Schmidt said the quality of life in Utah is phenomenal.
"The people who live here are very happy. If you look at the cost of living, if you look at the quality of the universities, I think (Utah has) all of that," he said.
He added that the problem is that ideas are formed and companies are started, but those companies have problems growing into global companies.
"I don't know whether that's because we need more venture capitalist presence in Utah. It's not that companies aren't getting started, it's that once started, they are not growing fast enough," Schmidt said.
Sen. Orrin Hatch, R-Utah, who also attended the celebration, said that Utah has some very creative and innovative people, but he feels the problem is that great companies get started and then are bought out and moved to different states.
Sen. Bob Bennett said he has met with officials of large companies who say they like Utah, but they aren't convinced to consider it because they haven't seen a major breakthrough that lasts.
He added that companies don't want to move here until they see a major company that starts and grows in Utah.