Bozeman: A Case Study in Rural Entrepreneurship
How Bozeman became a model for rural entrepreneurship and what communities across America can learn
The Capital One Insights Center and the Center on Rural Innovation (CORI) created the Rural Entrepreneurship Index to identify where entrepreneurship is thriving across rural America and better understand the factors that support long-term economic growth.
Bozeman, Montana emerged through the Index as a beacon of rural business success.
The region has a 17% self-employment rate, compared to a 12% rural U.S. average, and experienced 41% business growth between 2010 and 2022, nearly four times the national growth rate. These indicators suggest a community where entrepreneurship is not only present, but accelerating.
To better understand what is driving that momentum, Capital One, the Montana Chamber of Commerce, and CORI convened entrepreneurs, small business owners, policymakers, educators, lenders, and civic leaders in Bozeman on May 13, 2026. The event featured a conversation with Governor Greg Gianforte and announced Capital One’s $3 million investment in Montana. As part of Capital One’s Community Benefits Plan (CBP), the investment supports small business lending through MoFi and entrepreneurship programs at Montana State University. The event also reflected Capital One’s broader commitment to supporting small businesses and expanding economic opportunity across Montana, including the many small businesses and more than 400,000 customers Capital One serves throughout the state.
The discussion focused on a central question: What makes Bozeman a successful rural entrepreneurship ecosystem, and what can other communities learn from it?
Governor Greg Gianforte joins Todd O’Hair, President & CEO of the Montana Chamber of Commerce, for a fireside chat focused on Montana’s economic momentum and the factors driving growth across the state at Capital One’s Economic Development and Rural Entrepreneurship Convening at EngineWorks in Bozeman on May 13, hosted in partnership with the Montana Chamber of Commerce and the Center on Rural Innovation.
Dr. Shena Ashley, President of the Capital One Insights Center & Vice President, Community Impact and Investment at Capital One moderates a panel of local, state and federal leaders on how Montana can serve as a rural economic model at Capital One’s Economic Development and Rural Entrepreneurship Convening at EngineWorks in Bozeman on May 13, hosted in partnership with the Montana Chamber of Commerce and the Center on Rural Innovation. From Left to Right: Dr. Shena Ashley, President of the Capital One Insights Center & Vice President, Community Impact and Investment at Capital One; Marta Bertoglio, Director, Montana Department of Commerce; Justin Everett, Regional Administrator for the Rocky Mountain Region, U.S. Small Business Administration; and Brit Fontenot, Economic Development Director for the City of Bozeman.
Amanda Weinstein, Director of Research, Knowledge & Evaluator at the Center on Rural Innovation, moderates a panel with local community, academic and business leaders focused on rural economic drivers and the strategies used to transform Bozeman’s entrepreneurial ecosystem. From Left to Right: Amanda Weinstein, Director of Research, Knowledge & Evaluator at the Center on Rural Innovation; Heidi DeArment, President & CEO, MoFi; Mark Sharpe, Executive Director of the Montana State University Innovation Campus; and David Sigler, Owner of Bridger Brewing, a local brewery in Gallatin County.
Key Insights:
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Entrepreneurship is embedded in Montana’s identity.
Speakers described entrepreneurship as central to Montana’s culture, rooted in risk-taking, resilience and a local-first approach to building businesses.
Montana Governor Greg Gianforte: “When you talk about economic development, the entrepreneur is the hero in that narrative, because entrepreneurs create businesses, which create livelihoods, which lead to a path to pursuing the American dream.”
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Relationships are economic infrastructure.
From public-private partnerships to local networks, participants emphasized that trust and connection are essential to helping entrepreneurs find the right support at the right time.
Brit Fontenot, Bozeman’s Director of Economic Development: “Relationships are the currency of the economic development world. If we can just emphasize the importance of building strong, healthy, trusting relationships, I think that can really go a long way.”
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Capital needs support around it.
Access to financing is critical, but entrepreneurs also need mentors, technical assistance and trusted partners who can help them navigate growth.
Heidi DeArment, President and CEO of MoFi: “There’s no single loan out there that’s going to work for all entrepreneurs…We need more tools, but Montana is small enough that we all work really well together to put packages together and get things done.”
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Anchor institutions serve as connectors.
Montana State University, MoFi, the Montana Chamber, SBA, local government and community partners were highlighted as connectors that help entrepreneurs access talent, research, capital and practical support.
Mark Sharpe, Executive Director of the MSU Innovation Campus: “It’s great to live in a rural community and know that you don’t have to move to do big things... You have an opportunity to change the world and still enjoy the quality of life that makes Bozeman and places like Bozeman special.”
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The next generation needs confidence to build locally.
Participants emphasized that young people in rural communities have the talent and drive to build locally, but need resources, support and confidence to see a path forward.
David Sigler, Owner & Business Development Manager of Bridger Brewing, a Bozeman-founded brewery and small business: “These kids are hardworking innovators, which is how I describe an entrepreneur. What holds them back is not knowing they can. You first got to get the kids to believe they can and to reach out because the support is amazing if you can.”
From Insights to Action
Not every community will be able to replicate Bozeman’s success, but the conversations highlighted several lessons that may be relevant elsewhere: Invest in talent, strengthen local institutions, expand access to capital, build trusted networks, and create environments where entrepreneurs can see a future for themselves.
As Capital One and CORI continue their research partnership, those insights will help inform future work supporting entrepreneurs and rural communities across the country.