The Utah Fund of Funds is a $100 million State of Utah economic development program aimed at providing access to alternative or non-traditional capital to Utah entrepreneurs, by investing private venture capital and equity funds into the Utah start-up and business communities.
"We had an idea that if we could throw some chum out in the water that we could attract some business to Utah, and it worked; now it is time for the next step," said President John Valentine, senate majority leader, regarding the fund's success up to now.
"The Fund of Funds Bill has three purposes, to increase tax credits to $300 million dollars so that we can keep it going, to clarify legislative language on the programs ability to obtain financing, and to remove the Government Records Access and Management Act (GRAMA) and Open Meetings requirements from the private non-profit corporation," said Will West, chairman of UTC.
The Utah Funds of Funds Bill was unanimously passed at the Committee Hearing this morning and sent on to the House of Representatives. If the bill passes, it will give the Utah Fund of Funds more power to further increase Utah business growth. Members of the senate are optimistic that the bill will do well because of its strong history.
