Technology Fast 50™ Program FAQs
20 years of celebrating Canada’s fastest growing technology companies
What criteria are used to evaluate and select winners?
Companies—public or private, large or small —must be headquartered in, and create their intellectual property, in Canada. In an online application form available at www.fast50.ca, each nominee confidentially provides its financials, a brief company profile, and basic information on its business.
- To qualify for the Technology Fast 50™ ranking, companies must have been in business for at least four years and have revenues of at least CAD$5 million in 2016.
- Companies-to-Watch awards are Canadian technology companies with the potential to be future Technology Fast 50 candidates.
- Technology Fast 50™ Leadership award candidates are judged on their ability to create a distinct competitive advantage in a high-growth market.
Upon receipt of Technology Fast 50™ applications, teams of subject matter experts conduct interviews with candidates across Canada and participate in regional and national judging panels, where companies are evaluated based on the following criteria:
- Competitive advantage
- Size, growth, and market attractiveness
- Management effectiveness and organization
- Financial performance
What types of companies make the cut?
Technology Fast 50™ companies are diverse—large, small, public, private—and they come from a variety of industry sectors. They are leaders in sectors such as hardware, software, telecommunications, and digital media, as well as new and emerging areas. Technology Fast 50™ companies demonstrate revenue growth, technological innovation, and entrepreneurial spirit.
Do subsidiaries of foreign-owned companies qualify?
Subsidiaries of foreign-owned companies do not qualify for the Canadian ranking, but may qualify for one of the other Deloitte Technology Fast 50™ programs around the world.
What is Deloitte’s role in the Technology Fast 50™?
All applications for the Technology Fast 50™ awards are submitted to Deloitte, who then reviews and verifies them for eligibility. Teams from Deloitte and Technology Fast 50™ sponsors then conduct face-to-face interviews across Canada. Companies are judged on criteria such as market attractiveness and competitive advantage. The results of these interviews are sent to regional and national judging panels where subject matter experts from Deloitte and program sponsors help determine and rank the leaders in each category.
Are rankings based on fiscal or calendar year revenues?
The 2017 Technology Fast 50™ ranking is based on fiscal year revenue growth covering years 2013 to 2016 with a cutoff date of December 31, 2016. Companies must provide their last set of financial statements available by the cutoff date regardless of their fiscal year-end month.
How is the revenue growth calculated?
Companies are ranked based on percentage growth of fiscal year operating revenues covering 2013 to 2016. Here's the math: 2016 revenues minus 2013 revenues divided by 2013 revenues times 100 = total percentage revenue growth.
[(2016 – 2013) / 2013] *100 = % revenue growth
Why are rankings based on growth of revenues rather than on profits?
Since companies have different ways of recognizing profits, Deloitte determined that a ranking based on pure revenues makes the most sense. Ranking fast-growth technology companies by revenue growth sets a level playing field for all nominated companies and makes the Technology Fast 50™ program as fair and accurate as possible.
Will my company’s revenue numbers be made public?
The Technology Fast 50™ and North America Technology Fast 500™ programs only publish the revenue growth rates.
Why does Deloitte require copies of financial statements?
How can companies apply?
Nomination forms for the 2017 program are available online at www.fast50.ca.
How long does it take to submit an application?
With all the right information at hand, the application process should take no longer than 20 minutes.
How many companies apply to the program each year?
Each year, Deloitte receives hundreds of nominations.
What is the North American Technology Fast 500™ program?
The Deloitte Technology Fast 500™ is an annual ranking of the 500 fastest-growing technology, media, and telecommunications companies in the United States and Canada based on percentage revenue growth over three years.
Are all Technology Fast 50™-ranked companies eligible for the Deloitte Technology Fast 500™ ranking?
Companies must also have a minimum revenue of USD$5 million in 2016 to be eligible for the Deloitte Technology Fast 500™ ranking.
What benefits do companies get from this ranking?
Being part of the Technology Fast 50™ ranking communicates your company’s great business results and strong management skills. It also provides a strong endorsement from Canada’s largest professional services firm and the program’s high-profile sponsors. Over the last 19 years, Technology Fast 50™ winners have garnered national media attention and publicity, industry recognition, invitations to exclusive Technology Fast 50™ community events with industry leaders and peers, unparalleled industry recognition, and heightened employee morale. Winning firms are proud to showcase their achievement with the coveted Technology Fast 50™ logo on their marketing materials and business cards. Winners are also eligible for the prestigious North American Technology Fast 500™, thus maximizing their exposure.
Is there an awards ceremony for Technology Fast 50™ winners?
Awards are presented during a national invitation-only event taking place in Toronto in November.
Do companies receive an actual award?
Yes, they do. Awards are provided to all winners.
Will the Technology Fast 50™ ranking appear in the local or national press?
A national press release is sent out across Canada Newswire and to all national and business media announcing the winners and the rankings. In previous years, this press release has generated considerable media coverage.
When do companies issue their own press release or publicly announce their success with a Technology Fast 50™ ranking and/or award?
This information is strictly embargoed until Deloitte makes the official announcement.