Rev’s Prototyping and Manufacturing Hardware Accelerators to support a wider range of entrepreneurs with the help of a $2 million “Build to Scale” grant from the U.S. Economic Development Administration.
Ithaca Startup Works, a leading incubator and accelerator in upstate New York, is set to expand its hardware accelerator programs thanks to a new $2 million grant from the U.S. Economic Development Administration. The “Build to Scale” grant, along with a local matching fund of $2 million, will allow Ithaca Startup Works, also known as Rev, to provide increased support to hardware entrepreneurs and launch new tracks tailored to the medical tech industry. With this funding, Rev aims to foster innovation, create jobs, and strengthen the local entrepreneurship ecosystem.
Rev’s Hardware Accelerators Empower Entrepreneurs
Rev’s Prototyping and Manufacturing Hardware Accelerators have been instrumental in supporting hardware entrepreneurs since 2014. With a focus on physical products, these accelerators provide industry-specific training, mentorship, and networking opportunities. The accelerators have already worked with 125 hardware companies, helping them launch and grow their startups.
Expanding Opportunities for Hardware Entrepreneurs
With the new funding, Rev plans to expand its offerings to help a greater number and a wider diversity of hardware entrepreneurs. This includes launching a new medical tech track, providing tailored support to entrepreneurs developing medical devices. Additionally, Rev will create a new “protofacturing” accelerator to bridge the gap between the existing accelerators. These expansions aim to support anyone with a product idea, from lab researchers to workers in the field and everyday consumers.
Cornell’s Commitment to Innovation
Cornell University, through its Center for Regional Economic Advancement (CREA) and Cornell Engineering, administers Rev’s hardware accelerators. Cornell’s commitment to research and innovation is further strengthened by the Build to Scale grant. As one of the 60 latest grant recipients, Cornell is the only awardee in New York state. This investment underscores Cornell’s dedication to translating research into real-world impact and supporting budding entrepreneurs in various fields.
Deepening Partnerships and Forging New Relationships
The expansion of Rev’s hardware accelerators presents an opportunity to deepen existing partnerships at Cornell and forge new relationships. A distinct partnership with the Meinig School of Biomedical Engineering will enable the creation of the new med tech track. This track will provide entrepreneurs with access to design resources, equipment, and faculty in the College of Human Ecology. Weill Cornell Medicine will also contribute applicants and industry expertise to support the track.
Stimulating the Local Entrepreneurship Ecosystem
Rev’s hardware accelerators not only assist individual entrepreneurs but also stimulate the local entrepreneurship ecosystem and economy. Program alumni have collectively raised over $26 million in venture capital to date. Furthermore, 40% of participants have engaged in other entrepreneurship programs in upstate New York. By expanding these programs, Rev aims to attract new entrepreneurs to the region and provide the necessary support for them to thrive.
Conclusion: The $4 million grant awarded to Ithaca Startup Works’ hardware accelerators will empower a wider range of entrepreneurs and further position upstate New York as a hub for technology innovation. With the expansion of its programs and the support of Cornell University, Rev is poised to drive economic growth, foster innovation, and create a thriving ecosystem for hardware entrepreneurs. This investment not only benefits individual entrepreneurs but also contributes to the overall development of the region and its economy.