Technology Commercialization and Innovation Program U.C.A. 63N-3-201 The Technology Commercialization and Innovation Program (TCIP) exists to accelerate the commercialization of technologies developed at universities and small businesses resulting in job creation and long-term economic development. TCIP creates a robust technology sector and higher wages, stimulates capital investment from the private sector, ensures companies stay in Utah longer contributing to the strong startup community, and provides a stable foundation for more capital intensive technology development.
Initiatives The TCIP Mentor Program took place for 12 weeks from February to April 2018. Teams met with mentors and participated in customized curriculum through a partnership with BoomStartup. TCIP Demo Day took place on May 31, 2018, at Salt Mine. It included an investor-only track that took place before the public demo day. More than 30 local VC, seed and angel investors participated. Approximately 90 people attended the public demo segment.
Outcomes For each company accepted into the program, key metrics measure success on an annual basis. The metrics are tracked over a multi-year timeline. The two primary metrics are growth-related: full-time jobs and capital raised. The following charts highlight trends from 2015 to 2018. Since 2015, there have been 90 projects funded for a total of $8.6 million with the average award being $100,000 per project with a range of $25,000 to $200,000. In 2018, 27 companies received a total of $3.1 million in funding.
32 32
2018 Utah GOED Annual Report | business.utah.gov
