t’s been proven time and again that when organizations are unable or unwilling to adapt to disruption, technological advancements, and evolving customer demands, they simply cannot survive in the long term.
Successful companies are a result of many things coming together, including smart risks, sustainable growth, financial gain, and corporate innovation. Unfortunately, there is a large mix of reasons why a company can fail, too, much of which comes down to neglected consumer trends and technology and not investing in the right sectors of the business.
9 Companies That Failed to Innovate
Whether it was due to too many stores existing, software solutions crumbling under an existing business model, a failure to adapt to the online advertising market, or a brand that simply failed to innovate, there are plenty of examples out there. Here are the ones we’ll look at in a little more detail in this article.
Nokia
Kodak
Blockbuster
Myspace
Toys R Us
Yahoo
Xerox
Pan American World Airways
Segway
Below, we take a closer look at these nine failed companies that learned this lesson the hard way.
1. Nokia
Nokia, the phone and cellular network company, was once known for being remarkably adaptive and forward-thinking, and so its eventual demise was a surprising one. The company consistently invested in research and development and invented its first smartphone in 1996.
But in the years that followed, this technology company failed to acknowledge the significance of software, including apps, and underestimated the rapid transition from standard mobile phones to smartphones.
Why the company failed
In 2007, for example, Nokia was earning more than 50% of all profits in the mobile industry but most of those profits were not coming from smartphones. In contrast, the company’s biggest competitor Apple was paying equal attention to hardware and software development and was way ahead of the curve when it came to smartphone innovations.
Pour lire l'article complet : 9 Companies That Failed to Adapt to Disruption and Paid the Ultimate Price (thomasnet.com)
