How can a small business use the lessons from RIM's story to avoid similar pitfalls and grow?

Small businesses can learn from RIM's story by understanding the importance of maintaining unity within the organization, having a clear strategic plan, and staying adaptable to market changes. It's crucial to keep an eye on emerging technologies and trends to avoid being disrupted. Also, protecting intellectual property through patents can be a key factor in maintaining a competitive edge. Lastly, strong and healthy relationships, both internally and externally, can contribute significantly to the success of a business.

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Losing the Signal

The Kodak of smartphones, RIMs rise and fall, is an epic tale of how relationships, patents, lack of unity, and the wrong strategic plan led to the fa...

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Unaverred, Lazaridis decided to set up his own consulting and technology services firm. The first product he developed with close friend and business partner Doug Fregin was a system they called "Budgie." Budgie was a customizable advertising device that could display whatever the user typed on the keypad onto a TV screen. Though the device did not gain traction with potential customers, it inspired the pair to license their business. It was March 1984, and they had officially started "Research in Motion."

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The fall of RIM, now known as BlackBerry, has influenced current corporate strategies and business models in several ways. It has highlighted the importance of innovation and adaptability in the face of rapidly changing market trends. Companies have learned the need to diversify their product offerings and not rely on a single product for their success. The fall of RIM also underscored the importance of understanding and responding to consumer needs and preferences. Furthermore, it emphasized the need for strong leadership and unity in decision-making. Lastly, it demonstrated the potential consequences of legal and patent disputes, prompting businesses to be more cautious in these areas.

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