The Allentown Economic Development Corp. is reporting record results in 2020 for its incubation program.
The AEDC has released the results of its annual incubation impact survey, which showed that its Bridgeworks Enterprise Center grew to a total of 11 companies earning nearly $16 million in revenue. That’s a 33% increase over 2019 revenue.
Those 11 incubator companies employed 39 full-time employees as well as 33 employees that were either contracted or part-time.
They paid more than $2.4 million in salaries, wages or contractor fees to those employees, an increase of 16% over the prior year.
“The Impact Survey results demonstrate the collective, positive trajectory of AEDC’s Bridgeworks Enterprise Center incubation program,” said David Dunn, program manager at the Bridgeworks. “Each year, we look for specific increases as indicators that these businesses are crossing the financial threshold into sustained profitability.”
Dunn noted that some of the incubator companies struggled under the COVID-19 restrictions, but were able to hold on. Others saw double-digit growth in sales and employees and profits.
He said Bridgeworks incubation clients were able to secure a combined $274,800 in federally funded assistance and $65,000 from state-funded sources to run technology-focused projects.
Combined, the companies had a 50% increase in new patents.
The manufacturers secured six provisional patents, 11 US and International patents and seven trademarks for an aggregated 24 new intellectual property assets.
The annual Impact Survey collects data from client companies in the Bridgeworks Enterprise Center incubation program. The survey focuses on job creation, company revenue, loans obtained, grants, and equity investment data.
“Our goal is to continue to assist entrepreneurs as they launch successful, sustainable businesses that contribute to the area’s economic vitality. The results of our most recent Impact Survey indicate the underlying importance of manufacturing to the local and regional economy,” said AEDC Executive Director Scott Unger. “Manufacturing remains one of the key drivers of innovation. It broadens employment opportunities for our residents while providing tax base stability to local government.”