Fiscal hawks who pushed to eliminate the Wyoming Business Council's budget may hate this column. Pro Business Council advocates that want it to stay as is may also hate this column. Both may hate it because the answer lies in the middle.
Two things are certain: First, the Business Council has to change. Second, Wyoming still needs economic development.
The recent Joint Appropriations Committee vote to reduce the Wyoming Business Council's budget from about $94 million to $2 million (for loan administration) has highlighted long-standing issues with the agency: bureaucratic structure, selective funding through grants and loans, and questions about measurable return on taxpayer dollars.
As someone who has advised businesses and served on economic development boards like Cheyenne LEADS and the Greater Cheyenne Chamber of Commerce, I understand why the defunding happened. It was at least a call for change.
Is it the purview of government to meddle in the private sector? No – and - yes. It should rarely pick and choose winners because of the disadvantages it creates for other businesses.
But should it offer services that benefit all businesses? Within budgetary limits - yes.
Wyoming needs to compete with other states for human resources and capital.
Colorado, Utah, and Idaho devote resources to promotion and attraction efforts that draw talent, businesses, and investment.
Not having a dedicated state-level function carries the risk of signaling that Wyoming is not open for business, which could affect our ability to sustain growth.
We want our kids to stay here and we want them to have meaningful opportunities.
That’s why we need a workable model for economic development.
How do we accomplish this? Wyoming is the least populated state in the nation (the smallest of small media markets).
If the rest of the nation hears about us, it either means there is a weather phenomenon or something bad has happened.
I have talked to dozens (if not hundreds) of attorneys and small businesses across our nation and very few of them are aware of the benefits of doing business in Wyoming. That has to change.
The path forward is reform: transform the Business Council into a lean, marketing-focused "Wyoming Office of Business Development," not unlike the Wyoming Office of Tourism.
The Tourism Office offers a clear example of effective promotion without direct market intervention. They do not provide subsidies to individual outfitters or hotels.
They focus on branding Wyoming's attractions, generating millions in visitor spending with a budget funded primarily by lodging taxes.
The reformed entity can follow the same structure and approach: no grants or loans, only promotion and facilitation funded modestly.
I mean, there are lots of reasons Wyoming rocks for businesses, including:
· No State Income Taxes (Corporate or Personal)
· Strong Asset Protection and Liability Shielding
· Low Formation and Ongoing Costs
· Business-Friendly Legal Environment with Flexibility
· Support for Innovation and Emerging Sectors
We just need an entity whose sole focus is making sure we are on the top of everyone else’s lists when searching for a home for their business.
The new office would also remain a primary reference hub for interested businesses, directing them to private and public capital.
It would function as a connector, providing information on federal programs, private lenders, venture capital networks, angel investors, and other resources.
In addition, the office could expand to offer technical guidance and interactive tools for site selection and business ecosystem mapping.
These are the kinds of practical resources that chamber directors and other local economic development leaders rely on.
Many other states' commerce departments prioritize these tools, and incorporating them here would address a noted gap in current state-level support.
Funding? The Secretary of State’s office returns about $45 Million each year to the general fund (over and above their budgeted expenses). As they are the “business office” of the state, funds could be earmarked from them to pay for business development.
The legislature can structure the new office in the same manner as tourism: overseen by an appointed board, centered on unified branding and dedicated to promotion plus resources.
As the full legislature convenes for the budget session, prioritizing this reform should be considered: establish a focused marketing and reference hub that positions Wyoming as the premier place to build, invest, and thrive.
David A. Pope is a commissioner on the Wyoming Stable Token Commission and serves as the governor's liaison on the Wyoming Select Committee on Blockchain, Financial Technology and Digital Innovation Technology.
