Allentown Economic Development Corporation

Monthly Archives: February 2017

ColdEdge Technologies Celebrates Graduation from Allentown Business Incubator

Allentown cryogenic systems manufacturer transitions to anchor tenant of Bridgeworks

On Thursday, February 16, the founders of ColdEdge Technologies Inc. celebrated their graduation from the business incubation program of the Allentown Economic Development Corporation. Additionally, the company became the second anchor tenant in the Bridgeworks Enterprise Center, joining MTS Ventures.

“Watching ColdEdge Technologies steadily grow over the past several years has been exciting,” said AEDC Executive Director Scott Unger. “We know that they have big plans to continue their growth and we are pleased that they will continue that journey right here in Allentown and at Bridgeworks.”

Founded in 2008, ColdEdge Technologies was accepted into the business incubation program in July of that year. The company has moved three times since moving into the Bridgeworks Enterprise Center in order to accommodate growth. They recently moved into a 6,200 square foot unit that gives them the space to grow over the next several years.

“That’s part of the beauty of being in a program like ours,” explains Program Manager Anthony Durante. “AEDC has been able to work with the ColdEdge team over the years to allow them the flexibility to add on more space as they needed it. That is a nearly impossible task in a normal industrial lease agreement. They would have either been trapped in a space that was too small for them or the company would have moved into a space that was entirely too large for them which would have drained much-needed capital for growth.”

“AEDC has been essential for our growth and flexibility over the years,” commented Ajay Khatri, one of the owners of ColdEdge Technologies. “We started with a small facility and as our business grew and the demands on our space increased, AEDC provided options and flexibility. We believe AEDC is an important and essential part of encouraging new companies to establish a base in Allentown and the Lehigh Valley area.”

Business incubators will identify and retain anchor tenants for several reasons. First, the anchor tenant is generally a good example to the other companies in the program. They actively participate in things like education sessions and social events. Secondly, the anchor tenant can serve as a mentor to new companies just joining the program since they have many experiences to share. Lastly, the anchor tenant has met with a certain amount of success and provides a stream of revenue that is less at risk than that of younger startups in the program.

“We are excited to have ColdEdge Technologies remain a client at Bridgeworks and we look forward to their continued success,” concluded Durante. “We know that the ColdEdge team will continue to be a great example to the other entrepreneurs in our program.”

About ColdEdge Technologies

ColdEdge Technologies is a leading company in the field of customized cryogenics system design and manufacturing founded in 2008. It serves customers in the U.S. (50 percent) and worldwide (50 percent). Typical customers are physicists and chemists in national laboratories, universities, national institutes such as NIST, NASA and has an OEM base of major corporations. ColdEdge products are used in conducting research in the fields of astronomy, superconductor studies, ultra-high vacuum systems, spectroscopy, neutron scattering, X-ray diffraction and many more. ColdEdge provides specialized research tools to scientists worldwide to conduct world-class research.

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About the Allentown Economic Development Corporation

The Allentown Economic Development Corporation is an independent nonprofit organization whose mission is to improve vacant and underutilized properties, within the City of Allentown, in order to create an environment where manufacturers and other companies can flourish throughout their lifecycle, from launch to rapid growth, and onto long-term success and profitability. By doing so, AEDC can advance the economic vitality of Allentown and the Lehigh Valley through job creation and business growth.

Over the course of its 26-year existence, the Bridgeworks Enterprise Center, founded in the refurbished Mack Trucks Plant 4A in 1989, has helped launch more than 53 companies in Allentown that have created more than 450 jobs. It is a member of the Ben Franklin Business Incubator Network. Today, the Center is home to Amorphic Tech Ltd., 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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David V. Dunn Joins Allentown Economic Development Corp to Lead Economic Development Programs

The Allentown Economic Development Corporation announced today that David V. Dunn is joining the organization as Program Manager, Economic Development Programs.

Dunn will be taking the lead on Allentown’s Enterprise Zone program, along with several other economic development lending programs that AEDC manages on behalf of the city. Established through funding from the Pennsylvania Department of Community and Economic Development, the Enterprise Zone consists of three parts: a business outreach program, a revolving loan fund, and an incentive program that provides tax credits to private companies investing in rehabilitating, expanding or improving buildings or land within the Zone.

“We are very excited to have David Dunn join our team,” said AEDC Executive Director Scott Unger. “David’s background in banking, small business development, and as a small business owner gives him firsthand expertise that manufacturing companies can identify with. We are confident that David’s unique perspective will allow AEDC to better serve our clients in the future.”

In addition to the Enterprise Zone program and its associated loan fund, Dunn will also manage the Pennsylvania Minority Business Development Authority loan fund. These loan programs encourage business growth throughout the city by providing capital to invest in and develop properties, purchase equipment, and in some cases, provide working capital. These programs each have a job creation qualification requirement.

According to Dunn, “I am eager to leverage my experience for the benefit of the AEDC and the City of Allentown. AEDC has a huge opportunity to create impact that will continue the renaissance of our great city.”

Prior to joining AEDC, Dunn was a Program Director for the Lehigh University Small Business Development Center and before that, held a similar position with the State of Vermont. In both positions, he helped small businesses start, grow, develop technology, and secure government contracts. Dunn also has a strong background in manufacturing, first as the owner of Tree Spirit Inc. a Vermont manufacturer of housewares, paper goods, and food grade oils, and then as president of Lamson & Goodnow Manufacturing in Massachusetts, a manufacturer of cutlery, kitchen and industrial tools. Prior to his business ownership, he worked for almost 20 years as an Investment Banker with some of Wall Street’s largest firms. Dunn resides in Allentown’s West End neighborhood with his wife, Vikki Dunn.

“With David joining AEDC, we plan to expand upon our current economic development programs,” explained Unger. “Our goal is to not only be a touchpoint for Allentown manufacturers, but to serve as a meaningful conduit for programming that will drive our growth and, in turn, spur job creation.”

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