Frequently Asked Questions
24 years of celebrating Canada's fastest-growing technology companies
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 type of financial statements are required?
Audit-preferred financial statements are required. For 2017, the financial statements must have a year-end before or on December 31, 2017, and for 2020, the financial statements must have a year-end before or on December 31, 2020.
The 2021 Technology Fast 50 ranking is based on fiscal year revenue growth covering years 2017 to 2020 with a fiscal year-end cut-off date no later than December 31, 2020. 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, 2020.
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.
What does Total Addressable Market (TAM) mean?
Total addressable market, also called total available market, refers to the revenue opportunity available for a product or service.
How do I calculate my customer adoption rate?
The customer adoption rate may be calculated based on metrics your company has already defined. You can provide an estimate of how much your company’s customer base has grown or calculate how much growth year-over-year and year-to-year your company has had in your market.
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 2021 Technology Fast 50 ranking is based on fiscal year revenue growth covering years 2017 to 2020, with a fiscal year-end cut-off date no later than December 31, 2020. 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, 2020.
How is the revenue growth calculated?
Companies are ranked based on percentage growth of fiscal year (FY) operating revenues covering 2017 to 2020. Here’s the math: FY 2020 revenues minus FY 2017 revenues divided by FY 2017 revenues times 100 = total percentage of revenue growth.
[(2020 – 2017) / 2017] *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?
How can companies apply?
Nomination forms for the 2021 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 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 2020 to be eligible for the Deloitte Technology Fast 500 ranking.
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.