The numbers are trickling in for 2023, another successful year for the founders, employees, and investors of Rev: Ithaca Startup Work’s 32 member startups. Success looked different for our Rev members as some accepted new partnerships, some closed rounds of seed funding, and others continued to innovate. Regardless, Rev’s community continued to grow and scale their businesses while positively impacting the Ithaca region and beyond.
Rev: Ithaca Startup Works is proud to announce that throughout 2023, Rev member startups created 89 new high-quality jobs, raised $29.6 million in capital, and generated $6.2 million in revenue. These numbers top the list of Cornell’s 2023 Local Economic Impact Snapshot, as Rev continues to be a local leader in economic development and entrepreneurial innovation.
“In 2024, we are eager to assist our Rev Member companies as their stories continue to unfold,” says Ken Rother, Director of Rev: Ithaca Startup Works. “At Rev, we hope they find more than a space, but a community dedicated to bringing their ideas to fruition, guiding them with mentorship and tools they need to thrive.”
There was a lot to celebrate at Rev this past year:
- Rev member company Empower Equity (EMPEQ) secured a $150,000 investment as the grand prize winner of the HUSTLE Demo Day.
- Rev Alumni Stardom company Exostellar announced a successful $15 million Series A round – bringing their valuation to a whopping $40 million.
- Rev’s 2022 Prototyping Hardware Accelerator participant Wisely Inc. was named one of the 20 finalists in the Grow-NY Food & Ag Business Competition.
- Rev Alumni Stardom Member Dimensional Energy secured a partnership with Boom Supersonic with a shared vision of a future with sustainable aviation.
- Carbon Upcycling Technologies, a Rev member company working to reduce the carbon footprint of concrete, recently raised $26 million in Series A financing.
In 2023, Rev continued to support the early-stage startups in validating their business ideas and developing skills for success as they fine-tuned their go-to-market strategies through Rev’s Prototyping Hardware Accelerator and Manufacturing Hardware Accelerator.
In 2024, a MedTech track was added to the Prototyping Hardware Manufacturing Accelerator thanks to Rev being one of 60 organizations to receive the “Build to Scale” grant from the Economic Development Agency. This $2 million grant, along with a local matching fund of $2 million allowed for the expansion of the hardware accelerator programs. A “Protofacturing” Hardware Accelerator is in development as there’s a growing need among our early-stage startups to bridge the gap between prototyping and manufacturing.
2024 is a year of celebration for Rev as we embark on our 10th year of serving Ithaca’s entrepreneurial ecosystem. Since our modest inception in 2014 with just four founding members, Rev has blossomed into an entrepreneurship hub within the Ithaca community. Presently, we proudly serve nearly 40 members and draw over 1,000 attendees to our events each year. Over the past decade, Rev has been dedicated to providing invaluable resources, including mentorship, workspace, content sessions, and networking opportunities, which have been instrumental in the growth and success of the startups we support.
Rev also opened its doors for monthly Networking@Rev events, serving as a convener of entrepreneurs and a channel for Ithaca’s diverse community to gather, connect, and collaborate. Of our Networking@Rev events, the most popular was Building Bridges for Ithaca Startups in April, which focused on bringing together Ithaca’s campuses and community, and September’s Successful Student Startups showcasing student’s innovations and achievements, which attracted nearly 250 attendees.
Are you interested in getting involved in Rev’s entrepreneurial ecosystem? Look no further than our website for upcoming events, workshops, and entrepreneurial opportunities open to founders and community members alike! Be sure to join us on April 10th for Networking@Rev: Campus to Community Connection.