Nokia was the leading brand long ago, which most people know. On the other hand, during the last few decades, the company became a similar iconic mobile device with its effective design and technology. Nokia was founded in the year 1865 by Finnish mining engineer Fredrik Idestam.
Then, mobile phones are manufactured with a simple brick-like concept to unorthodox, sophisticated, and downright ridiculous form factors. The Finnish giant has shaped the history of telecommunications and mobile phones, which permitted him to grow into a global household name, but ultimately became hardened by its own DNA and was forced to make a series of choices.
As of 2023, Nokia’s net worth is $27.40 billion.
Origin of Name and Headquarters
Nokia has its headquarters in Espoo, Finland. A new company HMD, formed by former Nokia employees, has bought the Nokia brand name.
Nokia brand still exists today, but its significance has transferred in recent years that it’s majorly retreated from the consumer space. Beyond that, Nokia still licenses intellectual property to third parties, and today is typically focused on emerging and selling telecom equipment for 4G and 5G networks.
As we discussed earlier, Nokia was first originated in 1865 by Finnish mining engineer Fredrik Idestam. He initiated a simple paper mill operation in Tampere, a city located in southwestern Finland. It’s easy to support, as Idestam extended this operation close to the town of Nokia, which is situated close to the Nokianvirta River. Thus the “Nokia” name was later born in 1871, inspired by this location.
From Industrial Empire to Phone Maker
Later, in 1982, Nokia presented the first car phone — the remarkably bulky Mobira Senator, which was effectively like a progressive semi-portable radio station if you consider it weighed approximately 10 kg (22 pounds).
The company exposed its first “portable” phone two years later, the Mobira Talkman 320F. This phone weighed a handier 4.7 kg and had a huge monochrome display, a contact folder capable of storing 184 contacts, and a battery that can hold up to 10 hours (standby) and 60 minutes of talk time.
Then, in 1991, Vuorilehto sold some of the inapplicable business units, but he wasn’t ready to allow the Nokia group to be ripped to pieces. So, quite sooner, pushed for the purchase of UK–related phone manufacturer Technophone for £34 million (approx. $90 million used for inflation in 2022). Technophone was proud & first company to launch a phone that was small enough to fit in your pocket, and that was the leading second-largest seller of handsets in Europe next to Nokia.
How the “Connecting People” tag arrived
Much later, Jorma Ollila took Vuorilehto’s position as CEO of Nokia. At the same time, the company hired Anssi Vanjoki as a new sales and marketing head/lead. Vanjoki observed that, unlike Motorola, Nokia was marketing its phones under numerous brand names like Mobira, Nokia, Technophone, and Radio Shack, so he wanted to simplify them under the “Nokia” brand and familiarize the “Connecting People” marketing slogan.
Later, from 1991 to 1994, the Finnish company went from producing 500,000 phones per year to around five million and from broadcasting an operating loss to posting a healthy profit of FIM 3.6 billion ($1.4 billion, familiar to inflation in 2022).
Next, on February 11, 2011, Elopian Nokia publicized it would forge a broad strategic partnership with Microsoft to generate a new global mobile ecosystem.
After a huge struggle in 2020, they decided to appoint a new CEO. But, then, the company faced a painful reform that could give you thousands of jobs being cut in accordance with the upcoming years.