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Who Are Canada's Hottest Startups?

August 31, 2011

News Releases

The companies on the 12th annual PROFIT HOT 50 provide a model for how
to launch a better business even in tough times

Also in the October issue of PROFIT magazine:
How to conceive the perfect new business

TORONTO, Aug. 31, 2011 /CNW/ – It’s nearly impossible to grow a new
business during a recession, right? Wrong! The firms on PROFIT’s 12th annual ranking of Canada’s Top New Growth Companies trashed that conventional business wisdom, by not only growing, but
growing spectacularly. From 2008 to 2010, the PROFIT HOT 50 firms
averaged a stellar revenue growth rate of 1,050%, with every single
company on the ranking at least doubling its revenue during that
period.

Unveiled today, the 12th annual PROFIT HOT 50 is the definitive ranking of Canada’s Top New
Growth Companies. Published in the October issue of PROFIT magazine and
online at PROFITguide.com, the PROFIT HOT 50 ranks young firms by two-year revenue growth.

“These growth stars demonstrate that even the smallest, most
resource-strapped startups can achieve success during the most
economically challenging times,” says PROFIT editor Ian Portsmouth.
“The HOT 50 provide inspiration for startup and seasoned entrepreneurs
alike.”

THE 2011 PROFIT HOT 50’s TOP 5:

# Name Location Industry Two-year revenue growth  (%)
1. Contingent Workforce Solutions Inc. Mississauga, Ont. Manages contract and temporary staff for clients 10,330%
2. Morega Systems Inc. Mississauga, Ont. Develops software to move multimedia content 7,919%
3. Lions Bay Media Inc. North Vancouver, B.C. Online advertising agency 7,451%
4. Innovative Residential Investments Inc. Saskatoon Develops affordable housing 4,826%
5. Source 44 Consulting Inc. Markham, Ont. Information-technology consultancy 3,365%

A complete ranking of the PROFIT HOT 50 companies (and information on
how they were ranked) can be found now at http://www.profitguide.com/hot50 or in the October issue of PROFIT magazine, on newsstands beginning
Wednesday, Aug. 31.

HOT SECTORS
(What Canada’s HOT 50 companies do—top 3 industries):

  • Information-technology services: 8
  • Marketing services:  7
  • HR services:  7

HOT 50 FACTS
Average two-year revenue growth: 1,050%
Average revenue, 2010: $4.9 million
Average number of employees: 31

Anatomy of a HOT 50 CEO
39: Average age
58: Average hours worked per week
$194,000: Average compensation

HOT HEADQUARTERS
(Where the HOT 50 is headquartered, by number of companies, top 3)

27 
11 
Ontario
Alberta
Quebec

Also inside the pages of PROFIT’s October issue:

  • Launch lessons from a lean startup
  • How to find capital and gain credibility
  • How Canada’s hottest young company grew by 10,330%

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 29 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.