Join our Waitlist for Expert Advice!

BlackBerry Wants to Be a Leader in the 'Internet of Things' After disappointing sales of its new smartphones, BlackBerry's CEO defended its growth plan at its annual shareholders meeting.

By Brian Patrick Eha

Opinions expressed by Entrepreneur contributors are their own.

Social Barrel
BlackBerry CEO Thorsten Heins

BlackBerry wants to push beyond communications into mobile computing, and eventually play a leading role in the "Internet of Things," the term for a predicted revolution in which many ordinary objects will be given computing power.

That was chief executive Thorsten Heins's message at the annual shareholders meeting in Ontario today, as he tried to defend the company's trajectory after sales of the new BlackBerry 10 line of smartphones fell well below analyst expectations. A disappointing earnings report June 28 caused BlackBerry stock to fall to $10.46 per share that day, a 28 percent drop from its previous-day closing price of $14.48.

Today, Heins outlined a three-phase plan for BlackBerry's future, the first of which happened earlier this year with the debut of the new BB10 mobile operating system and new phones. The second phase, he said, will focus on scaling. That means reaching new customers while also transitioning existing users from the BlackBerry 7 operating system to BB10.

Related: BlackBerry to Bring Popular 'BBM' App to Android and iOS Devices

In the third phase, BlackBerry will seek to become "the leading mobile enterprise services platform," Heins said. As early evidence of this goal, he pointed to a new BlackBerry service for automakers that was unveiled in Detroit last month. The service makes it possible to update vehicle software remotely, get status updates on vehicle components and install apps to a car's entertainment system.

As smart technology becomes an increasingly vital part of everyday life, Heins said, BlackBerry will use its global data network and create new partnerships to develop more mobile computing services for enterprise clients.

Asked whether he and the company board have seriously considered breaking up BlackBerry -- perhaps splitting off the devices business from the enterprise services business -- Heins demurred. "I'm here with my team to create jobs and not to destroy jobs," he said. "We have to get through this."

Related: Beyond Smartphones: Mobile Innovation That Could Change the Way You Do Business

"Whatever [Wall] Street expects from us, we are still early" in our product cycle, Heins told shareholders. The next 12 months, he said, will be a time of investment, with an eye toward achieving sustainable growth sometime in 2014.

BlackBerry's stock value closed on Tuesday at $9.64.

Brian Patrick Eha is a freelance journalist and former assistant editor at Entrepreneur.com. He is writing a book about the global phenomenon of Bitcoin for Portfolio, an imprint of Penguin Random House. It will be published in 2015.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Business News

You Have One Month Left to Buy a House, According to Barbara Corcoran. Here's Why.

"If you are planning on waiting a year and seeing where interest rates go, you are out of your mind," Corcoran said.

Side Hustle

I Made $14,000 in 1 Week With a Spontaneous Halloween Costume Side Hustle — Here's How

Sabba Keynejad was in art school when he started to refine his entrepreneurial skills.

Business News

This New Restaurant Is Banking on One Dish — Because It's the Only Entrée on the Menu

The new hotspot is gaining buzz on social media for its innovative yet super simple concept.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Leadership

4 Bold Leadership Moves Every Successful CEO Uses to Navigate Change

Ready to turn fear into fuel and lead with confidence? In this article, I share how leaving my corporate job without a plan led me to build a thriving business. Learn four bold strategies to embrace uncertainty and turn challenges into opportunities for growth today.