Published on the 07/12/2017 | Written by Jonathan Cotton
Tech industry alive and kicking as Deloitte’s fastest-growing start-ups look to turn early growth into real McCoy success...
Now in its 17th year, Deloitte’s Technology Fast 50 looks to recognise Australian tech companies – both public or private – that have achieved the fastest rates of annual revenue growth over the last three years.
This year, health services, fintech and VR companies took out the top three spots, and, as expected, the numbers are pretty impressive.
Coming in at number one is Hireup, an online platform that lets people with disability and their families find, hire and manage their own home care and support workers, with record 7,713 percent growth.
“In a departure from previous years, this year’s winner is not only in the healthcare sector, but is a profit–for-purpose led business,” said Tech Fast 50 Lead Partner, Josh Tanchel.
“They’ve recognised an opportunity in the introduction of individualised funding through the National Disability Scheme (NDIS) and have harnessed technology to bring the peer-to-peer economy to the disability sector,” he said.
The number two spot goes to zipMoney with 4,012 percent growth.
zipMoney makes finance products – zipPay, a digital wallet that helps customers to do ‘buy now and pay later’ purchases online; and Pocketbook, a mobile money management app that helps users categorise and manage their spending.
In third place, Zero Latency, a VR technology company offering multiplayer VR technologies that let users freely explore large real-world spaces while immersed in a VY experience. That company achieved 3,611 percent growth.
Filling out the top ten is Big Review TV (2,052 percent); Instaclustr (1,257 percent); PEXA (1,233 percent), Sparesbox (1,223 percent); Megaport (822 percent); Brosa (807 percent) and Metamako (801 percent).
“In the 17 years that Tech Fast 50 has been running, this year’s top 50 have the highest average growth rate we’ve ever seen, at 664 percent. Also, more than double the number of nominees had over 1,000 percent growth compared to last year,” said Tanchel.
Interestingly 34 percent of the winners this year are online businesses including online marketplaces and online businesses in the financial services and health sector.
“This is the first time that we have seen a purpose-led organisation win the Tech Fast 50, but it perhaps shouldn’t be a surprise. A strong customer focus is fundamental to growth and principled leaders who want to make an impact that matters can fuel innovation and growth from the top down,” he said.
The survey also included awards for leadership (won by sports-tech partnership Catapult) and the ‘Rising Star’ award, won by Code Camp (a NSW-based organisation offering coding education to students).
The companies leading the pack have certainly achieved something impressive – more impressive still if they can continue that growth as they scale, attract new investment and as founders start to look for their exits.
“Every year we see the bar set higher and every year it is surpassed,” said Tanchel. “And with 17 of this year’s winners having previously ranked in the Top 50, this outstanding level of sustained growth is impressive.”