Wyoming Governor Matt Mead has launched a new initiative to diversify the state's economy.

The Economically Needed Diversity Options for Wyoming Initiative, or ENDOW, will coordinate and expand ongoing efforts across the state, as well as produce measurable results expanding Wyoming's economy.

"We need immediate and measurable results now," said Mead during the Governor's Business Forum in Cheyenne on Thursday.

"We need to build on recent success in establishing technology as a fourth leg of Wyoming's economic strength; efforts to add value to coal, minerals and natural resources; and on our success in a growing manufacturing industry," added Mead.

Mead says many economic studies and plans over the years really haven't addressed issues that are still pressing in 2016.

"We have known for more than 50 years that it is important to add value to our natural resources, to improve air service and to expand research," said Mead.

"The problem with the past plans is that they have addressed the next four years, or next eight years," added Mead. "These are connected with political terms and we need economic action that spans the next 20 years, efforts that go beyond this Governor and the next."

ENDOW will include current economic development efforts, including research into the creation of one or more industrial parks in Wyoming.

The executive committee will be identified over the next several weeks.