Why Nokia lost wothout doing anything wrong?

At its peak, Nokia commanded over 70% Market Share & its Market Cap. topped $ 250 billion. It was ranked among the leading company of the world & purportedly could do no wrong.

This was the narrative before iPhone was launched in 2007. And then in a cruel twist of faith, Nokia went into a nosedive, which culminated in Microsoft acquiring it for a fire sale price of $7.2 billion. This sordid drama was enacted in merely 6 years!

The pain, agony & helpless of Nokia’s fall was best captured by Nokia’s CEO, at the press conference, called to announce the acquisition by Microsoft. Teary eyed & overcome by emotion, he uttered these immortal words, ‘… we didn’t do anything wrong, but somehow, we lost’.

Many among the Nokia fraternity, attending the press conference & around the world, empathised with the sentiment of their CEO & like him had moist eyes!

What caused this sudden & precipitous fall of Nokia, that too at the speed of light?

In one word - competition!

New age competition is hydra-headed, indirect, invisible & lethal. Result – when they strike, the victim is left gasping for breadth! As Nokia, Motorola, Blackberry & others realised. Alas, it was too late!

Can’t competition be wished away? Not in a global world. But it can, to paraphrase Gianni Versace, push us to become better.

Do you want to gain an insight into the mind & working of new age competitors & more importantly how to tame them so that your business does not suffer the same fate as Nokia?

Then I would invite you to read my article published on Founding Fuel platform, titled, ‘The changing face of competition that can knock you down’. This article will give you an insight into the mind of new age competitor & most importantly provide you with techniques on how to check if not check mate them! This article also has a video (view time: 7.03 minutes) embedded in it, which will reinforce the key learnings!