Annual incubator impact survey shows steady increase in client revenues and job creation
The Allentown Economic Development Corporation (AEDC) announced the aggregated results of its annual Incubator Client Impact Survey today. In 2016, the 10 Bridgeworks client companies earned over $4.7 million in revenue. This is a nearly 15 percent increase over 2015 and a 150 percent increase over revenues that the companies earned in 2012. The results from the 2016 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 25 full-time employees and another 51 people as either part-time or contracted employees. More than $1.28 million was paid in total salaries, wages and contractor fees to these employees. This marks an 11 percent increase in the number of people employed by incubator clients from 2015, and a 14 percent increase in wages paid out to employees.
“It’s great to see that our Bridgeworks clients are continuing to grow their businesses year after year,” said AEDC Program Manager Anthony Durante. “As we continue to improve our program, we expect these results to continue. The growth we saw last year is validation that we are on the right track.”
In 2016, AEDC added several advisory activities to the business program in hopes of helping the client companies to reinforce their business practices while offsetting some of their costs. New advisors included an entrepreneur-in-residence, along with a consultant who provides contract and business document preparation, and another who provides financial review and guidance.
The annual impact 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 a nonprofit, it is vital that we can clearly demonstrate to our board of directors, community partners, and financial supporters that AEDC is accomplishing the goals of its mission,” explained Executive Director Scott Unger. “The results of this year’s impact assessment show that our business incubation program continues to drive our clients toward success. They are increasing their revenues, creating more jobs, and steadily becoming self-sustaining.”
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 28-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 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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