How is a three-state cohesive mission and strategy shaping the Mountain West into a dynamic center for innovation? In this panel, economic development leaders from Colorado, New Mexico, and Wyoming dove into how states with fundamentally different viewpoints are aligning state-level policies, sharing resources, and building partnerships to ignite a wave of creativity and entrepreneurship along the I-25 corridor and beyond.
Verizon Senior Manager for State, Municipal, and Community Affairs Mr. Josh Miller, whose work takes him across the Mountain West, has seen much of how the complementary strengths of Wyoming, Colorado, and New Mexico have contributed to the region’s $680 billion GDP. Integration and cooperation do not happen by accident; they must be built up, through the input of strong leadership, and often starting at the state level. As the moderator of this discussion, Mr. Millar asked the panel of economic development leaders how these three states align their economic development strategies towards innovation and growth, and what key challenges and opportunities they are facing.
“The collaboration we see in the Mountain West did not come to be by accident but the result of intentional integration at the state level.”
Mr. Josh Miller
Senior Manager
State, Municipal, and Community Affairs
Verizon
Colorado Office of Economic Development and International Trade (OEDIT) Executive Director Ms. Eve Lieberman began with a reflection on how the Mountain West states are more alike than they are different, and they have a long history of interstate collaboration. With Colorado’s advanced industries and Wyoming and New Mexico’s energy and natural resources, the three states form a strong unit of innovation and economic growth. However, challenges do remain, like extending advanced industries beyond Colorado, and beyond the Front Range to include rural areas in all three states.
“The collaboration we see in the Mountain West did not come to be by accident but the result of intentional integration at the state level.”
Ms. Leslie Hielema
President and CEO
New Mexico Chamber of Commerce
New Mexico Chamber of Commerce President and CEO Leslie Hielema, who has served in economic development roles across several states, agreed, noting that New Mexico’s economy is highly concentrated around a few key industries like natural resource extraction. While complimentary to Colorado’s strengths, it limits New Mexico’s growth. But this is a situation that Ms. Hielema has seen change before; she previously served as the CEO of the Orlando Chamber, itself an economy reliant heavily on tourism and large-scale events. But after a successful pivot towards the tech economy, Orlando has become one of the top ten fastest-growing hubs in the nation. With the right policies, it is possible to build an innovation economy from a small foundation. And New Mexico’s foundation of innovation is already strong, especially in quantum; two national laboratories, a new Quantinuum R&D facility, and a quantum center at the University of New Mexico. Government support has thus far been more limited – two quantum bills failed to pass in the previous legislative session – but a future bill could pass.
“The people of Wyoming are highly experienced energy producers today, which gives us a huge advantage in the energy industries of tomorrow.”
Mr. Josh Dorrell
CEO
Wyoming Business Council
Similar to New Mexico, Wyoming shares a history rooted in extractive industries, particularly coal, as noted by Wyoming Business Council CEO Josh Dorrell. Recognizing that these industries may see a decline, he and his state are actively seeking new opportunities. The region's mining heritage and the abundance of critical minerals provide Wyoming with the natural and professional resources necessary to emerge as a key supplier of essential materials for the region and the nation.
Additionally, Wyoming's long-standing expertise in energy production — generating twelve times more energy than it consumes — contributes to what Mr. Dorrell refers to as a high “industry IQ” in electricity generation. This expertise is leading to one of the first small modular reactors (SMRs) in the United States being constructed in Wyoming by TerraPower. Concurrently, the state is conducting siting evaluations for microreactors, with support from the Governor, while Radiant Energies plans to establish a manufacturing facility for microreactors within the state.
These emerging opportunities build upon Wyoming's legacy in power production, shifting the state from simply providing fuel inputs to actively developing a new energy infrastructure. Mr. Dorrell noted the Mountain West is uniquely positioned to develop nuclear energy solutions to address the country’s growing need for safe, affordable, reliable, and clean power.
Mr. Dorrell acknowledged Wyoming still faces significant challenges. With a population comparable to Albuquerque, NM, Wyoming is sparsely populated, and connectivity remains a pressing issue. He suggested that deep investments in infrastructure, including a rail line connecting Albuquerque to Billings, MT, could address these connectivity gaps, though economically challenging.
Shifting the conversation back to advanced industries, Mr. Miller inquired about how the three states are capitalizing on their growth. Ms. Hielema cited Elevate Quantum's role in fostering an ecosystem of quantum innovators, particularly in enhancing technology commercialization from the two U.S. DOE National Laboratories. Despite the benefits of cross-state collaboration, both New Mexico and Wyoming are hindered by their small populations. Mr. Dorrell concurred, mentioning that Wyoming, despite having the nation’s richest county (Jackson), struggles to attract venture capital funding. A cyclical “chicken-and-egg” dilemma has emerged: a lack of deal flow makes it difficult to attract capital, and insufficient capital further stifles deal flow. However, potential solutions exist; for instance, a $13 million small business credit successfully secured $100 million in venture capital. Additionally, through connections facilitated by the NSF Engine, Wyoming innovators can now engage with funds in Colorado, a state with a stronger venture capital ecosystem, benefiting the entire region.
Ms. Lieberman shared how Colorado is effectively using venture capital to bolster advanced industries. Boasting the fifth-highest venture capital investment in the nation, Colorado has invested in initiatives such as a new quantum incubator at CU Boulder and $74 million in tax credits for quantum businesses. These funds have also contributed to developing talent pipelines and enhancing connectivity with Colorado's rural areas.
Regarding the implications of advanced technologies like AI for the regional workforce, Ms. Hielema note the future will demand a diverse range of skills—from vocational training to PhD-level expertise. Initiatives like the Quantum New Mexico Coalition are essential for partnering universities with communities to cultivate talent pools for the emerging quantum industry, ensuring opportunities are accessible to a broad audience. Mr. Dorrell anticipated that these industries would further connect the Mountain West, expanding the densely populated Front Range while incorporating Wyoming and New Mexico. He viewed this as a positive development, believing that growth in urban areas would simultaneously create more opportunities for surrounding rural communities.
“The rest of the world is taking note of the progress the Mountain West is making. Our innovation ‘brand’ is growing.”
Ms. Eve Lieberman
Executive Director
Colorado Office of Economic Development and International Trade (OEDIT)
As the region's metropolitan areas grow and the innovation economy expands, it is essential to elevate its innovation “brand” on the global stage. Ms. Lieberman acknowledged that the Mountain West faces a steeper challenge than coastal hubs in this regard. However, the designation as an EDA Tech Hub and the establishment of the NSF Engine have enhanced access to capital, resources, and the region’s “brand recognition” as a center of gravity for innovation. For example, on international trade missions, the Mountain West is gaining recognition as a center for quantum computing and climate resilience, leading to memorandums of understanding with Finland on quantum technology and the United Kingdom on climate tech.
Both Ms. Hielema and Ms. Lieberman noted the importance of ensuring economic development benefits everyone across the three states. They advocated for a “rising tide lifts all boats” approach, rather than competing for a limited pool of resources. One of the most effective strategies, they noted, is to continue fostering state-level partnerships, particularly to enhance job training in rural areas.
As a final thought for participants, Ms. Hielema observed that following the rising costs in Silicon Valley, many innovators are relocating to places like Florida, which is also becoming increasingly expensive. The Mountain West has a unique opportunity to benefit from a new wave of innovation migration, particularly in the quantum sector. Ms. Lieberman added that both quantum and climate tech are crucial national security issues, which will garner federal investment. The Mountain West's regional collaboration can harness this investment, benefiting the nation as a whole.
