Evolution is a continuous process. Likewise, with the emerging wave of technology, the existing companies have to keep their products and services at par with the latest technological advances in order to sustain in the market. The companies which did not realize the importance of innovation witnessed fall from the heights of success to the rock bottom.
Below are some of the famous examples of the companies that did not incorporate innovation to their agenda and hence, saw devastating results.
Nokia is a company founded in Finland and it laid the foundation of the cellular network in the entire world. During the late 1990s and early 2000s, Nokia was the global leader in mobile phones.
But with the birth of internet, many other cell phone companies realized that in the upcoming years, data rather than voice, will be the anchor to the ship of communication. Nokia, however, failed to grasp this concept. They focused on hardware instead of software.
Due to this mere ignorance and lack of innovation, the once previously huge brand is not very popular these days among the majority of the world population.
International Business Machines or IMB is an American MNC that entered the market in 1960s with the IBM System/360– a family of computers designed to cover the complete range of applications. In the 1990s, IBM failed to acknowledge the Personal Computer revolution. Their downfall began because they focused on the hardware rather than the software.
But at present, after going through several rough patches, IBM is one of the most powerful brands in the enterprise software.
Blockbuster, a video rental company, was at its maximum height of success in 2004. This company beautifully survived the transition from VHS to DVD. But then, Netflix came into the picture with its innovative idea of delivering the DVDs to customers’ homes. Meanwhile, Blockbuster figured out that their physical stores would be able to keep their customers happy. But looks like it didn’t turn out well because in 2010, Blockbuster was filed for bankruptcy while Netflix , a streaming service is now a $28 billion dollar company.
During 2005, Yahoo was the king of the online advertisement market. The company had a very huge amount of viewers. Despite having viewers, Yahoo did not generate much profit which could help them in scaling up. The company focused on being a media giant instead of realizing the importance of ‘search’.
Yahoo also missed out on a lot of opportunities that could have saved their drowning boat. In 2002 they almost had a deal to buy Google, but the CEO of Yahoo refused to go through with the deal. And in 2006 Yahoo had a deal to buy Facebook, but when Yahoo lowered their offer, Mark Zuckerberg backed out. And we see now, where they are.
Kodak was a company which dominated the photographic film during most of the 20th century. They had the chance to be the leading name in the digital photography today but they lost their chance because they were in denial for too long.
Steve Sasson, the Kodak engineer, actually invented the first digital camera back in 1975. But they never launched and sold it because of the fear of its effect on the film market. And this was the mistake that leads to their downfall. Kodak was filed for bankruptcy in 2012.
The above examples show that if companies today, refuse to walk hand-in-hand with the current and emerging technologies and market trends, they too will face their downfall someday. Realizing the correct time for change and innovation is what will help today’s giants to sustain tomorrow.
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