VIDEO: What to Do When Your Team Lacks Innovation? (part 3)
Real-World Examples
1. Blockbuster’s Failure to Innovate
Blockbuster is a classic example of a company that failed to innovate. Despite being a leader in video rental, Blockbuster didn’t adapt quickly enough to the rise of digital streaming. While Netflix was investing in online streaming and a subscription model, Blockbuster stuck to its traditional rental model. The result? Blockbuster’s market share plummeted, and the company eventually filed for bankruptcy in 2010.
2. Kodak’s Missed Opportunity
Kodak, once a giant in the photography industry, faced a similar fate. Although Kodak invented the first digital camera, the company hesitated to shift away from its lucrative film business. This reluctance to innovate and embrace digital technology allowed competitors to capture the market, and Kodak’s dominance dwindled, leading to its bankruptcy filing in 2012.
Strategies to Foster Innovation