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Wyoming Business Council
Wyoming Business Council was created by the Wyoming Legislature in 1998 to consolidate fragmented economic development efforts under a single statewide...
Wyoming Business Council
Wyoming Business Council was created by the Wyoming Legislature in 1998 to consolidate fragmented economic development efforts under a single statewide authority responsible for business recruitment, community grants, export assistance, and broadband infrastructure planning. CEO Josh Dorrell, appointed by Governor Mark Gordon in 2019, directs a network of regional directors who work from offices in Casper, Sheridan, and Rock Springs alongside headquarters in Cheyenne. Anchoring the Council's investment posture is the federally funded State Small Business Credit Initiative, which Wyoming deployed as the Wyoming Venture Capital Fund in partnership with IBank Small Business Finance and early-stage managers including Stout Street Capital. By statute, the Council channels capital into targeted industries: advanced manufacturing, carbon capture and beneficial coal use, rare-earth element processing and technology, and value-added agriculture. The state's joint effort with the University of Wyoming School of Energy Resources, the Integrated Test Center, provides real-world validation infrastructure for carbon-tech startups, creating a deal-flow pipeline that the Council supports directly through grant programs. Governor Gordon announced the creation of the Wyoming Innovation Partnership in 2021, tying Council-administered federal dollars to university-driven research in blockchain, advanced nuclear, and quantum sensing. The Council operates as a direct appropriator rather than an independent endowment—its funding is determined by biennial legislative allocation and competitive federal awards. Its primary direct-investment tool remains the Business Ready Community grant, with recent awards directed to manufacturing-facility expansions in Evanston and Powell. The Council's structural differentiator is its hybrid role as both direct economic-development lender and limited partner to private venture-capital managers who must physically locate in Wyoming. This dual posture—placing public grants into Main Street communities while requiring private fund managers to establish in-state footprints—creates a mandated proximity between capital providers and local manufacturers that most states' economic development agencies cannot enforce.
General information
Firm type
other
Year founded
1998
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Cheyenne
Corporate office
Cheyenne, WY, United States
Additional offices
Casper, WY · Sheridan, WY · Rock Springs, WY
Principals
Josh Dorrell
CEO
Sector focus
Frequently asked questions
Is the Wyoming Business Council a venture fund or a grant-making agency?
It is both. The Council administers the Business Ready Community grant program for infrastructure and real-estate projects, while simultaneously operating as the conduit for the federally funded Wyoming Venture Capital Fund, which commits capital to approved private fund managers. The legislative prohibition on direct equity investments means it always works through intermediaries for venture capital deployment.
How does the Council source the startups it ultimately backs?
Deal flow originates from regional directors embedded in five regional offices, the University of Wyoming's technology-transfer office, the federally funded Wyoming SBDC Network, and the Integrated Test Center at the Dry Fork Station. Private fund managers receiving state allocations must source and diligence their own pipeline, but the Council can refer Wyoming-based companies to these managers.
Who controls the investment decisions at the Wyoming Business Council?
The Council's Board of Directors, appointed by the Governor, approves all Business Ready Community grants and the selection of private fund managers authorized to receive state allocations. Day-to-day execution is delegated to the CEO and investment staff, but large commitments require public board votes subject to Wyoming's open-meetings law.
Does the Council invest outside of Wyoming?
All Business Ready Community grant dollars must benefit Wyoming communities. Venture capital fund managers receiving state allocations must maintain a physical Wyoming office and demonstrate a commitment to investing in Wyoming-based or Wyoming-relocating companies, though they may also invest regionally with non-state capital.
What happens to returns generated by Council-backed venture funds?
Returns from direct grant programs are not structured for financial return. For venture allocations, the state participates as a limited partner under standard fund agreements, with investment returns flowing back to the state treasury for potential reallocation by the legislature.
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