Frequently Asked Questions

Overview

What is the Technology Fast 50 program?

The Technology Fast 50 program^TM celebrates innovation, rapid revenue growth, entrepreneurial spirit, and the world-class achievements of the Canadian technology industry. Awards are presented in four 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 the Technology Fast 50 program?

The Technology Fast 50 program has four categories:

• Technology Fast 50
• Enterprise—Industry Leaders
• Clean Technology
• Companies-to-Watch

You can find more information about each category here.

Canada’s Technology Fast 50 program also works in partnership with the North American Technology Fast 500™ program, which is an independently operated yet interconnected awards program. Companies that submit an application for the Technology Fast 50 program application will automatically be considered for the Fast 500 Technology ranking given minimum revenue requirements are met.

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 Technology Fast 50 program?

In addition to meeting the revenue requirements and defined criteria for each category, all applicants to the Technology Fast 50 program must:

• Have been incorporated for at least four years from December 31, 2019, for the Technology Fast 50, Enterprise—Industry Leaders, and Clean Technology categories OR have been incorporated for at least three years from December 31, 2019, for the Companies-to-Watch category
• Own proprietary intellectual property or technology that is sold to customers in products or services that contribute to a majority of operating revenues
• Have invested a minimum of 5% of gross revenue in research and development (R&D) in 2023
• Be headquartered in Canada or Canadian-controlled, with management and R&D teams also located in Canada
• Participate in one of the following sub-sectors: biotechnology/pharmaceutical, energy tech, clean technology, communications/networking, digital content/media/entertainment, electronic devices/hardware, medical devices, semiconductor, and/or on-premises software and SaaS

For a full list of criteria and revenue requirements for each of the categories, click here.

Who is not eligible for the Technology Fast 50 program?

Applicants who are not eligible for the Technology Fast 50 program include companies who use other companies’ proprietary technology or intellectual property in a unique way, consulting companies, professional service firms, resellers, and others.

Please note: Deloitte reserves the right to deem a company ineligible based on the information provided in the application.

Does the Companies-to-Watch category have a financial requirement?

Yes, the Companies-to-Watch category is a ranking of Canadian technology companies with the potential to be future Technology Fast 50 category candidates by their revenue growth percentage over their last three years of operation. Applicants to the 2024 Companies-to-Watch category must have minimum revenues of $50,000 in 2021 and minimum revenues of $2.5 million in 2023.

Do subsidiaries of foreign-owned companies qualify?

Subsidiaries of foreign-owned companies do not qualify for the Canadian ranking.

Application

How can I apply?

Application forms for the 2024 program are available online at www.fast50.ca. The application period opens April 10, 2024. Once open, you can apply by filling out an application here. All applications must be submitted online via Award Force, our awards website, before the June 7, 2024, deadline to be considered for the program.

How long does it take to apply?

With all the right information at hand, the application process should take no longer than 20 minutes.

Can I save my application and return to it later?

Yes, you can save your application and return to it later by pressing save + close. You can then return to your application by using the application link above and logging into your account. Once you have completed your application, please hit submit.

Is there a maximum number of entries?

Yes, only one application per company.

When does my application need to be completed by?

Your application must be filled out and submitted by June 7, 2024. You must answer all required questions and upload your externally prepared financial documents by this date.

Can I edit my application after it has been submitted?

Once your application is submitted, you can make changes up until the application deadline of June 7, 2024.

How many companies apply to the Technology Fast 50 program?

Each year, the Technology Fast 50 program receives hundreds of applications.

What comes next after I submit my application?

Interviews begin for all new applicants to the program to allow our teams to learn more about your company. Those who have applied to the program in recent years do not require an interview.

After the interview period, the results complied by the adjudication team are discussed among regional and national judging panels and the rankings of each category are finalized.

In September, results are communicated to applicants but remain under embargo until the public announcement. In November, winners are publicly announced and the national Technology Fast 50 program celebration takes place.

Other opportunities to connect with the Technology Fast 50 community throughout the year, such as regional events, are shared via our distribution list.

How does Award Force protect my confidential information?

Award Force uses various organizational, technical, and administrative measures to protect personal data. View the Award Force privacy policy.

What is Deloitte’s role in the Technology Fast 50 program?

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 with net-new applicants across Canada. However, it is important to note that the rankings are solely determined by revenue growth. Ranking results are discussed at a national judging panel with subject matter experts from Deloitte and sponsors to ensure all requirements are met.

Rankings and revenue support requirements

How are rankings determined?
Rankings for all categories of the Technology Fast 50 program are based entirely on growth of revenues over the allotted time period for each category.

How is percentage revenue growth calculated?

For the Technology Fast 50, Enterprise—Industry Leaders and Clean Tech categories:

• [(FY23 revenue – FY20 revenue)/FY20 revenue] x 100

For the Companies-to-Watch category:

• [(FY23 revenue – FY21 revenue)/FY21 revenue] x 100

Why are rankings based on growth of revenues rather than on profits?

Since companies have different ways of recognizing profits, 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.

What if I don’t agree with the revenue growth rate calculated for my company?

To ensure all companies are aligned with the calculated revenue growth rate, you will receive a notification to review and verify your growth rate via our application website, Award Force. If you do not agree with the calculated growth rate, you may reach out to Fast50Financials@deloitte.ca.

All companies MUST complete the revenue growth rate verification process to be considered for the program.

Will my company’s revenue numbers be made public?

The Technology Fast 50 program and North America Technology Fast 500 program only publish revenue growth percentage rates. Revenue is not disclosed publicly; however, participants are required to provide revenue support documentation to Deloitte.

What type of financial statements are required?

Ideally, all applicants must provide the following revenue support:

• Audited or reviewed financial statements, including the audit report signed by an independent public accountant.
• Reviewed financial statements, including the review report signed by an independent public accountant.
• Compiled financial statements, including the Notice to Reader report.

For companies who are not able to meet the revenue support deadline, the following option is available:

• Unaudited or unreviewed internal financial statements, along with the name of your independent public accountant and an estimate of when the audited or reviewed financial statements will be available.

If the above options are not available, companies may provide:

• Provide internally prepared financial statements, including a signed revenue attestation form to support the financial statements.

Please note: Additional information regarding an applicants’ revenue may be requested as deemed necessary by the adjudication team.

Are rankings based on revenues from the fiscal or calendar year?

Companies must provide their financial statements for the fiscal year that ends within calendar year 2023 within the cut-off date regardless of their fiscal year-end month. Statements need to be supplied for matching year-end months in the starting and ending years. For example, January 31, 2023, and January 31, 2021, or December 31, 2023, and December 31, 2021.

For the Technology Fast 50, Enterprise—Industry Leaders and Clean Tech categories:

• For 2020, the financial statements must have a year-end on or before December 31, 2020, and for 2023, the financial statements must have a year-end on or before December 31, 2023.
• The 2024 Technology Fast 50, Enterprise—Industry leaders and Clean Tech rankings are based on fiscal year revenue growth covering years 2020 to 2023 with a fiscal year-end cut-off date no later than December 31, 2023.

For the Companies-to-Watch category:

• For 2021, the financial statements must have a year-end on or before December 31, 2021, and for 2023, the financial statements must have a year-end on or before December 31, 2023.
• The 2024 Companies-to-Watch ranking is based on fiscal year revenue growth covering the years 2021 to 2023 with a fiscal year-end cut-off date no later than December 31, 2023.

In summary, companies must supply their fiscal year-end financial statements that end within calendar year 2023 (i.e., no later than December 31, 2023).

Why does Deloitte require copies of financial statements?

Copies of externally prepared financial documents are required in order to accurately rank the Technology Fast 50 program applicants and to assist Deloitte in the validation of information provided during the application process. Candidates are reviewed by Deloitte and its Technology Fast 50 program sponsors according to the published awards criteria. Candidate information is shared with national sponsors and is retained by Deloitte to facilitate the awards program. The use of these documents is restricted to Deloitte and its program sponsors. For additional details on our privacy policy, please review our privacy policy.

Can I still complete the application if I don’t have my financials on hand?

You can still begin your application! Save your application and return to it later by pressing save + close. However, all required fields/forms must be uploaded/completed and submitted by the application deadline.

What is included in R&D expenditures?

R&D expenditures can include Scientific Research and Experimental Development (SRED) program expenditures, and salaries of employees who worked on SRED activities.

Benefits of the program

What benefits do companies get from this ranking?
Being ranked in the Technology Fast 50 program 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 more than 25 years ago, Technology Fast 50 program winners have received national media attention and publicity, industry recognition, invitations to exclusive Technology Fast 50 program 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 program 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 program 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 program 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 program ranking and/or award?

This information is strictly embargoed until Deloitte makes the official announcement. The date of the winners announcement will be communicated annually to all winning companies and announcement process and materials will be provided.

What is the role of program sponsors in the Technology Fast 50 program?

The Technology Fast 50 program is proud to have sponsors who bring a wealth of expertise in supporting the success of Canadian technology companies in their entrepreneurial journeys. Our sponsors are committed to supporting the growth and success of Canadian tech companies in areas such as access to talent, capital, and markets. Winners of the Technology Fast 50 program receive exclusive access to connect with our group of high-profile sponsors.

Visit the Technology Fast 50 program sponsor page to learn more about the services each sponsor can offer.

North American Technology Fast 500

What is the North American Technology Fast 500 program?

Like Canada’s Technology Fast 50 program, the Deloitte Technology Fast 500 is a leading technology innovation awards program recognizing the fastest-growing tech companies throughout North America (both Canada and the United States) based on their revenue growth percentage over their last four years of operation.

The Technology Fast 50 program and Technology Fast 500 program are sister programs that share applicant information to streamline the process for applicants, but primarily operate independently from one another.

How do I apply for the Fast 500 program Technology?
Companies who submit their application for the Technology Fast 50 program application will automatically be considered for the Fast 500 ranking given the minimum revenue requirements are met, unless you have selected the option to opt out within the application.

Are all Technology Fast 50-ranked companies eligible for the Deloitte Technology Fast 500 ranking?

Companies must have a minimum revenue of US$50,000 in 2020 and a minimum revenue of US$5 million in 2023 to be eligible for the Deloitte Technology Fast 500 ranking in 2024.

Can I win in both the Technology Fast 50 and Technology Fast 500 programs?

Yes. Because the programs are independent of each other and have their own criteria, your status in one program does not impact the other.

How do I know my status in the Technology Fast 500 program?

Because the Canadian Technology Fast 50 program and the North American Fast 500 program are two distinct awards programs, the Technology Fast 50 program team communicates results to applicants only in the four Canadian categories (Technology Fast 50, Clean Technology, Enterprise—Industry Leaders, and Companies-to-Watch).

Likewise, the Fast 500 team communicates results to applicants only for the Technology Fast 500 program. Should the Fast 500 team require additional information from you to consider you for the program, you will be contacted directly.

Privacy

You can view the Technology Fast 50 program’s privacy policy in full here, and Deloitte’s privacy statement in full here. Award Force, our application provider, also uses a variety of organizational, technical, and administrative measures to protect personal data. To view their privacy policy, click here.