President’s Message — November 2020
Written by Miles Hansen, CEO and President of WTC Utah
With a full-time team of eight, the only way World Trade Center Utah is able to carry out its mission is to work side-by-side with strong partners across the state that bring functional, regional, industry, and other expertise as we work collectively as Team Utah to catalyze growth for Utah companies.
One area of significant focus for WTC Utah has been healthcare innovation. Since 2012, Utah’s life science community has grown faster than any other in the country. Known worldwide for its leadership in genetic research, the industry contributes to Utah’s nation-leading export growth rate. Additionally, life science companies in the state produce $13B in GDP, and investment in Utah’s life sciences increased from $3.2B in 2010 to $5.2B in recent years. Through collective efforts of the more than 1,100 life science-related companies (and growing), we have a major opportunity to redouble our efforts to ensure that in coming years Utah is able to add Salt Lake City, alongside Boston, San Diego, and San Francisco, on the short list of the world’s preeminent life science hubs.
With the premium WTC Utah puts on its strategic partnerships and the prime opportunity we have to become a global hub for healthcare innovation, World Trade Center Utah is proud to join with BioUtah and many community leaders in supporting the launch of BioHive, a thriving collective of companies representing the life science and healthcare innovation ecosystem of Utah’s economy.
BioUtah, Utah’s independent life sciences trade association, spearheaded the formation of BioHive, an industry branding initiative to bring cohesion within the broader industry and showcase the crucial innovations and contributions of the industry collective that boosts our state’s economy and helps patients around the globe.
The initiative is made possible by partnering with other agencies and companies interested in promoting the life sciences in Utah. Those partners include, Governor’s Office of Economic Development, Economic Development Corporation of Utah, Office of Salt Lake City Mayor Erin Mendenhall, World Trade Center Utah, Recursion Pharmaceuticals, PIVOT Center at the University of Utah, Cibus Biotechnologies, Ioniq Sciences, Stryker, LineLogic and many others.
BioHive serves to give expression to the efforts of the state’s researchers, developers, and manufacturers of therapeutics, devices, and diagnostics, as well as laboratory facilities, healthcare delivery systems, digital health, health IT, and businesses that support these industries. By collaborating through BioHive, these businesses create a rising tide that lifts all boats.
It takes infrastructure to power a collective like this, which Utah has built in spades. With lab space, assets, shipping, receiving, regulatory groups, supportive local governments and a strong trade association in BioUtah, we are uniquely positioned for national leadership. And the positive impacts are increasingly felt right here in our own backyard.
As a BioHive founding member, World Trade Center Utah is committed to using its resources and energy to support the state’s life science industry in making Utah a global hub for healthcare innovation. What’s more, World Trade Center Utah is partnering with BioHive and the Utah Industry Resource Alliance (UIRA) to help life science manufacturers in Utah raise capital.
Start-ups often need mentoring, expert advice, and most of all capital to take their business plans to the next stage. We know this and want to help. Funding is available to connect life science manufacturers to a national network of experts, mentors and angel investors. This network is accessed via an online platform that will enable you to collect feedback and make your plans better and more compelling to investors both on and off the platform.
Utah-based companies that manufacture medical products or conduct R&D in life sciences will be eligible to apply. Keep an eye out for additional information, and in the meantime, email WTC Utah VP of International Investment David Carlebach (dcarlebach@wtcutah.com). And to learn more about BioHive, visit biohive.com.
