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2024 Deloitte China Technology Fast 50 and Rising Star Campaign officially kicks off

Supercharge Innovation and Quality Growth

Published date: 3 June 2024

The 2024 Deloitte China Technology Fast 50 (TF50) and Rising Star Campaign kicks off today. Since its inception in Silicon Valley in 1995 and subsequent launch in China in 2005, the "Technology Fast 50" has been a global standard for rapid-growth companies, running concurrently across dozens of countries and regions each year. The program has been a catalyst for industry leaders like Tencent, Alibaba, Baidu, JD, ByteDance, SMIC, Wuxi Apptec, Mindray, DJI, Apple, Microsoft, Amazon, Google, Tesla, and NVIDIA, spotting them in their infancy and earning a reputation as the "incubator of great sci-tech enterprises."

This year marks the 20th anniversary of Deloitte China's Technology Fast program. The program's "Supercharge Innovation and Quality Growth" theme spotlights tech startups that continuously innovate, pursue excellence, and create long-term value. Deloitte China, the organizer, upholds a fair and rigorous selection process to identify and showcase high-potential startups in China. By leveraging Deloitte's professional expertise and global network, the program aims to enhance startups' visibility, empower their growth, and fuel their innovation and development momentum.

Kurt Tan, Deloitte China Chief Growth Officer, says, "This year, the Government Work Report has enshrined new-quality productive forces as a paramount goal, ranking it atop the nation's ten principal tasks for 2024. In contrast to traditional productive forces, the new paradigm is distinguished by its integration of advanced technology, enhanced efficiency, and superior quality. Rooted in the real economy, it fosters the transformation and advancement of traditional sectors while nurturing emerging industries. New-quality productive forces emphasize the profound integration of scientific and technological innovation with industrial innovation. For nearly two decades, the Deloitte China Technology Fast program has been dedicated to recognizing China's most innovative and vibrant technology companies, bearing witness to the nation's swiftly escalating technological prowess and capacity for innovation. As a premier global professional services organization, Deloitte has amassed an extensive array of state-of-the-art professional solutions. The firm is committed to contributing its expert insights and exceptional services to society, propelling more science and technology startups towards success."

Frank Xu, Deloitte Private China Leader, says, "The traditional growth model typically hinges on expanding scale and market share. To breathe new life into traditional industries, it's essential to solidify the role of enterprises as the driving force of innovation, establish vertically integrated innovation consortia, foster collaboration between industry, academia, and research, and expedite the conversion of scientific and technological advancements into tangible productivity. This year's event, themed "Supercharge Innovation and Quality Growth", spotlights the significance of innovation and quality, aligning with the "new-quality productive forces" prioritized in the Government Work Report. This theme extends beyond new technologies and products to encompass innovative business models and management concepts. Over the past 20 years, the Deloitte China Technology Fast program has honored 1,108 companies and produced 19 research reports on high-growth ventures. Moving forward, Deloitte is dedicated to supporting China's tech startups in their pursuit of Supercharged Innovation and Quality Growth for the next two decades."

Jensen Zhao, Managing Partner of the Deloitte China Fast Program, says, "The Technology Fast program's research report underscores that Digital Intelligence now drives new-quality productive forces in industrial sectors. The AI industry is set to reshape traditional industrial ecosystems, with efficient allocation of computational resources paramount. The cost of computation and the native AI application ecosystem will be critical factors in AI service delivery, sparking growth at both the infrastructure and application ends. As the new wave of global scientific and technological revolution merges with the optimization and upgrading of China's economic structure, a company's level of digital intelligence is emerging as a pivotal factor in competitiveness. To thrive, enterprises must enhance their digital intelligence capabilities, delve deeper into scenario-based applications, drive organizational transformation, and seize innovation and growth opportunities."

To qualify for the "China Technology Fast" award, companies must have operated for over three years, be based in Chinese Mainland or Hong Kong/Macao, have achieved annual revenues exceeding RMB 2 million in the first of the past three fiscal years, and demonstrate strong sustainable growth capabilities. They must also own intellectual property or proprietary technology that has significantly contributed to their revenue, and provide audit reports for the last three years.
The "China Rising Star" program, tailored for earlier-stage companies, does not impose financial benchmarks. Instead, it employs a scoring system that prioritizes the founding team, innovation, industry potential, and company valuation.

The 2024 Deloitte China Technology Fast 50 and Rising Star program is now accepting entries (submission deadline: 23 August 2024). Click here for further details.

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