Opinion: The return of the Olympics is a golden opportunity for Utah businesses

With the return of the Winter Olympics and Paralympics to Utah in 2034, Utah’s business community should prepare for an unprecedented opportunity, with remarkable access to resources and state support.
The 2002 Winter Games were a pivotal moment for Utah’s business landscape. The influx of visitors and international attention showcased the state’s potential, not just as a winter sports destination, but as a hub for business and innovation. Infrastructure improvements laid the groundwork for future growth, and local companies reaped the benefits of increased demand and global exposure.
Fast forward to today, and Utah has become home to a thriving ecosystem of startups and established businesses supported by initiatives like the Startup State Initiative. According to a recent Kem C. Gardner Policy Institute report, hosting the 2034 Olympic and Paralympic Winter Games could have an economic impact of $6.6 billion in industry sales, $3.9 billion in state gross domestic product (GDP), over 42,000 job-years of employment and $2.5 billion in personal income throughout the next decade.
Ten years from now, the 2034 Winter Games will shine a global spotlight on our state once again and offer unmatched opportunities for startups and entrepreneurs to start, operate and expand.
The Governor’s Office of Economic Opportunity (GOEO) spoke to several former Olympic athletes who are now business owners in our state about their thoughts on how the Games will benefit Utah’s business community.
2002 bobsledding silver medalist Bill Schuffenhauer transitioned from the world of sports to entrepreneurship, founding and partnering in 14 different companies and nonprofits that all started in Utah. Schuffenhauer sees the upcoming Olympics as a chance to benefit Utah’s business community and solidify the state’s reputation in sports as well as business, family and community values. He believes the existing infrastructure will open doors for job creation and entrepreneurial opportunities without the burden of initial startup costs.
“I’ve been blessed being a local Utahn here and being an athlete representing not only the United States of America but also Utah on multiple levels, in both sports and business,” Schuffenhauer said. “I’m just thankful to be in a community that’s so supporting, loving and caring for the entrepreneurs here … We can really capitalize on this opportunity and show the world once again why Utah stands out.”
Billy Demong competed in Nagano, Salt Lake City, Torino, Vancouver and Sochi, and has since channeled the same determination into building a general contracting business. With the Games returning to Salt Lake City, Demong is excited about the prospect of once again being part of a global event that celebrates athletic excellence and spotlights the entrepreneurial spirit that defines Utah. He believes the return of the Games will cement this global view of Utah and is confident the Games will be a success.
“Utah is very well-positioned to make its mark, being a second-time host in just three decades,” said Demong. “The Games will help us make an incredible investment in the long-term sustainability of winter sports and will cement the economic driving factors that came in large part because of our first Games in ‘02. This makes me so excited to be a Utahn, raising my kids here, who will also potentially be involved in the Games.”
Snowboarder Jonathan Cheever competed in the PyeongChang 2018 Winter Games and currently lives in Park City. As a snowboarder, he was sponsored by several plumbing companies and also worked as a plumber to support himself financially. In 2021, he and his fiancee started working full-time on their plumbing business, Team Cheever, which serves the Park City and Salt Lake City areas. Cheever is optimistic about the Olympics returning to Salt Lake City.
“There’s so much good behind the Games. For one, it’s insane for the economy. The rising tide brings up all the ships. It will raise property values and bring more attention to Utah; people will move and train here. And it will be great for my business,” Cheever said. “Not only for me, but I now have my stepdaughter, who is nine years old and wishes the Olympics would be here sooner.”
For Utahns thinking about starting a business, there’s no time like now to begin. GOEO is confident that the 2034 Games will bring even greater opportunities for Utah’s thriving business community. With access to countless resources, funding opportunities and networking events on startup.utah.gov, entrepreneurs in Utah are already set up for success.
Ryan Starks is the executive director of the Governor’s Office of Economic Opportunity. Previously, he worked for the U.S. Government Accountability Office (GAO) in Washington, D.C., as the executive director of the Heber Valley Chamber of Commerce and as the founding director of the Wasatch Center for Advanced Professional Studies (CAPS). He taught as an adjunct professor of management for 10 years in the BYU Marriott School of Business.