Four lessons from Kodak’s demise

Read here:

Another one bites the dust.

Companies fail all the time, but the last few years have seen an unusual parade of marquee names that once transformed or dominated their industries headed for bankruptcy court: General Motors, Chrysler, Blockbuster, Borders, Circuit City, and of course Lehman Brothers.

Now Eastman Kodak has declared bankruptcy, yet another victim of a technology revolution that moved too fast for a big, lumbering firm to keep up with. Kodak, of course, dominated consumer photography for more than a century, first with its inexpensive cameras and then with its ubiquitous film and photographic paper. For years, Kodak was one of the most recognizable brands in the world.

As with many fading giants, Kodak’s demise took place over decades and was imperceptible at first. Kodak invented the digital camera in the 1970s, yet sat on the technology, fearful that filmless cameras would cannibalize its core business. Competitors such as Fuji, meanwhile, nibbled away at its market share, often undercutting it on price. By the early 2000s, digital cameras finally became affordable and commonplace, and film was out.