Deloitte Canada announces its annual Technology Fast 50 program winners
While tech companies face substantial challenges when it comes to accessing capital, a survey of winner’s executives shows immigration is improving the talent shortage in the sector
Toronto, November 8, 2023 – Deloitte Canada is pleased to announce the winners of its Technology Fast 50, Enterprise—Industry leaders, Clean Technology, and Companies-to-Watch awards. Now in its 26th year, the Technology Fast 50TM program recognizes the world-class achievements of Canada’s leading technology companies—highlighting their commitment to innovation, strong leadership, and rapid revenue growth. This year, the average three-year growth of the Technology Fast 50 winners is 2,213 per cent.
“This year’s thriving cohort of winners have delivered outstanding revenue growth, despite prevailing uncertainties in the economy and marketplace,” says Anders McKenzie, partner, and national leader for the Technology Fast 50 program at Deloitte Canada. “With their bold vision for the future, impactful technologies, competitive drive, and passion for pushing the boundaries, these companies are paving the way as catalysts in their respective sectors—delivering growth and value to the Canadian economy both at home and beyond. It is truly inspiring to see how they not only improve today’s world, but also shape tomorrow’s.”
Accessing capital top of mind for tech companies
According to Deloitte Canada’s annual survey of Technology Fast 50 program executive leaders, a growing concern among technology companies is accessing capital from Canadian and US sources to expand and grow their operations. About six in 10 respondents (61%) feel that their ability to access capital has worsened over the last five years, compared to 23 per cent of the companies we surveyed in 2022.
Attracting and retaining a qualified workforce remain significant business challenges among Canada’s fastest-growing companies. About one in four respondents (24%) rank the labour market as the most pressing issue they face. Additionally, the survey identified technology advancements and new competition as growing concerns for businesses. On a more positive note, this year’s cohort of winners are optimistic about Canada having the highest immigration rate (as a percentage of existing population) of any G20 country—63 per cent agree that this influx has a strong or moderate positive effect on the availability of talent in the sector.
Gen AI is trending in 2023
An emerging trend among the Technology Fast 50 program winners is generative AI, with more than half of the respondents (52%) indicating that they are experimenting with it at some level in their own operations. In addition, almost one in four companies share that they are already deploying gen AI (24%) or have active pilots in place (24%).
2023 winners: Blockchain, connectivity, emissions reduction, and fintech lead the way
At the top of this year’s Technology Fast 50 list, with a three-year growth of 16,910 per cent, is Dapper Labs, a Vancouver-based Web3 firm using the power of play to deliver blockchain-based experiences and digital collectibles to fans around the world. A first-time applicant to the program, the company is paving the way to a more open, inclusive digital world starting with games and entertainment.
Alphawave Semi, a global leader in high-speed connectivity, earns the best ranking in the Enterprise—Industry leaders (formerly called ‘Enterprise Fast 15’) with a three-year growth of 1,547 per cent. Headquartered in Toronto, the company builds industry-leading wired connectivity solutions that enable data to travel faster, more reliably, and with higher performance at a lower power.
At the top of the Clean Technology category is Convrg Innovations Inc., a Calgary-based company that offers emissions reduction solutions for companies aiming to operate sustainably in oil and gas work sites. With a three-year growth of 6,000 per cent, the company is devoted to catalyzing the energy evolution for a more sustainable future.
In the Companies-to-Watch category, Neo Financial has the highest revenue growth at 81,732 per cent. Headquartered in Calgary, the company is building a smarter financial experience for all Canadians using the latest technology. Specializing in savings and credit products, Neo Financial is on a journey to reshape the financial future for millions of people in Canada.
98 Canadian companies earn a spot on the Technology Fast 500TM ranking this year
The Technology Fast 50 awards program runs alongside the broader North American Technology Fast 500, with winners automatically eligible for this elite ranking. This year, 98 Canadian companies made that list, with Dapper Labs from Vancouver leading the group in ninth place. Check out the complete list of Technology Fast 500 winners here.
For more information on the Technology Fast 50, Enterprise—Industry leaders, Clean Technology, and Companies-to-Watch categories, please visit: www.fast50.ca.
About the Deloitte Technology Fast 50™ program
The Deloitte Technology Fast 50 program is Canada’s pre-eminent technology awards program. Celebrating its 26th anniversary, the program recognizes business growth, innovation, and entrepreneurship in four distinct categories: Technology Fast 50 ranking, Enterprise—Industry leaders, Clean Technology, and Companies-to-Watch. The program also recognizes companies within the North American Technology Fast 500 ranking, identifying thriving technology companies in the United States and Canada. The 2023 program sponsors include Deloitte, RBCx, Osler, EDC, CCI, TMX, Clarity, Lafond, and The Globe and Mail. For further information, visit www.fast50.ca.
About Deloitte Canada
Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients' most complex business challenges. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Our global Purpose is making an impact that matters. At Deloitte Canada, that translates into building a better future by accelerating and expanding access to knowledge. We believe we can achieve this Purpose by living our shared values to lead the way, serve with integrity, take care of each other, foster inclusion, and collaborate for measurable impact.