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.

The snapshot, which covers the fiscal year ending June 30, 2024, presents economic impact data tallied by university offices and local agencies in areas including student and visitor spending, entrepreneurship, taxes and fees, and contributions to local municipalities and nonprofits.

Cornell also invested in small community nonprofits last year, and contributed $300,000 to develop affordable housing with community partners.

“We’re proud to have provided more than $130,000 in direct financial support last year to help area nonprofits combat food insecurity, enhance mental health services and address other economic needs,” said Monica Yant Kinney, interim vice president for university relations. “Contributing to local organizations aligns with Cornell’s mission to ‘do the greatest good.’ We are grateful for the opportunity to collaborate with so many nonprofit partners to benefit the community.” 

Cornell is the region’s largest employer, spending $1.3 billion in payroll last year supporting more than 11,000 university employees living in Tompkins and neighboring counties. In addition to payroll, Cornell’s 26,000 undergraduate, graduate and professional students spent $450 million locally on everything from off-campus rent and utilities to food, entertainment, shopping and personal services. Roughly half of undergraduates and most graduate students live off campus, spending money in neighborhoods across the county and beyond.

University-hosted events and activities such as athletic competitions, family and reunion weekends, graduation and campus tours generated more than 252,000 overnight stays in the city and region. In the most recent fiscal year, campus construction saw a marked increase, with projects including the new Atkinson Hall and the Ann S. Bowers College of Computing and Information Science building, as well as Balch Hall residential renovations. Cornell’s construction spending in Tompkins County and adjacent counties surged from $77 million in 2023 to $99 million in 2024. 

In the same fiscal year, the university spent $177 million to purchase goods and services in Tompkins and adjacent counties, paid $4.8 million in taxes on Cornell-related properties and about that same amount in municipal fees that included water, sewer and storm water services. 

The university’s local economic impact includes substantial contributions to governments, the Ithaca City School District, public transit support and nonprofit organizations. Last year, these investments increased by more than 40%, from $7 million in 2023 to more than $10 million in 2024. 

Expanding affordable, quality child care is a priority area where Cornell collaborated directly with local leaders to address.

“Much of New York state is a child care desert,” said Barb Mechalke, child care development director of the Child Development Council. “For every three children in need there is one opening for regulated child care in Tompkins County.”

In the past two years, Cornell invested more than $465,000 in child care and educational organizations and initiatives, including the innovative Child Development Grant Program, which helped local family day care centers add 64 child care slots and 18 school-age spots, with nearly 200 total child care spots anticipated in the first year. This effort impacts all Tompkins County residents, as child care slots are open to anyone in the community, not just those with Cornell ties.

Cornell’s economic impact is far greater than just the direct impact captured in the 2024 economic snapshot, according to the Commission on Independent Colleges and Universities of New York (CICU) annual economic impact report.  

“An economic impact analysis conducted by CICU for the prior year indicates that Cornell has supported over 31,000 regional jobs – both direct and indirect – through its Ithaca based campus operations,” said Jennifer Tavares, director of community relations for Cornell. “Further, Cornell’s regional economic impact was over $5.6 billion annually in 2022-23. While this reporting period lags behind our fiscal year reporting, we know that the 2023-24 impact was even greater.”