Economic Development Drives Northeastern Wyoming Forward

Economic growth is at the center of any community’s vitality. The ability of all businesses, from the largest corporation to the aspiring entrepreneur, to operate and flourish creates jobs for residents, increases financial opportunities and improves the overall quality of life in an area.

Economic development itself is the encompassing term defining the effort to improve a community’s economic well-being, wealth, and quality of life, including various activities to attract, create, and retain jobs to foster a resilient and inclusive economy. Economic development is a shared effort between businesses, governments, and various community stakeholders to achieve success.

Focus on NE Wyoming

Economic development in northeast Wyoming has revolved around consistent innovation in available energy resources, from coal to natural gas and oil. Today, that innovation continues by several organizations through a business-friendly tax climate, existing infrastructure, outdoor opportunities and safe, desirable communities. Various regional entities work to attract, retain and expand businesses, support entrepreneurs and foster workforce development, while marketing communities to attract prospective investors and residents. Numerous groups, like Energy Capital Economic Development and the Gillette College Foundation Office of Economic Transformation (OET), work with economic development organizations in specific communities to target programs and opportunities through the region. 

Dana Miller, OET Entrepreneurial Ecosystem Coordinator, believes economic development is a comprehensive approach. “It is really about creating opportunities, fostering innovation, and building a thriving, inclusive ecosystem that benefits individuals, businesses and our community now and for future generations,” she said. “Successful economic development comes from partnerships, connections and the easy communication of information.”

Partner relationships

OET seeks to support the future of northeast Wyoming while supporting economic recovery, diversity and resilience by working with several state-wide agencies to collaborate and share services and resources with local businesses. Miller stated several critical economic development goals for the region include the creation of a connection, advocacy and education resource hub for northeast Wyoming, creating an entrepreneurial ecosystem that accelerates entrepreneurs and new businesses with a support structure that includes access to resources and mentorships and facilitates private-led public-private partnerships. One perfect example is a recent U.S. Small Business Administration’s SBA T.H.R.I.V.E. Emerging Leaders course. The six-month ‘Train. Hope. Rise. Innovate. Venture. Elevate’ program is designed to accelerate the growth of high-potential small businesses across the United States. Representatives from the U.S. SBA, SBDC, WBC, ECED, the Chamber and OET worked together to recruit over 20 early-stage companies to participate. “The course was not utilized in Wyoming until we came together to make it happen,” said Miller. “The program was 100% sponsored by the SBA and only needed minimal local support and recruiting.”

Innovation, collaboration will drive future

MIller and the OET have an eye on the future through creating opportunities like an entrepreneurial ecosystem in the region, soon to launch with assistance from the Cambridge Innovation Center’s Captains of Innovation, that will develop a roadmap for space activation for key regional facilities.

“Collaboration is the ‘secret sauce’ to successful economic development because the whole is greater than the sum of its parts,” she said. “When multiple entities and organizations row in the same direction, everyone achieves their goals faster and with better results.”

Northeast Wyoming’s dedication to innovation and a strong work ethic promise to optimize the region’s economic development in various industry sectors. Powder River Energy Corporation is positioned to offer further information about the above organizations or help individuals get involved with the region’s advancement. Contact us today to get started!