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Why Wyoming Is Considered One of the Best States for Entrepreneurship and Innovation

June 30, 2022
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Penelope Shihab

By Penelope Shihab

Do you have an idea for a product or service, but do not know how to kick-start your business or find the necessary resources needed to grow your idea? This is a major problem that many entrepreneurs face.

Business ideas may come as a flash of inspiration for some people, and others might have been dreaming about them for years but do not know where to take the next steps. Yet, turning those ideas into a reality seems like a daunting task. That’s why many people give up on their ideas and dreams.

But if you have a unique idea for a business in the state of Wyoming, it is time to work on it and make it successful. The Wyoming Center for Entrepreneurship and Innovation (WyCEI) at the University of Wyoming is purposed with helping you get your business off the ground.

WyCEI is committed to strengthening and spurring the entrepreneurial community in Wyoming. For example, WyCEI is preparing to launch a series of courses at UW and around the state surrounding entrepreneurial strategies, such as ideation, innovation and implementation. So now, with WyCEI, you will receive the support, network and resources needed to start your own business and grow your idea.

Why are entrepreneurship and innovation important?

The willingness to take the risks and the passion to pursue the ideas and dreams are what make an entrepreneur stand out from the rest. Entrepreneurs have a strong determination to succeed. If you also have these qualities, then you can become a successful entrepreneur.

Entrepreneurship refers to the act by individuals to start and develop their own businesses. By creating new products and services, entrepreneurs stimulate new job opportunities, which ultimately leads to the acceleration of economic development.

Therefore, entrepreneurship is considered as a national asset and has the ability to transform the society.

In this highly competitive business world, innovation is the factor that differentiates a business from its competitors. An innovative entrepreneur can tackle any problem and offer innovative products that meet the market’s demands and trends.

Because innovation keeps a company relevant over a longer period of time, innovation should be a part of business strategy. By incorporating innovation, you can create a strong brand, meet increasing customer expectations and increase productivity.

What makes Wyoming best for starting your business?

Young entrepreneurs with innovative ideas can easily start their businesses in Wyoming. Due to its business-friendly environment, Wyoming is one of the best states to start your business.

By nature, the Cowboy State exemplifies an entrepreneurial attitude, which is why it is vitally important to begin bridging the gaps among resources across the state.

The business-friendly benefits of Wyoming include no corporate, inventory or personal state income tax; favorable tax exemptions; low energy costs; minimal corporate formalities; low operating costs; an educated workforce; and safe communities.

Wyoming offers you freedom to grow your business and thrive. The state also provides incentives and resources for entrepreneurs and small businesses.

Wyoming’s economy is dependent on industries such as mining, real estate and tourism, and the biggest players in these industries are small- and medium-sized businesses.

So, if you want to start a business in Wyoming, you will become a part of a strong economy. Entrepreneurship hubs such as WyCEI provide you with the best chance at success and help you scale your business.

Aspiring entrepreneurs can get the much-needed support, networks and access to tailored resources with the help of WyCEI. This ultimately will catalyze business growth and increase entrepreneurial activity in the state.

With the support of WyCEI, you can turn your dreams into a reality. For more information, go to www.uwyo.edu/innovation/.

 

Penelope Shihab is the director of the Wyoming Center for Entrepreneurship and Innovation at the University of Wyoming.

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