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Medical device company pioneers such as Dale Ballard (of Ballard Medical), Alan Smart (of Bentley Labs), Don Holbrook (of Deseret Pharmaceutical) and Roger Eckbom (of Tronomed) each served as valuable business mentors to Fred Lampropoulos, co-founder, chairman, president and CEO of Merit Medical Systems (NASDAQ: MMSI). In fact, “Without such advice, we would not have been as successful (at Merit Medical),” Lampropoulos said.
Lampropoulos’ remarks were delivered Tuesday afternoon at an invitation-only luncheon at the Sandy, Utah campus of Salt Lake Community College where 50 of Utah’s top business leaders had gathered to lend their support to the private unveiling of the Utah Business Accelerator.
The Utah Business Accelerator is a for-profit business development organization designed to help small- to medium-sized organizations grow their revenues faster than they can on their own through access to seasoned business professionals and service providers. Organizations that join the Accelerator can receive strategic advice, strengthen management skills, seize new market opportunities and/or prepare to secure outside investment capital with the help of industry-leading companies, financial institutions, investment firms, professional service firms, government agencies and academic institutions.
Lampropoulos told the business leaders in attendance how his mentors advised him to rely on tool and die specialists rather than build such capabilities in house, so he did. Additionally, they advised him to look for low-cost lease options in an industrial park rather than in a high-rent district. Unfortunately, he had already signed a long-term lease in a fancier business park for more space than Merit Medical really needed, a move that he termed “very expensive.”
As of today, Merit Medical employs more than 1,600 employees worldwide, generated revenue of more than $200 million in 2007, and currently has $25 million in reserve.
The goal of the Utah Business Accelerator is quite simple, said Ned Maxfield, Accelerator founder and president.
“It’s all about applying the best resources at the best time to address a specific need or correct a specific problem,” Maxfield said. “And as Fred Lampropoulos explained so clearly today, the need for human capital – whether it is as mentors, suppliers or partners – is very critical to long-term success. Obviously, each company is different and their needs are different too, and that’s why we’ve cast a very wide and inclusive net to identify and recruit the very best partners and mentors available in the state.
“Then, with the right team in place, we’re confident that magic will happen – a mentor will be able to say, ‘I had that same problem before; let me tell you how we fixed it.’ Or a partner might suggest, ‘Let me put you in touch with so-and-so, she’s the absolute best in the business; she’ll help you get over this hurdle.’ In this way, we’ll be able to help start-ups and entrepreneurs achieve the velocity necessary to accelerate their growth, growth that will drive more sales and greater profits, with more employees on the payroll, getting paid higher wages and helping grow Utah’s economy. That’s what the Utah Business Accelerator is all about – growing businesses faster than ever before.”
The list of initial companies and individuals who have agreed to support the Utah Business Accelerator as sponsors and/or mentors reads like a Who’s Who of leading businesses, organizations and entrepreneurs in the state, including:
Albion Laboratories, Ballard Spahr Andrews & Ingersoll, Kurt Bestor, Brigham Young University, Canopy Ventures, CFO Solutions, Corporate Alliance, EPIC Ventures, Excel Management Systems, Hale Center Theatre, Idea Thunder Consulting, InnoVentures Capital Partners, JAN-PRO of Utah, Kirton & McKonkie, Larada Sciences, Mercato Partners, Merit Sensor, Modern8, Ogio International, Omni Media,
Politis Communications, Ray, Quinney & Nebeker, Salt Lake Chamber, Salt Lake County, State of Utah, Sprout Marketing, Syntek Global, University of Utah, Utah Angel Network, Utah Small Business Development Center, Utah State University, UV Partners, Venafi, Verite, VisTrails, Spring Capital, Westminster College, Workman Nydegedder, ZARS
The official public launch of the Utah Business Accelerator will be held later this month in Salt Lake County.
Business leaders interested in learning about how they can support the Utah Business Accelerator as a sponsor or mentor, can visit the company’s Website at UtahBusinessAccelerator.com or by calling 801-467-7678. Entrepreneurs and business owners interested in learning more about how the Utah Business Accelerator can help grow their business, can also visit the Accelerator Website or call the phone number above.
The Utah Business Accelerator is a powerful business development organization designed to help companies grow their revenues faster than they can on their own. Companies join the Accelerator to gain expertise they may be missing, get strategic advice, strengthen their management skills, seize new market opportunities, and prepare to secure outside investment capital. Through its Mentorship and Service Provider Programs, the Utah Business Accelerator brings together the skills of business experts from industry-leading companies, financial institutions, investment firms, professional service firms, government agencies, and academic institutions to increase the value of companies being accelerated. Visit UtahBusinessAccelerator.com or call 801-467-7678.
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