Success can quickly fade when you aren’t innovative. Kodak and Nokia, once leaders in their industries, serve as two important lessons showing the dangers of resisting change. They couldn’t weather the decline, and here’s what they taught us:

Did you know that Kodak invented the first digital camera in 1975? However, instead of embracing this innovation, they shelved it to protect their film business. While they clung to film, their competitors embraced digital photography, and Kodak stuck to its traditional model. By the time they joined the digital race, it was too late. Resistance to change cost Kodak its market leadership and, eventually, its company.

In the early 2000s, Nokia was the king of mobile phones. With durable devices, unparalleled popularity, and global dominance, it seemed unstoppable. But when touchscreens and app-based operating systems emerged, Nokia hesitated. They ignored the demands of consumers for modern interfaces, stuck with their old software (Symbian), and underestimated the competition. Apple and Samsung seized the opportunity, and Nokia’s reign suddenly ended.

Lessons to Be Learned:

Be innovative, even if it threatens your current success. Staying comfortable is dangerous!

Stay on top of trends. What works today might not work tomorrow...

Be open to changing your business model to meet new demands.

Market share is not a guaranteed safety net. Product and consumer determine the share.

Kodak and Nokia teach us that, no matter how big you are, complacency can lead to failure. The world is moving quickly, and that speed is only increasing.

Losing by making the same mistakes is even more disappointing! At least by being aware of these lessons, you can make an effort to change.

Dr. Bilinç Dolmacı