Utah was named the no. 1 state for business in CNBC’s 10th annual Top States ranking released today. The study highlighted the state’s strong job growth, robust technology sector and industrious workforce.
“Our long traditions of collaboration, innovation and entrepreneurship have earned us a spotlight on the nation’s economic map, and businesses have noticed,” said Gov. Gary Herbert. “One shining example is the rapid growth of Utah’s tech industry—the rise of Silicon Slopes.”
Gov. Herbert authored a post for CNBC’s America’s Top States for Business blog in which he discussed the economic impact of Utah’s rapidly expanding technology sector and the unprecedented partnerships that will secure the state’s economy for decades to come.
Homegrown companies like Vivint, Qualtrics, Domo and Pluralsight have made remarkable strides in the tech world, and Utah’s pro-business climate continues to attract big names such as Adobe, Microsoft, Backcountry.com and EMC.
“Today, our economy is well-equipped to remain sustainable—it is more high-tech, global and diverse,” said Gov. Herbert. “Utah has the third most diverse economy in the country, with strong representation in the technology, financial services, aerospace and life-sciences sectors, among others.”
Utah’s gross domestic product has grown from $106.3 billion to $152.5 billion in the last 10 years, and the governor attributes that success to the state’s low and consistent tax rates, limited government and ability to collaborate.
Since the Top States study began 10 years ago, Utah is the first and only state to finish in the top half in each of the competitiveness categories.
The Top States scorecard is based on more than 60 different measures of all 50 states. Click here to see CNBC’s full scorecard.
Over the last three decades or so, the economics of getting a satellite into orbit have been transformed, democratizing space and the use of the data collected from sensors hundreds of miles above the earth. The opportunities presented by space technology have never been greater.
Surrey Satellite Technology Ltd (SSTL) is a UK university spin-out success story and has played an important role in this democratization. Founded by Sir Martin Sweeting and a group of academics looking for a low-cost way of building and launching a satellite, using off-the-shelf components and piggy-backing on rockets carrying a main payload, it paved the way for a new generation of smaller satellites and launch vehicles.
The company has more than 30 years’ experience developing space innovations. Some examples of these include the first microsatellite with in-orbit programmable computers (1981), the first internationally co-ordinated constellation of satellites for medium resolution imagery for disaster response (2002), the first Galileo GPS positioning satellite for Europe (2005), and the first momentum wheel to guide a lander to the surface of a comet (2014 Rosetta/Philae mission).
Democratization of space is accelerating, and the sector now faces welcome disruption from low-cost launches and it is exciting that the UK is looking to develop its own launch capability. Beyond the technology itself, the Space Industry Bill has set out a framework that we hope will put the UK at the leading edge of space regulation.
Just as important as launch pads and payloads is the new era of connectivity and data platforms that enable someone working from their garden shed to use the data from space – piggy-backing on widely available satellite imagery, navigation signals and software – to develop valuable new services.
The passion and talent in the space sector often results in our use of inaccessible language, giving the impression that it is only for space enthusiasts (and Star Wars aficionados!). The reality, however, is that there are huge opportunities for individuals, small businesses and large businesses to tap into the data and technology.
As the barriers to space come crashing down, there are no limits to what people in cities, towns and farms can do to create small and large businesses that can access local and international markets in our increasingly connected world. The key is following SSTL’s model for refusing to be stopped by the incumbents and antiquated thinking.
The North East Satellite Applications Centre of Excellence "Discover the Possibilities" Annual Conference takes place on Thursday 22nd March highlighting the business opportunities that exist for developing data-led satellite applications to solve industry challenges.
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There are several things one needs to know before starting a business, whether you plan to open a virtual business or a brick and mortar store. Finding out what you need to know about establishing a business increases your chances of success. If you know fundamentals of starting a business, planning and executing different tasks will be easier than figuring it out on your own. To help you be prepared, this post offers what you need to know before starting a business.
Before starting a business, you should find out any US State and Federal laws involved in the process. Since the legal requirements in every state are different, you should specifically inquire about business laws in your area. Complying with legal regulations in your state will enable you to run the business smoothly. To be compliant, you may have to file several documents and fill out many forms. This paper work will satisfy state, IRS and other related requirements like securing a Employer Identification Number (EIN). Understanding legal regulations in your state is one of the most important things you need to know for starting a business.
Next, you need to know the different legal structures available to your business. First off, you have to determine how many partners are in the start up business. Do you want to start a sole proprietorship or partnership business? Then, analyze out how much liability protection is required. Based on potential business risks, you may choose to LLC or incorporate the company. This decision will also affect your business banking down the line. Finally, like most business owners, you can structure the company based on the best tax business advantages. Certainly, using these factors to choose your business structures will enable you to start your business legally.
Before you start an online business or any business for that matter, you want to be sure to consider what technology you will be using when you open your doors. Business technology offers a huge array of software and hardware solutions that help to streamline business processes and improve efficiency and productivity. Consider what types of technology you will need and what your budget for technology will be. This is an area of startup costs that is easy to overlook. Be sure to take it into consideration when developing a business budget.
An important part of what you need to know about starting a business is choosing the right business name. The name you choose for your business will be its public identity. As you can imagine, building a great brand image depends on a good business name. Certainly, choosing the right business name increases your chances of success.
When it comes to small business start up, what you need to know is who your target audience is. Identifying your target audience helps develop marketing strategies. By categorizing your target audience according to their age, lifestyle, profession, income and geographical location, you will gain sufficient insights about their needs. As a result, you will be able to provide solutions to their problems through products and services. Any business that solves real problems has a strong likelihood to be profitable.
Before starting a business, you should know that it will take some time to break-even. In the meantime, you will need sufficient savings for covering personal expenses like paying bills, mortgage and rent. Plus, you have to be prepared to manage unexpected expenses or slow initial sales. Undoubtedly, setting aside a substantial sum of money to support your personal expenses before starting business will be helpful.
To build an outstanding business, you should evaluate the intensity of competition in your market. An in depth competition analysis is a great way to add a competitive edge to your business. Moreover, the number of competitors determine the scope of growth in your market. This knowledge will also help to inform future advertising strategies. Overall, knowing the strength and weaknesses of your competitors will start your business in the right direction.
Once you have done your research on all of the business factors listed above, you are ready to write a business plan. You can use tools provided by the Small Business Association, or SBA, to help you create a business plan for your venture. This document will be like a road map to how you will open your business and continue to run it successfully for many years to come. Take time learning the business plan definition and how to write a business plan to make sure you set yourself up for success.
Aspiring entrepreneurs should make a list of what they need to know before starting a business. Your list should include the important details in this post. Firstly, you need to know the legal requirements and structure. Secondly, be familiar with the business name, target audience and finances of the business. Finally, scope out the competition to prepare how to win customers or clients. Putting all this information together, you will have much of what you need to know before starting a business.
All great points. Something else that could be added is to get help if you need it, especially with the multiple steps in starting a business. There are several resources that help entrepreneurs.
This sprawling Asian metropolis is the fastest growing megacity in the world, with 15 million residents and counting. Thirty per cent of people live in slums, which is increasing every year with the arrival of a whopping 500,000 new migrants, all looking for work and relief from the floods of the north.
This city may be choked with people, traffic and pollution, but, like any city, Dhaka has its dreams and its vision for the future. With pressure on to provide efficient transport networks, adequate housing, and clean water, plans are underway to tame this megacity and make it livable.
‘Future Cities’ host Leone Lakhani learns about the city’s bold plan to improve the entire transport infrastructure, including a new metro system which will carry 750,000 people each day; a new industrial plant to treat water and quench the thirst of the city’s inhabitants; and she also meets an architect who’s planning for Dhaka’s future by building floating houses, schools and hospitals.
‘Future Cities’ meets the people living the complex reality of this megacity, and asks whether the city will ever cope with the demands of a population that is spiralling out of control.
‘Future Cities’ will be aired on June 27 at 3:45 pmt 11:45 pm; June 30 at 10:45 am and July 1 at 5:45 pm.