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Zions Bank and Grow Utah Ventures Announce Partnership

Utah's oldest financial institution, Zions Bank, and Grow Utah Ventures, a privately funded not-for-profit organization dedicated to supporting the growth of Utah's early stage businesses, have announced a partnership between their two organizations. The partnership reflects the commitment of both organizations to foster entrepreneurial development and the creation of growth businesses throughout Utah.

"We have been impressed with the many innovative initiatives undertaken by Grow Utah Ventures and with the success they have achieved in promoting entrepreneurship in Utah," says Scott Anderson, president and CEO of Zions Bank. "We feel that by partnering with Grow Utah Ventures we extend our commitment to encourage and strengthen Utah's early stage businesses."

Through this arrangement Zions Bank will be recognized as a full partner in the wide array of programs and initiatives undertaken by Grow Utah Ventures. This includes participation in the Entrepreneurial Stations operated by Grow Utah Ventures, **[launch]** magazine for Utah's entrepreneurs, various mentoring and training programs and premier networking events that bring entrepreneurs, mentors and investors together.

 

UVEF Announces Utah's Top 25 Under Five List

On July 12th, the Utah Valley Entrepreneurial Forum (UVEF) held its annual Top 25 Under Five awards ceremony honoring the top young companies of 2007.

Online retail foreign exchange broker Interbank FX was recognized as the number one performer among the top 25.

The 25 companies honored include (alphabetically): Agel Enterprises, Alianza, Allegiance, Aribex, BEKO Associates, Control4, Doba, Excend Consulting/Nichols, Interbank FX, Lekson Video, Mindshare Technologies, My Princess Pearls, MyComfort, Navigator Business Solutions, PilmerPR, Renasis, Rocketship, RockWell, Inc, Seastone Consumer Products, Skullcandy, Snapp Conner PR, SNG PR, Sunrise Publishing Group, Traktronix, and Your Home Advocate.

Visit www.uvef.net for more information.

 

Provo, Orem Lead Nation in Revenue Growth Per Capita

On Aug 23, Inc. Magazine released its 2007 Inc. 500 list of the fastest-growing companies in the Unites States based on 2003 to 2006 calendar year revenue growth.

Of the nine Utah companies on this year's Inc. 500, six are in the Provo-Orem area. On a per capita basis, the Provo-Orem area leads the nation with 12.7 companies on the Inc. 500 per million residents. Washington, D.C. took the No. 2 per capita spot with 7.6 companies per million residents.

Two Utah County firms made the top 25 on the list with Heritage Web Solutions ranked 22nd on the list and Doba taking the No. 23 spot. The two companies listed three-year growth rates of 3,443 percent and 3,202 percent respectively.

The nine Utah companies ranked in order are: Heritage Web Solutions, Doba, Firstline Security, MediConnect Global, Costume Craze, eWatches.com, AdvancedMD Software, Logoworks and D&H.

For the first time, Inc. magazine expanded the list 10-fold and published listings for the 5000 fastest-growing companies in the nation. Including the nine Utah firms in the top 500, a total of 71 Utah companies were ranked in the Inc. 5000.

Visit inc.com/inc5000 for the full list.

 

DirectPointe Secures $4 Million in Funding from Zions Bank

Lindon-based IT outsourcing services provider DirectPointe received $4 million in venture debt funding from Zions Bank.

"When we looked at DirectPointe, we saw a company that is innovative and delivering unique services in a market that is experiencing high growth," says Tom Etzel, senior vice president, venture lending of Zions Bank. "DirectPointe has already demonstrated stability, growth and leadership, and we're excited to be part of a company that contributes to the Utah business community."

The funding represents one of the first investments from the newly formed venture funding group at Zions Bank. The funding from Zions Bank is traditional financing, unlike typical venture-based financing in which some ownership is allocated to the investing company.

 

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Launch - Fall 2007

 

 

For the full "digital magazine" version of Fall 2007, visit: http://www.nxtbook.com/nxtbooks/growutah/launch_2007fall