For the average company, the Great Recession and its aftermath hardly provided ideal conditions for business success. But there’s nothing average about this year’s PROFIT HOT 50.

The firms on PROFIT’s 12th annual ranking of Canada’s Top New Growth Companies not only grew, but grew spectacularly. From 2008 to 2010, they averaged a revenue growth rate of 1,050%. Each company on the ranking at least doubled its revenue during that period; this year’s No. 1 firm grew its sales by an astounding 10,330%. What’s more, 82% of the HOT 50 firms turned a profit in their most recent fiscal year.

What’s the key ingredient to launching a winning startup? Talent, talent and more talent. These youthful firms have found smart ways to entice A-players to join their fledgling ranks, such as bonuses, employee training and profit-sharing plans.

Many among the HOT 50 learned early on that great riches lie beyond Canada’s border. For half of them, export markets are revving up revenue, with the U.S., the U.K. and Western Europe the most popular foreign destinations for their goods and services.

The CEOs behind these firms are relatively young (their average age is 39, and 54% launched their firm when they were 35 or younger), well-educated (84% have post-secondary degrees) and, largely, old pros at entrepreneurship (52% had started at least one firm before their HOT 50 business).

Finally, the 2011 HOT 50 didn’t rely on magic beans to grow their businesses. Early on, almost every one methodically structured their nascent firm to be able to expand painlessly later. As one CEO put it, “We always invested in processes and systems that were ahead of our size at the time. We were ready for growth.”

How we ranked them: Entries are ranked by two-year revenue growth, and verified through financial statement review. All growth rates are calculated from base-year revenue of at least $100,000. For more on the ranking procedure and eligibility criteria, visit PROFITguide.com/awards.

Entries were solicited through a form published in PROFIT and at PROFITguide.com, and through targeted direct mailings to qualifying companies. The nomination drive was also promoted through Canadian Business, Maclean’s and several major business organizations. The information in this issue and on PROFITguide.com is the only data that PROFIT will release on the HOT 50.