We didn’t do anything wrong, but somehow, we lost [Nokia CEO]

In the late 20th century, one name was synonymous with photography: Kodak. Founded in 1888, Kodak revolutionized the way people captured memories, becoming a household name across the globe. By 1997, Kodak had 160,000 employees, and over 85% of the world's photography was done using Kodak cameras or film. Their iconic yellow and red branding represented a kind of permanence—almost like the act of photography itself, freezing time.

Yet, within a few short years, Kodak fell. As smartphones with built-in cameras became the norm, the once mighty Kodak could not keep up. Despite pioneering the very first digital camera in 1975, Kodak clung to its legacy film business. By the time the digital revolution fully took hold, Kodak was too late. The company filed for bankruptcy in 2012, and thousands of employees were left without jobs. Kodak's fall is a cautionary tale, a powerful reminder that innovation and adaptation are the keys to survival in a rapidly changing world.

Kodak wasn't alone. Many other iconic companies once dominated their industries, but they too failed to evolve. HMT, famous for its watches, Bajaj for its scooters, Dyanora for televisions, Murphy for radios, Nokia for mobile phones, Rajdoot for motorcycles, and even the beloved Ambassador car—none of these brands had inferior products. In fact, many were renowned for their quality. But quality alone wasn't enough to save them. Their downfall was the inability to change with the times.

The Winds of Change: A New Era Dawns

We now stand on the cusp of a new era—an era that promises to be even more disruptive than those that came before. The Fourth Industrial Revolution is already underway, reshaping industries at an unprecedented pace. Automation, artificial intelligence (AI), the Internet of Things (IoT), and other technologies are not just transforming the way we work—they are transforming the very fabric of society.

Take Uber, for example. This company, launched in 2009, doesn't own a single taxi, yet it’s the world’s largest ride-hailing service. Uber is purely software, and its impact has been global. Similarly, Airbnb, founded in 2008, is the world’s largest accommodation provider, yet it owns no hotels. Companies like Paytm, Oyo Rooms, and Ola Cabs have also disrupted traditional industries without owning the underlying assets. They simply harness the power of the digital world.

These shifts highlight a crucial lesson: ownership is no longer necessary for market dominance. The ability to create seamless user experiences, connect people, and make services more accessible is what drives success today.

Automation: The New Workforce

In the United States, for instance, newly minted lawyers are finding it harder to find work because of IBM’s Watson, an AI that can analyze legal cases faster and more accurately than any human. Watson has begun to replace entry-level attorneys, predicting a future where legal software could handle most of the workload, eliminating nearly 90% of legal jobs in the next decade.

Medicine, too, is not immune to the rise of AI. Watson can detect cancer with greater accuracy than human doctors, diagnosing diseases that might go unnoticed in traditional screenings. By 2030, computers could surpass human intelligence, leading to the automation of more than 70% of jobs that exist today. This revolution will not only redefine industries, but will challenge us to find new roles in an increasingly automated world.

The Future of Transportation

One of the most visible changes will be in transportation. The cars of today, powered by gasoline, are already beginning to fade away. In the next two decades, 90% of the vehicles on the road will disappear, replaced by electric or hybrid cars. The oil-producing nations that have depended on fossil fuel consumption will face economic collapse as demand for gasoline plummets. The future will belong to autonomous vehicles.

Imagine summoning a driverless Uber from your phone. The car arrives at your doorstep, no driver needed. You step in and travel to your destination safely, as autonomous technology will reduce accidents by 99%. With fewer accidents, car insurance companies will become obsolete, traffic police will be unnecessary, and parking spaces—once coveted—will dwindle as fewer cars crowd the streets.

The concept of car ownership itself may disappear. Instead, people may share rides in autonomous vehicles, drastically reducing the cost of transportation. The implications are profound—our cities will change, traffic congestion will diminish, and urban landscapes will evolve. It’s not a question of if, but when.

The Changing Face of Retail

Think back just ten years ago—payphones were everywhere. As mobile phones became widespread, payphone booths began to vanish. Some pivoted to mobile recharge shops, but even those are now becoming obsolete, thanks to the rise of online payments and e-commerce. Sites like Amazon and Flipkart make it possible to buy and recharge phones with just a click.

Even money is changing. Physical cash is being replaced by plastic—credit and debit cards—but even they are giving way to mobile wallets. Paytm and other digital payment platforms are leading this change, allowing users to transfer money with just a few taps on their smartphones. The idea of currency itself is being redefined, and those who fail to adapt risk being left behind.

The Lessons of History: Evolve or Perish

What do Kodak, HMT, and the others have in common? They failed to adapt. History shows us that those who do not change with the times are left behind. As we look ahead to the next decade, we must ask ourselves: how can we stay relevant? What can we do to evolve in the face of such rapid transformation?

For businesses, this means embracing new technologies and being open to change. It means questioning traditional ways of doing things and reimagining how we create value for customers. It also means understanding that innovation doesn't always come in the form of physical products, but in the experiences we offer and the problems we solve.

The next 10 years will be crucial. Jobs we take for granted today may disappear tomorrow. Companies that seem untouchable today could crumble, while new, innovative startups will rise to take their place. We are already seeing signs of this transformation—be it in transportation, retail, law, medicine, or beyond.

Looking Ahead: The Future is Now

The Fourth Industrial Revolution is not just about new technologies. It’s about a fundamental shift in the way we live and work. We are entering a time when adaptability will be the key to survival. Just as we moved from payphones to mobile phones, from Kodak cameras to smartphones, we must continue to evolve, learning from the past and anticipating the future.

One thing is certain: those who can change with the times will thrive. And those who don’t? Like Kodak, they may be relegated to the pages of history.

So, keep moving forward. Keep creating. Keep changing with the times. The world will not wait.