Maven has expanded from a single Pilates studio to several different businesses and more than 130 commercial tenants. Through the Pilates studio, Arneson met Rocky Donati, who had recently moved to Salt Lake City from San Francisco. Back in 2013, the Pilates studio took in around $200,000 a year, the duo said. Investing in underrepresented startup founders is what motivated Kimmy and Sergio Paluch to launch the venture fund Beta Boom in Salt Lake City. "The potential I see is to fund more diverse businesses, to fund more women, to fund more people of color, and there are opportunities here."

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Persons: Maven, Tessa Arneson, Arneson, Rocky Donati, Donati, Maven's, Kimmy, Sergio Paluch, Kimmy Paluch, we're, Beta Boom, Paluch, Susan Petersen, Petersen, of Jesus Christ, I've Organizations: CNBC, U.S Census Bureau, Maven, Beta, Beta Boom, of Jesus, Latter, Saints, Target Locations: CNBC's, Salt Lake City , Utah, United States, America, Salt Lake City, San Francisco, Kimmy, Utah