Last year, the 11 Bridgeworks client companies earned nearly $7 million in revenue, a 50 percent spike from 2017, the Allentown Economic Development Corp. recently announced.
The annual Incubator Client Impact Survey of client companies participating in the Bridgeworks Enterprise Center business incubator program examines company revenues, job creation, equity investments, and obtained loans and grants.
“We added a new company to our incubation program in 2018 and they are off to an impressive start,” Anthony Durante, the program manager, said. “Plus, several of our existing companies continue to grow steadily as their businesses mature. We are extremely pleased with the results that we are seeing from our clients.”
Last year, the companies employed 31 full-time employees and 43 part-time or contracted employees. Total salaries, wages, and contractor fees paid was $2.83 million.
In addition, the companies are starting to transition 1099 contractor positions to part-time and full-time employee positions, Durante said. This is a sign the companies are more confident, he said.
The Bridgeworks business incubation program launched in 1989. Since its founding, 618 jobs have been created, 61 companies have participated in the program and 33 have graduated. A total of 27 graduates are still in business; six merged with other companies.