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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