In the 80’s Kodak thought it was invincible. It was a worldwide brand and it owned its space.
Kodak used to be the great inventor.
In 1900, it unveiled the Box Brownie camera. "You push the button, we do the rest," ran the advertising campaign.
Kodachrome film, the standard for movie-makers as well as generations of still photographers because of its incredible definition and archival longevity, was introduced in 1936 and only went out of production 2009.
And we must remember the innovative Instamatic, the camera with the little cartridges of film that spared people the fumbling of trying to get film to spool properly. Between 1963 and 1970 the company sold 50 million of those.
In the 1990’s Kodak invested heavily in developing digital picture-taking technology, but it held back from developing digital cameras for fear of killing its all-important film business.
For Kodak's leaders, going digital meant killing film, smashing the company's golden egg to make way for the new.
And it couldn’t make itself take this step.
In 2012 Kodak filed for bankruptcy.
If you are afraid to innovate your current business model into redundancy, then you are at risk because someone else will.
In life, if you can’t win, change the rules.
There are two lessons that are relevant to life that have really struck me:
Siri wasn’t created by Apple.
How often are you getting out of the weeds to look at your business? Weekly? Monthly? Quarterly? Yearly?
I was spending time with a friend recently who has built a huge multi-national business. We were talking about life and business, and then we got on to health and he said something very interesting…
This week I attended Peter Diamandis’ technology event, Abundance 360.
As 2017 draws to a close, 2018 offers up unlimited opportunity for each of us.
When it comes to your business, what’s more important, revenue or profit?
I run a course called Board of Directors. Business owners join me for two days every three months and we go deep on their businesses, and their own personal psychology.