SALT LAKE CITY – The Governor’s Office of Economic Opportunity (GOEO) and the Lassonde Entrepreneur Institute kicked off Utah’s first Get Started: Business Idea Challenge this week, offering micro-funding to help early-stage entrepreneurs bring their ideas to life.
The new initiative, part of GOEO’s Startup State Initiative, is a milestone-based program providing up to $500 in funding for startup costs such as prototyping, market validation, and business licensing. Open to all Utah residents over the age of 18, the challenge is set to run monthly.
“For many aspiring entrepreneurs, the most difficult parts of starting a business are those early milestones, things like creating or testing the first product, validating your idea, or even receiving a business license,” said Tim Cooley, director of entrepreneurship at GOEO. “The Get Started challenge is designed to lighten that burden and give entrepreneurs a fighting chance to get their business up and running.”
Each month, entrepreneurs submit an online application detailing their business idea and achievable short-term milestones. A panel selects the top applicants to pitch their ideas in a three-minute presentation. Winners are then awarded funding, with GOEO following up to track progress and share success stories.
“The Governor’s Office of Economic Opportunity is committed to helping entrepreneurs in all corners of Utah,” said GOEO Executive Director Ryan Starks. “Programs like Get Started are part of our efforts to ensure entrepreneurs in all 29 counties have access to the resources they need to make their dreams and ideas a reality.”
The initiative is connected to Utah’s broader push to cement itself as a leader in entrepreneurship and innovation. According to a December 2024 report from the Kem C. Gardner Policy Institute, Utah ranks first in the nation for innovation capacity and output, boasting a strong support system for startups and small businesses.
The Get Started: Business Idea Challenge runs monthly, and follows a set process:
● Stage 1: Entrepreneurs throughout the state fill out an online application, due the first Wednesday of each month. A founder can apply multiple times throughout the year.
● Stage 2-3: Applications are reviewed, and the top 5-15 applicants will be selected based on the reward criteria and notified by the second Wednesday of each month. The chosen participants will then be sent documentation and the pitch deck to be used in the competition.
● Stage 4-5: Participants will pitch their idea live in a 3-minute presentation. Immediately following the pitches, voting occurs and the winners will be announced.
● Stage 6-7: Funding will be awarded to winners. Follow up from the Governor’s Office of Economic Opportunity will occur to ensure milestone completion and to help share the winners’ stories.
More information on the Get Started: Business Idea Challenge is available at startup.utah.gov.