Remember when something special happened in your life, people would say “That’s a Kodak moment?”
A “Kodak moment” was something that was sentimental or charming, a moment worthy of capturing in a photograph.
Did you know that term is still used? However, its meaning today is entirely different. Today a “Kodak moment” is used to represent a situation in which a business fails to foresee changes within its industry and drops from a market-dominant position to being a minor player or worse, declares bankruptcy.
The Kodak Lesson
While digital cameras were invented in 1975, in 1998 Kodak had 170,000 employees and commanded 85% of all photo paper sales worldwide. But only a few short years later, their business model disappeared and Kodak nearly went bankrupt.
If you had asked anyone in the world in 1998 if they thought in three years they’d never be taking pictures on film…
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