Special to SEGAZINE
In 2007, when the iPhone launched, some of us believed that it was going to change the phone business forever. Nokia and RIM Blackberry obviously dismissed it as a joke. They focused too much on the “phone” and not on the “i,” which was a metaphor for easy internet access in our pockets. Nokia’s market cap on the day of the iPhone launch was $114.5 billion and markets valued Blackberry at $40.09 billion. This year Nokia’s devices business was sold to Microsoft for $7.2 billion. Blackberry is going private for mere $4.7 billion. That is $134 billion in market cap that went poof.