Just like the artist formerly known as Prince changed his name in an attempt to become relevant again, RIM is doing the same by changing its name to BlackBerry.

At RIM's BlackBerry 10 event today, the company announced to the world that it was shedding the company's founding name in an attempt to pay homage to its transformation and its defined vision of the future it is now known as BlackBerry from today forward.

"Signaling his hopes for a fresh start for the company that pioneered on-your-hip email, Chief Executive Thorsten Heins said RIM was abandoning the name it has used since its inception in 1985. From now on, he told tech analysts and other guests, the company will just be known as BlackBerry.

"We have transformed ourselves inside and out, and we have defined our vision ... which makes today the perfect time for another big announcement I want to share. From this point forward, RIM becomes BlackBerry." Heins said at the New York launch. "It is one brand; it is one promise."

It is one brand and one promise that unfortunately saw its stock prices drop by 7 percent after its media event that saw the announcement of its new name, and launch of BlackBerry 10 operating system, and two new smartphones.

Will the new name, new operating system, and new smartphones be enough to bring the company back to relevance?

Things aren't looking like they are shaping up the way RIM, I mean BlackBerry, had hoped. Its stock price had seen some gains leading up to the event but after its debut to the world, its stock price dropped. That's not a good way to begin a comeback and might be a sign of things to come for the struggling smartphone maker.