Startup incubator Communitech has identified 61 Canadian startups that have the potential to generate a billion dollars in revenue.
The company had initially released a list of 35 startups, and has now added 26 new companies to the list.
Called “Team True North,” the initiative recognizes private companies that the incubator reckons have the potential to generate $1 billion in revenue by 2030 and become global in players their industries.
This 61-firm list was assembled by Communitech using data gathered by Silicon Valley Bank, analysis by New York data science firm Two Sigma, and a model developed to assess company potential.
Communitech CEO Chris Albinson says these companies have proven they’ve got the grit, experience and innovation to ride out the tech wreck that’s consumed public and private markets this year, as investors have been spooked by high-interest rates and the threat of recession.
Each company on the list falls into one of four categories: $20 million to $39 million in annual revenue with a 60 percent or greater growth rate; $40 to $79 million in annual revenue with a 40 percent or greater growth rate; $80 to $99 million in annual revenue with at least a 20 percent growth rate; or more than $100 million in annual revenue with at least a 15 percent growth rate.
“There’s a macro environment here that’s not lost on anybody, but we’ve never had this critical mass of companies that are this resilient and this strong, and in many cases, are actually accelerating,” Albinson said.
“Even if you go back to the late 90s, we didn’t have this density and diversity of high-performing companies,” Albinson said.
To see the full list of companies in Team True North, click here.