
Know the Customer
EDCUtah will conduct confidential interviews with local business leaders throughout the state to identify expansion/retention opportunities and curate data on trends in Utah’s key industries.We will commit to informing local public sector investors when we interview a business in their region. To protect the company’s confidentiality, we will not share the transcripts of the interview, but with client approval, we will proactively inform local economic development of any issues they may want to act upon.
Respect for the Lead
In the event that a lead comes exclusively into a community or a private sector investor, EDCUtah will work exclusively with that partner to try to close the deal. In practice, clients often contact multiple groups simultaneously when collecting data for a potential project. When a lead comes into multiple communities, or into a community as well as into EDCUtah, Governor’s Office of Economic Opportunity (Go Utah), or a private sector investor directly, we will default to our position of geographic inclusivity and provide as many statewide options as the client will allow.As soon as EDCUtah becomes aware that a lead has come into multiple channels, we will be transparent with all communities and partners about the overlap.
Confidentiality
In most instances, clients request anonymity and confidentiality from EDCUtah. We’ll often be asked to execute a Non-Disclosure Agreement (NDA). We take these legal obligations very seriously, and as a matter of process we default to treating all projects as confidential.EDCUtah will treat project information from communities as confidential. We will share your RFI submissions only with the intended client and never with other communities or partners.EDCUtah will always use code names in place of company names when discussing active projects. EDCUtah expects that our investors will respect and comply with all client requests for confidentiality, including executing an NDA and/or sharing your public records policy upon request.
Project Wins and Press Releases
When a project commits to expanding or relocating in Utah and receives a state incentive, Go Utah produces a press release to be sent to the media. EDCUtah does not have authority over the content of these press releases.In parallel, EDCUtah produces an Investor Announcement. These may contain additional information about the project and are intended only for our investor audience. EDCUtah will make our best effort to publicly recognize all investors who played a role in the project’s success.Upon request, EDCUtah will attempt to connect investors with projects that have announced a new Utah location for business development opportunities. We will prioritize introductions based on level of investment—Founders & Champions, then Builders, then Ambassadors.
Timely Communication
EDCUtah commits to providing timely updates on project status to our investors. Our communication schedule is as follows. Investors are also welcome to contact us by phone or email for interim updates any time.
Quarterly
Business Development Breakfasts
- Open to all investors
- Staff onsite and available for questions
- Overview of recent wins, losses, site visits, and strategic initiatives.
Monthly
Project Update Report (PUR)
- Email update on projects
- Delivered to all investors
- Every third PUR includes detailed updates on RFI and site visits.
Timely Communication
EDCUtah will attempt to remain an impartial observer in intra-Utah relocations. If a company contacts EDCUtah about an intra-Utah move, and no representation is made that the company may leave the state, EDCUtah will quickly extricate itself from involvement.
If contacted about a potential relocation within the state, when a credible threat to leave the state also exists, EDCUtah will remain involved and attempt to retain the company
in Utah. Similarly, if a potential relocation within the state could lead to net job creation in Utah that is not possible in the company’s current location, EDCUtah will remain involved and attempt to capture that additional growth in Utah.
In both of these cases, we will honor our commitment to statewide representation by presenting other Utah alternatives at the client’s request. With client approval, we will communicate timely, openly, and often with all investors affected by the potential loss.
Investors Commitment to EDCUtah
Confidentiality
investors will respect the confidentiality of EDCUtah clients. Investors will use only the project code name until a win is made public by a press release or an investor announcement. We reserve the right to discontinue EDCUtah investment for companies or communities who do not honor the confidentiality of EDCUtah clients.
Community Preparedness
EDCUtah expects investor communities to participate in Development Ready Communities (DRC) certification. DRC includes best practices for site visit preparedness, RFI responses, knowledge of incentives, etc. Communities will be prepared to submit detailed, professional RFI proposals within the client’s timeline. Communities will understand their local and regional economic assets and be ready to mobilize local experts to deliver high quality site visits for clients.
Respect for the EDCUtah Lead EDCUtah
Will act as a single point of contact for projects in the early stages of evaluating Utah for location decisions. Investors will refrain from contacting clients or site selectors directly unless invited to do so by the client. Once a client identifies a community and requests an introduction, the community will take the lead on communication.
Communities will keep EDCUtah informed after such a handoff, so we can continue to identify additional opportunities to support the project through to announcement. EDCUtah commits to sharing information to the best of our abilities as detailed in the Timely Communication section, above. We also welcome calls and emails from investors with questions about current project status.
Respect for Other Investors
EDCUtah investors will refrain from disparaging other investors in front of clients. A win for any community is a win for the state of Utah, and we will play as a team to support our collective economy. The client’s view of the state of Utah will always be one of a smooth, seamless whole.
We’re delighted you chose Utah for your business! Now that you’ve selected a location, here are four ways to maximize your company’s success in Utah.
Promote Your Success
Let us help you publicize your project. EDCUtah can help you:
Contact us to get started.
Connect with the Experts
EDCUtah has a network of more than 200 public and private sector partners who are ready and willing to support your success in Utah. Our investors are experts in commercial real estate, construction, engineering, law, finance, utilities, talent recruitment, and more. We can also introduce you to prospective R&D partners and talent training programs at Utah universities and colleges. Let us connect you with the people and resources you need to succeed.
Explore our full list of investors >>
Attend an EDCUtah Event
As a new or expanding Utah business, you're welcome to attend an upcoming EDCUtah Business Development breakfast. This quarterly event is a great way to connect with EDCUtah’s investor community, including some of Utah's top business and community leaders, offering invaluable networking and business growth opportunities. In addition to networking, EDCUtah Business Development breakfasts offer an exclusive look into EDCUtah’s business development pipeline, emerging trends, and key projects.
Contact us for more information about upcoming events.
Invest in Utah's Economic Prosperity
EDCUtah’s business expansion services are made possible by the support of leading Utah businesses, as well as state and municipal partners. Investment in EDCUtah supports a program of work focused on creating a prosperous and resilient economy for generations of aspiring Utahns. As an EDCUtah investor, you’ll get continued access to our partner network and all the benefits of a robust business environment.
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