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Tough Economic Times Can Spawn the Strongest Technology Companies, Says Yahoo's Jerry Yang

Posted on: Tuesday, 28 October 2008, 09:00 CDT

As with prior downturns, today's challenging financial environment may produce the world's next great technology companies, says Jerry Yang, CEO and Co-Founder of Yahoo. Yang shared his remarks with more than 800 Utah executives at the Utah Technology Council's (UTC) 10th Annual Hall of Fame celebration event. Yang addressed the record group of UTC members and guests at the Grand America Hotel in Salt Lake City on October 24, Friday night.

Yang noted that Yahoo was one of the groundbreaking companies that was actually conceived and founded because of the needs people had during a period of economic downturn. He co-founded Yahoo with David Filo in January of 1994 as a means of helping provide organization and structure to the information people wanted to find on the Internet.

Likewise, the extreme downturn in 2000-2001, coupled with the tragedy of September 11, spawned a time period in which many thought the tech and Internet industries were dead. Instead, another round of brilliant companies including Google was born.

Yang noted that the United States is a unique environment that has been essential to much of the technology innovation that exists today, and he acknowledged Utah in particular:

"The energy, the excitement and the innovation that exists in the state of Utah is spectacular," he said. "The people of Utah have a spirit about them that is perhaps unmatched, and is absolutely vital to the spectrum of life science and technology companies that make up this region's 'Silicon Slopes.'"

Yang noted that he is pleased that to the best of his estimates, there are some 1.5 million Yahoo subscribers in Utah, which would mean that Yahoo provides services to approximately 60 percent of the state's population of 2.5 million.

At the event, UTC CEO Richard R. Nelson noted the great milestones and progress the technology industries have experienced and also that UTC has experienced over the past decade since the first Hall of Fame event. From an inaugural group of 150 attendees, the 2008 Hall of Fame Celebration welcomed more than 800 people at this week's event. Likewise, the number of technology companies in Utah has risen dramatically, from several hundred companies in 1999 to more than 5,200 today. Following the keynote address, the UTC formally inducted Dr. Theodore H. Stanley and H. Raymond Bingham to its 10th Hall of Fame, which honors individuals with ties to Utah who have made key contributions to the technology and life science industries.

"We are extremely honored to recognize these two gentlemen for their outstanding achievements and for the impact they've made on technology that is relevant throughout the world," Nelson said.

About Utah Technology Council

Utah's premier professional association, the Utah Technology Council has become the essential business resource for life science and high-tech companies seeking to achieve greater success. At its core, UTC exists to foster the Growth of the state's 5,200 technology companies, ensure Utah develops the highest Quality Workforce in the nation, and attract an ever-increasing array of Funding. Members join UTC to share insights with industry peers, counsel with government and academic leaders, and receive help from professional service providers and funding resources. To become a member of this "must join" organization, visit www.utahtechcouncil.org or call 801-568-3500 today.

Source: Business Wire

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