But this maniacal cultural focus on customers led the company to ignore Apple’s iPhone. Why? Because RIM was confident in its incumbency. When the iPhone first appeared it had a lousy battery, a ridiculous keyboard, was integrated into zero IT systems, and had laughable controls for IT to manage security. Who’d want that? That dismissal—that failure of imagination, of cultural flexibility—has shrunk the market cap of BlackBerry Ltd., as the company is now called, from $83 billion to $5 billion.
