By Richard R. Nelson
Originally published in DigitalIQ

As one year closes and a new year begins, the exercise of looking back (critical review) and looking forward (planning and goal setting) is a natural personal and business activity. In my role as President of the Utah Technology Council (UTC), I have the opportunity to view a wide swath of Utah’s business landscape and observe this looking back and looking forward with great interest. Utah’s technology industries have become white hot over the past several years with favorable factors such as substantially increased availability of financial capital, a competitive labor market, and a government climate that favors businesses’ smart growth. In fact, Utah’s role has become so important in the technology sector that it is getting progressively harder to keep our path and our position moving forward as equally and progressively strong.

Now more than ever, we need to need to stay sharp. I observe five areas where the Utah business community must remain vigilant as we move into 2008 and finish out this first decade of the twenty-first century.

#1: Continuing to Innovate

Historically - as witnessed by a quick review of Inductees to the UTC Hall of Fame – Utah has a strong track record for world-class innovation. To continue the drive of this spirit of innovation, business leaders and entrepreneurs must continue to create rather than simply compete. Bringing to bear a balance of risk-taking and collaboration in creating products and services will keep investment flowing and continue to propel Utah forward.

#2: Remembering the Fundamentals

As the business climate of recent years has loosened investment purse strings, there is an increasing worry that we are reaching the top of the economic mountain—which could potentially leave us with do direction but down. As investors and entrepreneurs work together to build Utah’s economy, we need to remember that there is no substitute for paying customers, a healthy balance sheet and continuing to operate lean.

#3: Advancing the Cause of Academic Rigor

In an increasingly competitive world, it is imperative we provide our children with the tools and the knowledge they will need to excel. Continuing to impress upon the minds of public-sector and elected officials the need to set high academic standards and an emphasis on STEM (science, technology, engineering and math) will go a long way in future-proofing Utah’s tomorrows.

#4: Executing an Intentional Globalization Strategy

Simply “Going to China” without critical thinking, strategic vision and due diligence would risk that we extract from Utah businesses something Business Week and Fortune magazines refer to as “the China Price.” We need only look as far as the US toy industry to see what happens when too much emphasis is placed on reducing costs and not enough emphasis is placed on solid business processes. A successful venture with China, India and other nations requires deliberate intent and planning aligned with strategic objectives to result in success. Trusted relationships are everything!

#5: Expanding the Labor Pool

Hand-in-hand with the need for academic rigor is the need to continually “welcome the world” to come to Utah for work as well as play. Lessons learned by the great experience of hosting the 2002 Winter Olympic Games showed Utah how to bring the governmental, commercial, and social fabric of the state together for the benefit of hosts and guests. Continuing to offer a culture combining business friendliness with the greatest snow on earth will attract industries and individuals to call Utah home.

2008 promises to be a year of opportunity, and will provide even greater possibilities for organizations and people who “stay sharp.” It’s time to get to work!

Richard R. Nelson is president and CEO of the Utah Technology Council (UTC) and chairman and CEO of the national Council of Regional Information Technology Associations (CRITA). For more information about UTC and about the Hall of Fame event, readers can visit www.utahtechcouncil.org.