Four Calgary companies have made a national top 10 list in the clean technology area that have the potential to become successful on the world stage.
The Narwhal List was developed to focus attention on the Canadian technology companies best poised to become world class firms. The list uses Financial Velocity as the metric to identify leading firms. This measures the rate at which firms acquire and deploy capital to fuel growth.
“The 2020 Narwhal List shows that Calgary is making tremendous progress at developing world class companies,” said Charles Plant, Founder of the Narwhal Project. “Every year, more capital is being made available to fuel the growth of firms such as Eavor which, although only founded in 2017 has gone on to raise over $24 million dollars and has been included in the list after only two years in business.”
The Narwhal List sheds light on the ability of firms to scale up and reach world-class status. The ranking system is derived from publicly available information and tracks all firms in the country with data in the public domain—not just those that elect to participate by revealing private revenue data, it said.
The Canadian computer technology sector continues to expand with 29 companies on track to IPO in the future (up from seven in 2016). Six health technology companies raised an average of over $70 million to fuel their growth. And this year includes clean technology companies for the first time with seven of them on a track that could foresee an IPO in years to come.
The Narwhal Project was established to conduct research in order to discover the underlying factors that are essential to create world-class technology companies. Its objective is to understand how companies can accelerate their growth and how governments, companies, and academia can identify and adopt best practices in technology commercialization.
Mario Toneguzzi is a business reporter in Calgary.
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