Wednesday, July 10, 2013

Are You A Brand That Overlooks Million Dollar Opportunities?

Is your company a breeding ground for the innovators, the risk takers, the thinkers or is it full of those who are 'waiting for approval' on the next big thing?

Here is a classic:

No one was really surprised when Eastman Kodak filed for bankruptcy protection. After all, with the advent of the digital world, it was something just waiting to happen. But then, not many know that the wheels of fate that led the photography company into Chapter 11 began spinning in 1975.

The digital camera, the device that led to the company’s undoing, was invented at Kodak in 1975!

Kodak engineer had revolutionary idea: the first digital camera
The company was first to make a working prototype but, some say, late entering the market

Steven Sasson knew in December 1975 that his 8-pound, toaster-size contraption, which captured a black-and-white image on a digital cassette tape at a resolution of .01 megapixels, "was a little bit revolutionary." When anyone asked, the Eastman Kodak Co. engineer ventured that it would become a commercial reality in 15 to 20 years. It would be a quarter century, though, before Kodak began to capitalize on Sasson's breakthrough: the first digital camera.

These charts show how quickly Kodak’s business fell apart, and how big of an opportunity it missed.

You can read more about this in a 2005 piece that includes an interview with the engineer behind it.