It's a shame. I love their products. I still use my Kodak water proof video camera. Unfortunately, it seems that they didn't advertise and keep up with their competition. Maybe another company will take over and continue with their quality products.
I had an entrepreneurship professor back in college who worked for Kodak right before their downturn. He had gone to the executive team pitching the idea of this awesome new "digital imaging" movement. The executive response was something along the lines of "this is great stuff, but we're a film company."
I guess they thought film would not run out of style, and it didn't for a bit, not until digital photography caught up in quality.
The bottom of the line is that disruptive innovation is something we can't avoid, it just happens organically. What we, as business owners, should be attuned to is the technological flow of the industry in which we work. Go online, read blogs, stay informed, and most importantly, create a company culture that is able and willing to adapt. Unwillingness to accept new ideas is perhaps the number one reason that disruptive innovation has the ability to dismantle even the largest of companies.
That is so true Iron Summit! Someone somewhere is always trying to make "it" better and eventually, "it" will change and if you'r business isn't able or willing to adapt and change then your business will cease to exist. The winds of change are always blowing, we just never know what way they are gonna go first. We should always know that they are going to reach us sooner or later & we'd be wise to bend & flow with them.
One of the most visible victims of disruption is the once-iconic Kodak company.
Kodak's 2012 bankruptcy was analyzed all over the place.
While the company's bureaucratic culture was a factor, another was the brand itself.
Some customers associated Kodak so strongly with film and old-fashioned cameras
that they couldn't get their minds around Kodak as digital.
How often does this happen??
We tend to outgrow our brands less dramatically, but it happens.
We also often choose brands that are too narrow to begin with.