New Zealand businesses have proved they can hold their own internationally, with 37 Kiwi firms making the cut in the annual Deloitte Technology Fast 500 Asia Pacific index.
The index, announced in Hong Kong today, ranks the region’s fastest growing tech businesses according to their revenue growth over the past three years.
Leading the Kiwi contingent was online electricity retailer Powershop, which was ranked sixth on the index with a 5,280 percent growth, closely followed by mobile network 2degrees, which came seventh with 3,762 percent growth. They achieved the two highest rankings for New Zealand companies in the Fast 500’s 10-year history.
Powershop and 2degrees were also the first and second ranked businesses on the New Zealand Deloitte Fast 50, announced last month.
New Zealand had by far the highest representation per capita – Auckland-based businesses led the way with 17 making the index, while Wellington was represented with 10, Canterbury five, Waikato four, and Bay of Plenty one.
Deloitte partner Matt McKendry, leader of the Fast 50 programme, said Kiwis were footing it with the best entrepreneurs in the region.
“It’s interesting that nearly half these New Zealand businesses are online based, and are using communications technology to overcome our relative isolation,” McKendry said.
“The Fast 500 shows that innovative Kiwi businesses should have no qualms thinking they can’t match it with the best in the world, as long as they get the business model right and stick to their strategic goals.”
The largest number of companies on the Tech Fast 500 came from Taiwan (133), followed by South Korea with 96, China (86), Australia (53), India (43), New Zealand, Japan (34), Singapore (13) and Malaysia (5).
Revenue growth across the Tech Fast 500 ranked firms was on average 476 percent this year, driven by strong growth in the electronics sector.
The top-ranked business was Chinese online grocery retailer Yihaodian (The Store Corporation) with an astronomical 19,218 percent growth.