Vauhini Vara for The New Yorker:

“In terms of a sort of a sea change for BlackBerry,” the company’s co-C.E.O Jim Balsillie said at the time, referring to the iPhone’s impact on the industry, “I would think that’s overstating it.”

To me, the reason that BlackBerry fell is the attitude of it’s co-CEOs at the time. That was the company’s downfall and it went on so long, they may never be able to recover.