Wednesday, Jun 29 2011 8:17AM
Through the UCAP program, GUV helps local entrepreneurs work more efficiently, and in turn, aid the local economic development of rural communities.
In June, Grow Utah Ventures (GUV), a nonprofit organization based in Kaysville, Utah, announced that the Utah Cluster Acceleration Partnership (UCAP) initiative provided $69,000 to business leaders in southeastern Utah to improve the economic development of local rural communities through entrepreneurship.
The Utah System of Higher Education, the Governor's Office of Economic Development and Utah's Department of Workforce Services oversee the UCAP program, while Utah State University-Eastern and other local business leaders and government officials run the day-to-day operations of the initiative.
GUV helps these groups and officials by providing economic strategies for local business leaders to improve the economic direction of businesses in the area. These strategies include assistance with hiring and research and helping local companies and students engage with the community.
"We believe the key to overcoming the current economic downturn and strengthening the economy, especially in rural areas is through entrepreneurism," said T. Craig Bott, president and CEO of GUV.
Funding programs such as this could help many rural Utah residents without jobs find suitable employment opportunities. Nearly 100,000 Utah residents were unemployed in May, according to the Utah Department of Workforce Service.