Elastic Path founders Harry Chemko and Jason Billingsley were recently recognized by the Business Development Bank of Canada with the Young Entrepreneur of the Year Award for British Columbia. "Elastic Path is a shining example of success that has resulted from cutting-edge ideas and high-tech savvy. Harry and Jason stand out as leaders in their field," BDC president and CEO Jean-René Halde said in a statement. Recent articles in the Vancouver Sun and Business Edge Magazine report how Chemko and Billingsley entered the ecommerce software space with a $15,000 loan and 10 employees 4 years ago. Elastic Path has since grown to 120 employees, $10 million in revenue in 2007, more than 180 customers worldwide including Garmin, Samsonite, Nike Bauer and Aeroplan and an outsourcing partnership with the Vancouver 2010 Olympic and Paralympic Games. Elastic Path has also been named by PROFIT magazine as one of Canada's 100 fastest-growing companies. And despite the economic downturn, Elastic Path is positioned for further growth. According to Chemko:
"...the economic downturn might actually help his company in the long run because thrifty shoppers will now do a lot more comparative shopping online. "For the last two years we've been profitable, so we built up a good level of attained earnings. Now, we have no need for debt financing, so the crunch hasn't impacted us. And while retail spending will be down, the percentage of online spending will increase. We're continuing to see growth and we think we're just hitting the bottom of the hockey stick. We've doubled revenues every year for the last four years and we don't see any reason for that to change."
Elastic Path also snagged BDC's Export Excellence Award, presented to the winner with the most outstanding export objectives, strategies and results. More than 85 per cent of the company's business is in the U.S. and Europe.