2 minutes ago
This picture tells the results of the DEADLY combination of Arrogance & Ignorance. Please allow me to explain:
Kodak is a U.S company founded in 1888 (lucky number -- huh!). By 1976, Kodak commanded 90% of film sales and 85% of camera sales in the U.S.
Japanese competitor Fujifilm entered the U.S. market with lower-priced film and supplies, and applied to become the official film of the 1984 Los Angeles Olympics. But Kodak did not take it seriously, they did not believe that American consumers would ever desert its brand and passed on the opportunity to become the official film of the 1984 Los Angeles Olympics. .. .. Arrogance isn't it ?
Fuji won Olympic sponsorship rights, which gave it a permanent foothold in the marketplace. And by 1997, Kodak's net earnings (not net revenue) went down from $1.29 billion to just $5 million..... can you imagine the loss?
Now let me share their Ignorance. Many people do not know that Kodak is the one who owned the Digital Camera*patent. Its their employee Steven Sasson 1st invented digital camera in 1975. But Kodak refused to market it as they did not want to lose their huge market of the film at that time. What a mistake! Kodak failed to predict the need of the future.
By the time Kodak decided to shift to digital camera in 1990, it is already too late then. By 2013 Kodak was declared Bankrupt and had to sell most of their patents to other companies to overcome this situation. Guess who were those companies bought their patents. They are Apple, Google, Microsoft, Facebook, Samsung, HTC. Arent these companies are in the top now.
It reminds me Jim Rohn. He said "Ignorance is not a bliss. Ignorance will hurt you". In life both arrogance (ego) and ignorance are the 2 big obstacles we must overcome to achieve success. Remember what Steve Job said "Stay hungry, Stay Foolish", which means be eager to learn and be humble so that people are willing to teach.
Have a great weekend
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