On average, the Team True North companies produce $131 million in annual revenue and yearly growth of 200 per cent. Two companies from the summer roster have already achieved $1 billion in revenue: Faire Wholesale Inc., which provides wholesale products to independent businesses, and ApplyBoard Inc., which helps international students apply to universities around the world.
Albinson said he’s seeing results from the True North program already. Universities are encouraging their fledgling engineers to cut their teeth at startups in Canada, rather than seek out internships at big companies in Silicon Valley, he said. Even a member of San-Francisco-based Slack Technologies LLC’s top brass is interviewing for a position at a Team True North company, Albinson said.
And even if the near-term economic outlook looks dismal, the CEO said many of the companies on his team have put in the years to get to $1 billion in revenue. “Do I think companies are going to have to work a little bit harder to get their rounds done? Absolutely,” he said. “The way I look at it is to get a company to a billion dollars in revenue, the median time to get there is 12 years…These Team North companies have been through the ’08 recession.”
Albinson added: “These companies are very much built for longevity and an ability to weather the storm.”
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