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 aims to have 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,” said Economic Development Director Glen Norton. “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.”
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 growth measured by 5 year change in revenue.
- Companies with two or more years of history but less than five can participate;
- Companies are required to disclose revenue and employment totals, but the information will not be shared or published- rather, only the % change; and
- Companies do not need to provide financial statements for verification; Hamilton Economic Development would rely solely upon attestation of the CEO.
“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,” said Norton. “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.”
Applications will be accepted at www.investinhamilton.ca/key-industries until May 18, 2018 at 4:00pm EST