Business Outreach and International Trade focuses on 3 primary areas: 1) Identifying business clusters where Utah has a competitive advantage; 2) Assisting rural communities with business needs; 3) Utilizing foreign trade to attract business to the state.
Programs that support these goals are listed below in the background section.
During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $7,297,200 from all sources for Outreach and International Trade. This is a 12 percent reduction from Fiscal Year 2015 revised estimated amounts from all sources. The total includes $6,708,200 from the General/Education Funds, an increase of 22.3 percent from revised Fiscal Year 2015 estimates.
In addition to statewide compensation and internal service fund cost increases, the following appropriation adjustments were made during the 2015 General Session:
State Science Advisor
The State Science Advisor (SSA) is given statutory authority under UCA 63M-1-606 and is responsible for all statewide initiatives related to science and technology. The Science Advisor serves on a broad range of boards and commissions pursuant to the oversight of key scientific initiatives, research efforts, federal and state mandates and ongoing programs devoted to science and technology issues. The Science Advisor has specific responsibility to supervise or participate in the following key areas:
Advisory Council on Science and Technology (SAC): The SSA and SAC review significant advances in science and technology and advise and make recommendations to the Governor, State Legislature and governmental agencies on the use of science and technology to foster scientific literacy and to strengthen the state's economy, educational system and quality of life.
STEMLink Initiative: The STEMLink initiative continues to support the growth of the talent "pipeline" for Utah's science and technology companies. STEMLink includes partners from higher and public education, government, community/philanthropy and industry who will work together to create outreach and recruitment activities, as well as education and training programs that support the life science industry in Utah.
Science, Technology and Innovation Plan (STIP): The STIP is a comprehensive, state-level strategic plan to support the growth of Utah's science and technology community. It is a partnership between GOED, the Department of Workforce Services, the Utah System of Higher Education and the State's Experimental Program to Stimulate Competitive Research (EPSCoR) program.
Technology Commercialization and Innovation Program (TCIP)
TCIP is given statutory authority under UCA 63M-1-704 and supports the acceleration and commercialization of promising technologies from universities and colleges in the state, leveraging in particular the investments made by USTAR and the hundreds of millions of dollars of federal research grants to the State's colleges and universities each year. The Program offers grants to college and university teams and principal investigators seeking to commercialize their research, as well as to companies who have licensed technology from Utah's colleges and universities. The primary goal of TCIP is to accelerate commercialization of university-based research and innovation in order to drive economic development and job creation in the State of Utah.
International Trade and Diplomacy
The mission of the International Trade and Diplomacy Office (ITDO) is to increase exports, foreign direct investment and international trade-related jobs in Utah. The ITDO helps Utah companies do business internationally and expand existing markets. This assistance is provided in one-on-one mentoring, region-specific training seminars and trade missions. Additionally, ITDO holds numerous networking events. The ITDO represents the State of Utah and the Governor on all diplomatic and trade matters, including hosting foreign dignitaries and delegations. The ITDO works closely with a number of internationally focused partners, including the U.S. Commercial Service, World Trade Center Utah and World Trade Association of Utah to promote export growth in the State.
Economic Clusters
The Economic Clusters Program serves as a catalyst to focus people, ideas and resources. Clusters are groups of related businesses and organizations whose collective excellence, collaboration and knowledge base provide a sustainable competitive advantage. Strong clusters translate into tangible benefits for Utah businesses, citizens and educational institutions. The program aligns industry, research, commercialization, capital, talent and government around emerging or mature industry sectors that possess the greatest opportunity for success. The goal is to create higher paying jobs, strengthen education and raise the standard of living in Utah.
Utah's economic clusters include:
- Aerospace and Defense
- Energy
- Financial Services
- Life Sciences
- Outdoor Products
- Software Development/Information Technology
Rural Development
The Rural Development program's mission is to unite and support Utah's rural communities in economic development through coalitions, entrepreneurship, business expansion and infrastructure development. The Rural Development office targets businesses and economic development throughout the 17 designated rural Utah counties, areas which often experience low wages and higher unemployment. Since economic development occurs at the local level, the program's focus is on assisting rural leaders and leveraging local resources of the state to help them be economically viable.
Statutory Responsibilities include:
- Enterprise Zone Act
- Business Development for Disadvantaged Rural Communities Act
- Rural Fast Track
The Office of Rural Development runs a program that offers tax credits to Utah businesses. The Utah Enterprise Zones program provides state income tax credits for investment and job creation in rural counties. Rural development matching grants are available to communities to facilitate economic development projects.
Funding for this program is used to provide staff support. Funds are also passed through to contracted entities.
COBI contains unaudited data as presented to the Legislature by state agencies at the time of publication. For audited financial data see the State of Utah's Comprehensive Annual Financial Reports.