What do the fastest-growing tech companies have in common?

Companies on Deloitte's Fast 50 list have similar thoughts on AI and talent.
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This year’s Deloitte Canadian Technology Fast 50 come from many different corners of the country’s tech sector, but they have a few things in common when it comes to what they believe will help them continue their growth.

Deloitte compiles its Fast 50 every year based on revenue growth covering the prior three years.

The top company on this year’s list is Vanrx Pharmasystems, a pharmatech packaging company. The Burnaby-based company has seen revenue grow by 19,342% since 2014.

Other notable entries on the list are connected car platform developer Mojio (sitting at #2, with an 11,950% three-year growth rate), meal delivery platform SkipTheDishes (#5, 5,599%), mobile ad targeting platform Cluep (#6, 4,460%), online insurance and tech platform LowestRates.ca (#9, 1,859%) and online video management company Rumble (#10, 1,757%). The average three-year growth rate among the Fast 50 was 2,124%.

Alongside the Fast 50, Deloitte also released a survey of CEOs from the companies on the list, revealing results about what they’ve invested in and their barriers for further growth.

A recurring theme in tech-focused companies, 64% of respondents said talent within the labour market was the biggest challenge facing their business. However, 57% believe it has become easier to attract international talent who are experienced in cutting-edge technology.

Three-quarters of the CEOs also put having a diverse and inclusive workplace among the top three strategic drivers of their business success, with 65% saying the best way to achieve an inclusive and engaged workplace is to hire a more diverse employee base, up by 13% from last year.

When it comes to AI, 65% of the companies report using more artificial intelligence and cognitive technologies than they have in past years, up by 8% from 2017. None of the respondents say they’re using less AI technology in 2018. The main purpose of AI implementation, similar to last year’s survey, is to increase their flexibility to motivate faster business growth. AI allows 29% of respondents to do things they wouldn’t otherwise be able to do.

The top ten companies on this year’s list are found below, while the full Fast 50 can be found on Deloitte’s website.

1. Vanrx Pharmasystems, Burnaby, B.C.: 19,342%
2. Mojio, Vancouver, B.C.: 11,950%
3. COLO-D, Drummondville, Quebec: 10,942%
4. LANDR Audio Inc., Montréal, Quebec: 9,875%
5. SkipTheDishes, Winnipeg, Manitoba: 5,599%
6. Cluep, Toronto, Ontario: 4,460%
7. Bench Accounting, Vancouver, B.C.: 4,373%
8. Prodigy Game, Burlington, Ontario: 2,387%
9. LowestRates.ca, Toronto, Ontario: 1,859%
10. Rumble, Toronto, Ontario: 1,757%

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