RIM Bags $23 Million TPC Investment
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Research In Motion has received a CAN$34 million ($23 million) investment from Technology Partnerships Canada (TPC).
The cash injection will be used to accelerate its research and development in such areas as wireless Internet platform technologies.
TPC's contribution is part of an overall CAN$113 million research and development project that will create or maintain more than 800 jobs in science, engineering, and technology.
"Canada needs innovative, leading edge communications technology companies like RIM if we are to remain an industry leader," said federal Industry Minister, John Manley. "This is one more important step towards making Canada the most connected nation in the world."
The wireless Internet revolution and next-generation networks will enable "anytime, anywhere" connectivity, generating rapid growth in e-commerce. Canadian e-commerce transactions, currently valued at Cdn$11 billion, are expected to grow to Cdn$94 billion by 2003.
TPC is a technology investment fund established in 1996 to support and advance government initiatives by investing strategically in research, development, and innovation in order encourage private sector investment.
In January, Canadian heavyweight Nortel Networks made a $25 million investment in RIM, a deal which includes joint product development and international projects.