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The shift to NASDAQ significantly influenced RIM's financial success. Previously, RIM had gone public on the Toronto Stock Exchange, but it was observed that a bias towards 'homegrown success' was hindering the growth of the stock price. After a major conference in the United States where BlackBerry and Balsillie were a hit with major Wall Street financiers, it was recommended that they move towards NASDAQ. Following this shift, RIM's value skyrocketed on Wall Street. By May of 1999, RIM was valued at $11 billion on NASDAQ and was pulling in annual revenues of $85 million.
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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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Though RIM had previously gone public on the Toronto Stock Exchange, it was clear there was a bias towards "homegrown success" that was hindering the stock price's growth. After a major conference in the States where the BlackBerry (and Balsillie) were a hit with major Wall Street financiers, Balsillie recommended they move towards the NASDAQ. Sure enough, RIM took off on Wall Street. Come May of 1999 the partners were very rich, at least on paper, with RIM being valued at $11 billion on the NASDAQ and pulling in annual revenues of $85 million.
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