Spell Read Canada, a Prince Edward Island company, is among the 50 companies included in the first annual ranking of Canada's Hottest Startups. The ranking, which is published in the September issue of "Profit - The Magazine for Canadian Entrepreneurs," was released yesterday in Toronto.
The list is comprised of 50 of the fastest growing young companies in Canada, ranked by revenue growth over a two-year period (1997-1999). Spell Read Canada ranked 42nd overall, based on its increased revenues of $200,000 to $1 million in that time frame.
"We are extremely pleased to be among such an elite group of Canadian businesses," said Founder and President of Spell Read Canada, Kay MacPhee. "I believe this is just the beginning. In our US office alone, we will be tripling its size this September." MacPhee added, "We haven't really started to grow; we've just proven we can grow."
Over the last two years, Spell Read Canada has expanded significantly, growing from one office in Prince Edward Island to 10 sites across Canada and the US. The company now employs 70 people, half of whom are based at the head office in Charlottetown.
"Spell Read Canada is not only a successful Island company, but it is also making a significant contribution to improving world-wide literacy," said George Proud, Member of Parliament for Hillsborough, on behalf of the Government of Canada. "This company developed its world-class learning products in Prince Edward Island and then began to seek new markets. Spell Read Canada is a good example of how an Island company can compete in today's global economy."
"Spell Read Canada's tremendous growth over the last two years is a true testament to the hard work and dedication of Kay MacPhee and her staff," said the Honourable Michael F. Currie, Minister of Development and Technology. "Through its export of knowledge, Spell Read Canada has turned its innovative learning techniques into an extremely exciting and fast growing company."
Spell Read Canada continues to open new locations. To date, it has been serving students through sites located in: Moncton, NB; Gander, NF; St. John's, NF; Marystown, NF; Baltimore, Maryland; Rockville, Maryland; Halifax, NS; Montreal, PQ; and Charlottetown, PE.
As part of the "Canada's Hottest Startups" honour, Spell Read Canada has been invited to attend GrowthCamp, a conference being put on by Profit magazine from September 10 to 12 in Toronto. This business event has been designed to equip companies with the tools, motivation and new contacts that can help them continue to grow. Spell Read will be recognized for its accomplishments at an awards ceremony at the conference.
Spell Read Canada's success is based on a revolutionary reading program developed by Kay MacPhee, a former teacher from Long Creek, Prince Edward Island. Clinical trials conducted by the National Institutes of Heath on Spell Read Canada's program has proven it to be one of the most effective and cost efficient ways to help individuals to address reading and spelling problems.
Spell Read Canada has received assistance from the Atlantic Canada Opportunities Agency, Human Resources Development Canada, and Prince Edward Island Business Development for its expansion efforts over the last few years.