Salt Lake City — The Governor’s Office of Economic Opportunity’s (GOEO) Startup State Initiative and Lassonde Entrepreneur Institute hosted the first official Get Started: Business Idea Challenge. The challenge, which will occur monthly, invites entrepreneurs to share their business idea and compete to receive up to $500 in micro-funding to help in the vital early phases of starting their business.
“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 and the Startup State Initiative at GOEO. “The Get Started: Business Idea Challenge is designed to lighten the financial burden that is often associated with those early days of business and give entrepreneurs a fighting chance to get their business up and running.”
As a milestone-based program, participants’ applications must be based on specific, achievable short-term milestones — such as idea validation, prototyping, or marketing — to complete within 30-90 days after receiving funding. The identified milestones must be able to be covered by the funding amount; funding cannot be used for expenses that exceed the $500 award amount.
The Get Started challenge invites participants to validate and develop their early-stage business ideas in a supportive environment of peers, entrepreneurs, and community members, all without the high pressure of a traditional pitch competition. It is open to anyone over 18 living in Utah, and is specially designed to support the early phases of business development.
“The Governor’s Office of Economic Opportunity is committed to helping entrepreneurs in all corners of Utah,” said GOEO Executive Director Ryan Starks. “Through a combination of area-specific outreach and programs like the Get Started: Business Idea Challenge, the Startup State Initiative is reaching entrepreneurs in all 29 of Utah’s counties and providing them with the resources they need to make their dreams and ideas a reality.”
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.
Learn more about the Get Started: Business Idea Challenge and how the Startup State Initiative is helping to increase entrepreneurship throughout Utah at startup.utah.gov.
About the Startup State Initiative:
The Startup State Initiative, created in 2024 and championed by Gov. Spencer J. Cox, elevates Utah’s entrepreneurial community and emphasizes Utah’s efforts to be the startup capital of the world. The initiative helps Utah startups, small businesses, and entrepreneurs at every stage of business by strengthening the state’s entrepreneurial landscape, advising policy to streamline the business process for Utahns, and aggregating business resources across the state to ensure access for all of Utah’s entrepreneurs. The Startup State Initiative is managed by the Governor’s Office of Economic Opportunity (GOEO).
MEDIA CONTACT:
Sarah Jensen
801.657.1083
sjensen@pennapowers.com
For interviews with challenge winners or at the Governor’s Office of Economic Opportunity, reach out to Sarah Jensen.