The Foundry at the David Eccles School of Business and JPMorgan Chase Team
Up to Spark Utah’s Economy
*JPMorgan Chase gifted The Foundry $40,000 to continue spurring economic
development in the state, and to develop Salt Lake City’s Granary District
as a new business hub in Utah’s capital city
*Innovative business incubator program The Foundry has trained more than
200 aspiring entrepreneurs since its founding in 2010, and launched 35
successful companies still in operation
SALT LAKE CITY -- January 17, 2013
The Foundry is an innovative business incubator and entrepreneur-training
program created by the University of Utah’s David Eccles School of Business to
foster economic development in Utah while giving students hands-on experience
launching startup companies. It has been thriving since its formation in 2010.
The business community has taken notice, and long-time business school
supporter JPMorgan Chase recently continued its partnership with The Foundry
through a $40,000 contribution. The gift will help the program continue
sparking economic activity in Utah, in particular the further development of
the Granary District of Salt Lake City, where The Foundry makes its home, into
an entrepreneurial hub in Utah’s capital city.
This is just the latest effort by JPMorgan Chase to support the David Eccles
School of Business. In the past, the company has contributed to the school’s
tax clinic, scholarship program and several events hosted by the school. In
2012, JPMorgan Chase contributed $35,000 to The Foundry to help increase the
program’s outreach to low- and moderate-income students and community members.
“It’s incredibly gratifying to see that businesses like JPMorgan Chase
recognize the work of our student entrepreneurs, and want to join them in
creating a vibrant economy in Utah,” said Taylor Randall, dean of the David
Eccles School of Business. “There is no greater force for economic progress
than the development of savvy, civic-minded entrepreneurs, and The Foundry has
created many great successes in contributing to Utah’s economy in its first
The Foundry has been a success from its 2010 launch, attracting aspiring
entrepreneurs from inside the David Eccles School of Business and from other
Utah universities hoping to take advantage of all The Foundry has to offer,
including business training, office space and access to The Foundry’s business
partners who provide a wide array of services and knowledge like
organizational strategy, financing and marketing expertise.
Since its beginning, 213 entrepreneurs have gone through The Foundry’s
program, 50 companies have filed articles of incorporation, and 35 companies
remain in operation. The program employs a peer-driven coaching model, with
Foundry members coaching one another through the business-building process,
with educators and professionals filling in any knowledge gaps for the
students involved. And even if some students don’t start a new company at the
end of their stint in The Foundry, they often find themselves getting interest
from companies recognizing their participation in the unique program, earning
internships and full-time jobs as a result.
This gift from JPMorgan Chase will help The Foundry in developing
relationships with small businesses and residents of Salt Lake City’s Granary
District. By partnering with non-profits and government agencies, The Foundry
will be able to offer spaces in the area for new startups begun through The
Foundry, and lend business expertise to the diverse business community helping
restore life to the neighborhood that began as a railroad-reliant region of
Salt Lake City before interstate highways forced the railroad to move west in
the Salt Lake Valley, leaving the Granary District as an attractive but
underused area in need of revitalization.
The Foundry, using the gift from JPMorgan Chase, will be able to promote that
revitalization while offering its students hands-on experiences unrivaled in
higher education in Utah.
About the David Eccles School of Business
Founded in 1917 in Salt Lake City, the David Eccles School of Business has
programs in entrepreneurship, technology innovation and venture capital
management. Emphasizing interdisciplinary education and experiential learning,
it launched the country’s largest student-run venture capital fund with $18.3
million, and is home to the Pierre Lassonde Entrepreneur Center and the
Sorenson Center for Discovery and Innovation. Approximately 3,500 students are
enrolled in its undergraduate, graduate and executive degree programs as well
as joint MBA programs in architecture, law and health administration. For more
information, visit www.business.utah.edu.
Alex Koritz, 801-461-9795
Press spacebar to pause and continue. Press esc to stop.