By james art 
Salt Lake City – The Governor’s Economic Opportunities (GOEO) and the Lansonde Institute launched the first of Utah Start: Business Idea Challenge This week, offering microfinance to help entrepreneurs at an early stage revive their ideas.
The new initiative, part of Goeo’s Starting State Initiativeis a program based on a cornerstone, providing up to $ 500 funding for start -ups such as prototypes, market validation and business licensing. Open to all residents of the Utah over the age of 18, the challenge is scheduled to work monthly.
“For many ambitious entrepreneurs, the most difficult parts of starting a business are these early stages, things such as creating or testing the first product, validating your idea, or even receiving a business license,” says Tim Kuli, GOEO entrepreneurship director. – The Start The challenge is intended to lighten this load and give entrepreneurs a fighting chance of starting their business. “
Each month, entrepreneurs submit an online application that describes their business idea and achieved short -term stages in detail. The panel selects the best candidates to put their ideas in a three-minute presentation. The winners then receive funding, with Goeo following to trace the progress and share stories of success.
“The governor’s economic opportunity is committed to helping entrepreneurs in all corners of Utah,” said Goeo Executive Director Ryan Starx. “Programs like Start are part of our efforts to ensure that entrepreneurs in all 29 counties have access to the resources they need to make their dreams and ideas a reality. “
The initiative is related to the broader impetus of Utah to be cemented as a leader in entrepreneurship and innovation. According to a December 2024 report by the Kem C. Gardner Institute, Utah ranks first in the nation for innovation capacity and production, boasting a strong system for maintaining start -ups and small businesses.
Thehe Start: Business Idea Challenge Works monthly and follows a given process:
● Stage 1: Entrepreneurs throughout the country fill out an online application because of the first Wednesday of each month. The founder can apply repeatedly throughout the year.
● Stage 2-3: Applications are reviewed and candidates from the top 5-15 will be selected on the basis of remuneration criteria and will be notified by the second Wednesday of each month. The selected participants will then be sent documentation and the deck deck will be used in the competition.
● Stage 4-5: Participants will present their idea live in a 3-minute presentation. Immediately after the pitch, the vote occurs and the winners will be announced.
● Stage 6-7: Financing will be awarded to winners. Tracking from the Governor’s Economic Possibilities Service will happen to ensure the completion of a cornerstone and to help share the stories of the winners.
More information about Start: Business Idea Challenge is available at Startup.utah.gov.