CHEYENNE -- Wyoming scores high as an entrepreneur-friendly state in the 14th annual "Small Business Survival Index 2009."
The Small Business and Entrepreneurship Council evaluated states for individual and corporate tax policies as well as crime rates and health-care regulations.
The rankings provide an insight into the public policy challenges that could stifle fresh business growth. But the report also indicates which states are poised to support the latest start-up companies.
Business-friendly policies will become more important as laid-off individuals decide to strike out on their own.
More than 70 percent of the Fortune 500 Companies formed during a downturn, said Diane Wolverton, director the Wyoming Entrepreneur network and the Small Business Development Center at the University of Wyoming.
Some economic slump start-ups include Revlon Cosmetics, General Electric and Microsoft.
"This entrepreneurship spirit says, 'I don't have a job, so I need to make a job,'" she added. "We've definitely seen an increase (at the Small Business Development Center)."
Wolverton said Wyoming's small business owners benefit from a unified system that provides resources with limited competition.
These entrepreneurs can find grants to bring their products to trade shows or get additional training. They also can access market research, social networking and e-commerce assistance to develop their business through services like the Small Business Development Center.
She said the Internet means Wyoming's small population is no longer a barrier to business owners as they connect with others throughout the nation.
Public policies also can encourage economic development with incentives geared toward start-up businesses, said Bob Jensen, CEO of the Wyoming Business Council.
He added that reports like the "Small Business Survival Index 2009" are aimed at policymakers as well as entrepreneurs. The information helps lawmakers understand the role they play to create a business-friendly environment while it aids entrepreneurs in pinpointing locations where they can start a company.
"Any time a state gets into the top five, it gets attention," Jensen said.
He added that Wyoming benefits from a favorable tax structure as well as investments in education and business infrastructure. And the states that rank near the top experienced the most growth between 2000 and 2008, according to the index.
Jensen said the money Wyoming officials re-invested back into the state will pay dividends over the coming decades.
By Michelle Dynes
Wyoming Tribune Eagle
mdynes@wyomingnews.com
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