Eastman Kodak, founded in 1888, grew to be one of the most lucrative and successful companies in 1996. According to an article on devicemagic.com Kodak ranked 4th that year behind Disney, Coca Cola, and McDonald’s.
Where are they today? Sadly, they filed for bankruptcy in 2012.
Kodak didn’t foresee that the digital age would take over, making analog film obsolete.
This, despite the fact that in 1975 an engineer at Kodak actually invented the digital camera. It was so ahead of its time that the corporate execs shelved the project.
In 1995 they brought their first digital camera to market, well ahead of their competition. Unfortunately, they didn’t do anything with their head start. Over time, Kodak’s competitors such as Sony, Cannon, etc. kept adding features and improving upon their models. Kodak never led the market again; instead they started on a slow painful decline.
The moral of the story is:
Stay alert and be aware of market trends. Even market leaders are susceptible to losing everything if they don’t pay attention. Kodak could have dominated the digital market if they hadn’t turned a blind eye to it.
Don’t turn a blind eye to things in your industry that might make you feel overwhelmed or uncomfortable. Face them head on, and explore their advantages and disadvantages. Let knowledge be your guide and overwhelm will disappear.
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