There was a time when BlackBerry Ltd (NASDAQ:BBRY) was a market leader and a preference for many people. The firm’s devices managed to capture the attention of many businesses and corporate leaders, and the firm was highly valued.
Blackberry phones were the tech trend at the time. Even Obama had a Blackberry phone when he became the president. It is surprising how fast the thriving company went from being on top to being a struggling firm on the verge of its demise. Luckily the company is still breathing (so to speak).
One might wonder what could have caused the Canadian firm to end up on the bottom and how this affected Canadian technology scene. Initially, it was thought that the failing company would negatively influence the performance of Canada’s technology industry. Fortunately, that was not the case.
Rather than leading to a poorly rated tech economy, Blackberry’s flop generated an extraordinary boom. Most of the technology engineers in Canada worked for Blackberry Ltd (NASDAQ:BBRY) at some point. Since it started facing problems in 2011, the company had to downsize its workforce.
Since then, most of the individuals who lost their jobs ended up either creating their own companies or creating innovations that have been very useful in the tech industry. Some of the companies formed by ex-Blackberry employees include Freshbooks (cloud-based accounting software), Vidyard (video performance analyzer) and Eleven-X (generates communication software). Just to show how good the situation is, LinkedIn recently acquired Careerify. The acquired firm is a start-up created by former Blackberry employees.
In short the Canadian tech industry has never been this active. The developers usually hold hackathons to motivate and grown new talent. Canada has quickly grown into a technology hub just like Silicon Valley, making it one of the most appealing places for young innovators and subsequently a source of great revolutionary ideas. The fall of Blackberry ended up being a blessing in disguise for Canada contrary to the expectations of many.