Famous for its slogan “The Greatest Snow on Earth,” Utah has long been associated with ski resorts and winter tourism. But in recent years, this inland western state has emerged as one of the most promising places to launch a startup. Global tech companies like Adobe and eBay have expanded into the region, drawn by its business friendly tax policies, booming tech industry, and a culture of collaboration and trust.
As Utah’s startup ecosystem flourishes, so does the presence of its Korean American community. The Utah Korean Chamber of Commerce has become a key platform supporting Korean businesses and advancing economic cooperation between Korea and the state. Jimmy Choi, founder of the FinTech startup Bridge and current chairman of the Chamber, has made it his mission to empower small businesses and strengthen families and communities.
In a recent video interview, Choi discussed how his company is addressing inefficiencies in the U.S. M&A landscape, while also building bridges between Korea and Utah. He also shared strategic insights for Korean startups looking to enter the U.S. market and explained why Utah may be the perfect launchpad.
Small Business M&A: Insights from Jimmy Choi
| Q. You’ve run and invested in businesses across various industries for years. What initially sparked your interest in the startup ecosystem? |
During my years in the industry, I came across a number of inefficiencies and structural gaps. While working as a financial advisor, I started to see how many of these processes could be digitized and automated. I didn’t set out to become a tech entrepreneur but just wanted to figure out a solution to a problem that I saw and technology was a big part of it.
My first startup was a FinTech company focused on helping people with financial planning. I ran that business for five years before exiting. After that, I joined the U.S. Bank as chief administrative officer, where I supported three key areas: partnership investment and acquisitions, digital adoption, and product governance.
Eventually, I founded a second FinTech company, this time focused on supporting small business M&A. We provide a platform that helps business owners evaluate their companies, connect with potential buyers, and navigate the entire selling process more efficiently.
Outside of my core businesses, I have a few side businesses investments, including a restaurant that I recently exited. My wife has an extensive background in investing and is actively involved in small business and private equity investment deals.
| Q. How does your current FinTech startup, Bridge, support and collaborate with small businesses and investors? |
80% of small businesses in the U.S. fail to successfully transition through a sale. They simply shut down. Bridge was created to address that issue.
Many businesses fail for two key reasons. First, they are owner-dependent. If the owner steps away, the company can’t survive because they haven’t put in place the automation or infrastructure needed to make the business less owner-dependent. Second, liquidity is a major issue. Businesses without healthy cash flow are often passed over by buyers.
At Bridge, we help business owners understand their valuation, plan their exit strategy, and determine the optimal time and terms to sell. If an owner wants to sell right away, we connect them with buyers and facilitate the transaction. If they’re planning to sell in a few years, we assist with due diligence and help them prepare to maximize their valuation and revenue.
| Q. Could you elaborate on how Bridge facilitates transactions? |
Bridge is an end-to-end M&A platform that connects not only buyers and sellers but also banks and lending institutions. Our goal is to go beyond simple matchmaking. We aim to make deals happen.
For example, most buyers looking to acquire a business will require SBA financing. We partner with banks to streamline the valuation and loan origination process, making it faster, more secure, and more affordable.
Whereas a certified business valuation used to take two to three weeks, we can complete it in 24 to 48 hours. Because in M&A, time kills deals. We pre-package all necessary documents and checklists for SBA loans, allowing for faster approval.
This approach reduces risk for banks and lowers costs for clients. Ultimately, Bridge is about creating a seamless environment where sellers, buyers, and lenders can all transact efficiently.
| Q. You’ve pointed out that many founders focus heavily on VC funding while alternative financing actually makes up the majority. Could you expand on that? |
That’s right. While there are many ways to raise capital, VC funding is the most difficult and expensive to access. Only about 2–3% of companies in the U.S. actually receive VC investment. Bank loans are another option, but they’re also difficult to obtain without a solid 2–3 year financial record and good credit.
That’s why a lot of early-stage entrepreneurs rely on personal networks—friends and family—to get started.
| Q. What practical funding strategies would you recommend for Korean entrepreneurs who may not have an established network in the U.S.? |
The most practical first step is to connect with local chambers of commerce or business support organizations. For instance, in Utah, there are programs that reimburse up to 40% of educational expenses. There are also public programs offering microloans under $50,000, as well as private programs and pitch competitions.
Tax credits, subsidies, and other startup incentives are also available. For underrepresented communities, there are even more opportunities such as scholarships, grants and free advice.
These resources aren’t unique to Utah. They exist across the U.S., and many communities and institutions are genuinely eager to help.
Utah’s Startup Scene: Talent, Trust, and State Support
| Q. You’ve long been based in Utah. What made you choose it as your home base? |
I was born in Hawaii but spent most of my life in Utah. My parents went to college and graduate school here, so this is home to me.
These days, Utah is gaining a lot of attention as a great place to start a business. There’s a unique ecosystem here with strong collaboration between entrepreneurs, government agencies, nonprofits, and successful tech leaders. There is a deeply rooted culture of helping one another, and that spirit extends to the business environment as well. That’s a big reason why we’ve chosen to build our company here.
| Q. Having lived in Utah for many years, how have you seen the business ecosystem evolve? |
The real transformation began around 2010. Prior to that, Utah was mostly known for summer sales. But starting in the early 2010s, the “Silicon Slopes” region began to emerge, attracting tech startups and gradually reshaping the ecosystem.
Today, Utah is considered one of the best states for producing unicorn companies. Over the past 10–15 years, both the business climate and the tech infrastructure have grown significantly.
| Q. What do you see as the greatest strength of Utah’s startup ecosystem? |
I would say the people. Utah is full of incredibly smart, humble, and hardworking individuals who are also highly collaborative.
There is a genuine desire here to do good and help one another succeed. That mindset resonates from the governor’s office to the broader community. Utah is a highly supportive and collaborative place and that culture extends directly into the business ecosystem.
| Q. We’ve heard that access to talent from local universities is also a big reason why startups choose Utah. |
That’s true. Institutions like the University of Utah, BYU, and UVU play a major role in nurturing and supplying talent. This allows startups to recruit and scale efficiently.
Utah is also heavily influenced by the Church of Jesus Christ of Latter-day Saints. Many young people serve overseas missions, which means we have a population with diverse language skills and strong global networks.
Many have served in Korea, which helps facilitate business relationships with Korean partners.
| Q. What regional or cultural factors should Korean startups consider when exploring opportunities in Utah? |
Utah values family-centered living and work-life balance. The natural surroundings are stunning. Where I live, you can reach six or seven ski resorts within an hour’s drive, along with lakes and mountains that offer ample opportunities for outdoor activities. It’s a safe, welcoming place, which is why the population is growing quickly.
In terms of work culture, Utah really prioritizes balance. Most people work from 9 to 5 and reserve evenings and weekends for family and community. Almost everything is closed on Sundays, which is a testament to how much rest and personal time are valued.
Unlike cities like San Francisco or New York that thrive on competition, Utah embraces a spirit of collaboration. It’s easy to get in touch with CEOs and even meet them in person for advice. Nonprofits, public agencies, and experienced business leaders are more than willing to share their time and insights.
| Q. How does Utah’s legal and tax environment compare with other states for entrepreneurs? |
Utah is a relatively conservative state, so compared to places like New York or California, it’s much more business-friendly. We have very friendly laws, policies, and incentives, as well as lower tax rates to support small businesses and entrepreneurs in general.
State agencies and local organizations are very proactive in supporting entrepreneurs and fostering growth through collaboration and accessible resources.
| Q. Are there certain types of entrepreneurs or business models that are especially well-aligned with Utah’s industry landscape? |
Yes, Utah has identified a few key focus areas: aerospace and defense, life sciences and healthcare, FinTech, and advanced manufacturing. There’s strong activity in each of these sectors.
South Korea is actually one of Utah’s top 10 trade partners, and we’ve seen great momentum in bilateral collaboration, especially in those same industries—aerospace, healthcare, FinTech, and manufacturing.
A Guide to Utah’s Key Startup Support Organizations
| Q. What sectors are Korean and Korean American entrepreneurs in Utah most active in? |
Most Korean American entrepreneurs in Utah currently operate small businesses such as restaurants or service-related companies. There aren’t a lot of Korean tech entrepreneurs here, but that’s beginning to change. More students are entering STEM fields, and we’re optimistic that we’ll see more Korean-led companies in a particular industry.
| Q. What approach would you suggest for Korean startups aiming to enter the Utah market? |
The first step is to get connected with local organizations. In Utah, that includes the World Trade Center Utah, the Governor’s Office of Economic Opportunity, the Economic Development Corporation of Utah, the Utah Office of Tourism, and the Utah Korean Chamber of Commerce. These entities work together to identify needs. Whether a company requires investment, a strategic partner, or market insight, they help facilitate the right connections.
We’ve already seen some great outcomes happening right now. Last year, the Governor of Utah, the University of Utah, the World Trade Center, and the economic office visited Korea to establish partnership with Korean companies. Since then, there have been continual conversations and follow-up.
Next week, half a dozen companies from Utah will be visiting Korea as a continuation of last year’s trade mission. During that initial visit, they met with the President of South Korea back then. Now things have changed so the upcoming trip will focus on strengthening those relationships in practical ways.
| Q. We understand Utah has also formed sister-city ties and academic partnerships with Korean municipalities and universities. |
Yes, that’s correct. Utah has established sister-city relationships with areas like Songdo and Gapyeong in Korea and partnerships with universities such as Seoul National University and Yonsei University. Exchange programs are in place for students.
The University of Utah even operates a campus in Songdo, allowing Korean students to study at the Utah main campus for about a year. Hundreds of students participate in this program every semester.
The Chamber’s Nationwide Korean Network
| Q. You currently serve as the president of the Utah Korean Chamber of Commerce. What role does the Chamber play for the Korean business community? |
Our primary goal is to strengthen the economic relationship between South Korea and Utah by bringing more Korean companies, talent, and investment here, and helping Utah companies expand into the Korean market.
We work closely with the agencies I mentioned to identify the needs of businesses in both countries and help build meaningful partnerships and networks.
We focus on three main areas. First, increasing trade, investment, talent exchange, and tourism between Utah and Korea. Second, supporting the next generation by providing career placement and internship opportunities. Third, connecting current business owners with the resources and networks they need to succeed.
| Q. As the chairman, what do you personally see as the most important challenge? |
The previous generation laid a strong foundation for our community. But I believe Korean Americans still don’t have a full seat at the table in American society. We can provide a lot of benefit and bring a lot to the table, but we’re not yet fully represented.
So the key is figuring out how professionals and leaders across the U.S. can be more unified, and how we can create stronger policies and a collective voice that truly supports Korean Americans. Communities like the African American and Jewish communities have built strong, unified voices. There are plenty of opportunities for us to become more united and work is one of them.
| Q. Are you now looking beyond Utah to support Korean American entrepreneurs nationwide? |
Yes. The Korean Chambers of Commerce are spread across the U.S., and we work closely with other regional leaders.
In April this year, we attended the World Korean Business Conference in Atlanta, Georgia. For two decades it was held exclusively in Korea, but it’s now being hosted in the U.S. as well.
We had a chance to connect with Chamber leaders from New York, Texas, Washington, and other states, and we’re continuing conversations about how to work together and create a united voice.
Utah x Korea Business Forum: Why Utah?
| Q. The “Utah x Korea Business Forum” took place on June 12. What were some of the main topics? |
The event began with opening remarks from the Consul General of the Republic of Korea in San Francisco, as well as David Carlebach, the CEO of the World Trade Center, and Franz Kolb, the Director of Economic Opportunity.
We then heard presentations from companies that either work closely with Korea or are led by Korean Americans. One company discussed its immigration tech platform. My company shared how we help Baby Boomer entrepreneurs transition out of their businesses. Another speaker represented a venture capital firm investing in deep tech and frontier technologies in South Korea.
Finally, we had a panel discussion titled “Why Utah?”
| Q. Could you share some highlights from the discussion? |
We discussed how the Korea-Utah relationship has been fostered over the past 40–50 years through sister-city ties and missionary work by the LDS church. That foundation has grown stronger over the last decade thanks to partnerships like the University of Utah’s East Asia campus, the trade missions in 2024, direct Delta flights to Korea. Korea is now one of Utah’s top ten economic partners in terms of trade.
We talked about how we can build on this momentum to bring in more Korean talent, investment, and tourism to Utah and how we can deepen collaboration.One other thing that was mentioned is cultural similarities: hardworking culture and family oriented culture.
Korea serves as a strategic gateway to Asia for Utah, and Utah has long supported Korea. During the Korean War, for example, small towns like Cedar City sent their young men to fight. In the Battle of Gapyeong, about 300 Utah soldiers fought against thousands of enemy troops and achieved victory without a single casualty. This battle, known as the Miracle of Gapyeong, stands as a powerful symbol of partnership between Korea and Utah.
| Q. As founder of Bridge and chairman of the Chamber, what is your vision? |
My purpose, or my “ikigai” as the Japanese say, is to support economic development through business and job creation. I believe that if we can create more quality jobs and businesses, we can truly improve the lives of families and strengthen communities.
That is the core mission of Bridge: to empower small businesses so communities can thrive. Anything that effectively contributes to economic development, especially through job and business creation, is where I want to focus my efforts.
| Q. Is there any message you’d like to share? |
I hope that we, as Koreans, can become more unified and take pride in being Korean. As Korean Americans, we bring unique perspectives and experiences to the table that can lead to positive change for all.
My goal is for Koreans to have a unified voice, influence, and strength, so that one day North and South can be united as one nation.
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