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Deloitte Unveils 2018 North America Technology Fast 500™ Rankings

MD Staff

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Deloitte today released the “2018 North America Technology Fast 500,” an annual ranking of the fastest-growing North American companies in technology, media, telecommunications, life sciences and energy tech sectors. SwanLeap claimed the top spot with a growth rate of 77,260 percent from 2014 to 2017.

SwanLeap, is a leading end-to-end transportation technology provider for logistics managers and supply chain decision-makers. Founded in 2013, SwanLeap uses artificial intelligence and machine learning to reduce costs for corporate shippers and improve their supply chain performance. Its new technology is helping clients secure an annual average transportation savings of 27 percent. SwanLeap is one of the two Madison, Wisconsin-based companies in the top 10 this year.

Awardees are selected for this honor based on percentage fiscal year revenue growth from 2014 to 2017. Overall, the 2018 Technology Fast 500 companies achieved revenue growth ranging from 143 percent to 77,260 percent over the three-year time frame, with a median growth rate of 412 percent.

“Congratulations to the Deloitte 2018 Technology Fast 500 winners on this impressive achievement,” said Sandra Shirai, vice chairman, Deloitte LLP, and U.S. technology, media and telecommunications leader. “These companies are innovators who have converted their disruptive ideas into useful products, services and experiences that can captivate new customers and drive remarkable growth.”

“It is both humbling and validating for SwanLeap to be listed as the No. 1 fastest-growing company on the Deloitte Fast 500,” said Brad Hollister, CEO and co-founder of SwanLeap. “Our team has worked relentlessly to deliver unprecedented clarity and control to a fragmented shipping market through technology powered by artificial intelligence, curating cost-effective and personalized supply chain recommendations in real time. We are grateful to our employees and customers for making this achievement possible.”

The Technology Fast 500’s top 10 include:

2018 Rank Company Sector Revenue Growth (2014 to 2017) City, State
1 SwanLeap Software 77,260 percent Madison, Wisconsin
2 Justworks Software 27,150 percent New York, New York
3 Shape Security Software 23,576 percent Mountain View, California
4 Periscope Data Software 23,227 percent San Francisco, California
5 Arrowhead Pharmaceuticals Inc. Biotechnology/
pharmaceutical
17,847 percent Pasadena, California
6 Viveve Medical Inc. Medical devices 16,887 percent Englewood, Colorado
7 iLearningEngines Software 14,848 percent Bethesda, Maryland
8 Exact Sciences Corp. Biotechnology/pharmaceutical 14,694 percent Madison, Wisconsin
9 Podium Software 13,381 percent Lehi, Utah
10 Markforged Electronic devices/hardware 12,687 percent Watertown, Massachusetts


Silicon Valley has largest share of winners

Deloitte’s Technology Fast 500 winners represent more than 38 states and provinces across North America.

California’s Silicon Valley continues to produce fast-growing companies, leading regional representation with 18 percent of this year’s Fast 500. The New York metro area also fared well with 14 percent of the companies; New England and Greater Washington, D.C., areas followed with 7 percent each, and Greater Los Angeles accounted for 6 percent. Following is a summary of the 2018 ranking by regions with a significant concentration of winners:

Location Percentage of List Fastest-Growing Company in the Region Overall Company Ranking Dominant Sectors in Location
Silicon Valley 18 percent Shape Security 3 Software 77 percent
New York Metro Area 14 percent Justworks 2 Software 56 percent; Digital content/media/entertainment 23 percent
New England 7 percent Markforged 10 Software 40 percent; Biotechnology/pharmaceuticals 29 percent; Medical devices 20 percent
Washington, DC iLearningEngines 7 Software 75 percent
Greater Los Angeles Area 6 percent Arrowhead Pharmaceuticals Inc. 5 Software 65 percent

Software continues to dominate the list for the 23rd straight year
Software companies continue to deliver the highest growth rates for the 23rd straight year, representing 64 percent of the entire list and six of the top 10 winners overall. Of the private companies on the list, 34 percent identify themselves as part of the software as a service (SaaS) subsector, 17 percent in the enterprise software subsector, and 9 percent in fintech. Since the creation of the ranking, software companies have consistently made up the majority of winners, with a median growth rate of 412 percent in 2018.

Digital content, media and entertainment companies make up the second most prevalent sector in this year’s rankings, accounting for 12 percent of the Fast 500 companies and achieving a median growth rate of 385 percent in 2018. Biotechnology/pharmaceutical companies rank third at 11 percent of the list with a median growth rate of 411 percent.

The Technology Fast 500 by industry sector:

Sector Percentage Sector Leader Median Revenue Growth (2014 to 2017)
Software 64 percent SwanLeap 412 percent
Digital content/media/entertainment 12 percent Remark Holdings Inc. 385 percent
Biotechnology/pharmaceutical 11 percent Arrowhead Pharmaceuticals Inc. 411 percent
Medical devices 5 percent Viveve Medical Inc. 396 percent
Communications/networking 3 percent xG Technology Inc. 394 percent
Electronic devices/hardware 3 percent Markforged 410 percent
Semiconductor 1 percent Aquantia Corp. 206 percent
Energy tech 1 percent Momentum Solar 693 percent

Four out of five companies received venture backing
In the 2018 Fast 500 rankings, 80 percent of the companies were backed by venture capital at some point in their company history. Notably, 25 of the top 30 companies on the Technology Fast 500 in 2018 received venture funding.

“Software, which accounts for nearly two of every three companies on the list, continues to produce the most exciting technologies of the 21st century, including innovations in artificial intelligence, predictive analytics and robotics,” said Mohana Dissanayake, partner, Deloitte & Touche LLP and industry leader for the technology, media and telecommunications industry, within Deloitte’s audit and assurance practice. “This year’s ranking demonstrates what is likely a national phenomenon, where many companies from all parts of America are transforming the way we do business by combining breakthrough research and development, entrepreneurship and rapid growth.”

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Youth in the Global South Must Join Forces for Their Future of Work

Maria Victoria Alonsoperez

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I believe that the developing world is full of opportunities for young people because many of us have the energy and eagerness to make a difference in the world. In many cases the solutions to problems in communities are simpler than they appear. It just needs someone to push. I know from first-hand experience that there is nothing more rewarding than creating a venture or project that has an impact.

In 2001 I witnessed a foot-and-mouth disease outbreak among cattle that severely damaged the economy of Uruguay, as well as other countries’ in the region. Many years later, in 2012, after graduating as an electrical engineer and working with small satellites, I heard about a competition for young innovators organized by the International Telecommunication Union. They were looking for technological inventions that could solve a problem in a particular region. I immediately thought about the foot and mouth disease outbreak and used my knowledge of space technology to create a system that could monitor anomalies in cattle remotely. I submitted the idea and some months later found out I had won the competition! With the cash prize I founded Chipsafer, a monitoring platform that analyses cattle behaviour using data transmitted from trackers installed in their collars. Besides detecting anomalies in cattle behaviour and combating cattle theft, Chipsafer can also help improve the decisions farmers make relating to the production process.

Countries from the Global South should join forces to surf on the wave of technological revolution and benefit from innovative solutions like these to overcome challenges and to achieve a better and more sustainable future. That’s what we mean by South-South cooperation.

Young people – students, entrepreneurs, professionals, activists – need to play a part in this too because they are drivers of change. Yet, with 65 million young people unemployed globally, they still face many challenges.

In a few weeks I will be part of a panel at an ILO event in Argentina on the future of work for youth, with a focus on developing countries. It will take place on the sidelines of the Second High-level United Nations Conference on South-South cooperation (BAPA+40).

My fellow panellists will include Rebeca Grynspan, who was a member of the ILO Global Commission on the Future of Work, as well as workers’ and employers’ representatives. We’ll look at the issue from three angles; policies for skills development, green jobs, and social dialogue. The aim of the session is to provide recommendations for BAPA+40 participants on the effective integration of youth employment policies into South-South and triangular cooperation (where developed countries or multilateral organizations support South-South cooperation).

I plan to talk about the challenges for youth in the context of the future world of work and discuss the impact of South-South cooperation in promoting decent jobs for youth.

Technology is revolutionising the world, and the world of work is no exception. I believe all stakeholders, whether they are international institutions, governments, employers’ or workers’ organizations, must accept responsibility and take collective action to build the future of work that we want. South-South and triangular cooperation must be part of the answer.

ILO

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Artificial Intelligence in Knowledge Societies: A ROAM Approach – Open Data and AI

MD Staff

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The session “Open Data and AI” organized within the framework of “Principles for AI: Towards a Humanistic Approach?” on 5 March 2019 requested UNESCO to continue leveraging its convening power to increase awareness around artificial intelligence and big data,  support development of inclusive policy on Open Data and support upstream and downstream capacity enhancement.

The workshop noted Data as an essential element for the development of artificial intelligence. The availability of large amounts of user data through services on mobile phones and internet of things among other sources, has led to a variety of AI applications and services. However, there remain many challenges. These challenges encompass issues of access, privacy, discrimination and openness. Several of these challenges are within UNESCO’s mandate of building inclusive knowledge societies for peace and sustainable development.

Ms Dorothy Gordon, Chair of the Information for All Programme at UNESCO pointed out that “despite the fact that we have a huge interest from many donors, we do not seem to have done very much systematically to prepare African countries to have useful data … [and] in a searchable format that can be combined with other sources to … yield something [beneficial]”. She stressed the need to bridge gaps in terms of the availability of legacy data, setting policy standards, and enhancing capabilities of people to work with local data sets.

Ms Constance Bommelaer, Senior Director of Global Internet Policy and International Organizations at The Internet Society underlined ‘data commons’ as an interesting solution to explore but one that needs a nuanced discussion around ownership and privacy. She highlighted the need to challenge existing notion of competition and a need for “reconsideration of market values and monopolies”. Stressing the importance of access, she shared the findings of a joint study carried out by ISOC and UNESCO that showed how a combination of local language content and better access policies results in immediate economic benefits at the local level.

As a government representative, Ms Veronika Bošković Pohar, Deputy Permanent Delegate of the Republic of Slovenia to UNESCO discussed ‘regulatory sandboxes’ as a means to provide controlled environment for AI. She hoped that Slovenia’s proposed Category 2 Centre on Artificial Intelligence would be able to make several informed decisions, provide insights into technology and societal interface and create mechanisms for continuous monitoring and reporting to reduce risks posed by AI to vulnerable groups.

Speaking as a panelist representing a knowledge organization, Prof. Maria Fasli, UNESCO Chair in Analytics and Big Data at University of Essex noted the lack of understanding on AI and Big Data and expressed concerns for the difficulty faced by the academic community in accessing data collected by large technology firms for research purpose. She further highlighted the need for high quality representative data to ensure that algorithms are not biased.

Given their experience in tracking innovation trends across the world. Mr Marcus Goddard, Vice President of Intelligence at Netexplo Observatory underlined that “access to data is a necessary but not sufficient condition for innovation. Pointing out the general trends in openness, he mentioned that openness is not Silicon Valley’s top priority and convenience seems to be the norm when it comes to launch of new products and services. He highlighted that even as data is being used in smart cities to improve access and sustainability, it is also increasing the threat of surveillance.

Mr Philippe Petitpont, Co-founder of Newsbridge, a Paris based AI and Media startup, presented the scale of the data problem that the media faces today. He remarked that media companies are gathering 30 million hours of video content every year, a number that does not include social media videos. In this situation, extracting useful insights from these videos is a cumbersome task albeit one that can be performed by AI. They try to leverage AI to help journalists process large amounts of data at lower costs.

The session brought the viewpoints of multiple stakeholders to the discussion table and some of the key concerns included were:

  • Urgent need to increase awareness around artificial intelligence and big data;
  • Developing strategies to strengthen access to data for training machine learning algorithms;
  • Supporting both upstream and downstream capacity enhancement to leverage data for benefit;
  • Involving private sector actors in the discussion around access to data and data monopolies; and
  • Creating systems for addressing discrimination and biases originating through data and algorithms.

The panel members congratulated UNESCO for facilitating important discussions around issues of rights, openness, access and multistakeholder participation in the governance of data and hoped to engage with the organization for further development of issues around Open Data and AI.

UNESCO

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Rebecca Enonchong: A Heavyweight in African Tech

MD Staff

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photo: World Bank

Named in 2017 as one of the  100 Most Influential Africans in SCIENCE, TECH & INNOVATION  by the New African Magazine and Jeune Afrique’s 50 Most Influential Africans, Rebecca Enonchong has dedicated her career to promoting tech in Africa.

Enonchong, is the Chair of ActivSpaces (African Center for Technology Innovation and Ventures) in Cameroon. She is also founder and CEO of AppsTech and I/O Spaces an incubator for African diaspora in the U.S. If that wasn’t enough, she is also the Board Chair of AfriLabs and a founding member of the African Business Angel Network (ABAN).

Enonchong proudly describes herself as a tech fanatic and has been since the day she first touched a computer. “It’s an amazing tool and opened the whole world to me, pre-Internet.” Born and raised in Cameroon, Enonchong studied economics. She moved to the U.S. to finish her degree and start her career in digital technology and eventually founded her own company, AppsTech.

She also has a long history with incubation. The concept of Enonchong’s ActivSpaces, the Cameroonian-based incubator, was founded in 2001 at the Africa Technology Forum hosted by the World Bank and it finally launched in 2010.

Explaining how she and her ActivSpaces co-founders were long convinced of the transformative potential of tech, Enonchong emphasizes, “It’s one of the easiest and simplest ways to build our economy — through digital innovation. I really believe that it’s one of the areas that can have the most impact that requires the least investment.”

She warns, however, that tech entrepreneurship cannot flourish in a vacuum. “I get asked a lot about what governments and donors can do to help start-ups and I always respond: ‘they’re businesspeople.’ If you have a bad business environment, it’s going to hurt their prospects. We have a huge opportunity not just to catch up, but to link different sectors.”

The focus on East and Southern Africa, however, continues to overshadow progress made in francophone Africa. “There’s a lot happening people aren’t aware of – there are tech hubs in Chad! But no one is talking about it – it’s a problem of narrative,” assesses Enonchong. Pointing to the need to move beyond Lagos, Nairobi and Cape Town to support the countries lagging behind and also connect all of Africa, she concludes: “fulfilling the mission of AfriLabs is to support and build out the African tech and entrepreneurial ecosystem.”

AfriLabs is a network organization of over 80 innovation centers across 27 African countries, supporting hubs as they raise successful entrepreneurs. Networking provides all stakeholders in an ecosystem (start-ups, incubators, investors, researchers, etc.)  with a platform to share and transfer ideas. “Hubs have had such an impact on African tech and entrepreneurs,” lauds Enonchong. “This organization takes this one step further, in that hubs and labs can all work and communicate together and learn from each other.”

 “We’re here to support those in the most difficult of situations and connect them to other hubs that can maybe provide them with free support. We want to reach out and bring more country members on board and be part of the family of innovation centers across the continent.”

She sees the mission of ActivSpaces in much a similar way, which is why the incubator has not yet established a branch in the capital, Yaoundé. “We don’t want to be just for the elite and those that will succeed. Rather than the best of the best coming to us, we wanted to reach out to the people that don’t even know they’re entrepreneurs.” ActivSpaces is currently based in Douala and Buea and looking to expand to a third location where agriculture plays a prominent role. “Our choice was rural areas where entrepreneurs don’t enjoy the support to turn their cool ideas into a business.”

Enonchong also knows that incubation and entrepreneurship cannot be seen as the holy grail of African development. “It’s definitely part of the solution,” she states, “but not the only one. You can’t just promote tech entrepreneurship for youth without providing things like the Internet and other key infrastructure.”

She explains how challenges are often compounded for start-ups in francophone Africa because the business environment isn’t as conducive. “There’s a lot of innovation but if you take, for example, Disrupt Africa’s list of Start-Ups to Watch 2018, not one francophone start-up made the list.”

Having served as an advisor and mentor for the World Bank’s XL Africa/L’Afrique Excelle acceleration programs Rebecca knows this is an area where development institutions can provide value and support. She emphasized that this is especially true for those countries falling behind, saying that “the World Bank should encourage and help countries to do better, otherwise it’s a missed opportunity. If they don’t act quickly to create a more enabling environment, they’ll have missed another revolution.”  

World Bank

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