Today, the fifteenth annual rankings of the Deloitte Technology Fast 50 were released. The growth rates, which determine rankings, are based on a five-year period.
One of the surprises is Research In Motion, which still ranks 16th with 555% growth over the last five years. That’s actually up from 29th last year, where it grew 634% in a five-year period that dated back to 2006.
Vancouver’s Avigilion Corporation has leaped into the number one position from third last year. It is their third Fast 50 placing. ViXS and Impact Mobile have made the list for the sixth straight year. Solium and Vision Critical have now made the list five times since 1998. Given that RIM has risen despite growth slowing over a five-year period, the list is interestingly different than last year’s.
Deloitte points out that growth has indeed slowed down for the fastest growing companies, but that they continue to invest and create jobs. R&D spending for these organizations is more than $1.6 billion total, and they employ more than 27,000 people.
The company points out that the conservative nature of Canadians is holding us back. A lack of entrepreneurship and risk tolerance are the major concerns. Almost 80% of survey respondents said that Canadians need to be stronger in both areas, up from just 56% last year. Those results would point to the fact that this is an increasingly creative economy, where the jobs are not always going to be there. Employees need to find creative ways to make money. We must attempt to become more entrepreneurial minded inside both the companies we work for, and the ones we are considering to start.
“There is a cyclical change in the technology sector. Growth in more mature companies is slowing down, but we see a lot of activity at the early stage,” said Duncan Stewart, Director of TMT Research for Deloitte. “That activity is a positive indicator of the future health of the sector and shows that starting a business is an attractive career option for many people. With limited capital many start-ups are operating in more efficient ways.”
Without further ado, here’s the list:1. Crawford Technologies (Toronto), 187% growth
As you can see, as shown in both the CIX Top 20 lists, Ontario has dominated yet another list. That is in terms of the number of companies with great growth in the last five years with thirty. Quebec has eleven, British Columbia with six, Alberta with two, and Newfoundland with one. New Brunswick, Nova Scotia, Manitoba, Saskatchewan, Prince Edward Island, and the territories do not even make the list. Ironically, there are zero companies from this list that are on the other two announced in the past week.