Big Corporations That Failed To Innovate
Introduction
Companies that have gone through successful innovation believe that innovation is necessary for their everlasting success. However, there are so many companies and large corporations that fall within their constant cycle and refuse to evolve with the market, which brings devastating results.
Some of the most significant companies have failed to innovate and ended up in failed businesses. Valuer has compiled a list of 5 companies that did not have what it takes to sustain themselves.
Examples of corporations that failed to innovate
The leaders of Kodak didn’t believe that digital photography was disruptive technology even though Steve Sasson, the Kodak engineer, invented the first digital camera in 1975. They were so focused on film success that their ability to spearhead the digital revolution slipped through their fingers.
Nokia
Even though Nokia, a company founded in Finland, was the first to create a cellular network in the world, it didn’t grasp the concept of software and focused way too much on hardware. Nokia feared drastic changes in user experience and did not adapt themselves in the changing market.
Xerox
Xerox was the first to invent the PC, but they did not act upon it because they thought going digital would be too expensive and didn’t bother to exploit the opportunities they had. David Kearns, the CEO, believed that Xerox’s future was in copy machines and didn’t want to replace that with digital communication products.
Blockbuster
Although they survived the change from VHS to DVD, they did not innovate into a market that allowed for delivery. Blockbuster thought that their physical stores were enough for their customers and even refused a partnership with Netflix to advertise with each other. Blockbuster would’ve been run online on Netflix, and in turn, Blockbuster would’ve advertised Netflix in stores.
Yahoo
Yahoo failed to follow consumer trends and improve their user experience. They were dead set on becoming a media giant instead of focusing on the importance of search. They missed many opportunities that could have saved them, such as the deal to buy Google in 2002 or buy Facebook in 2006.
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