Research In Motion (RIM), manufacturer of the BlackBerry handset, has partnered with Thomson Reuters and RBC Venture Partners to create a $150 million development fund.
The BlackBerry Partners Fund will be used to invest in mobile applications and services for the BlackBerry phone and other mobile platforms, says RIM in a media statement.
The fund aims to advance the industry by fostering development and driving entrepreneurial spirit to create the most innovative mobile offerings for customers, it says.
Entrepreneurial companies from all over the world will be able to apply for funding to develop mobile applications.
Developers are not restricted to BlackBerry applications, or any single mobile platform or industry segment, it says.
"The mobile world has evolved well beyond phone calls and simple messaging to require more empowering and liberating solutions that connect people to everything that matters most to them, wherever and whenever they want," says RIM co-CEO Jim Balsillie.
The BlackBerry Partners Fund will be co-managed by Canadian investment firms JLA Ventures and RBC Venture Partners.
All the partners share the common belief that mobile applications and services will propel the industry forward, says Balsillie.
Funding criteria
According to John Albright, JLA Venture MD and co-manager of the fund, the BlackBerry Partners Fund will consider applications from companies globally.
The fund will invest in the long-term success of those companies that demonstrate market leadership and unique differentiation, he says.
The fund will also consider those that are forerunners in driving adoption and further enriching the mobile experience, he says.
"The BlackBerry Partners Fund will be a catalyst for the development of next-generation mobile applications and services," says Kevin Talbot, RBC VP and MD.
Devin Wenig, CEO of Thomson Reuters' markets division, notes that his company is committed to supporting the development of next-generation mobile applications "that will provide our professional and business customers with ubiquitous capabilities".
"The ability to make business-critical decisions with intelligent information available on mobile devices will give our customers a clear competitive advantage," he says.
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