Manufacturing Legends Revive—Now with New Products

Greetings! Remember when manufacturing giants like Nokia, Kodak, Xerox, and Toshiba were the top brands? While they may have faded from the spotlight, they're far from gone.

These iconic companies made some strategic missteps that led to a steep decline. But now, they're staging an inspiring comeback with new products and innovative business strategies.

Discover how these industry legends reclaim their place in the modern world!

This legendary manufacturer was once widely recognized as a pioneer in electronics. Nokia phones were the company's most successful consumer product, which made it widely recognizable as a tech giant. Yet today, these iconic devices have vanished from the market, marking the end of an unforgettable chapter in tech history.

??Reasons for the decline: A series of missteps caused this once-dominant corporation to lose its market leadership. First, the company failed to recognize the game-changing potential of smartphones, sticking to traditional phones with physical keyboards. To make matters worse, their attempt to build custom smartphone operating systems fell flat, further distancing them from the industry's rapid evolution.

??The path to recovery: Nokia Networks is the corporation's largest division, which is focused on making data networking and telecommunications equipment. Moreover, it has launched an autonomous drone fleet in Switzerland. The network of drones helps monitor the industrial and public safety landscape by offering full autonomous service, including dock charging.?

??Lessons learned: Staying agile with your business strategy is crucial in today’s fast-paced market, where changes happen in the blink of an eye.

Kodak used to be known as the worldwide giant that produced films for cameras. However, the company seemed to be gone overnight once digital cameras appeared, and it eventually went bankrupt.

??Reasons for the decline: One of the company's employees created the world's first handheld digital camera, while another foresaw the rise of digital photography in a report detailing its growth over the coming decades. Yet, despite these groundbreaking innovations, the stakeholders rejected the project because of the required heavy investment and chose to continue focusing on traditional film production.

??The path to recovery: After a series of failed attempts to break into the digital camera market, the company shifted its focus to industrial printing and chemical production. Today, it’s at the forefront of creating advanced printing materials and specialty chemicals. However, it hasn’t completely abandoned its roots—still supplying film to filmmakers who prefer the old-fashioned approach to shooting.

??Lessons learned: Resistance to innovation adoption leads to missed growth opportunities that can hardly be reached in the future.

Xerox once ruled the market as the undisputed leader in the copying and printing equipment industry. However, their intense focus on their core product caused them to miss the shifting landscape, ultimately losing their market dominance.

??Reasons for the decline: The company had a research center, and the following technologies were developed:

• Graphical user interface (GUI)
• Computer mouse
• Ethernet networking
• Laser printing

Xerox had pioneered groundbreaking technologies in their early stages but failed to fully capitalize on their potential. Unable to compete with Japanese companies in the copying equipment market, Xerox saw its innovations acquired by rivals, including tech giants like Apple and Microsoft.

??The path to recovery: Seeking revival, the company pivoted to developing digital solutions for document management and expanded into additive manufacturing. They introduced 3D printing technology that uses metals—though another company has already acquired the technology.

??Lessons learned: Never rely solely on one successful product. It can cause you to miss out on valuable opportunities and the profits that come from developing promising new technologies.

The Japanese manufacturing giant once dominated multiple industries, from home appliances and electronics to even nuclear plant construction. However, mismanagement and competition led to its downfall, ultimately causing the once-mighty company to be split and absorbed by rivals.

??Reasons for the decline: Having many successful products, an accounting scandal with overstated profits led to a major loss of investments and trust. Also, the company mismanaged its finances while building a nuclear plant, which led to several billions lost. Eventually, the company's divisions were sold to its competitors.

??The path to recovery: Toshiba’s comeback strategy is built on harnessing its deep expertise in the energy sector, focusing on renewable energy, battery storage, and power distribution systems. Additionally, the company has pioneered innovative film-based solar cells, achieving the highest conversion rate in the industry.

??Lessons learned: Maintaining transparency in processes and closely monitoring expenses is key to building strong, lasting relationships with partners.

Subscribe the newsletter

Get access to exclusive content and updates—sign up for our newsletter today!

Have questions? Don’t hesitate to connect with me—I’m here to help!