0caXo_ProposalDraft.docx - Introduction...

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Introduction It may seem like a distant memory now, but just a few years ago BlackBerry was the premier mobile gadget on the market. The device was so ubiquitous on Wall Street and Capitol Hill that it earned the nickname CrackBerry. As recently as 2009, BlackBerry was named by Fortune magazine as the fastest growing company in the world, with earnings exploding by 84% a year. Times have changed. Since 2009, BlackBerry’s stock price has collapsed by a vertigo-inducing 90% to under $7 at its low point last summer. Today, BlackBerry has fallen to the back of the smartphone pack — with a minuscule 3% of the market — as Apple’s iPhone and Google’s Android operating system have come to dominate the market. BlackBerry’s decline has become a case study about what happens when a tech giant fails to innovate in a consumer-technology market evolving at breakneck speed. In a sign of the times, Apple said on Monday it sold a record 9 million units of its latest iPhone devices during the first weekend they were on sale.

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