Corporate Social Responsibility | Business Wire | PR NewsWire | Marketwire | Realwire | ACN/JCN newswire | 247pressrelease | PRWeb

Utah Fund of Funds Economic Performance Dramatically Outpaces Federal Stimulus Investment

Posted : Mon, 02 Nov 2009 20:16:45 GMT
Author : The Utah Fund of Funds
Category : Press Release
News Alerts by Email ( click here )
News | Home
Fund of Funds return on investment to date - 34-plus jobs for each $1 million is greater than four times more effective than reported federal stimulus money; program produces high-quality jobs in the small business arena, the primary engine of job growth SALT LAKE CITY, Nov. 2

SALT LAKE CITY, Nov. 2 /PRNewswire/ -- The Utah Fund of Funds (Utah FoF), an innovative program created by the Utah State Legislature to foster entrepreneurship by increasing the amount and diversity of capital available to Utah's established, growth and emerging companies, today announced that the program's economic development effectiveness is far greater than that of the federal stimulus money.

Thus far, Utah's stimulus aid of just under $520 million spent as of the end of September had resulted in retaining or creating 4,164 jobs--approximately eight jobs per million dollars spent. In contrast, the Utah Fund of Funds program has resulted in 2,047 jobs, based on the $60 million deployed as of September 30 by the Fund of Funds program of its $100 million first fund. The Fund of Funds investment has thus far resulted in more than 34 jobs per million dollars spent, approximately 4.26 times the level of job creation provided by the federal stimulus money.

"The performance of the Fund of Funds is a boon to Utah and its entrepreneurial economy, and a testament to the farsightedness of the Utah legislature," said Jeremy Neilson, managing director of the Utah Fund of Funds. "Because of the legislature's efforts to provide growth capital to the state's growth companies, Utah innovation leaders have access to much-needed capital and relationships in this time of sustained economic challenge."

In addition to the number of jobs created through the Utah Fund of Funds program, growth companies in the state have benefitted from exceptionally high-quality jobs. The average salary of the jobs created with the benefit of the program is $63,354, substantially higher than the average Utah salary. The Fund of Funds has also provided Utah growth companies with significant fund-raising opportunities: 37 Utah companies have raised $191,737,758 from the program's portfolio firms, and in excess of $700 million from the portfolio firms and their syndicate partners.

About the Utah Fund of Funds
The Utah Fund of Funds is an innovative economic development program created by the Utah State Legislature to foster entrepreneurship by increasing the amount and diversity of capital available to Utah's established, growth and emerging companies. The program was initially established with the passage of Utah House Bill 240 ("The Venture Capital Enhancement Act") with $100 million of contingent tax credits. In 2008, the Utah Legislature voted to bring the total under the program's management to $300 million. The Fund of Funds invests in strong-performing venture capital/private equity firms, which in turn explore investments in promising Utah companies.

    Press Contact:

    Kimball Thomson
    Utah Fund of Funds
    801.918.3637
    kthomson@npcomm.com

SOURCE The Utah Fund of Funds


Copyright © 2008 PR Newswire. All rights reserved.

Share/Save/Bookmark

Article : Utah Fund of Funds Economic Performance Dramatically Outpaces Federal Stimulus Investment
Print this article
Share this article

Stay Updated

News gadget on your Google homepage
Subscribe to a news feed in Google Reader



Related News

Threegold Resources Inc.: Final Drill Results for Mercier REE Project and Additional Claim Staking
VAL-D'OR, QUEBEC, CANADA -- 11/26/09 -- Threegold Resources Inc. (TSX VENTURE: THG) is pleased to announce the final results from the 2008 drilling program on the alkaline intrusive complex of the Mercier Project located some 175 to the northeast o..

Matamec Explorations inc.: First Two Drill Holes Have Been Completed on the Heavy Rare Earths Kipawa Deposit
MONTREAL, QUEBEC -- 11/26/09 -- Matamec Explorations Inc. ("Matamec")(TSX VENTURE: MAT) announces that the 2000-metre NQ calibre drilling campaign has begun on the heavy rare earths-yttrium-zirconium Kipawa deposit, located on the Zeus property. Th..

Research and Markets: Pharmaceutical Industry in Norway: the Pharmaceutical Industry is under Mounting Scrutiny Because of Rapidly Increasing Expenditures for Drugs Worldwide
DUBLIN - Research and Markets(

Route1 Reports Third Quarter 2009 Financial Results
TORONTO, ONTARIO -- 11/26/09 -- Route1 Inc. ("Route1" or "the Company") (TSX VENTURE: ROI), the trusted provider of security and identity management

DMTI Spatial Inc. Celebrates 15 Years of Success with Another Year of Growth
MARKHAM, ONTARIO -- 11/26/09 -- DMTI Spatial Inc. (DMTI), Canada's leading provider of Location Intelligence solutions, celebrated its 15th year of business with another year of growth in fiscal 2009. Despite a lagging economy, DMTI saw a renewal r..

Mavrix Fund Management Inc. is Pleased to Announce the Final Closing for the Mavrix Explore 2009-II FT Limited Partnership
TORONTO, ONTARIO -- 11/26/09 -- Mavrix Fund Management Inc. ("Mavrix") is pleased to announce the final closing of the sale of limited partnership units of the Mavrix Explore 2009-II FT Limited Partnership (the "Partnership"). Total gross proceeds ..

Santander Asset Management Wins Gold Standard Award in Fund Management
LEICESTER, UNITED KINGDOM -- 11/26/09 -- Santander Asset Management UK has been announced as the winner of the 2009 Gold Standard Award in Fund Management, in recognition of its commitment to fair practice and the principles of Treating Customers F..

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark
 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.