Ten companies in the Bridgeworks Enterprise Center’s business incubator program earned more than $4.7 million in revenue in 2016 – a nearly 15 percent increase over 2015, according to a survey by the Allentown Economic Development Corp.
The annual Incubator Client Impact Survey results revealed other positive indicators, which were the best the best since the AEDC began collecting the data in 2012. The companies’ revenues in 2016 marked a 150 percent increase since 2012.
The companies increased their number of employees in 2016, with a total of 25 full-time workers and 51 part-time or contract workers, an 11 percent increase over the previous year. More than $1.28 million were paid in total salaries, wages and contractor fees, marking a 14 percent increase in wages from 2015.
The 10 companies in the program are Amorphic Tech Ltd., ColdEdge Technologies, The Colony Meadery, County Seat Spirits, HiJinx Brewing Co., JH Plastics, LightLab International Allentown, MTS Ventures, Polymer Contours and Zzyzx Polymers.
“It’s great to see that our Bridgeworks clients are continuing to grow their businesses year after year,” said Anthony Durante, program manager at the AEDC, an independent nonprofit organization whose mission is to redevelop vacant or underused properties into flourishing businesses in Allentown.
“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.”
The AEDC added several new advisory services to the program last year to help the startups in the Bridgeworks program. These services included an entrepreneur-in-residence and consultants to provide guidance on financial review, and contract and business document preparation.
“The results of this year’s impact assessment show that our business incubation program continues to drive our clients toward success,” said Scott Unger, executive director of the AEDC.
“They are increasing their revenues, creating more jobs and steadily becoming self-sustaining.”