The challenge for fast-growing technology companies: Attracting top tech talent

Toronto, Ontario (November 12, 2015) — Deloitte announced the winners of its Technology Fast 50 program today. Companies were selected for their technological innovation, entrepreneurship, leadership and rapid growth. Now in its 18th year, Technology Fast 50 celebrated companies with an average four-year growth rate of 1,293%. 

Contemporary menswear brand and online retailor, Frank & Oak topped this year’s Technology Fast 50 list with a four-year revenue growth rate of 18,480%. Based in Montreal, the technology-driven brand has created a dedicated community of followers by offering personalized style advice, curated product selections, and an elevated shopping experience via its online platform and retail stores. 

Corvus Energy manufactures high-power energy storage systems for marine, oil & gas, and port applications. Based in Richmond, they secured second place by increasing revenues by 16,943% since 2011. Rounding out the top three, global online gaming company, Amaya Inc. from Pointe-Claire, saw 3,645% growth over the last four years. 

“The tremendous gains and innovation demonstrated by this year’s Fast 50 winners are exciting,” said Robert Nardi, technology, Media and Telecommunications (TMT) Managing Partner and Leader for Deloitte’s Technology Fast 50 program. “It signals that the sector is strong and that we have the right conditions here in Canada to encourage and nurture small businesses as they grow and scale up.” 

Nardi also noted that, as in past years, about half of the Fast 50 companies come from Ontario. But in an encouraging sign of the depth and breadth of the innovation economy across Canada, eight of the 12 companies with the highest growth rates come from Quebec and British Columbia. 

Deloitte’s annual survey of CEOs of Technology Fast 50 companies found that the nearly two thirds of companies said that talent was either their #1 or #2 most significant issue. 

“Young Canadian tech companies from coast to coast are experiencing staggering growth,” Nardi said. “However, for these firms to maintain their trajectory they need to have the right talent mix. For today’s fast-growing companies, finding and attracting talent is of great importance.” 

The demographics of Technology Fast 50 companies demonstrate that they are hiring the workers of tomorrow: 50% of all employees are millennials born after 1981. The technology gender divide applied to Fast 50 companies though: two thirds of companies said that fewer than 30% of job applicants were women, and that was reflected in hiring, with fewer than 30% of recent hires being women. In some good news, retention of female hires isn’t a significant problem, with 90% of companies surveyed reporting that women were leaving at the same or lower rates than men. 

According to Deloitte’s Future of Canada series, The Age of Disruption: Are Canadian Firms Prepared?, only 13% of organizations are ready for significant technology-driven disruption. However, the Technology Fast 50 survey findings showed that Fast 50 companies are preparing for and investing in emerging disruptive technologies. 

“It’s not surprising that the Fast 50 companies are ahead of the curve and making investments in disruptive technologies,” said Nardi. “In many ways, these are the companies that larger more established corporations will eventually look to for investment, because of their use of innovative technology.” 

Nearly three quarters (70%) of companies are thinking about the impact artificial intelligence will have on their business, while 39% are taking concrete action in preparation. The impacts of crowdsourcing, crowdfunding, cloud computing and the Internet of Things are being considered by more than 77% of Fast 50 companies, while more than half (54%) of those surveyed are actively preparing. Robotics and 3D printing are on the minds of a third of surveyed CEOs (37% and 33%, respectively), but less than 20% (11.5% and 17%) have taken concrete actions in preparation. 

Fast 50 companies are both private and public companies representing a variety of industry and sub-sectors including hardware, software, telecommunications, emerging technology and digital media. This year, more than half of the winners represented the software industry (31) and 22 companies were new to the program. 

Deloitte also announced winners of the Companies to Watch (CTW) and Leadership Award categories. 

To view the CTW and Leadership award winners, please visit www.fast50.ca

About Deloitte: 

Deloitte, one of Canada’s leading professional services firms, provides audit, tax, consulting, and financial advisory services. Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. 

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private companies limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. 

Media Contact: 

Caitlin Stidwill, Deloitte 
P: 416-775-7144 
C: 647-290-7263 
E: cstidwill@deloitte.ca 

Marilyne Plouffe, Deloitte 
P: 514-393-5471 
E: mplouffe@deloitte.ca