Annual incubator impact survey shows significant increase in client revenues and job creation
Allentown, Pa. – The Allentown Economic Development Corporation (AEDC) announced the aggregated results of its annual Incubator Client Impact Survey today. In 2015, the 11 Bridgeworks client companies earned over $4.1 million in revenue, more than doubling the $1.92 million the companies earned in 2012. The results from the 2015 survey are the best that AEDC has seen since it started gathering this data in 2012.
The employment numbers for the Bridgeworks client companies is equally impressive. Collectively, the companies employ 26 full-time employees and another 39 people as either part-time or contracted employees. More than $1.12 million was paid in total salaries, wages and contractor fees to these employees. This marks a 50 percent increase in the number of people employed by incubator clients from 2013 to 2015, and an 84 percent increase in wages paid out to employees over the same time frame.
“We are very excited to see that our Bridgeworks clients are growing their businesses year after year. It’s a testament to the success of our program,” said Anthony Durante, Program Manager of AEDC. “Helping new companies launch and grow so that they can create livable wage jobs is a critical aspect of the mission of AEDC and the business incubator. Ultimately, it creates a better quality of life for citizens of Allentown and the Lehigh Valley.”
This annual survey of the client companies participating in the Bridgeworks Enterprise Center business incubator program gathers important data on job creation, company revenues, and obtained loans, grants and equity investments. That data is aggregated into a report that demonstrates the economic impact that the incubator has upon the Allentown and Lehigh Valley communities.
“As with any organization, especially a nonprofit like ours, being able to clearly demonstrate to stakeholders like our board of directors, community partners and financial supporters that AEDC is accomplishing the goals of its mission is vital,” explains Executive Director Scott Unger. “Measuring the economic impact of the Bridgeworks Enterprise Center is a very important activity each year. With the data we’ve collected this year, we are pleased with how well the business incubator is performing.”
About the Allentown Economic Development Corporation
AEDC is an independent nonprofit organization dedicated to a mission of identifying, encouraging, developing and managing strategic business opportunities for the benefit of Allentown, its citizens, and the Lehigh Valley. Its goal is to improve vacant and underutilized properties by assisting manufacturers, business owners and entrepreneurs in obtaining the resources and opportunities they require for success in the City of Allentown. AEDC offers access to financing and incentives, assistance with brownfield remediation, and support for growing businesses within the City.
Over the course of its 27-year existence, the Bridgeworks Enterprise Center, founded in the refurbished Mack Trucks Plant 4A in 1989, has helped launch more than 70 companies in Allentown that have created more than 300 jobs. It is a member of the Ben Franklin Business Incubator Network. Today, the Center is home to Architrep, ColdEdge Technologies, The Colony Meadery, County Seat Spirits, HiJinx Brewing Company, JH Plastics, LightLab International Allentown, MTS Ventures, Polymer Contours and Zzyzx Polymers.
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