As investors debate over the iPhone from Apple (NASDAQ: AAPL) vs. the BlackBerry from Research in Motion (NASDAQ: RIMM), growth stock guru Toby Smith sees room for both in his ChangeWave Investing portfolio. Here's his latest.

"Apple recently took a big step out of its consumer-oriented world and into the corporate realm, one dominated by Research In Motion.

"Apple is teaming up with Microsoft to make the iPhone more 'businessy' for corporate users. Obviously, when the iPhone was launched, it was a huge success with consumers. Now, Apple is opening up the platform and making it more appealing to businesses.

"With its much-awaited iPhone software developers kit, Apple is banking on third-party software to differentiate the iPhone from the BlackBerry. The biggest challenge for Apple will be overcoming concerns about security, e-mail synching and the iPhone's high price.

"Undoubtedly, this shift into the corporate realm will take time, and it will likely be the small- and medium-sized companies that are the first to adopt the iPhone for business.