Though we’ve dropped a notch in the rankings, Canada continues to maintain its role as one of North America’s most dominant technology centres, according to the 2004 Deloitte North American Technology Fast 500, a ranking of the fastest growing technology companies in North America based on percentage revenue growth over five years.
Canada ranked as the third largest technology cluster with 11% of winners on the list (55 companies), down from second place last year (14%), but still up from 10% in 2002 and 9% in both 2001 and 2000. California continues to take the lead as North America’s largest tech hub with 26% of winners, followed by the New York Tri-State area (New Jersey, New York and Connecticut), which fielded 12% of this year’s winners.
Google, one of the hottest IPO’s of the year, stormed to the top of the Fast 500 list, boasting an amazing revenue growth of 437,115%, with revenues of US $220,000 in 1999 to US $961,874,000 in 2003.
48 of the 2004 Deloitte Canadian Technology Fast 50 recipients placed on the Fast 500, plus an additional seven companies – Carbiz, Digital Connexxions, dot com Entertainment Group, Prospectus Group, Rise HealthWare Inc., Enquiro Search Solutions and Unity Wireless.
And for the first time since 2001, a Canadian company has placed on Deloitte’s “Rising Star” list. Upside Software Inc. of Edmonton placed 17th in this ranking that honours 25 young companies that have accomplished fast growth and have been in business less than five years but at least three. Rankings are based on their percentage growth in revenues from 2001 to 2003.