Is Now the Time to Double Down on Self-Driving Cars?
Following the recent Consumer Electronics Show (CES) which highlighted a wide array of new technologies for early adopters and early investors alike to take note of, perhaps the most widely talked about trend at the show was the rise of the self-driving car and the technology produced for said vehicles by companies all around the world.
Autonomous vehicles have become the focal point of many large technology companies, including Canadian software developer BlackBerry Inc. (TSX:BB)(NYSE:BBRY). BlackBerry has taken what can be described as perhaps one of the most aggressive positions as a "pivot" from its traditional business model, moving toward developing the world’s leading secure software platform for autonomous vehicles in a market where dozens of new companies seem to be popping out of everywhere on a monthly basis.
BlackBerry’s QNX software has been touted as the future of the company, with an investment of more than $100 million U.S. more than a year ago spurring a company-wide focus on where the company’s long-term growth will come from. While nothing is certain in the tech world, the influx of capital into this sector has truly been remarkable (an estimated $4 billion of venture capital was pumped into this sector last year alone, an astounding sum given the relative cold shoulder autonomous vehicle-related companies have received prior to this past year).
With BlackBerry rising on the back of a technological wave of innovation, momentum investors should get ready for another strong year from the Canadian tech giant.
Invest wisely, my friends.