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Technology

 September 06, 2000
Palm Announces Palm Ventures Group

 Palm, Inc. announced that it has created Palm Ventures, a new organization designed to make strategic investments in companies that will grow, enhance and support the Palm Economy. The Palm Economy is a global community of industry-leading licensees, world-class OEM customers, and over 100,000 innovative developers and solution providers that have registered to support the Palm operating system and platform. This convergence of companies has been crucial to Palm's success by developing many of the new solutions required to meet the evolving needs of consumers and enterprise users in the handheld and wireless space. Having earmarked $50 million initially, Palm Ventures is dedicated to seeking promising investment opportunities. "The handheld market is growing, and Palm is committed to investing in opportunities that will accelerate this growth," said Robert Hayes, Director of Palm Ventures.

"Our success to date is, in large part, due to the many entrepreneurs in the Palm Economy who have developed products and services complementary to our own offerings." Companies funded by Palm Ventures will have opportunities to create other types of business relationships with Palm. "With this and other efforts Palm will continue to encourage entrepreneurial activity that has made the Palm Economy so vibrant," said Doug Solomon, Chief Strategy Officer at Palm. "Companies funded by Palm Ventures will have a unique opportunity to work with Palm and leverage the resources and business opportunities that Palm has to offer."