Team True North companies have a revenue of $131 million and a growth rate of 200% a year.
Chris Albinson says he needs to embark on a mission to make Canada the next Silicon Valley if he wants to expand the group of high-performing Canadian technology companies.
The incubator added 26 companies to its Team True North initiative, which it believes has the potential to bring in $1 billion in revenue by the year 2030.
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The CEO said that these companies have proven they can 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.
Albinson said that there is a macro environment that is not lost on anyone, but that there is a critical mass of companies that are resilient and strong.
Albinson attributes the strength of the expanded Team True North to the diverse set of industries they belong to. The fall addition includes a company that offers financial services and products, as well as a company that runs a hiring platform.
Albinson said that even if you go back to the 90s, there wasn't a lot of high-performing companies.
The Team True North companies have an average revenue of $131 million and yearly growth of 200 percent. Faire Wholesale Inc., which provides wholesale products to independent businesses, and ApplyBoard Inc., which helps international students apply to universities around the world, are two companies from the summer roster.
Albinson said he is seeing results from the program. He said that universities are encouraging their young engineers to cut their teeth at startup companies in Canada instead of going to Silicon Valley for internship opportunities. Albinson said that a member of the top brass at San Francisco-based Slack Technologies is interviewing for a position at a company called Team True North.
Many of the companies on the CEO's team have put in a lot of time to get to $1 billion in revenue.
Is it going to be harder for companies to get their seed rounds done? He said it was absolutely true. The median time to reach a billion dollars in revenue is 12 years, and these Team North companies have been through the recession.
Albinson said that the companies were built for longevity and could weather the storm.
The email is bbbharti@postmedia.
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