Wyoming Business Tips for August

A monthly look at issues facing Wyoming business owners and entrepreneurs from the Wyoming Small Business Development Center (SBDC) Network, a collection of business assistance programs at the University of Wyoming.

By Sarah Mikesell Growney, Wyoming APEX Accelerator procurement adviser

What is foreign ownership, control or influence (FOCI), and why does it matter? As you begin to build your business and seek board members, leadership and investments, it is imperative to be mindful of where your partners and investments come from.

The United States government understands the importance of allowing foreign investment to strengthen the U.S. industrial base, but it must balance maintaining critical national security. If your business could have a hand in a future contract requiring federal security clearance, the government will require assurances that your company is not vulnerable to foreign control or influence, and it is wise for you to be mindful of FOCI now to avoid issues later.

"A company is considered to be operating under FOCI whenever a foreign interest has the power, direct or indirect, whether or not exercised, and whether or not exercisable, to direct or decide matters affecting the management or operations of that company in a manner which may result in unauthorized access to classified information or may adversely affect the performance of classified contracts," according to the Defense Counterintelligence and Security Agency.

Learn about FOCI and its derivation and how your company can mitigate future issues in the world of government contracting and obtain startup funding, including Small Business Innovation Research and Small Business Technology Transfer contracts and grants from government entities.

To learn more about FOCI, access a previously recorded training session in February by clicking here. The passcode is yvGw7*sS.

The Wyoming SBDC Network offers no-cost advising and technical assistance to help Wyoming entrepreneurs think about, launch, grow, reinvent or exit their business. In 2023, the Wyoming SBDC Network helped Wyoming entrepreneurs start 54 new businesses; support 1,857 jobs; and bring a capital impact of $3.1 million to the state. The Wyoming SBDC Network is hosted by UW with state funds from the Wyoming Business Council and funded, in part, through a cooperative agreement with the U.S. Small Business Administration.

To ask a question, call 1-800-348-5194, email [email protected], or write Dept. 3922, 1000 E. University Ave., Laramie, WY 82071-3922.