“Technology is still one of those fast changing sectors that have a wider impact on society. The Technology Fast 50 award is about recognising and encouraging all types of African IT businesses.”

Companies can compete in eight categories. These are software, hardware (including electronic components), Internet, green technology, media and entertainment, telecoms, networking, as well as the biotech, pharmaceutical and medical equipment category.

To be eligible, companies must have been in operation for five years to allow for proper measurement of revenue growth. Wright notes that this year's selection in particular will lead to industry-wide recognition for achieving sustained success through a period characterised by economic instability and uncertainty.

Companies must have developed and own the technology they use, or be involved in the manufacturing of the technology. Thus, using another company's technology, even in a unique manner, does not qualify.

Winners, who will be announced at a ceremony on 17 October, will then be forwarded as entries for the Technology Fast 500 in the Europe, Middle East and Africa regions. These will be unveiled in London, in November.

“South Africa's challenging environment often leads to people coming up with exciting solutions,” says Wright, noting these qualities are what Deloitte is looking for with this global search, which includes South Africa for the first time.

Although the initiative is focused on South African companies, Wright says companies from the rest of the continent can enter and will have their entries processed for the EMEA Fast 500.

Wright says Africa has been grappling with the challenge of limited telecoms infrastructure and bandwidth, but this is steadily improving through some major cable-laying projects. This will allow scores of technology companies to “stitch the continent together”, and provide innovative solutions.