IDEA, Inc.
(Improve and Develop Economic Activity)
Its History and Current Structure
Based on a belief in the progressive attitude of the people in Riverton/Fremont County and due to the immediate and urgent need for economic development a few local businessmen joined together and formed IDEA Inc. IDEA, Inc. was born and incorporated as a non-profit economic development 501(c)(4) corporation on August 5, 1985 with the mission of helping expand and grow local business. Its current board of directors is composed of business and community leaders from Riverton. These board members are not compensated for their time; they serve as volunteers and dedicate their time and efforts towards developing the community and economy of Fremont County.
IDEA Inc. has two sister organizations and several partners. RECDA (Riverton Economic and Community Development Association) is an area wide economic development coordinating council where community members come to network, present ideas and to learn about the latest community and economic developments in the community. RECDA has over 70 members and meets on the 4th Wednesday of every month at the Sundowner restaurant. The Riverton Depot Foundation, is an 501(c)(3) IRS qualified charitable foundation. The Depot Foundation accepts charitable donations on behalf of donor-designated projects and assist with grants which require a 501(c)(3) beneficiary for funds. The board for the Depot Foundation is composed of the same members as the board for IDEA Inc. IDEA Inc partners in economic and community development include the City of Riverton, Fremont County, The Wyoming Business Council, Manufacturing-Works, The SBDC, The City of Shoshoni, and the Riverton Chamber of Commerce.
Purpose
The purpose of IDEA Inc. is to promote, stimulate, and develop business and economic welfare in Fremont County. The function of IDEA Inc. is to encourage and assist businesses through loans, investments and other vehicles. The goals are as follow:
- Attract new business and industry to Fremont County
- Rehabilitate and assist existing business and industry,
- Stimulate and assist in the expansion of business activity
- Promote business development and improve the standard of living of the citizens of Fremont County
- Assist Entrepreneurs is starting and running businesses
- cooperate and act in conjunction with other organizations, public and private, in the promotion and advancement of industrial, commercial, agricultural and recreational developments in Fremont County and to
- Provide or encourage financing for the promotion, development and conduct of business activity.
Use of IDEA Inc. Funds
Funds received by IDEA Inc. will be used for the improvement and development of economic activity in Fremont County. Some specific applications include:
- Provide matching funds for economic development grants. IDEA, Inc can leverage funds by partnering with other organizations such as the Yellowstone Development District, SBA, WBC, City of Riverton, Fremont County, local banks and private investors.
- Assist individuals who have a plan for and economically feasible business but lack sufficient funds with which to start.
- Provide assistance to those legitimately promoting the Riverton area to outside business interests that can help our local economy.
- Assist other Fremont County groups engaged in promoting economic activity that will benefit our community.
- Assist in efforts to keep established businesses in Fremont County and/or help existing businesses to grow and expand.
- Provide staffing for an economic development office in Riverton for the Wind River Basin.
Requests for use of funds are considered based on merit, legitimacy, economic feasibility, and ability to provide additional employment opportunities for Fremont County.
IDEA Inc. is working to become a self supporting entity not directly dependent upon city, county or state budgets or grants for funding. At present, IDEA Inc’s completed projects provide approximately $60,000 per year of operating capital. IDEA Inc. has hired Manufacturing-Works to provide a economic development director for four days a week. This person (Phil Christopherson) and the IDEA Inc. Board are presently the official Economic Development Entity serving the Riverton area.
With this manpower, IDEA Inc. secured several WBC BRC grants that total more than $10.5 million dollars. With these grant funds IDEA Inc. has assisted several local businesses with their expansion and with their very existence. The following paragraphs detail four of the projects that IDEA has led to develop the Economy in Fremont County
The Pertech Project