Entry Criteria 2020

The 2020 CRN Fast50 closed on 16th October. If any questions, please contact fast50@crn.com.au.

To be eligible to enter the CRN Fast50, your company must satisfy the below criteria:

  • Sell, resell, recommend, design or implement IT products and/or services to business end users;
  • Derive more than 50 percent of revenue in the financial year ending in June 2020 from selling, reselling, recommending, designing or implementing of IT products and/or services (but excluding internet connections) to business end users;
  • Have net sales revenue of at least $1 million (excluding GST) in financial year 2018-2019 (more information below);
  • Have net sales revenue of at least $1,5 million (excluding GST) in financial year 2019-2020 (more information below);
  • Be headquartered in Australia (if you have offices overseas, only revenue of the Australian business will be considered);
  • Be established and have traded before 1 July, 2018;
  • Be prepared to supply documentation to support your performance (official letter from accountant and signed Directors Declaration).

Notes to the above criteria:

  • Vendors and distributors are NOT eligible to enter the CRN Fast50. Vendors and distributors are welcome to sponsor the event. Email Steven McDonald, Group Sales Manager. 
  • Companies that derived more than 50% of their revenue in 2019/20 selling via other resellers/dealers, rather than direct to end-users, may be asked to make a case for their eligibility.
  • Companies such as Independent Software Vendors or Mobile App Developers that develop their own products, rather than resell, recommend, design or implement IT products from other vendors, may be asked to make a case for their eligibility.
  • It is at CRN's discretion to decide eligibility.
Online submissions close Tuesday 6th October 2020. 

Upon completion of your submission you must also provide the following supporting documentation:

1. Either:
a) A statement/letter from an external certified accountant/auditor confirming the total sales revenue (excluding GST) for 2018/2019 and 2019/2020 as well as company ABN/ACN. 
OR
b) ASX or ASIC filings
NOTE: Accountant should be a member of one of the following associations: CPA, ICAA, IPA.

2. A signed Director’s Declaration by the company director.
NOTE: This should be signed by at one company director. It does not need to be witnessed by a Justice of the Peace.
Download Director’s Declaration template here: Directors Declaration.

Please email all supporting documentation to: fast50@crn.com.au by 5pm Friday 16 October 2020.

*This year’s CRN Fast50 will be a digital countdown style presentation to be launched on the 26th November. Further details to come!

For questions or clarification please contact Malin Lyckang,  fast50@crn.com.au, or phone 02 9901 6126.


FAQ

1. How long do I have to apply?

Online nominations for the 2020 CRN Fast50 will be accepted until Tuesday 6 October 2020. Companies will be contacted in end of October.

Companies that do not produce supporting documentation, verifying substantiation of claimed FY2019 and FY2020 net sales by 16th October will be removed from consideration of the list.

Please note that CRN reserves the right to extend the closing date as required. In such case the new date will be publicly announced.

2. How are you going to rank the companies?

The ranking will be done solely on the basis of the percentage growth of the net sales revenue from financial years 2018-19 (FY2019) and financial year 2019-2020 (FY2020). We will calculate the percentage growth rate for this period. Refer to Q17 to see how percentage growth is calculated.

3. What are the criteria for eligibility?

Your company must meet each of the following four criteria;
  • Be an IT solution provider that sells, resells, recommends, designs or implements IT products and/or services to business end users. More than 50 percent of revenue in the financial year ending in June 2020 must come from selling, reselling, recommending, designing or implementing of IT products and/or services (but excluding internet connections) to business end users.
  • Have net sales revenue of at least $1,5 million (excluding GST) in financial year 2019-2020;
  • Have net sales revenue of at least $1 million (excluding GST) in financial year 2018-2019, as per the rules of the 2019 CRN Fast50;
  • Be headquartered in Australia (if you have offices overseas, only revenue of the Australian business will be considered);
  • Be established and have traded before 1 July, 2018;

Vendors and distributors are NOT eligible for the list.

4. Will I be asked to supply supporting documentation?

When you apply for the CRN Fast50, you must submit:

Please email all supporting documentation to fast50@crn.com.au with words "CRN Fast50" clearly included in email subject line
Supporting documentation must be provided within two weeks of the online submission; otherwise submission will be removed from consideration of the list.

  1. Either:
    a) A statement/letter from an external certified accountant/auditor confirming the total sales revenue (excluding GST) for 2018/2019 and 2019/2020 as well as company ABN/ACN. 
    OR
    b) ASX or ASIC filings. (Large companies, as defined by ASIC, with more than $25 million of FY2020 revenue and/or more than 50 staff may be required to submit ASIC financial reports or provide an explanation why the company is not required to submit annual report to ASIC.)

    AND
  2. A signed Directors Declaration, signed by the company director on company letterhead confirming the sales figures – download the template here

5. My company’s revenue is growing rapidly, but we are not yet profitable. Does this matter?

No. The ranking will be based solely on revenue growth, not the degree of profitability.

6. Does it matter if my company is public or private?

No. The ranking is done solely on the revenue growth.

7. Does it matter how my company is structured?

As long as your company is independent and meets the other criteria listed above, it does not matter how it is structured.

8. What if my company used to be independent, but was acquired?

Then you are not eligible for the list unless your company was acquired after 30 June, 2018, in which case the parent company should enter, or see Q10 below for details on entering as a subsidiary.

9. What if my growth was through acquiring or merging with another company?

You are eligible to enter. We will ask you to provide details on any M&A and the impact it had on your company's revenue growth. We reserve the right to request further documentation to confirm the M&A has been fully completed within the appropriate period. Your entry may be ineligible if the revenue attained from acquisition/s was larger than the existing company's total prior year revenue.

10. What if my company is a division or subsidiary of a larger company?

Then you are still eligible for the list, but please make sure that your net sales revenue figures reflect only the net sales revenue of your division, not the entire company. In this case, you must supply sales revenue documentation from an independent accountant; internal sales figures are not acceptable.

11. What if my company was founded or commenced trading after 1 July 2018?

Then you are not eligible for this year’s list, although you may be eligible for future lists. Your company must have been trading from 1 July, 2018, so that we have a full year’s worth of sales revenue for FY2019 to use as the base for calculating revenue growth rates. Partial-year revenues are not acceptable.

12. What if my FY2020 net sales revenue was below $1,5 million (excluding GST)?

Your company is not eligible for the list. This minimum level of sales will strictly be adhered to.

13. What if my FY2020 net sales revenue was above $25 million (excluding GST)?

If you are a private, unlisted company, ASIC may define your company as a "Large Company" (click here for definition), in which case you may be asked to submit an ASIC financial report.

14. What if my company’s name has changed?

Please fill out the application with your new name and include in parentheses after the name “(was OLD NAME)”.

15. What if my company’s fiscal year does not coincide with the Australian standard year (1 July – 30 June)?

Then you must adjust your company’s sales data accordingly so that the data you report to us does coincide with the financial year. This enables us to compare all respondents using the same time period.

16. What if my company has different fiscal year ends for each year?

Adjust your net sales revenue figures to reflect periods for FY2019 and FY2020 in order to fill out the application. When you submit supporting documentation, it must include all relevant periods.

17. Can I submit sales figures based on cash accounting?

No. Before filling out the application, you must convert your net sales revenue figures to an accrual basis. To convert cash to accrual, start with cash receipts, subtract the beginning accounts receivable, and add ending accounts receivable.

18. How will the results of this study appear in CRN?

We will publish a comprehensive report later in the year within the CRN magazine and on www.crn.com.au

Download the 2018 report.

The list of the fastest-growing companies will be published in order of rank and the results will include any or all data submitted in the online entry, including revenue figures provided.

19. How is the growth percentage calculated?

We divide FY2020 net sales revenue by FY2019 net sales revenue, subtract 1 and multiply the result by 100.

For example, say FY2020 net sales revenue totalled $10 million and FY2019 net sales revenue totaled $5 million.

$10,000,000/$5,000,000=2
2-1=1
1x100=100
Growth is 100%.

20. Will appearing in the CRN Fast50 reveal information about my company to competitors?

Every year we poll our entrants and they are overwhelmingly positive about entering the CRN Fast50. None have reported a negative experience with being published in the CRN Fast50.

In fact, past entrants often tell us about many benefits that appearing in the Fast50 had in terms of raising their profile among other resellers, vendors and distributors. 

21. What if I have another question?

Please contact Malin Lyckang.

22. How do I enter?

Simply visit https://ww.crn.com.au/fast50  to start your submission. 

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