BlackBerry is slowly becoming the latest tech giant to fall due to its inability to stay relevant in the smartphone world, which is arguably controlled by the Apple iPhone and the army of devices running Google's Android operating system. Things have gone so bad for the once dominant Canadian company that, on more than one occasion, the board of directors proposed to sell the company.

With the company still seeking a way out of its blunder, BlackBerry founders Mike Lazaridis and Douglas Fregin are considering taking over the troubled smartphone company as it searches for a knight in shining armor.

Lazaridis on Thursday, said in a filing with the Securities and Exchange Commission that he and Fregin are considering the possibility of acquiring the 92 percent of shares they don't own. We understand the idea is to do this themselves or with the help of interested parties. Both Lazaridis and Fregin have hired Goldman Sachs and Centerview Partners to help them discover options.

According to the document filed by the US Securities and Exchange Commission, both men have only 8 percent in BlackBerry shares.

BlackBerry announced back in August that after a terrible year, the company is now looking for a suitor. In September of this year, BlackBerry announced a massive $900 million loss for the third quarter, which is due to unsold BlackBerry 10 devices such as the BlackBerry Z10.

The company that helped create the world of smartphones has lost its luster and is now a shadow of its former self that is slowly going down in a deep hole. It's truly saddening to see such a great company fall by the wayside; however; this is the outcome when a company fails adopt new trends.

It took BlackBerry too long to respond to the iPhone growing dominance, and when it did, it was too late. We're not sure if BlackBerry will continue in the hardware business unless it is obtained by a company with deep pockets. Microsoft is out of the question as it recently acquired Nokia's hardware business. Google has Motorola, so right now the best option for the fallen giant might be in the form of Samsung.

Furthermore, if BlackBerry is to survive without significant financial backing, we believe the company will focus on its enterprise products and say goodbye to hardware for good.