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USTAR RELEASES 2018 ANNUAL REPORT

USTAR recently released its annual report with highlights of its programs, events and economic impact for fiscal year 2018.

“The past year demonstrated USTAR’s critical role in fostering technology-based economic development opportunities throughout Utah,” said Susan D. Opp, chair of the USTAR Governing Authority, in her introduction to the report. “USTAR’s success and effectiveness is due to both the caliber of its staff and unparalleled engagement by its Governing Authority members. I am proud of their commitment and focus to building Utah’s innovation infrastructure and the accomplishments of USTAR over the past year.”

The report includes calendar year 2017 private sector impact data of USTAR-supported clients. Key outcomes for the year include:

  • $62.7 million in follow-on investment
  • $22.1 million in commercialized product sales
  • 130 full-time, 76 part-time jobs created (206 total)

Additionally, the report evaluates USTAR’s performance and efficiency since the legislature re-wrote USTAR’s statute in 2016, creating new programs focused on private sector entrepreneurs. Outcomes detailed in the report include:

  • USTAR meeting its five-year projected performance metrics in just two years.
  • USTAR-supported companies having secured $123 million in follow-on funding, created 424 high-wage full- and part-time jobs, and generated $27.1 million in product sales

USTAR’s total budget, the report notes, accounts for less than three percent of the State of Utah’s overall economic development spending.

The full report is available at https://ustar.org/ustar-reports/2018

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