Kodak, once the largest film manufacturer in the world, was unable to follow the digital revolution for fear of losing customers to competitors’ stronger product lines. The corporation was in charge of designing, manufacturing, and marketing photographic equipment. Numerous chances to guide the business on the correct path were offered to the leaders working for the company. However, they failed because they were too reluctant to fully embrace the digital wave and corporate innovation.
Kodak spent billions of dollars creating technology for snapping photos with smartphones and other digital cameras, favouring the general public. However, for fear of losing its crucial film business, it postponed the whole process. At that point, competitors, including the Japanese company Canon, seized this opportunity and since then have outlasted the giant.
Another example is given by the acquisition of Ofoto in 2001, a photo-sharing website. Kodak utilised Ofoto to promote the printing of digital pictures, rather than creating what could have become an Instagram precursor.
After declaring bankruptcy in 2012, Kodak reemerged in 2013 as a much smaller, consolidated corporation concentrated on serving commercial clients.