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Utah Fund of Funds Sees Success Stories

July 19, 2007 /

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Bear Paw Development Corporation is a private non-profit organization created for the purpose of administering programs to help improve regional economic conditions in Hill, Blaine, Liberty, Chouteau and Phillips Counties and the Fort Belknap and Rocky Boy's Indian Reservations.

The Fund of Funds, a $100 million state program designed to increase the amount of capital money available to Utah companies, has only been financed for a year and a half, but officials say they are already seeing success in its partnerships.

The difficulty of finding capital within the state has long been a complaint of Utah’s entrepreneurs. Officials say the Fund of Funds will change that perspective. The Fund of Funds encourages high quality venture capital firms in and out of Utah to look within the state for investment opportunities. The Fund of Funds invests in the venture capital firms, which then invest in Utah businesses, hence it is the fund which finances the funds; it doesn’t finance the businesses themselves. The goal is to provide avenues for Utah entrepreneurs to obtain the capital they need in-state, officials say.

by Jamie Huish Stum

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