Frequently Asked Questions: The New Innovators

Thank you for your interest in the New Innovators List. Please review the FAQs below, and if you have any additional questions email newinnovators@canadianbusiness.com.

What is the New Innovators?

The New Innovators is an annual ranking produced by Canadian Business in partnership with the Brookfield Institute for Innovation + Entrepreneurship. An evolution of CB’s former Growth 500 ranking, the New Innovators looks at companies driving innovation in their sector and demonstrating progressive measures of success beyond year-over-year revenue growth, considering companies’ commitments to sustainability, employee well-being, diversity and inclusion.

Results of the inaugural list, with stories profiling the winning companies, will be published in a special report in the January 2022 issue of Canadian Business and at canadianbusiness.com, and celebrated with the New Innovators Summit and New Innovators Awards in Winter 2022.

Why should my company apply to the New Innovators?

The New Innovators is designed to celebrate trailblazing companies. Past winners (of the Growth List) report they have benefited in many ways from their appearance on the list: In addition to national media coverage in Canadian Business, many winners get publicity from local and industry-specific media outlets. It is common for winners to see increased employee motivation, receive industry accolades, make contacts, and meet potential new customers and collaborators through participation in these programs.

Who can enter?

To qualify for the New Innovators, a company must:

1. Be headquartered in Canada with significant operations in Canada

2. Be independent (i.e., not a division or subsidiary, unless the parent company is strictly a holding company)

3. Have majority Canadian ownership if owned by private individuals or companies. (Public or venture-backed companies with 50% or less Canadian ownership will be judged on a case-by-case basis.)

4. Operate at arm’s length from related companies that have also declared their candidacy for the ranking (See “Can related companies apply separately?” below)

5. Be able to provide two years of financial statements

Are franchisors or franchisees eligible?

Franchisors are eligible; Franchisees are not.

Can related companies apply separately?

In the case of related firms that do not operate at arm’s length from one another, only one of those companies is eligible. Also, divisions and subsidiaries are ineligible.

Is there an application fee?

There is no fee to apply to the New Innovators List.

How do I enter my company in the New Innovators?

Companies must declare their own candidacy to participate. Simply fill out the application ballot before the entry deadline of August 31, 2021. If your company is identified as a contender, we’ll contact you with next steps starting in September 2021.

How is revenue recognized for the list?

We define gross annual revenue per generally accepted accounting principles (GAAP). Gross revenue must be reported net of returns and discounts. Franchisors must report corporate revenue only.

How is my company’s financial information used?

Canadian Business, the Brookfield Institute and our research team ask companies to submit financial and operational information for the purpose of evaluating their application to the New Innovators List, and may request supporting materials, including financial statements, to verify these claims. Canadian Business will not disclose any contents of your financial statements or other confidential material, other than annual revenue for the most recent fiscal year, which will be published as a range (e.g. $2M–$5M), should you make the list.

What is a Certified B Corp?

B Corporation is a private certification of for-profit companies that meet set standards of “verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.”

What Are the SDGs?

The Sustainable Development Goals (SDGs) are 17 related goals established by the United Nations General Assembly in 2015 to address poverty and climate change, with the intention of reaching these goals by 2030.

What is an EMS?

An Environmental Management System (EMS) is a framework that enables an organization to achieve its environmental and operational efficiency goals through consistent processes and practices.

Who decides if a company qualifies as a New Innovator?

Candidates will be reviewed and evaluated by a team of judges made up of members of Canadian Business, the Brookfield Institute and carefully selected partners.

When will the winners be announced?

The New Innovators List 2022 will be revealed on canadianbusiness.com in December 2021, and in the January 2022 issue of Canadian Business, on newsstands starting in early December 2021.

Can my company be disqualified?

Canadian Business and the Brookfield Institute reserve the right to remove any company from the New Innovators List at any time if we determine the company to be ineligible, or that inclusion of that company would discredit Canadian Business, the Brookfield Institute or the New Innovators program. Canadian Business and the Brookfield Institute also reserve the right to withdraw invitations to events related to the list.

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