Utah Governor appoints entrepreneur as first Utah Science Technology and Research chairman. Economic growth initiative under way

USTAR was created by lawmakers earlier this year as a government, education and business partnership with the goal of bringing $4.9 billion in new research funding and more than 123,000 high-tech jobs into Utah over the next 30 years. Lawmakers have set aside $65 million for USTAR’s operations and approved $110 million in bonds to build research facilities.

Gov. Jon M. Huntsman Jr. on Wednesday appointed biotechnology and venture capital entrepreneur Dinesh Patel as the Utah Science Technology and Research board’s first chairman.

Patel, a general partner of vSpring Capital and a founder and former executive at Salus Therapeutics, will serve a year at the helm of the nine-member board.

By Bob Mims
The Salt Lake Tribune

Full Story: http://www.sltrib.com/business/ci_4017372

***

Economic growth initiative under way

By Erin Stewart
Deseret Morning News

Leaders of a $200 million economic development initiative officially took their first step Wednesday and hope to get the effort in full swing by the end of the summer.

The nine-member advisory board of the Utah Science Technology and Research Initiative met with Gov. Jon Huntsman Jr. to hash out details of how the group plans to use academic research to fuel job growth in Utah.

"You are looking at our future and that future will be deliberated by many people around this table," Huntsman said. "We’ve got a lot of brain power, a lot of talent and a lot of vision."

USTAR, passed in this year’s legislative session, gives $110 million in bond money and $50 million in one-time funds for new research facilities at Utah State University and the University of Utah. Both schools will also be chipping in a total of $40 million for the buildings and will receive $15 million in ongoing state funds to hire new talent.

Full Story: http://deseretnews.com/dn/view/0,1249,640192574,00.html