Who is the next BlackBerry?
BlackBerry CEO John Giamatteo / BLACKBERRY PHOTO
BlackBerry is no longer the smartphone powerhouse it once was, but the Canadian technology company reminded us last week that innovation is alive and well in this country. After more than three years of financial stagnation, BlackBerry posted its first net profit, buoyed by cost-cutting, strategic refocus, and strong leadership under new CEO John Giamatteo.
“We see a very significant addressable market in the general embedded space, which we believe could be larger than the auto opportunity,” he said in an investor call. “Second, although we're very diversified across auto OEMs and geographies, diversification into other markets can reduce cyclical exposures. We're targeting substantial expansion of our beachheads in robotics, industrial automation, and medical devices and equipment. Similar to automotive, these verticals are seeing significant growth in compute and safety-critical software at the edge.”
While the company’s revenue still declined year-over-year, it beat expectations — a small but meaningful victory in the long game of tech reinvention.
BlackBerry’s story is far from over, but it raises a more pressing question for Canada’s economy: Who is the next BlackBerry for this era of AI, cleantech, nanotechnology and other innovative sectors?
At its peak, BlackBerry employed 20,000 people around the world and helped put Canadian technology on the global map. It was a symbol of Canadian ingenuity — an underdog from Waterloo, Ont., that helped define the smartphone era. Today, the company’s pivot toward cybersecurity and automotive software shows reinvention is possible, even in the face of market skepticism. Giamatteo's turnaround strategy — reducing costs and narrowing the company's focus — is a lesson in resilience and clarity of vision.
To create the next generation of BlackBerries, we need a strong innovation economy. That requires bold entrepreneurs, supportive public policy, and just as critically, a vibrant investment environment. If Canada wants to cultivate globally competitive companies, we must ensure the right incentives are in place to attract and retain capital. This isn’t just about scaling startups — it’s about creating jobs, growing our economy and ensuring Canadian ideas translate into lasting impact at home and abroad.
Left behind
But Canada is facing tepid growth and increasing global competition. Productivity is lagging. Investment in innovation is not keeping pace. And while the U.S. and other countries are doubling down on AI, clean tech and advanced manufacturing, Canada risks being left behind — not for lack of talent, but for lack of scale, coordination and ambition.
Not only that, but Canada appears to have lost its entrepreneurial verve, writes Kevin Carmichael in the Logic, citing data that suggests the number of businesses that entered the economy each month in 2024 was the lowest since the COVID-19 pandemic. Carmichael says AI, which allows workers to create wealth without a team, and a rise in consultants and gig workers, who make most of their income freelancing on digital platforms, may be turning the entrepreneurial path unattractive, especially when companies are plagued by regulatory structures.
Let BlackBerry's resurgence serve as a reminder: Canadian innovation still has a place on the world stage. The next great success story may already be taking shape — Shopify, OpenText, Lightspeed Commerce, Kinaxis or D-Wave all have the potential to be the next BlackBerry, but apart from Shopify, they are not well known. The right supports are needed to drive global recognition, create thousands of jobs and drive meaningful economic growth.
