Snapshot shows Cornell’s impact on local economy
Retrn Bioworks is still small. But the Ithaca-based startup with the creatively spelled name, which aims to tackle the global issue of plastic pollution with a new class of biodegradable coatings for food packaging, is growing quickly, hoping to secure its first $1 million round of venture capital funding by May.
Retrn is a member of the JumpStart Program for New York State Small Businesses, enabling collaborations with Cornell researchers, and Cornell’s Center for Life Science Ventures incubator. Retrn is one of the many startups the university has nurtured and which have, as a result of Cornell’s support, settled in the region to contribute to the economic climate of Ithaca and Tompkins County.
“Ithaca is known for being a really beautiful place, with great hiking and lots of restaurants,” said Christopher Thomas, Retrn’s chief executive officer. “It’s been an easy place to recruit exceptional hires.”
The 2024 Local Economic Snapshot, produced by Cornell’s Office of Community Relations and the Office of Budget and Planning, demonstrates the university’s sustained efforts to drive entrepreneurship in the region. Rev: Ithaca Startup Works, which Cornell founded in 2014 with Ithaca College and Tompkins Cortland Community College, is one such example. In 2024, Rev companies raised $6.5 million in capital and created 18 new jobs. In addition, Ithaca-based clients of the Center for Life Science Ventures raised $2.3 million and supported 40 local jobs, while Ithaca-based clients of Cornell’s Praxis Center for Venture Development raised $14.4 million and supported 40 local jobs.