JACKSON, Wyo. (AP) — Gov. Matt Mead and Wyoming's Legislature are hoping to diversify the state's economy by encouraging business development and entrepreneurship.

On Monday, Mead signed into a bill that pledges $2.5 million to stimulate new and emerging industries and to create private sector jobs.

The bill is known as the ENDOW Initiative, which stands for Economically Needed Diversification Options for Wyoming.

As Wyoming's energy industry continues to see declining revenues, state leaders say Wyoming's economy can no longer rely on the land's mineral resources to pay for the state's operating budget.

Mead says he hopes technology can become the fourth leg of Wyoming's economy, behind energy, agriculture and tourism.