Striking gold: connecting Alaska commerce to the lower 48.

• Author: Biton, Adva

Alaska: home of Denali National Park, gorgeous fjords, stellar fishing and the highest peak in North America. The nation's largest and most sparsely populated state also seems to be America's most misunderstood state--at least when it comes to doing business.

While Alaska beckons to tourists with some of America's most beautiful natural landscapes, businesses remain timid when it comes to staking their claims in the state--even in the face of plentiful evidence that it would be well worth their while.

"We are still the last frontier," says Ethan Tyler, development manager at the Alaska Division of Economic Development. "[Anchorage] has a vibrant downtown and a robust economy, as does Fairbanks and Juneau and Ketchikan. I would like to think we have the best of both worlds here."

A WIDE OPEN MARKET

While many are used to thinking of the Alaskan economy singularly in terms of oil, Tyler says these perceptions are outdated. While oil continues to be a driving force in the Alaskan economy, it is by no means the only player.

"With oil prices being low, there's a perception that we're struggling a little bit--but our economy is quite diverse," he says. "Over the years, as we've grown up, our economy has grown with us ... the current climate is that there's a lot of opportunity up here."

The state is 9.5 hours away by air from 90 percent of the developed world and a major shipping hub for FedEx, UPS, Air China and Korean Air. Alaska's unique natural beauty makes it a great draw for outside talent looking to relocate. And in the past decade, Tyler says there has been a push toward bolstering entrepreneurship in Alaska.

Angel investors, entrepreneurial mentors and homegrown businesses have popped up around the state. A combination of public and private funding, as well as successful entrepreneurs giving their time, expertise and mentorship, has created a multitude of opportunities for others. Many entrepreneurs are taking uniquely Alaskan experiences and expertise and turning them into lucrative and respected businesses.

Airframes Alaska, LLC, an aviation fabrication and engineering company, employs dozens of Alaskans in the municipality of Chugiak, northeast of Anchorage. According to the state government, Alaska has six times as many pilots per capita and 16 times as many aircraft per capita as compared to the national average. Bush piloting is a way of life for a state dependent on air transportation. Airframes Alaska, LLC has taken this Alaskan...