Deloitte’s 2012 fast 50 list of Australia’s fastest growing technology companies announced last week is an impressive list of diverse businesses ranging from online retailers to technology support firms, but it raises the question of what exactly is a ‘technology’ or ‘internet’ company.
A quick look at the top twenty illustrates how broad the “internet” category is, with eleven coming under the classification;
| . | 1 | brandsExclusive (Australia) Pty Ltd | 1335.1% | Internet | |
| . | 2 | Australian Renewable Fuels Ltd | 1235.7% | Life Sciences | |
| . | 3 | SolveIT Software Pty Ltd | 678.9% | Software | |
| . | 4 | Kogan Technologies Pty Ltd | 515.6% | Internet | |
| . | 5 | Neon Stingray Pty Ltd | 467.7% | Internet | |
| . | 6 | Infoready Pty Ltd | 418.1% | Software | |
| . | 7 | SMS Central Australia Pty Ltd | 371.6% | Communications | |
| . | 8 | Cohort Digital Pty Ltd | 295.6% | Internet | |
| . | 9 | Redbubble Pty Ltd | 275% | Internet | |
| . | 10 | astutepayroll.com | 256.7% | Software | |
| . | 11 | SurfStitch Pty Ltd | 252.7% | Internet | |
| . | 12 | BizCover Pty Ltd | 249.9% | Internet | |
| . | 13 | Appen Holdings Pty Ltd | 225.5% | Communications | |
| . | 14 | MyNetFone Pty Ltd | 216.7% | Communications | |
| . | 15 | Appliances Online | 206.2% | Internet | |
| . | 16 | Time Telecom Pty Ltd (Smart Business Telecom) | 205.6% | Communications | |
| . | 17 | BigAir Group Ltd | 202.2% | Communications | |
| . | 18 | Observatory Crest Australia Pty Ltd | 198.1% | Software | |
| . | 19 | Tom Waterhouse Pty Ltd | 196% | Internet | |
| . | 20 | Bulletproof Networks Pty Ltd | 178.4% | Internet |
Included among those eleven ‘internet’ companies is the winner, Brands Direct, along with Redbubble, Appliances Online and Tom Waterhouse.
Tom Waterhouse is an online bookmaker, Appliances Online is a whitegoods retailer, Red Bubble is a design marketplace and Brands Direct is a fashion retailer.
While the internet is the core distribution channel for all of these companies, they are not ‘internet’ companies – they are retailers, marketplaces and bookmakers. The web is important, but it isn’t their business.
Calling them “internet companies” in many ways misses the point of just how ubiquitous the net has become to business operations. It also risks double counting as Appliances Online’s staff are counted both as retail and internet employees – something government agencies are notorious for.
We’d understand a lot more about the web’s reach if we didn’t label these fast growth businesses with the somewhat meaningless term of “internet companies”.
None of this detracts from the achievements of these businesses, their managers and proprietors. These companies are on track to being the leaders of the future.