The Real Value of the Utah Centers of Excellence Program

In 2007 VisualShare was awarded a Center or Excellence Licensee grant from the Utah Governor’s Office of Economic Development to focus the Company on commercialization. A specific aim of the funding was to create new jobs for Utah and thus, reinvest in Utah's economic engine. But, there are many other benefits of being a COE grant recipient in addition to creating jobs in Utah.

The major use of COE funding is to create new sales and marketing positions that focus on creating brand awareness, develop a marketing plan and expand the existing customer/sales pipeline. The COE program allowed VisualShare to hire the necessary expertise in sales and marketing that, in turn, has led to an increase in sales revenue more than five times from the previous year.

In addition to funding new positions and thereby creating jobs for Utah, the relationship with COE provided access to business expertise that allowed the Company to gain feedback on go-to-market strategies, develop a business pitch and prepare for fundraising.

Unexpected additional value of the COE program was the mentoring and follow up by associates of the program. The Company's business plan was carefully reviewed and critically evaluated thus allowing the Company to refine the business model and develop a realistic business pitch for investors.

The COE program contributed additional value in helping to develop a network of opportunities and connect companies with the larger Utah business investment community. The real value of the Utah Centers of Excellence Program is not only measured in dollars but, the unexpected hands on approach and mentoring that comes along with the funding.