Eric Carlson
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20/01/2023
Picture this: you're Kodak in 1996.
The leader in photography.
Even your name is synonymous with film.
You just did $16B, but little did you know, that's the most you'll ever earn in a year.
You have a thriving business that has been nearly unstoppable.
But there is an emerging trend of digital photography.
Despite being the inventor of the first digital camera in 1975, your management doesn't invest in this direction.
Instead, they believe that film will always be necessary, and they don't want to do anything to disrupt their core business.
At this same time, Cannon, Nikon & Sony are investing heavily in digital photography.
Fast forward to 2012, you are now doing 2.7B a year and filing for bankruptcy.
See, this is what happens when you ignore emerging trends.
When you don't continue to evolve your products.
Now, do me a favor: replace Kodak with Google.
And replace digital photography with AI.
While Google will be hard to fully disrupt, because they also own YouTube.
Search could be ripe for disruption.
The lesson here is: don't be afraid to continue to evolve, especially when the market wants it. Even if it hurts your core business.