One of the best parts about continued education is that you get to learn from other people’s mistakes, rather than just their successes. Reading about someone else’s missteps and miscalculations can offer a lot of insight into fostering innovation in your business.
Whenever we hear about a company that has failed, we like to consider the lessons we can learn from them. Kodak is a great example of a business that practically owned an entire industry — then lost everything. It’s because they refused to adapt to the times and embrace innovation.
Let’s learn from Kodak’s biggest mistake.
From Kodak Moment To Kodak Bankruptcy
Kodak was on top of the world. The company had coined the term “Kodak moment” to describe a snapshot of American life. At peak performance, its market share consisted of 90 percent of film sales and 85 percent of camera sales. But it had a problem. Kodak refused to adapt to the rise of digital photography. In this blog post, we’ll find out what went wrong and what we, as business owners, can do to avoid the same fate.
Why Well-Treated Employees Are More Innovative
One of Kodak’s biggest downfalls was failing to change with the times and stay on top of innovations in the film and camera industries. If innovation is the goal, this article from Inc. explains how treating employees well encourages innovation, which can help your company rise to the top of the heap — especially when it comes to long-term incentives.
‘Intrapreneurs’ Can’t Change Their Industry Inside Drab Office Walls
One way to promote innovation is with “intrapreneurs,” or people with an entrepreneurial mindset operating in a larger company. They are still employees, but they have the autonomy and creativity to upend an entire industry with their innovative new solutions. If you’re prepared to hand off the reins of a new project or initiative to an intrapreneur, here are a few ways you can get the most mileage out of the arrangement.