View
0
Download
0
Category
Preview:
Citation preview
S TAT E O F I T H A C A ’ S
S TA R T U P E C O N O M Y
W H Y WA S R E V C R E AT E D ? Rev was created in partnership by Cornell University,
Ithaca College, and Tompkins-Cortland Community
College in 2014. Leadership at the three schools wanted
the Ithaca community to have a strong resource for new
and growing businesses and to offer support for student-
founded startups.
Rev: Ithaca Startup Works is a business incubator in Ithaca, NY, founded
with a mission to convene and support Ithaca’s startup community. We
have over 35 member companies and help entrepreneurs access the
mentorship, space, and resources they need to start, fund, and grow
successful businesses in our hometown.
W H AT I S R E V : I T H A C A S TA RT U P WO R K S ?
66 Total Startup
Members to Date
WE BEL IEVE THAT MORE INNOVAT IVE COMPAN IES , OFFER ING MORE JOBS , IN MORE F IELDS , ENR ICHES OUR LOCAL ECONOMY AND IMPROVES L I FE FOR EVERYONE .
“We operate Rev to serve as a bridge that
connects our local community with our
campus communities, engaging and
matching interested entrepreneurs,
community members, faculty, and students.”
Ken Rother Tom SchryverDirector of Rev and Program Lead: Hardware Entrepreneurship
Executive Director, Cornell Center for Regional Economic Advancement
Who wants to be like Silicon Valley? Many cities across
the nation talk about their aspirations for innovation
and economic growth as being “the next Silicon Valley”
or “the Silicon Valley of” a particular industry. We aren’t
interested. We love Ithaca for what it is—a quirky, close-
knit community, full of intellectual and cultural diversity.
We cherish smart growth, sustainability, and quality job
creation.
Nationally, the number of startups is growing rapidly.
More professionals are choosing entrepreneurial paths
and building businesses that solve problems they are
passionate about.
Ithaca is already well
positioned to take
advantage of this
shift in industry. With
a solid track record
of growing startup
companies, a wealth
of highly-skilled and
educated potential
employees, and
numerous rankings
for its high quality
of living, Ithaca is
welcoming more
startups and helping
them grow. More
startups and growing
startups means more
jobs and a stronger
local economy.
As startup founders and practitioners, we have embraced
our additional roles as educators and mentors and are
dedicated to empowering startup leaders with the
tools, knowledge, and support to make their ideas a
reality. We teach and practice a “customer-centric”
philosophy, always seeking input from customers
and listening to their needs. We operate Rev to serve
as a bridge that connects our local community with
our campus communities, engaging and matching
interested entrepreneurs, community members,
faculty, and students.
How can we further help startups flourish in Ithaca?
Is it more investment capital, more office or lab
space, better tax incentives, or manufacturing
assistance? The answer likely includes a blend
of these factors, depending on the startup, but
discussing startups’ needs and recognizing the
hurdles they face proactively will help us fashion
a business community that is more prepared to
support tomorrow’s startups.
M E S S A G E F R O M R E V L E A D E R S H I P
S T A R T U P S A C R O S S T H E N A T I O N
SOURCE: Kauffman Foundation
SOURCE: Arnobio Morelix, Kauffman Foundation calculations from the U.S. Census Business Dynamics Statistics
STARTUPS CREATE JOBS
- According to Census Bureau data
(2014), firms in their first five years of
life created 2.2 million jobs, even after
netting out failures and closures.
- Firms older than five years created only
450,000 jobs.
- Startups created jobs at more than five
times the rate of traditional companies.
STARTUPS ARE GROWING
- After a period of slow growth due to the
recession, the number of startups is now
growing.
- The rate of new entrepreneurs has
increased by more than 15% in the last
two years.
National VC Funding: www.cbinsights.com/research/venture-capital-top-states
SOURCE: National Science Foundation HERD Survey. Published 2015. SOURCE: CB Insights
SOURCE: CB Insights
STARTUP FUNDING IN NY STATE IS STRONG
- Three states receive the largest shares of U.S.
venture capital and New York is one of them.
UPSTATE NY RECEIVES FAR LESS VC FUNDING THAN DOWNSTATE
- Between 2012 and 2015, more than $125 billion
were invested in New York State.
- 91.7% of deals were made in Downstate New York,
and only 7.6% were made in Upstate New York.
UPSTATE NY MAINTAINS THE LARGEST PORTION OF THE STATE’S INNOVATION ASSETS ( I .E . UN IVERS ITY R&D)
$8.2M Generated in Revenue
$ 7 . 8 M I N I T H A C A
O U R L O C A L S T A R T U P E C O N O M Y
I N 2 0 1 7 , R E V : I T H A C A S TA RT U P WO R K S ’ M E M B E R S :
$21M Raised in Capital
92New Jobs Created
$ 1 8 . 2 M I N I T H A C A 7 6 I N I T H A C A
REV SUPPORTS AND EMPOWERS STARTUPS WITH:
- Connections with investors
- Office hours with experienced entrepreneurs
- Leading-edge work spaces
- Educational workshops
- Curriculum for commercializing research
- Town-gown-community networking events
- Career fairs
- Hardware lab space to build prototypes
WHY WE’VE HAD SUCCESS IN OUR MISSION:
- Local and regional strength in R&D
- Legacy of hardware and manufacturing
- Strong entrepreneurial ecosystem at local colleges and universities
- Regional network of entrepreneurs and partners
- New York State benefits for startups and innovation
- Location in the heart of the community
- More entrepreneurs are choosing to stay and grow in Ithaca
CONNECTING CAMPUS TO COMMUNITY THROUGH ENTREPRENEURSHIP:
Rev is a gathering place for startup teams and
those simply interested in entrepreneurship.
All are welcome at our upcoming events and
workshops.
We help dual career workers find jobs and
connections in our region, making it easier for
them to relocate.
FAC U LT Y : - Lead workshops and presentations
- Offer training and consultation
- Receive mentorship and training to grow
their startups or commercialize research
ST U D E N T S : - Join the incubator or Hardware Accelerator
during school and after they graduate
(realtor.com ranked Ithaca #5 place to
stick around for college grads and credited
Ithaca’s strong startup scene)
- Gain hands-on experience as interns
83Local Interns
T O D A T E
R E V H A S H I R E D
* Thanks to the many interns who assisted in
creating this publication
*
R E V M E M B E R S T O R I E S
U R S A
FOUNDED IN 2014 BY
ADAM MAHER (CORNELL BS ’06, MENG ’07)
DEREK EDINGER (CORNELL BS ‘94, MENG ‘95)
JULIE BAKER
A B O U TUrsa is a global geospatial intelligence company leveraging
radar satellites to deliver analytics-as-a-service. Radar
works through clouds and at night, allowing collection of
information about activities on the Earth rain or shine. This
enables Ursa to connect impactful radar data with people
across industries looking to make better, more informed
decisions.
R E C E N T M I L E S T O N E SReleased the world’s first comprehensive weekly China oil
inventory report in May 2017, adding new regions through May
2018.
Now offering the most comprehensive oil storage coverage
available, along with other standard and custom product
offerings.
Raised $7M Series A funding to turn satellite imagery into
business intelligence.
The number of employees has tripled since December 2017,
including the addition of a new CTO.
F U T U R E N E E D SQuickly recruiting and staffing up the team to meet the
growing demand for Ursa’s services.
W H Y I T H A C A ? “Ithaca has a wealth of talented, skilled employees due to all of
the colleges and universities. Ithaca is also great place to live,
work, and play.”
N O TA B L E R E C E N T F U N D E R SRRE (New York-based venture capital firm), NEA (venture
capital firm focused on technology and healthcare companies)
A B O U T
Rosie, a mobile & web grocery shopping platform, enables
customers to shop at their favorite local stores for same-
day delivery or in-store pickup.
R E C E N T M I L E S T O N E S The company has grown to 46 employees.
Currently rents two office spaces on the Ithaca Commons
totaling over 6,000 square feet.
Participated in US Dept. of Agriculture pilot to allow SNAP
participants to purchase groceries online, giving them
access to fresh, local foods.
Rosie has partnered with retailers in 31 different U.S. states.
It has partnerships with more than half of the leading
wholesalers in the United States.
F U T U R E N E E D SFinding additional, affordable office space and continuing to
recruit talented employees.
W H Y I T H A C A ? “Ithaca and central New York have a track record of
providing support for start-up companies both on-campus
and beyond campus. Rosie has benefitted from the Cornell
eLab program, Tompkins County Area Development, the
Tompkins County Chamber of Commerce, and CenterState
CEO. Ithaca is centrally located and can recruit the best
and brightest from Cornell, Ithaca College, Elmira, Corning,
Binghamton, Syracuse, and Rochester.”
F O U N D E D I N 2 0 1 2 BY
N I C K N I C K I TA S ( C O R N E L L M B A ‘ 1 4 )
J O N A M B R O S E ( C O R N E L L M B A ‘ 1 4 )
M I K E RY Z E W I C
R E V M E M B E R S T O R I E S
R O S I E
R E V M E M B E R S T O R I E S
F I R E L I G H T C A M P S
A B O U T Firelight Camps is a glamping franchise on a mission to
create comfortable, stylish, and revitalizing camping
experiences that awaken appreciation for nature, inspire
adventure, and deepen connection with family, friends
and community.
R E C E N T M I L E S T O N E S Launched a branded cookbook “Feast by Firelight”
featured by The New York Times and Forbes.
Opening a second glamping campsite location in the
Catskills region of NY.
Named one of the top 10 places in the country to go
glamping this summer by Jetsetter magazine.
F U T U R E N E E D S
Currently hiring a full-time marketing manager and
planning to hire several additional staff in the coming
months. Raising more capital to support company
growth.
W H Y I T H A C A ? “Ithaca has a great network of investors, the tourism
economy is growing, and the company found a great
partner with La Tourelle Hotel and Spa.”
N O TA B L E R E C E N T F U N D E R SSusan Fleming (Cornell Senior Lecturer PhD ‘08), an
individual angel investor
F O U N D E D I N 2 0 1 4 BY
E M M A F R I S C H
R O B E RT F R I S C H ( C O R N E L L M B A ’ 1 3 )
A B O U T GiveGab is a fundraising and donor engagement
platform for nonprofits.
R E C E N T M I L E S T O N E S Raised more than $1B for 35,000 nonprofits to date.
Raised nearly $150M in less than 5 months in 2018.
Completed a very successful acquisition of giving
day market leader Kimbia.
The company has grown to 45 employees.
F U T U R E N E E D SRecruiting and hiring engineering, sales, and
customer service employees. Anticipating the need
for 60+ additional employees by the end of 2019.
Raising a larger funding round ($10M+) within the
next 6 to 18 months.
W H Y I T H A C A ? “Ithaca has great talent, great local support, a
rapidly growing startup scene, and it is a fantastic
place to live.”
N O TA B L E R E C E N T F U N D E R SCayuga Venture Fund (a venture capital firm
focused on Upstate New York and NYC)
FOUNDED IN 2011 BY
CHARLIE MULLIGAN (CORNELL MBA ’11)
AARON GODERT (CORNELL MENG ‘05, MBA ‘11)
JAY ROGAN
R E V M E M B E R S T O R I E S
G I V E G A B
R E V ’ S C O N N E C T I O N S T O O T H E R P R O G R A M S
REV’S HARDWARE ACCELERATOR 11-week summer program for startups to develop
hardware prototypes and determine market need.
70% of participating teams form startups. These
alumni have raised over $3M in venture capital to
date.
Funded by a $500k grant from the Economic
Development Administration.
Centered at Cornell University, the program
is funded by the National Science Foundation
and supports researchers and startups with
entrepreneurial training.
Researchers and startups are taught how to
develop strategic business models and identify a
product market fit. They also receive support in
applying for SBIR funding.
Through the Center for Regional Economic Advancement and other partners, Rev plays a central role in local
and regional programs to develop entrepreneurs and startups.
The 76West Clean Energy Business Competition is
funded by NYSERDA and is part of New York State’s
strategy to build a clean, resilient, and affordable
energy system for all New Yorkers.
The competition is open to companies from around
the world who commit to investing resources and
growing clean energy jobs in
New York’s Southern Tier.
Participants compete for up to $1M in prize money
each year.
Rev: Ithaca Startup Works is a proud member of
the Southern Tier Startup Alliance.
STSA is a collection of business incubators in the
Southern Tier, working to promote startups and
share entrepreneurial resources in the region.
A L L A R E W E LCO M E AT R E V ’ S CO M M U N I T Y E V E N T S
I N C L U D I N G N E T WO R K N I G H T S , WO R K S H O P S , A N D D E M O DAYS .
View the Rev calendar at revithaca.com/events.
W E A R E G R A T E F U L F O R O U R S P O N S O R S A N D F U N D E R S
3 1 4 E . S TAT E S T R E E TI T H A C A , N Y 1 4 8 5 0
w w w. re v i t h a ca . co m
Recommended