Ithaca Area Economic Development

What Ithaca Area Economic Development does

Ithaca Area Economic Development (IAED) is a private non-profit economic development organization founded in 1964 (originally as Tompkins County Area Development, rebranded ~2021) that serves Ithaca and Tompkins County, New York. Its mission is to attract, grow, and retain businesses in the region through three core service lines: Direct Services (technical, financial, and site-location assistance to traded-sector businesses), Workforce Development (industry-driven career-readiness training including the Direct to Work manufacturing pathway and the Tompkins Build construction apprenticeship pathway), and Economic Development Leadership (strategic planning, grants administration, and convening of regional partners). IAED also serves as the administrative agent for the Tompkins County Industrial Development Agency (TCIDA) and the Tompkins County Development Corporation (TCDC), administering tax incentives and tax-exempt bond financing, and it operates a revolving loan fund that provides gap financing to traded-sector businesses and startups.

The organization is funded by a mix of Tompkins County appropriations, New York State grants, and contributions from a Platinum Investor roster that includes BorgWarner, Cargill, Cayuga Health, Cornell University, Ithaca College, M&T Bank, Tompkins Community Bank, and several other regional employers and developers. IAED's services are provided at no cost to businesses and entrepreneurs; its underlying "platform" is a small staff (1–10 employees) supported by Customer Relationship Management tooling (EDOIQ) and a broad partner ecosystem that includes the Southern Tier REDC, Empire State Development, REV Ithaca Startup Works, NYSBDC, Tompkins Workforce NY, and local Chambers of Commerce.

IAED holds Accredited Economic Development Organization (AEDO) status from the International Economic Development Council — one of only ~73–75 such accredited organizations across North America and the first in New York State (achieved May 2020, reaccredited August 2023). It is led by President W. Kurt Foreman (appointed November 2025 following a national search) and operates from a 5,000 sq ft headquarters at 119 E. Seneca Street in Ithaca. Historically cited outcomes include $3.5B in TCIDA-supported capital investment across 197 projects, 2,458 jobs retained/created through IDA incentives (2001–2015), $239.5M in regional capital investment facilitated in 2020, and ongoing workforce-program placements in construction and manufacturing.

Name

Ithaca Area Economic Development

Legal name

Ithaca Area Economic Development

Website

https://ithacaareaed.org

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

1–10 employees

Short description

Ithaca Area Economic Development (IAED) is a private non-profit economic development organization founded in 1964 that serves businesses, entrepreneurs, and job seekers across Ithaca and Tompkins County, New York through direct business assistance, workforce training, and administration of regional industrial development financing programs.

Ownership category

akta.pro rank

Product category

Economic Development Services

NAICS

Administration of Urban Planning and Community and Rural Development (925120), Technical and Trade Schools (6115)

SIC

Services-Membership Organizations (8600)

akta.pro primary industry

Economic Growth, Trade & Private Sector Development Programs (BPADABAF)

Keywords

• Economic development services
• Workforce training programs
• Industrial development incentives
• Revolving loan funds
• Site location assistance

Headquarters

HQ city

Ithaca

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Grants and Public Funding: IAED operates as a private non-profit that receives funding from public and private sources including Tompkins County, New York State, and platinum investor contributions to provide economic development services.
2. Revolving Loan Fund Program: IAED administers a revolving loan fund that delivers capital to projects that may not be fully financed through conventional sources, generally used as gap financing for traded sector businesses.
3. Administrative Services for TCIDA/TCDC: IAED serves as administrative agent for the Tompkins County Industrial Development Agency (TCIDA) and Development Corporation (TCDC), administering tax incentives and bond financing programs.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Ithaca Area Economic Development is a private non-profit economic development organization that delivers technical, financial, and site location assistance to traded sector businesses; develops and delivers industry-driven career readiness training programs; and provides planning, strategy, and thought leadership to ensure Ithaca and Tompkins County remain connected to the broader economic development landscape. IAED also administers the Tompkins County Industrial Development Agency (TCIDA) and Tompkins County Development Corporation (TCDC), and operates revolving loan funds for gap financing.

Product overview

Ithaca Area Economic Development is a private non-profit economic development organization serving Ithaca and Tompkins County. The organization operates three core strategic priorities: Direct Services (delivering technical, financial, and site location assistance to traded sector businesses), Workforce Development (industry-driven career readiness training programs), and Economic Development Leadership (planning, strategy, and special projects). IAED also administers the Tompkins County Industrial Development Agency (TCIDA) and the Tompkins County Development Corporation (TCDC). Key workforce programs include Direct to Work – Pathways to Manufacturing (a 5-week manufacturing training program) and Tompkins Build – Pathways to Apprenticeship (an 11-week construction training program). The organization also manages revolving loan funds for gap financing to businesses.

Differentiator

Problem solved

Functional benefit

Products and services

• Direct Services Technical, financial, and site location assistance delivered to traded sector businesses at every stage of their growth and development. Includes Business Retention & Expansion (BRE) visits, business attraction outreach, and incentive navigation as the conduit to TCIDA tax incentives.
• Workforce Development Industry-driven career readiness training programs that develop and embed solutions to address workforce needs in priority sectors such as construction and manufacturing in Tompkins County.
• Economic Development Leadership Planning, strategy, thought and process leadership, and special projects to ensure Ithaca and Tompkins County remain connected to the broader economic development landscape. Includes coordination of the Tompkins County Economic Development Strategy.
• TCIDA Administration Administrative services for the Tompkins County Industrial Development Agency (TCIDA), which delivers economic incentives including real property tax incentives, state and local sales tax incentives, and mortgage tax incentives to support job growth, business and industrial development, and community revitalization.
• TCDC Administration Administrative services for the Tompkins County Development Corporation (TCDC), which serves as a conduit to the tax-exempt bond market for non-profit organizations.
• Revolving Loan Funds Gap financing delivered to projects that may not be fully financed through conventional sources, used when bank financing and owner equity don't entirely cover project costs. Generally used for traded sector businesses in Tompkins County.
• Direct to Work - Pathways to Manufacturing A full-time, 5-week training program designed to prepare participants for careers in manufacturing, integrating classroom instruction, team-building exercises, and hands-on experience with employer engagement. Targeted at individuals seeking employment in the manufacturing sector.
• Tompkins Build - Pathways to Apprenticeship An 11-week paid training program developed in partnership with the Tompkins Cortland Building Trades Council that equips individuals with resources, training, and confidence to launch careers in construction through apprenticeship pathways.

Named customers8 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

15 partnerships are on record, tiered core and minor.

• Cornell UniversitycoreStrategic or Co-development PartnerPlatinum investor in IAED. Monica Yant Kinney (AVP University Relations) and Tom Schryver (Executive Director New Market Advancement) and Jennifer Tavares (Director of Community Relations) serve on IAED Board. Jeremy Thomas is Senior Director of Cornell University Real Estate on Board.
• Ithaca CollegecoreStrategic or Co-development PartnerPlatinum investor in IAED. Tim Downs (VP Finance & Administration) serves as Vice Chair of IAED Board. Scott Doyle (Director of Energy Management and Sustainability) also on Board.
• SHIFT CapitalcoreStrategic or Co-development PartnerPlatinum investor in IAED. Robert Lewis (Development Project Manager) serves on IAED Board of Directors.
• Tompkins CountycoreStrategic or Co-development PartnerPlatinum investor in IAED. Multiple representatives on Board including Deborah Dawson (County Legislature), Greg Mezey (Legislator), Korsah Akumfi (Administrator), Katie Borgella (Commissioner of Planning), and Chris Sponn (Director of Workforce Development).
• Rev: Ithaca Startup WorkscoreStrategic or Co-development PartnerBusiness incubator and workspace in Ithaca offering mentorship, workspace, and startup resources for new or growing businesses that will create jobs in the community. IAED refers entrepreneurs and works collaboratively on startup support.
• New York Small Business Development Center (NYSBDC)coreStrategic or Co-development PartnerProvides assistance to current and prospective small business owners with free guidance. A Business Advisor is assigned to Ithaca through Binghamton University.
• Tompkins Workforce NYcoreStrategic or Co-development PartnerHelps businesses reach new hires and increase recruitment and retention. Job seekers benefit from skills training, career counseling, and other support services.
• Tompkins Cortland Building Trades CouncilcoreStrategic or Co-development PartnerPartnership with IAED for Tompkins Build program delivering construction industry training through UA Local 81 Plumbers & Pipefitters Training Center.
• Empire State Development (ESD)coreStrategic or Co-development PartnerNew York State's economic development agency providing tax-based incentives, operational, growth and innovation support. Works with IAED on regional economic development.
• Amplify EquityminorStrategic or Co-development Partner501(c)(3) certified CDFI helping break down barriers for low-income and historically marginalized entrepreneurs with flexible funding, education, and mentoring.
• Big Red VenturesminorStrategic or Co-development PartnerInvests in early-stage companies and connects them with resources and expertise at Cornell University.
• LaunchNYminorStrategic or Co-development PartnerNon-profit venture development organization providing guidance, mentorship, and investments to help emerging companies succeed within the 27 counties of upstate New York.
• Southern Tier Regional Economic Development Council (REDC)coreStrategic or Co-development PartnerGuides state economic development funding opportunities through the Consolidated Funding Application (CFA) process. Tompkins County is included in the Southern Tier REDC.
• Tompkins County Industrial Development Agency (TCIDA)coreStrategic or Co-development PartnerIAED serves as administrative agent for TCIDA, which delivers tax incentives to support job growth, business and industrial development, and community revitalization.
• Downtown Ithaca Alliance (DIA)minorStrategic or Co-development Partner12 square block business improvement district charged with revitalization, development, promotion, and management of Downtown Ithaca.

Scale indicators6 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Greater Rochester Enterprise: Upstate New York regional economic development organization delivering comparable business attraction, retention and expansion services, workforce initiatives, and incentive administration. Closest geographic and functional peer within the Southern Tier / Finger Lakes region.
• Buffalo Niagara Partnership: Western NY regional economic development and chamber organization delivering advocacy, business attraction, and workforce programs. Comparable as a multi-county NY economic development organization serving a defined regional market.
• CenterState CEO: Syracuse-based business leadership and economic development organization running BRE visits, talent pipeline programs, and IDA-adjacent services for Onondaga County. Comparable in mandate, scope, and NY State operating context.
• Mohawk Valley EDGE: Mohawk Valley regional economic development organization running IDA-equivalent incentive programs, site location assistance, and workforce initiatives. Comparable NY State regional EDO with similar toolkit and stakeholder model.
• Delaware Prosperity Partnership: State-level public-private economic development partnership with similar business attraction, retention, and workforce development mandate. Directly comparable as it is the prior employer of IAED's incoming president Kurt Foreman, indicating functional and scale alignment.
• The Agency (Broome County IDA): Southern Tier economic development organization administering IDA incentives and delivering workforce and business services for Broome County. Directly comparable geographic and operational peer for IAED's TCIDA-style functions.

Broad incumbents

• Empire State Development: New York State's umbrella economic development agency administering state-level incentives, grants, and strategic initiatives. Comparable in mandate (tax-based incentive, growth support) at broader geographic scale and IAED is a regional delivery partner.

Regional players

• Finger Lakes Economic Development Center: Finger Lakes region small business and economic development provider. Relevant as a peer within IAED's broader Southern Tier / Finger Lakes service region running overlapping business assistance and loan fund programs.
• LaunchNY: Non-profit venture development organization providing mentorship and investment across 27 upstate NY counties. Directly relevant because IAED partners with LaunchNY to support traded sector startups and entrepreneurship ecosystem development in the same footprint.

Others

• Greater Ithaca Activities / Downtown Ithaca Alliance: 12-square-block business improvement district covering Downtown Ithaca. Comparable as a Tompkins County-based economic development partner organization to IAED (membership organization promoting revitalization), though narrower in scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/IthacaAreaED
• Facebookfacebook.com/IthacaAreaEconomicDevelopment
• LinkedInlinkedin.com/company/ithaca-area-economic-development
• Instagraminstagram.com/ithacaareaeconomicdevelopment

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ithaca Area Economic Development