The U.S. Economic Development Administration awards Ithaca Startup Works’ hardware accelerator programs a $2 million “Build to Scale” grant, with an additional $2 million in matching funds, to support the growth of hardware startups.
Ithaca Startup Works, an incubator and accelerator program in Ithaca, New York, is set to expand its hardware accelerator programs with a significant grant from the U.S. Economic Development Administration. The $2 million “Build to Scale” grant, along with a local matching fund of $2 million, will provide a total of $4 million to support the growth and development of hardware startups. Administered by Cornell’s Center for Regional Economic Advancement (CREA), these hardware accelerators have been instrumental in helping entrepreneurs launch and scale their businesses, particularly those focused on physical products. With the new funding, Ithaca Startup Works aims to support a greater number and a wider diversity of hardware entrepreneurs, introduce a new medical tech track, and bridge the gap between existing accelerators.
A History of Success in Hardware Entrepreneurship
Ithaca Startup Works, also known as Rev, has been at the forefront of supporting hardware entrepreneurs since 2014. Over the years, it has worked with 125 hardware companies, providing them with the necessary resources, mentorship, and networking opportunities to thrive. The hardware accelerators have been particularly successful in helping entrepreneurs raise capital, with program alumni collectively raising over $26 million in venture capital to date. Additionally, 40% of participants have gone on to participate in other entrepreneurship programs in upstate New York, showcasing the positive impact of Rev’s initiatives on the local entrepreneurship ecosystem and economy.
Expanding Opportunities for Hardware Entrepreneurs
With the new funding, Ithaca Startup Works plans to expand its offerings to support an even greater number of entrepreneurs. This expansion includes the of a medical tech track, designed to provide tailored support to entrepreneurs developing medical devices. This new track will leverage a partnership with the Meinig School of Biomedical Engineering and provide access to design resources, equipment, and faculty in the College of Human Ecology. Weill Cornell Medicine will also contribute industry expertise and serve as a source of applicants for the program. By expanding its hardware accelerators, Ithaca Startup Works aims to attract new entrepreneurs to the region and provide them with the support they need to establish successful companies.
Bridging the Gap with Protofacturing Accelerator
In addition to the new medical tech track, Ithaca Startup Works plans to bridge the gap between its existing accelerators with the of a “protofacturing” accelerator. This new program will provide entrepreneurs with the necessary resources and expertise to navigate the complex process of turning prototypes into manufacturing-ready products. By addressing this critical stage in the hardware development process, Ithaca Startup Works aims to further support entrepreneurs in bringing their ideas to market and scaling their businesses.
Cornell’s Commitment to Entrepreneurship and Innovation
Cornell University, through its Center for Regional Economic Advancement, is a key partner in the expansion of Ithaca Startup Works’ hardware accelerator programs. As one of the 60 latest recipients of the Build to Scale grant, Cornell is the only awardee in New York state. The university recognizes the importance of research translation and the role of innovation in driving real-world impact. The investment in Ithaca Startup Works aligns with Cornell’s commitment to pushing the boundaries of knowledge and fostering meaningful societal change.
Strengthening Partnerships and Fostering Regional Innovation
The expansion of Ithaca Startup Works’ hardware accelerators presents an opportunity to deepen existing partnerships at Cornell University and forge new relationships. The distinct partnership with the Meinig School of Biomedical Engineering for the medical tech track highlights the collaborative nature of these initiatives. Furthermore, the hardware accelerators contribute to positioning upstate New York as a hub for technology innovation and a destination for hardware entrepreneurs. By attracting entrepreneurs to the region and providing them with the necessary support, Ithaca Startup Works and Cornell University aim to stimulate economic growth and foster a thriving entrepreneurship ecosystem.
Conclusion:
Ithaca Startup Works’ hardware accelerator programs are set to expand with a significant grant from the U.S. Economic Development Administration. This funding will enable Ithaca Startup Works to support a greater number and a wider diversity of hardware entrepreneurs, introduce a new medical tech track, and bridge the gap between existing accelerators. Cornell University’s commitment to entrepreneurship and innovation, along with the support from local partners, underscores the importance of these programs in driving economic growth and fostering meaningful societal change. By providing the necessary resources, mentorship, and networking opportunities, Ithaca Startup Works aims to empower hardware entrepreneurs to turn their ideas into successful companies, while also strengthening the regional innovation ecosystem.
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