Innovation stands at its position of being the pillar to a long lasting business, all business requires a consistent innovative plan and action to improve business growth and span. Here are some companies that were not innovative in their thinking. So, they could not grow and folded up as a result of this.
POLAROID (1937 – 2001)
Polaroid, which was founded in 1937, is best known for its instant cameras and film. Polaroid was able to initially dominate a market with few rivals, but it was unable to foresee the effect that digital cameras would have on its film business. By focusing primarily on their (historically successful) economic ventures, Polaroid fell victim to the “success trap,” ignoring the necessity to expand their reach and strengthen their long-term viability.
After being declared bankrupt in 2001, the original Polaroid Corporation’s name and assets were sold off. The major stakeholder of the Impossible Project, which started out in 2008 by creating fresh instant films for Polaroid cameras, bought the trademark and intellectual property of the Polaroid firm in May 2017. In September 2017, Polaroid Originals replaced the term Impossible Project.
Even in the late 1980s, AM General had plans to produce a civilian version of the Humvee. The civilian Hummers shared the same chassis and the majority of the same mechanical parts, but they were painted in an automotive gloss paint and equipped with features typically found in passenger cars, including air conditioning, soundproofing, better upholstery, stereo systems, wood trim, and convenience packages. When filming Kindergarten Cop in Oregon, Arnold Schwarzenegger witnessed an Army convoy and started to campaign and fight for a civilian version to be made available on the market. This led to the beginning of the civilian variant.
The Hummer brand would be phased out, according to the company’s announcement on June 1, 2009, which also included General Motors declaring bankruptcy. The brand would instead be sold to an unnamed bidder, according to GM’s announcement the next day. The business declared it was open to proposals for all or some of the assets. Several parties, including the American business Raser Technologies, expressed interest in purchasing the firm. However, on April 7, 2010, General Motors announced that it was discontinuing the Hummer SUV brand and was giving generous rebates in an effort to move the remaining 2,200 vehicles.
COMPAQ (1982 – 2002)
In the 1980s and 1990s, Compaq ranked among the top PC manufacturers in the world in terms of sales. Being the first business to legally reverse engineer the IBM Personal Computer, the company created some of the first IBM PC comparable systems. In the end, Compaq found it difficult to compete on pricing with Dell, and in 2002, HP purchased the company for US$25 billion. HP used the Compaq name for entry-level PCs until 2013, when it was abandoned.
Kodak, once the largest film manufacturer in the world, was unable to keep up with the digital revolution for fear of losing customers to competitors’ stronger product lines. The corporation that was in charge of designing, manufacturing, and marketing photographic equipment had numerous chances to guide the business in the correct path, but it failed because it was reluctant to fully embrace the shift to digital. Kodak, for instance, spent billions of dollars creating technology for snapping photos with smartphones and other digital cameras.
However, Kodak utilized Ofoto to promote the printing of digital photographs rather than creating what might have been an Instagram precursor. After declaring bankruptcy in 2012 and discontinuing the majority of its product lines, Kodak reemerged in 2013 as a much smaller, consolidated corporation that was concentrated on catering to commercial clients.
In 2018, Opera created Opay. The platform began operating in Nigeria in June 2019 with a $50 million investment round. In order to develop its operations in Nigeria and expand into Kenya, Ghana, and South Africa, the company went on to secure $120 million in capital from Chinese investors.Since then, Opay has revealed other verticals. Oride, Okash, Ofood, Owealth, Omall, Otrade, Olla, and Otrike are some of them.The issue first arose for Opay when the state government of Lagos, the currency’s biggest market, severely restricted ORide’s ability to operate by outlawing motorcycle riding in several areas of the state. This ruined the ORide Company’s operations and left them with their online
All business owners should embrace innovative ways of developing their businesses as time goes by. Innovation and consistent application of fashionable its ideas would make a business stand the test of time. This would prevent a company from failing, regardless of financial difficulties.
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