Deloitte announced their widely awaited annual rankings “Technology Fast 500 “for the year 2016 last week. This highly revered annual ranking of fastest growing companies in North America is awarded in technology, media, life sciences, telecommunications, and energy tech industries.
The ranking is awarded based on the percentage fiscal year revenue growth between the years 2012 to 2016. With a median growth of 290%, around 2016 companies achieved revenue growth ranging from 121 % to 66,661% between the stipulated period. The highest of 66,661% was achieved by Loot Crate – Los Angles based company involved in delivering collectibles for entertainment and pop culture fans.
Softpath Technologies with a strong revenue performance of 258% made it to the Technology Fast500 achieving 291th spot in this ranking, making this a proud milestone for the employees, management and the partners of this company.
Keeping up its track record of having the majority listings since inception of this ranking, software this year too recorded a major share of the listings by having 58% of companies and five of the top ten companies, it continued its run of having greatest impact on the technology sector. The majority of these companies represent Software as a Services, enterprise software and Security companies.
The Technology Fast500 by the very nature of its composition throws out some interesting facts, the top geographical locations for successful innovations being one of them, this year Silicon Valley regained its top slot for being the most innovative location with 20% of the listings coming from here. This is followed by The New York Metro Area and Greater Los Angeles Area, the top five locations is rounded off by District of Columbia and New England.
Another interesting fact coming out of the Technology Fast 500 2016 is venture capitalists backed 68% of the companies at some time and remarkably eight of the top ten companies are backed by venture capitalists.