Economic News for Ithaca and Tompkins County

September 2023

IAED Throws Th!nk Tompkins Launch Party

IAED announced the public launch of the next 5-year investment initiative – Th!nk Tompkins – on Thursday, September 21, during a private reception held at Tompkins Community Bank. IAED revealed to approximately 75 attendees that we secured 65% of our $2.1 million goal and are hopeful to hit the mark over the next few months. During the reception, IAED also recognized existing quiet phase investors, specifically Platinum Investors of over $50,000, and issued a call to action for other businesses to support the Th!nk Tompkins initiative by making their own pledges at IthacaAreaED.org.

More press coverage on the Th!nk Tompkins initiative and launch can be found here:

• Cornell University
• The Central New York Business Journal
• Tompkins Weekly
• WENY News

IAED President Delivers Workforce Presentation at IEDC Conference

IAED President, Heather McDaniel, participated in a panel presentation titled “An EDO’s Role in Pivoting Workforce Ecosystems” at the International Economic Development Council’s (IEDC) Annual Conference held in Dallas, TX from September 17-20, 2023. Over 250 participants listened to McDaniel and three other industry leaders discuss the role of workforce development programs in developing local and regional economies.

McDaniel is a member of the Board of Directors of IEDC, which also presented her a plaque commemorating IAED’s reaccreditation as an Accredited Economic Development Organization (AEDO). IAED is still New York’s one and only AEDO and one of just 73 across North America.

IEDC President, Heather McDaniel, during her workforce presentation.

IEDC President, Heather McDaniel, receives AEDO reaccreditation award from

IEDC president, Nathan Ohle (L), and board chairman, Jonas Peterson (R).

Rosie Receives Deal of the Year Award

In an email to investors, Rosie Co-Founders Nick Nickitas and Mike Ryzewic announced that they recently accepted the Upstate NY Venture Ecosystem Deal of the Year Award on behalf of Rosie and Instacart. The award was created by Upstate Venture Connect to celebrate companies whose exits create wealth for investors, founders, and employees, and contribute to a stronger economy in Upstate NY. The announcement came on the 1-year anniversary of the public announcement of Rosie’s acquisition. It also listed the people and organizations that helped make the sale possible, including IAED, which provided crucial early funding.

Exostellar Announces $15M in Series A Funding

Exostellar, the cloud resource optimization and management platform, recently closed its oversubscribed $15 million Series A financing round. Backed by this investment, Exostellar intends to propel its technology into the AI domain by amplifying its X-Compute platform and extending its CPU live migration IP to encompass GPU compatibility.

Exostellar also announced that Tony Shakib will assume the role of President and CEO, formerly held by Hakim Weatherspoon, who will assume the role of Chief Scientist, focusing on driving innovation and technological advancement within the company.

IAED provided early capital via an Opportunity Fund loan to Exostellar. Read the press release here.

FUNDING OPPORTUNITIES

NYS Offers $37 Million to Arts & Cultural Organizations

Governor Kathy Hochul recently announced up to $37 million in capital funding for nonprofit arts and cultural organizations through the New York State Council on the Arts (NYSCA) Capital Projects Fund. The Fund is designated by grant size and builds on the $132 million in capital awards made by NYSCA earlier in 2023. Grant guidelines and the application portal can be accessed at arts.ny.gov.

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