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CANADA'S STARTUP STARS: WHO ARE THE HOT 50 COMPANIES?

September 15, 2010

News Releases

The firms on the 11th annual PROFIT HOT 50 ranking didn’t let the global economic slump hold them back

  • Also in the latest issue of PROFIT magazine: The five essentials of successful startups

TORONTO, Sept. 15 /CNW/ – For fledgling companies, eking out even modest revenue growth in today’s sputtering economy is near-impossible—or is it?

The 2010 PROFIT HOT 50 make it look almost easy—and the revenues from these startup stars were far from modest. These firms on PROFIT’s 11th annual ranking of Canada’s Emerging Growth Companies haven’t merely survived in the most perilous economy in decades, they’ve flourished.

Unveiled today, the companies on the PROFIT HOT 50 ranking of Canada’s Emerging Growth Companies have achieved an average revenue growth of 548% over the past two years. Remarkably, eight of them have recorded growth rates in excess of 1,000%.

And the HOT 50’s dramatic expansion hasn’t come at the expense of their bottom lines. Despite the high up-front costs and tough competition most startups face, a great majority (82%) of these companies turned a profit in their most recent fiscal year.

What’s their secret? Canada’s next generation of entrepreneurial bright lights has shown a keen eye for exploiting under-served niches, a willingness to take risks, a ruthless attention to cost control and, above all, a passionate commitment to delivering value to their customers. Their success stories, in the pages of PROFIT Magazine, offer inspiring examples of how companies of any age can thrive amid bleak times.

THE PROFIT HOT 50’s TOP 5:

Rank Name Location Industry Two-year revenue growth  (%)
1. Great Circle Works Inc. / Zipfy Inc. Oakville, Ont. Manufactures toys and sporting goods 2,277
2. GT Global Telecom Networks Corp. Markham, Ont. Outsourced telecom sales and service 1,936
3. Teach Away Inc. Toronto Staffing agency for placing teachers overseas 1,823
4. SalesForce Search Ltd. Toronto Salesforce staffing agency 1,620
5. Simply Good Technologies Inc. Oakville, Ont. Mobile applications for location-based content 1,495

A complete ranking of the PROFIT HOT 50 companies can be found now at http://www.profitguide.com/hot50 or in the October issue of PROFIT magazine, on newsstands beginning Thursday, Sept. 16.

HOT SECTORS
What Canada’s HOT 50 companies do:

  • Software development: 8
  • Marketing services: 7
  • HR services: 6
  • Manufacturing: 5
  • Financial services: 4
  • Retail: 4
  • IT services: 4
  • Construction: 3
  • Business consulting: 2
  • Consumer services: 2
  • 1 each: Business communications services, engineering services, online media, safety services and urban planning

PLUS: Five essentials for startup success
By adopting these five strategies early on, the PROFIT HOT 50 were able to succeed against steep odds. The #1 Essential? Focus on building your credibility. For more, pick up the latest issue of PROFIT, on newsstands now, or visit PROFITguide.com.

How we ranked them
Entries were ranked by two-year revenue growth, with revenue and net income verified through financial statements. All growth rates were based on base-year revenue of at least $50,000. For details about the ranking procedure and eligibility criteria, visit PROFITguide.com/awards. Entries were solicited through an entry form distributed in PROFIT and at PROFITguide.com, and through targeted direct mailings to qualifying companies. The nomination drive was also promoted through Canadian Business, Maclean’s, the PROFIT-Xtra e-newsletter and several major Canadian business organizations. The information in this issue and on PROFITguide.com is the only data that PROFIT will release on the HOT 50. 

About PROFIT Magazine:
PROFIT: Your Guide to Business Success is Canada’s preeminent publication dedicated to the management issues and opportunities facing small and mid-sized businesses. For 28 years, Canadian entrepreneurs and senior managers across a vast array of economic sectors have remained loyal to PROFIT because it’s a timely and reliable source of actionable information that helps them achieve business success and get the recognition they deserve for generating positive economic and social change. Visit PROFIT online at www.PROFITguide.com