The Irony of Innovation: When Pioneers Fall Behind
It’s a fascinating phenomenon when industry leaders invent groundbreaking technologies but ultimately fail to capitalize on them.
A classic example is Kodak, which invented the first digital camera in 1975. Despite this groundbreaking innovation, Kodak chose to focus on its traditional film business. It wasn’t until the early 2000s that digital cameras began to outsell film cameras, signaling the end of an era for Kodak. Companies like Sony, Canon, and Nikon led the digital camera revolution, investing heavily in R&D and shifting their strategies early to embrace digital photography. Their willingness to adapt allowed them to dominate the market that Kodak helped invent but failed to lead.