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Power Law company profile

BlackBerry

Telecom · Waterloo, Canada · Founded 1984 · IPO 1999 Unicorn

In 1984, two engineering students, Mike Lazaridis and Douglas Fregin, founded a company called Research In Motion (RIM). Operating from Waterloo, Ontario, their initial focus was on wireless data technology. The company's first major breakthrough wasn't a phone, but a two-way pager introduced in 1996, which evolved into the first BlackBerry-named device, an email pager, in 1999. The name came from the keyboard's buttons resembling the fruit. This device's ability to 'push' emails directly to users wirelessly was a game-changer. RIM went public on the Toronto Stock Exchange in 1997 and later on the NASDAQ in 1999. In 2002, the company launched its first smartphone, combining phone service, email, and web access. It quickly became an essential tool for business professionals and a status symbol, earning the nickname 'CrackBerry' for its addictive nature. For years, RIM dominated the burgeoning smartphone market. The turning point came in 2007 with the launch of the iPhone. BlackBerry initially underestimated the threat from touchscreen devices, believing its physical keyboard and security focus were insurmountable advantages. However, the market shifted rapidly towards app ecosystems and large touchscreens, leaving BlackBerry behind. Despite launching its own touchscreen models and a new operating system, the company couldn't regain its footing. In 2013, the company officially rebranded from RIM to BlackBerry. By 2016, facing immense losses, it announced it would stop manufacturing its own phones, licensing the brand to partners instead. Today, BlackBerry has pivoted entirely, focusing on enterprise software and cybersecurity.