Utah offers $500 cash prizes to jumpstart local entrepreneurs

SALT LAKE CITY — The Governor’s Office of Economic Opportunity and Lassonde Entrepreneur Institute in Utah have launched a new program offering micro-funding to early-stage entrepreneurs, officials announced Wednesday.

The “Get Started: Business Idea Challenge” will provide up to $500 in funding to help entrepreneurs overcome initial hurdles in starting a business. The monthly competition requires participants to outline specific, achievable short-term goals that can be completed within 30-90 days.

“For many aspiring entrepreneurs, the most difficult parts of starting a business are those early milestones, things like creating or testing the first product, validating your idea, or even receiving a business license,” said Tim Cooley, Director of Entrepreneurship and the Startup State Initiative at the Governor’s Office of Economic Opportunity (GOEO).

Cooley said the challenge “is designed to lighten the financial burden that is often associated with those early days of business and give entrepreneurs a fighting chance to get their business up and running.”

The program is open to Utah residents 18 and older. Applications are due the first Wednesday of each month, with 5-15 finalists selected by the second Wednesday. Finalists make three-minute presentations, with winners announced immediately following voting.

“The Governor’s Office of Economic Opportunity is committed to helping entrepreneurs in all corners of Utah,” said GOEO Executive Director Ryan Starks. “Through a combination of area-specific outreach and programs like the Get Started: Business Idea Challenge, the Startup State Initiative is reaching entrepreneurs in all 29 of Utah’s counties and providing them with the resources they need to make their dreams and ideas a reality.”

The Startup State Initiative was created in 2024 under Gov. Spencer J. Cox’s administration with the goal of establishing Utah as “the startup capital of the world,” according to program materials.

More information about the challenge is available at startup.utah.gov.