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

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