Frequently Asked Questions
25 years of celebrating Canada's fastest-growing technology companies
What is the Technology Fast 50 program?
The program celebrates innovation, rapid revenue growth, entrepreneurial spirit, and the world-class achievements of the Canadian technology industry. Awards are presented in five distinct categories that characterize and define the unique strengths of Canadian innovation. Winners include both public and private companies spanning a variety of industry sub-sectors from hardware, software and telecommunications to emerging technology and digital media.
Categories and Eligibility Criteria
What are the categories for Fast 50 program?
The Fast 50 program has five categories: Fast 50, Enterprise Fast 15, Clean Tech, Companies to watch and Fast 500. You can find more information about each category here .
*Please note: Companies can only apply to one category. Deloitte reserves the right to change a company’s category based on the information provided in the application.
What are the eligibility requirements of the Fast 50 program?
Applicants to the Fast 50 program must be headquartered in Canada, invest a minimum of five percent of gross revenue in R&D and own proprietary technology which must be sold to customers in products or services that contribute to a majority of the company’s operating revenues. For a full list of criteria and revenue requirements for each of the categories, click here .
Does Companies to watch have a financial requirement?
Yes, new this year, the companies to watch category is a ranking of Canadian technology companies with the potential to be future Technology Fast 50™ candidates by their revenue growth percentage over their last three years of operation. The winners of this year’s companies to watch category must have a minimum of $50 thousand in 2019.
What type of financial statements are required?
Audit-preferred financial statements are required. For Fast 50, Enterprise 15 and Clean Tech: For 2018, the financial statements must have a year-end before or on December 31, 2018, and for 2021, the financial statements must have a year-end before or on December 31, 2021. The 2022 Technology Fast 50 ranking is based on fiscal year revenue growth covering years 2018 to 2021 with a fiscal year-end cut-off date no later than December 31, 2021. For Companies to watch, for 2019 the financial statements must have a year-end before or on December 31, 2019, and for 2021, the financial statements must have a year-end before or on December 31, 2021. The 2022 Companies to watch ranking is based on fiscal year revenue growth covering years 2019 to 2021 with a fiscal year-end cut-off date no later than December 31, 2021.
Companies must provide their last set of financial statements available by the cut-off date regardless of their fiscal year-end month. For example, for a company with a January 31 fiscal year-end, the cut-off will be the fiscal year ended January 31, 2021.
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 the North American Technology Fast 500 program?
It’s an annual ranking of the 500 fastest-growing technology, media, and telecommunications companies in North America based on their revenue growth percentage over their last four years of operation.
Are all Technology Fast 50-ranked companies eligible for the Deloitte Technology Fast 500 ranking?
Companies must also have a minimum revenue of US$5 million in 2021 to be eligible for the Deloitte Technology Fast 500 ranking.
How can companies apply?
Nomination forms for the 2022 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 typically apply to the program?
Each year, Deloitte receives hundreds of nominations.
What is Deloitte’s role in the Technology Fast 50?
All applications for the Technology Fast 50 awards are submitted to Deloitte, which then reviews and verifies them for eligibility. Teams from Deloitte and sponsors of the Technology Fast 50 program 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, in which subject matter experts from Deloitte and program sponsors help determine and rank the leaders in each category.
Are rankings based on revenues from the fiscal or calendar year?
The 2022 Technology Fast 50, Clean Technology and Enterprise Fast 50 rankings, based on fiscal year revenue growth covering years 2018 to 2021, with a fiscal year-end cut-off date no later than December 31, 2021. The 2022 Companies to watch ranking is based on fiscal year revenue growth covering years 2019 to 2021 with a fiscal year-end cut-off date no later than December 31, 2021. Companies must provide their last set of financial statements available by the cut-off date regardless of their fiscal year-end month. For example, for a company with a January 31 fiscal year-end, the cut-off will be the fiscal year ended January 31, 2021.
How is the revenue growth calculated?
For Fast 50, Enterprise 15 and Clean tech - Companies are ranked based on four year percentage growth of fiscal year (FY) operating revenues covering 2018 to 2021. Here’s the math: FY 2021 revenues minus FY 2018 revenues divided by FY 2018 revenues times 100 = total percentage of revenue growth. [(2021 – 2018) / 2018] *100 = % revenue growth
For Companies to watch - Companies are ranked based on three year percentage growth of fiscal year (FY) operating revenues covering 2019 to 2021. Here’s the math: FY 2021 revenues minus FY 2019 revenues divided by FY 2019 revenues times 100 = total percentage of revenue growth. [(2021 – 2019) / 2019] *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 percentage rates.
Why does Deloitte require copies of financial statements?
What is included in the R&D expenditure?
R&D expenditures can include Scientific Research and Experimental Development (SRED) program expenditures, and salaries of employees who worked on SRED activities.
What supporting information do we need to submit to demonstrate our proprietary technology?
The proprietary technology statement should be a detailed description of your technology and how your customers use it. You may be able to use the information from materials you’ve already developed, such as a product brochure. The statement should be in either Word or PDF format. Additional information regarding the applicant’s revenue and proprietary technology may be requested. You need to own proprietary intellectual property or proprietary technology, which must be sold to customers in products or services that contribute to a majority of the company’s operating revenues. A majority, greater than 50%, of the company’s operating revenues must be derived from product or services sales that incorporate the company’s proprietary technology, exclusive of related service revenue. In addition, we would anticipate that the gross margin profile of a business that leverages technology as a core element of its offering would be in excess of 50% (note: for the Cleantech category this is not an anticipated requirement).
Benefits of the program
What benefits do companies get from this ranking?
Being ranked in the Technology Fast 50 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. Since the program began over 20 years ago, Technology Fast 50 winners have received 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 can showcase their achievement by using 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, thereby maximizing their exposure.
Is there an awards ceremony for Technology Fast 50 winners?
Awards are presented during a national invitation-only event in November.
Do companies receive an actual, physical 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 distributed through 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.
What type of information do we collect?
Candidates who meet the basic eligibility requirements are invited to complete an application, and may be asked to provide additional information through forms and interviews. During the application and evaluation process, we generally collect business contact information and corporate information, which may include confidential financial and research and development information. We collect this information from you and from other sources. Where we wish to collect additional information about any individual personally from another source, we will ask for permission first. CEOs who choose to participate in the CEO survey submit a business profile, which captures a range of information including gender and details of professional and educational background.
How do we use your information?
Information is used to evaluate candidates and administer the Canadian Technology Fast 50TM awards program. Candidates are evaluated by Deloitte and its Canadian Technology Fast 50TM sponsors according to the published awards criteria. Program winners are publicly announced once finalized by a panel of industry leaders and, if you choose, are entered into the North American Technology Fast 500TM, the awards program that recognizes growing technology companies in Canada and the United States. Unless otherwise requested, candidate information is shared with sponsors and is retained by Deloitte to identify services, information and events we believe will interest you. Deloitte does not sell its mailing lists.
How do we protect your information?