KODAK’S FAILURE

1.What specific steps could Kodak have taken to foster a culture of innovation ?

As of specific steps :
● Invest in Research and Development (R&D)
● Encourage Risk-Taking
● Embrace Digital Transformation
● Collaborate with External Innovators
But to foster a culture of innovation, Kodak could have taken a different path, they should have
promoted an environment more prone to taking risks and less afraid of failure.they could have been
less risk-averse, and have faith in the future of technology, they could have embraced digital
transformation, we aren’t talking about investing half of their turn-over in it, but they could have
invested more in research and development and trusted the process of little failures that might lead to
big successes. Or they could have invested more in external research like universities laboratories of
research, that might have led to innovations that haven’t seen the light nowadays, who knows.

2.How could Kodak have better managed the transition from film to
digital photography ?

To manage the transition effectively, Kodak could have:

★ Anticipated Market Shifts
★ Diversified Business Models
★ Focused on Customer Needs
To manage the transition from film to digital photography, they could have invested more in
monitoring the new technologies and how the market could have shifted ( by identifying the emerging
trends before the demand declined). They could have diversified their business model to be more open
to other services, they might have been more prepared for the shift in the market.

3. What are the key lessons that other companies can learn from Kodak’s failure
?

We can always learn from failure and the lessons Kodak taught to other companies, in our opinion
would be :
1- don’t fear failure, anticipate it, it is always a way to learn, a hard one, but an effective one.
2- Be more focused on customer needs in order to make services tailored to meet their demand, you
will always need to know what they want to avoid unpleasant surprises.
3- Innovate continuously, don’t be afraid to be the first to do something, I’d rather innovate and fail
but have a basis to restart than be obsolete and forgotten. Embracing digital disruption and being
willing to change from a to z your business model before other companies do. Be the changement
before others.
4- Adapt or perish, some companies are in very innovative industries, if they don’t adapt soon and
quickly, it could lead to the end of the company.

https://www.forbes.com/sites/chunkamui/2012/01/18/how-kodak-failed/?sh=5760afac6f27