Profiles In Leadership - Taking The Right Steps

A Case Study: Kodak’s Missed Opportunity & Failed

Once a renowned figure in photography history, Kodak is an example of the perils associated with sticking to plans when confronted with industry shifts. Though they were at the forefront of photography advancements in the 1970s, Kodak should have embraced new, groundbreaking technology. By the 1990s, when digital innovations began transforming photography, Kodak invested more in its film sector, focusing on short-term gains and minor enhancements to shield its diminishing market presence. Kodak’s hesitance to embrace digital photography was fueled by a reluctance to change and a fear of losing its traditional business stronghold to newer technologies and digital camera rivals such as Canon and Sony, who quickly adapted to the digital era. At the same time, Kodak lagged in making the transition, which led to its downfall when it finally decided to shift focus towards digital products too late and found itself unable to catch up with the changing market trends, ultimately resulting in its filing for bankruptcy in 2012. The tale of Kodak highlights the risks associated with favoring solutions and safeguarding systems instead of tackling the underlying issues that drive change forward. The corporation’s failure to welcome change in advance and commit to lasting innovation ultimately resulted in its demise—a poignant lesson on the value of flexibility, foresight, and the bravery needed to guide others through times of change.

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