Annual incubator impact survey shows modest increases in revenues and salaries
Allentown, Pa. — January 26, 2018 — The Allentown Economic Development Corporation announced the aggregated results of its annual Incubator Client Impact Survey today. In 2017, the 10 Bridgeworks client companies earned over $4.63 million in revenue, which is a 4.6 percent increase over 2016.
Collectively the companies employ 28 full-time employees and another 46 people as either part-time or contracted employees. Total salaries, wages and contractor fees paid to these employees increased by 2.6 percent to $1.31 million.
“Although the growth we saw last year was modest, it’s encouraging to see that our Bridgeworks clients are continuing to grow their businesses year after year,” said AEDC Program Manager Anthony Durante. “Internally, we are seeing the client companies actively engaging in the advisory services and educational opportunities that we are providing. As a result, they are implementing best practices into their businesses which ultimately sets them up for long-term growth and resiliency in the future.”
Durante added, “If we look back to where we were in 2012, as an incubator program, we are really hitting our stride. We have a group of solid ventures in our program, our programming continues to improve, and the center is approaching full capacity. I am confident that our board and our stakeholders are very happy with the progress that we have made with the business incubator.”
The data comparison between the 2012 and 2017 surveys show how the incubator has increased its impact on the region. The incubator clients are employing nearly three-times the number of people and paying out more than 41-times the salaries and wages. Revenues earned by the client companies is also up by 2.5-times. Today the Bridgeworks Enterprise Center is 85 percent occupied.
“We work to create an environment that supports manufacturing, but it is the entrepreneurs who take the true risk, create jobs, and grow the local economy,” explained AEDC Executive Director Scott Unger. “Our combined continued success is good for Allentown.”
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.
About Allentown Economic Development Corporation
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 on to 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 29-year existence, the Bridgeworks Enterprise Center, founded in the refurbished Mack Trucks Plant 4A in 1989, has helped launch more than 61 companies in Allentown that have created more than 618 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.
For more information, please visit our website: http://allentownedc.com/