I’m willing to guess that most readers of Supplierty News are not familiar with the offerings of the state of Wyoming, so I have decided to educate you on a few interesting points of the state before we discuss recent news.  To begin, currently, Wyoming has a population of just under 600,000, making it one of the smallest states in terms of population in America.  Like other states, Wyoming is represented by two senators, but it only has one member of the House of Representatives.  It was the first state to grant women the right to vote and the first to elect a woman as its governor.  It’s largest city is Cheyenne with over 60,000 residents (it’s also the only city with over 60,000 residents), and its main economic output is influenced by coal, oil, natural gas, and tourism (I mean look at the photo after all).

Now, with the basics of the state out of the way, it’s time we discuss the opportunities.  Gov. Matt Mead, after reviewing his state’s opportunities created a group to explore how Wyoming can diversify its economy outside of fossil fuels.  This is a little over a year after the state invested $2.5 million in diversifying its economy.  “The ENDOW executive council released its preliminary findings and recommendations after months of meetings. ENDOW is short for the group’s formal name — Economically Needed Diversity Options for Wyoming.”  Its recommendations include $36.35 million to invest in the updating of infrastructure like air service and broadband capabilities and establishing a ” venture capital fund for entrepreneurial initiatives.  The council suggested that $20 million be taken from the Permanent Wyoming Mineral Trust Fund to start the fund.”

What the fund would look to invest in is key, but $20 million in potential investments for Wyoming based business is an opportunity when considering the state has less that 600,000 residents.  The state has continually proven that they are looking to diversify and grow their economy these past few years and if they can increase investments from $2.5 million to $20 million for entrepreneurs this may be the start of something big.  I’d seriously look into Wyoming and their future plans if I was an entrepreneur starting out.  This state may be the start of big opportunities.

https://www.usnews.com/news/best-states/wyoming/articles/2018-01-04/wyoming-report-on-economic-diversity-makes-recommendations

 

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