OREM — In a landscape inundated with rankings evaluating states for entrepreneurial ventures, Utah consistently emerges as a frontrunner, commanding attention for its fertile business ecosystem. One institution, however, is intent on supercharging this trend by cultivating a generation of innovators and business leaders — Utah Valley University (UVU) is taking bold strides towards becoming a powerhouse of entrepreneurship.
“Utah is special,” asserts Seth Jenson, the visionary director of UVU’s Entrepreneurship Institute. “We’re absolutely special.” This sentiment encapsulates the vibrant heartbeat of a startup culture that proliferates through the state.
A Thriving Startup Culture
Nestled on Provo’s bustling Center Street, a remarkable transformation is underway — what was once a mundane car dealership has been reborn as the dynamic headquarters of Thread, affectionately dubbed “Threadquarters” by its spirited employees.
CFO Ryan King reflects on the company’s meteoric rise since its inception in 2015, reminiscing, “We were crafting these wallets in my parents’ garage.” Now, those humble beginnings have blossomed into a thriving business selling a diverse array of wallets, lanyards, and bags.
King has recently turned his attention toward mentoring the next generation at UVU’s Entrepreneurship Institute. Established roughly seven years ago, the institute has undergone a renaissance under Jenson’s leadership, forging synergistic relationships with local enterprises like Thread, harnessing the vibrant currents of Utah’s startup culture.
“There’s no better place to cultivate a program like this than in Utah,” Jenson explained. “The landscape is rich with opportunities to tap into.”
Of course, the road to success in the startup milieu is littered with challenges, with many ventures facing the harsh reality of failure. Yet, statistics from WalletHub proclaim Utah as the preeminent state for launching a business. Moreover, research from Stanford unveiled that this state boasts the highest percentage of unicorn companies—privately-owned enterprises valued at a staggering $1 billion or more.
Within the walls of the Entrepreneurship Institute, students from a myriad of disciplines are immersed in an accelerated curriculum designed to metamorphose their ideas into viable businesses within a single semester. Jenson describes this pivotal experience as a “lightbulb moment” — a transformative milestone that alters the trajectory of their lives.
The Craft of Entrepreneurship
Take Tim Shorts, a junior immersed in computer science, who is fervently building a novel business — a mobile gaming website that connects users with competitions while providing developers a platform to market their latest creations. Just two months into operation, his venture has started to generate revenue, igniting an exhilarating wave of accomplishment within him. “It felt good,” Shorts shares with enthusiasm.
In addition to cultivating student ideas, UVU focuses on knitting a fabric of collaboration between budding entrepreneurs and local innovators, fostering partnerships that bring concepts to fruition. Jenson is resolute in his ambition, proclaiming, “We’re committed to making UVU one of the top five entrepreneurship programs globally in the next five years.”
Shorts embodies the spirit of an entrepreneur, reveling in the journey of creation. “It’s kind of an addicting thing for me,” he admits. “I think I would be happy just continuing to build something, to build companies.”
Back at Thread’s innovative base in Provo, King looks on in admiration, inspired by the vigor emanating from UVU. He concurs that Utah’s entrepreneurial community is uniquely positioned to foster the emergence of more startups. “It’s just been awesome,” King enthused. “So many people willing to help.”
Thus, as Utah continues to forge ahead as a bastion of entrepreneurship, institutions like UVU are proving pivotal in nurturing the next wave of business visionaries.
