3 Tech Stocks That Could Make You Rich Over the Next Decade

If you look at my portfolio, it would be very obvious that I like to invest in the tech sector. The main reason for this is that tech companies tend to have innovation as a core quality, giving leading companies in that sector a great opportunity to generate massive returns over the next decade. However, picking the right stocks can be difficult. In this article, I bring forward three tech stocks that could make you rich over the next decade.

Think of this company as a tech stock

The term “tech stock” doesn’t do a very good job at separating companies these days, since so many companies in different sectors rely on technology in one way or another. In fact, one of Motley Fool’s co-founders, David Gardner, is strongly against using the term “tech stock” to define any specific group of companies. With that in mind, while many may not consider Goodfood Market (TSX: FOOD) a tech stock, I certainly would.

Goodfood Market is an online grocery and meal kit company. It’s estimated that the company holds 40% to 45% of the Canadian meal-kit industry. The reason I define Goodfood as a tech stock is because so much of its business depends on e-commerce. Since its initial public offering in 2015, Goodfood has gained about 109%. Although that number may not be as high as some investors would have expected, the company has everything it needs to see excellent growth in the future. As well, e-commerce is continuing to penetrate the Canadian retail space, the company has strong growth and highly invested founders.

One of my favourite growth stocks on the TSX

Although there are many companies that I like on the TSX, there are few that I like from a growth point of view. One company that interests me a lot is Topicus.com (TSXV: TOI), an acquirer of vertical market software companies. Wise investors may have noted that its business sounds a lot like Constellation Software. Interestingly, Topicus was a subsidiary of the larger Canadian company until it was spun off into its own company this past February.

Topicus’s connection to Constellation Software is definitely a big reason why I like the company so much. The fact that its management team has the opportunity to learn from one of the most successful Canadian companies in history is massive. Topicus also focuses on the European tech industry, which is highly fragmented and is less targeted by venture capitalists, giving Topicus a large acquisition landscape to work with and grow from. If Topicus can produce even half of the returns that Constellation has managed to produce since its IPO, investors will be very happy.

This stock is for investors looking for a home run

If you’re willing to swing for the fences, then WELL Health Technologies (TSX: WELL) is a stock you should consider holding in your portfolio. If the company is successful, investors could see tremendous returns as the telehealth industry continues to grow. However, we’re still very early in terms of telehealth adoption. As such, stocks in that industry could remain very volatile over the next decade.

WELL Health is a leading company within the telehealth space. Its primary offering is its electronic medical network services, which currently support more than 2,800 clinics across Canada. It also provides health care professionals with an online marketplace called apps.health. Using that marketplace, health care professionals can find apps and other software offerings that can be used to optimize their telehealth services.

A proven winner, WELL Health was listed as a TSXV50 winner in each of the three years before its graduation to the TSX. Last year, the company managed to penetrate the American health care industry. These two qualities suggest that the company has the pedigree required to grow. Only time will tell whether things will work out. If it does, investors could see massive returns.