Today, Deloitte Canada announced the winners of its 25th annual Technology Fast 50 program, as well as the Enterprise Fast 15, Clean Technology, and Companies-to-Watch awards. The program seeks to highlight the innovation and growth of Canadian tech companies, and has recognized over 1700 companies over the past 25 years.
“Despite unpredictable economic and global climates, tech companies from around the country are seizing new opportunities and meeting rapidly evolving market demands. It is inspiring to witness the accelerated innovations and the many technological advancements that position Canada as a leader on the global stage.” said Anders McKenzie, partner, and national leader for the Technology Fast 50 program at Deloitte Canada.
Attracting and retaining the right digital talent, however, remains the primary challenge among Canada’s fastest growing tech companies, according to Deloitte’s annual survey of executives from companies ranked in the Technology Fast 50.
The survey also showed that the turbulent financial market (18 per cent), inflation (81 per cent), and rising interest rates (64 per cent) had either modest or severe impact on their businesses.
Changing consumer preferences (13 per cent) also are affecting businesses, along with the emerging concern of access to capital. While last year 78 per cent of respondents said that their access to capital was improving, that figure dropped to 47 per cent this year.
Moreover, winning companies are embracing the future of work, with one-third offering full-time work from home, and one-third offering a flexible hybrid work model, according to the executives’ survey responses. The report also showed that 40 per cent of companies have either reduced or eliminated their office spaces.
Executives of Technology Fast 50 winners also boasted of DEI (diversity, equity and inclusion) in their leadership roles. Over 20 per cent say that women make up more than 40 per cent of their leadership, and 77 per cent report having one or more board members representing an equity-seeking group.
Nobul, a Toronto-based digital marketplace connecting home buyers and sellers to real estate agents topped this year’s Technology Fast 50 winners, with a three-year growth trajectory of 72,944 per cent. The company is the first in the award’s history to propel itself from the Companies-to-Watch category to topping Technology Fast 50 ranking in only a year.
Montreal-based mobile application for travel marketplaces Hopper earned the first place in the Enterprise Fast 15 category, having achieved a revenue growth of 859 per cent over the last four years with its easy mobile experience and B2B services.
Toronto-based food products supplier Flashfood nabbed the top spot in the Clean Technology category. Flashfood sells food products nearing their best before date at discounted prices. According to Deloitte, the company diverted more than 40 million pounds of food from landfills, saved shoppers in excess of C$100 million, and provided food to thousands of families.
With the highest revenue growth at 4,221 per cent, Vancouver’s Thrive Health topped the Companies-to-Watch category. Through its interactive patient engagement platform, Thrive Health enables access to patient data an, ad allows healthcare providers to design custom care workflows.
Discover the full list of companies in the Technology Fast 50 ranking here.