The future of Greater Montréal’s economy is taking shape right before our eyes and the region’s innovative businesses have a big say in it. This trend shows clearly in the 18th edition of Deloitte’s Technology Fast 50™ ranking released in 2015. The program recognizes the 50 fastestgrowing Canadian companies with the highest percentage revenue growth over five years.
This year, 10 of the 50 winners are from Greater Montréal. That’s 20% of winners across Canada. Considering that Montréal’s economy accounts for about 10% of Canada’s GDP, that’s no mean feat.
ICT companies in the limelight
Montréal-based men’s online clothing retailer Frank & Oak is right at the top with a staggering five-year growth rate of close to 18,500%. Two other Information and Communication Technology (ICT) companies from Greater Montréal, Amaya Inc. and Budge Studios, are also among the top 5, with a five-year growth rate of close to 3,650% and 2,500% respectively.
Eight of the 10 winners from Greater Montréal operate in ICT-related industries. Besides the above companies, other businesses that made the list include Adrenaline Amusements, eXplorance, CM Labs Simulations, CloudOps and Etelesolv. The region’s two other winners are 5N Plus Inc. (producer of speciality metal and chemical products) and Thinking Capital (financial services).
A booming tech innovation hub
Given the selection criteria, it’s mainly innovative startups that qualify for the Technology Fast 50TM program. To be eligible for the program, companies must have been in business for at least five years, have revenues of at least $5 million, be headquartered in Canada and conduct research and development activities in Canada. With so many winners, things are really looking good for Greater Montréal and its startup ecosystem.
Earlier this year, Greater Montréal also made its debut in Compass’s Global Startup Ecosystem Ranking, which ranks the top 20 startup ecosystems around the world. The region’s pool of highly skilled workers, low operating costs and competitive tax credits are the main factors behind such an amazing achievement. We’ll be keeping a close eye on Greater Montréal to see how well it does in the report in the coming years.
A promising future for Greater Montréal
Seeing how far the region has come, Montréal can hardly be called an emerging startup hub anymore. The city has made great strides over time and is now recognized as a world-class high-tech innovation centre. No wonder it’s being compared more and more to Silicon Valley, as brilliantly illustrated by Montréal startup Busbud in a pie