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Moreover, Nokia was debt-free with $2.5 billion in cash, and it operated the biggest research and development budget in the industry. Management was prepared to embark on a strategy to stimulate future growth and solidify its dominance in the mobile telecommunications industry.
The company fixed its eyes on a new prize, the high-speed mobile internet. "If the strategy pans out, the Finns could well sit atop the next stage of the Web, kings not just of Web-surfing machines, but also a power in software and networks" (Baker, Shinal, & Kunii, 2001, 6). However, the road ahead would be fraught with obstacles, including volatile financial markets, business partners suffering under massive debt, mastering new technologies different from existing competencies, and competition from some world's leading technology companies...
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