Serial Acquirers Market Update: Remarkable Canadian Tech Growth and Building a New Innovative Culture for Vancouver
Calgary and Winnipeg-based Neo Financial has claimed the top spot in Deloitte’s 2024 Technology Fast 50 rankings, showcasing Canada’s fastest-growing tech companies by revenue growth over the past three years. Neo Financial, which topped a $1 billion valuation in 2022, achieved an astounding 154,022% revenue growth from 2020 to 2023, significantly outpacing the runner-up, PurposeMed, which saw a 16,169% increase.
Other notable companies in the Fast 50 include TealBook, UniUni, and Relay, all of which demonstrated impressive growth. This recognition highlights a broader shift in Canada’s tech landscape, showcasing the ability for startups to grow in Canada and reach incredible potential.
Making BC a Centre for Entrepreneurs
Drawing from his experiences at Tesla and as a Cansbridge native, Scott Langille recently spoke about and identified three key areas for supporting young entrepreneurs: capital, mentorship, and belief. He pointed to BlackBerry's success in attracting young talent by being close to the University of Waterloo as a model Vancouver could emulate to fix the current lack of entrepreneurial culture.
To bridge the gap, Langille has launched V2, a new collective aimed at connecting Vancouver's tech, art, and science innovators. V2 will offer a range of opportunities in 2025, including a residency program, a showcase event during Web Summit Vancouver, and "experimental salons" for collaboration.
I have always been one to say that a strong community is key to fostering growth, and initiatives like this aim to create a vibrant ecosystem where young people can build their futures in this beautiful province of ours.
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If you’re curious about what the best serial acquirers focus on to drive long-term value creation and sustainable growth, check out my recent article where we go through which metrics are “vanity metrics” and which are actually key to growth.