TechBuzz Wave Charts: Mapping the Growth of Utah’s Tech Sector
TechBuzz News has developed a series of Wave Charts to document the evolution of Utah's tech sector across five distinct time periods, or “waves,” as TechBuzz calls them. These detailed infographics feature company logos placed approximately at the geographic locations in Utah where each company was founded.
TechBuzz has defined the wave timeframes using a combination of historical investment trends and insights gathered from interviews with founders and investors over the years.
TechBuzz Wave Charts also list names of Utah-based venture funds active during each wave.
The waves are:
- Wave I — 1975–1996
- Wave II — 1997–2009
- Wave III — 2010–2017
- Wave IV — 2018–2021
- Wave V — 2022–Present
Wave I marks a largely barren era for Utah tech, characterized by limited institutional investment. This 'capital desert' persisted from the 1970s to the mid-1990s. Still, a few pioneering companies—such as Novell, WordPerfect, and Iomega—achieved significant success, often relying on self-funding rather than outside capital.
In this early phase, a few local organizations played vital roles in supporting startups. CEDO provided office space and incubation services, UTFC issued small grants, and early funds like Utah Ventures and Wasatch Ventures offered modest but important investments.
Around 1997, increased investor activity ushered in Wave II. Ten venture capital funds and three investor groups laid the groundwork for Utah’s growing tech ecosystem. Nearly 50 startups were launched during this wave—twelve of which have reached unicorn status.
Wave III, beginning in 2010, witnessed a surge in both entrepreneurial momentum and venture investment. During this wave, at least eighteen VC firms were actively operating in Utah, supporting the launch of 83 new tech startups. Seventeen of these companies became unicorns, signaling a robust and maturing tech ecosystem.
Wave IV, depicting startup activity from 2018–2021, saw this growth trend continue. An impressive 120 new tech companies were founded, and the number of VC firms rose to 29, expanding both in scale and influence.
Wave V, reflecting the most recent data, highlights 82 Utah tech companies founded between 2022 and the present. Some 32 VCs have been active in this latest wave.
TechBuzz Wave Charts are dynamic and continually updated. As Utah’s tech landscape evolves, so too will the charts. TechBuzz News reserves the right to revise the Wave Charts at any time—this includes adding, removing, repositioning, or updating logos to better reflect the current ecosystem. We invite feedback and suggestions from readers to help keep these visual tools accurate, informative, and reflective of real-time developments.
Third-party use of the Wave Charts is welcome, provided proper attribution is given. This includes retaining the TechBuzz logo and linking back to this page.
For additions or corrections, please contact: info@techbuzz.news.