City of Hamilton Looking for Fastest Growing Companies
Hamilton, ON – Today, the City of Hamilton’s Economic Development Office launched its inaugural “Hamilton Fast 40” program. The initiative is part of the 2016-2020 Economic Development Action Plan, which identifies a Stretch Target of having 10 Hamilton based businesses listed on Canadian Business (CB) Magazine’s 500 Fastest Growing Businesses list (the Growth 500). The information gleaned from Fast 40 participants will help identify potential applicants for the national honour.
“Although in years past Hamilton has been underrepresented on the CB Magazine 500, we believe this is a matter not of under achievement, but a lack of awareness from Hamilton firms. The Fast 40 program then is designed to not only get a greater understanding of the local state of the economy, but encourage these firms to apply for the CB Magazine ranking.” - Economic Development Director Glen Norton
In order to be considered as a “Fast 40” company, the following are asked of applicants:
- Required to have a head office in Hamilton
- Questions will mirror the Canadian Business Magazine’s Growth 500 competition, with similar evaluation metrics (growth measured by 5 year change in revenue)
- Companies with two or more years of history but less than five can also participate
- Companies are required to disclose revenue and employment totals, but the information will not be shared or published- rather, only the % change
- Companies do not need to provide financial statements for verification; Hamilton Economic Development would rely solely upon attestation of the CEO
Applications will be accepted at www.investinhamilton.ca/key-industries until May 18, 2018 at 4:00 pm EST.
“We think this is a great way to raise the awareness of this national opportunity to our local business while at the same time advance and celebrate those businesses that may be currently flying under the radar. It’s a simple process and we hope that many companies contact us for more information so we can help with raising their profile in the city and the country.” - Economic Development Director Glen Norton
For three decades, the Canada Business’ Canada’s Fastest-Growing Companies program has identified and celebrated the most important and innovative businesses in the country. Since launching in 1989, the Canada’s Fastest-Growing Company program ranks Canadian businesses on five-year revenue growth.
Partners in the Hamilton Fast 40 program to date include:
- Hamilton Chamber of Commerce
- Stoney Creek Chamber of Commerce
- Flamborough Chamber of Commerce
- Hamilton Spectator
- Innovation Factory
Hamilton's Economic Development Office is the central point of contact for business assistance. Its services are geared to serve new start-up companies, corporate relocations, and the expansion and retention of existing business. Its mission is to serve as the catalyst for continued economic growth, job creation, and revitalization in Hamilton.