June Visionary Ventures: Wyoming offers resources to entrepreneurs
By Rebecca Reimers
Wyoming is rich in minerals, vistas and wildlife, resources that have been the backbone of the state’s economy. We’ve learned the hard way, however, that resource extraction and tourism are not without impacts and boom-bust cycles.
While seasonal pressures in Jackson Hole spurred the formation of Silicon Couloir’s efforts to diversify our economy 11 years ago, the rest of the state has also recognized the need to invest in entrepreneurs and has created a growing infrastructure of resources and support.
I recently advised a friend seeking advisors to help grow her company. In addition to mentoring from Silicon Couloir, I suggested the Wyoming Small Business Development Center. She wasn’t previously aware of the organization but found it to be of great assistance.
The geographical challenges of Wyoming, coupled with the demands of building and running a company, may not allow founders to look beyond the day-to-day and understand the support available to them both within and beyond our community. This column will detail statewide assistance for entrepreneurs, all of which are also noted on the “Resources” page of the Silicon Couloir website, SiliconCouloir.com.
Silicon Couloir’s own mentoring program, TEAMS, has provided invaluable (and cost-free) guidance to dozens of Teton regional ventures. TEAMS is powered by volunteer mentors who are excited by innovation, ideas and problem-solving for ventures.
Mentors are overseen and supported by the Silicon Couloir staff and a few veteran mentors. Based on the proven MIT Venture Mentor Services program, each selected venture is assigned a team of two to four mentors with one lead mentor. This group of mentors meets in person with the company founder for 90-minute sessions. Meetings are on an as-needed basis and center on an agenda provided by the entrepreneur. Silicon Couloir is currently accepting applications for new ventures, which are selected based on growth potential, coachability and other factors.
The Small Business Development Center provides no-cost, confidential advising and technical assistance to help entrepreneurs start, grow, reinvent or exit their business.
The Wyoming Business Council offers infrastructure development grants to accommodate new and expanding businesses; recruits new companies to the state; provides small capital grants to startups; delivers expertise to small businesses; assists in the redevelopment of downtowns; participates with banks to fill the gap in business financing; and partners with nonprofits, local governments and local economic development organizations to assist in community and business projects. The Wyoming Department of Workforce Services Workforce Development Training Fund connects employers with professional development opportunities to increase employee skill attainment. Funding opportunities include business training grants, prehire grants, internship grants and apprenticeship grants. Businesses must have an established payroll to participate.
Not just for women, the Wyoming Women’s Business Center has a mission to enable and empower Wyoming entrepreneurs. It assists entrepreneurs, especially women who are economically or socially disadvantaged, through counseling, training and microfi nance programs to start or expand small businesses in the state of Wyoming. It strives to advance financial self-sufficiency by promoting economic justice and equality throughout the state.
The Silicon Couloir Angel Group hosts selected entrepreneurs who are raising equity financing. The group is composed of local angel investors and meets every two to three months. Interested companies and accredited investors can get involved through our Gust website linked on the Angel Group page of our website.
Breakthrough 307 is a program custom built around its participants, providing a constructive and supportive culture to cultivate dreams into real and profitable companies. Entrepreneurs have access to one another in a format that encourages idea and experience sharing to promote growth.
There’s also gBETA Cheyenne, a free, seven-week accelerator for earlystage companies with local roots. Each program is capped at five teams and requires no fees and no equity.
As you can see, while entrepreneurship often feels lonely, you are not alone. Forward-looking experts and advisors across the state want to help you succeed and grow your business.