Profit for Purpose is the future as Hireup tops Tech Fast 50
29 November 2017 – Disruption is coming to other industries in the form of customer-centric technology based solutions, according to Kimberly Chang, Deloitte Australia’s Technology, Media and Telecommunications (TMT) Leader, speaking in response to the announcement of Deloitte’s Technology Fast 50 2017 Australia winners.
“Healthcare, aged care and education are amongst the emerging sectors in the technology start-up ecosystem and the companies who are identifying innovative solutions and reducing friction in the customer journey are the ones disrupting these markets and experiencing accelerated growth,” she said.
Tech Fast 50 Lead Partner, Josh Tanchel, noted that it is these forward-thinking businesses that are showcased by the Tech Fast 50 program; recognising their high growth and celebrating their achievement.
“In a departure from previous years, this year’s winner is not only in the healthcare sector, but is a profit–for-purpose led business,” said Tanchel.
“Taking out the top spot of Deloitte’s Tech Fast 50 2017 is Hireup, an innovative provider of disability support. Hireup is an online platform offering a new way for people with disability to find, hire and manage support workers. They’ve recognised an opportunity in the introduction of individualised funding through the National Disability Scheme (NDIS) and have harnessed technology to bring the peer-to-peer economy to the disability sector,” he said.
The Tech Fast 50 program ranks the 50 fastest growing public or private technology companies, based on percentage revenue growth over three years (2015 – 2017). Hireup took out the top spot with 7,713% growth, significantly ahead of the runner up and well above the average growth for the top 50.
“In the 17 years that Tech Fast 50 has been running, this year’s top 50 have the highest average growth rate we’ve ever seen, at 664%. Also, more than double the number of nominees (7) had over 1,000% growth compared to last year (3),” said Tanchel.
“This is the first time that we have seen a purpose-led organisation win the Tech Fast 50, but it perhaps shouldn’t be a surprise. A strong customer focus is fundamental to growth and principled leaders who want to make an impact that matters can fuel innovation and growth from the top down,” he said.
Purpose is not only emerging as a success factor but is also a key attractor of new talent. The Deloitte Millennial Survey 2016 found that 73% of millennials want businesses to focus more on people, products and purpose – and less on profit.
Dan Chesterman, from Tech Fast 50 sponsor ASX, highlighted that this year 10 of the top 50 are listed companies, demonstrating that high growth rates and being listed and are not mutually exclusive.
“The ASX-listed technology sector now comprises over 210 companies, with a market capitalisation in excess of $46 billion, highlighting the increasing profile, importance and strength of the industry, and the appetite of investors for exciting new opportunities.
“Innovative new technologies continue to challenge existing business models and create new opportunities across all industries. ASX congratulates all the companies featuring on this year’s list and looks forward to seeing many of them as the leaders of tomorrow”, said Chesterman.
Top 3 Technology Fast 50 Winners
- Hireup (NSW): An online platform that lets people with a disability find, hire and manage their own home care and support workers - harnessing technology to bring the peer-to-peer economy to the Australian disability sector. Prior to Hireup, people with a disability relied heavily on third parties to connect people with a disability to support workers and to access educational, community, social and employment opportunities. Hireup came about in response to the introduction of the NDIS. Individualised funding enables people with a disability to pick and choose the services they need. Hireup facilitates this process, allowing users to manage their own support while taking care of the administrative nitty-gritty: payroll, insurance, employer compliance and reporting. (7,713% growth).
- zipMoney (NSW): Simplifies the consumer’s financial journey by empowering them with simple, user-friendly and financially responsible products that facilitate both informed purchases and long term personal finance planning. Zip’s main products include zipPay (a digital wallet enabling ‘buy now, pay later’ both online and in-store) and Pocketbook (a mobile app that categorises spending). Zip’s proprietary credit decisioning engine enables real-time point of sale credit approval with frictionless sign-ups via Facebook, PayPal or email. The engine leverages big data and alternative data sources, such as the customer’s social behaviours and geographic location, to determine risk-based pricing. This disruptive technology powers real time credit solutions within a 60 second time frame. (4,012% growth).
- Zero Latency (VIC): A global leader in multiplayer FRVR, in which untethered players freely explore a large physical space while immersed in a virtual reality gaming (or other) experience. Zero Latency is currently the only company offering a fully-productised and commercially proven FRVR entertainment platform, currently operating in 11 locations on four continents, with 10 additional sites under development. Their proprietary tracking system was built from the ground up for FRVR, enabling a better experience that is optimised for high numbers of players and fast load in times, driving high throughput and increased revenue. (3,611% growth).
Leadership Award Winner
This award category is open to established technology companies with a strong track record of growth and operating revenues greater than $50 million.
- Catapult (VIC): Born from a partnership between Cooperative Research Centres (CRC) and the Australian Institute of Sport, Catapult creates technology to help athletes and teams perform to their true potential. The company has grown to become a global category-leader in elite sports technology and over the last few years they have completed a number of acquisitions, including a market leader in video-based technology and athlete management systems. They have over 300 staff across 16 countries worldwide, working with over 1500 elite teams from 30 different sports globally. Catapult Group International Limited (CAT) is listed on the Australian Stock Exchange. (440%)
Rising Star Award Winner
This category is dedicated to high-growth nominating companies that have been trading for less than three years and do not therefore qualify for the Tech Fast 50.
Code Camp (NSW): Aims to educate, inspire and empower Australian school students through the opportunity to learn to code, build apps and develop websites. They offer school holiday programs, after school classes and in-school sessions at more than 40 schools across Sydney, Melbourne, Brisbane and Wollongong, working with over 300 passionate teachers. (5,697%)
“This year’s Rising Star winner has experienced phenomenal growth for the second year in a row, having featured as a category finalist in 2016. Teaching kids coding skills in and out of schools is so important. They will definitely be one to watch in 2018,” said Tanchel.
“We congratulate all of our 2017 Tech Fast 50 winners. Every year we see the bar set higher and every year it is surpassed. And with 17 of this year’s winners having previously ranked in the Top 50, this outstanding level of sustained growth is impressive. We’re proud to be supporting and showcasing the best and brightest of Australia’s high-growth businesses. We will continue to work with and cultivate opportunities for those who are bringing technology and innovation to the broader Australian economy,” said Tanchel.
For a full list of winners and further information on the Deloitte Technology Fast 50 Australia program, go to www.tech50.com.au and use #TechFast50au on social media.
NB: While Deloitte has existing relationships with some of the entities on the list, this does not influence or affect the outcome of the final Technology Fast 50 list, which is judged on percentage revenue growth.
Technology companies are invited to self-nominate for the Deloitte Australia Technology Fast 50 list via our website. Financial data about the top 50 companies is provided by the entrants gathered via an online survey tool and is cross-checked using each company’s financial information which is verified by their accountants or a registered auditor