Kodak – Story of a creator destroyed by his own creation

Technology

Kodak was founded on September 4 1888 by George Eastman and Henry A. Strong . It produced originally photographic materials , equipment and services.

In 1930 it was added to the Dow Jones Industrial Average index . In 1976 Kodak sold 90% of the photographic film in the USA along with 85% of the cameras . It seems a very powerful and solid company , isn’t it ?

Now let’s look happened with Kodak after the year 2000 . In 2004 it was delisted from the Dow Jones Industrial Average Index . Also in 2004 , Kodak cut up to 15,000 jobs . In 2009 Kodak lost 137 million of dollars and cut up other 4,500 jobs

What happened with Kodak ? How the decline of the one of the biggest company in the photo industry start ?

The first digital camera was invented in 1975 by Steven Sassen Sasson , an engineer who was working for Kodak . He presentend his invention to the management of the company but he was refused . The management was scared that this new product had the potential to destroy the traditional product of the company , cameras with photographic film . It was a very big mistake

In 1990s Kodak tried to enter in the market of digital photography but it was too late . At the beggining , Kodak had become the first digital camera seller in USA but this situation didn’t resist to much time . In 2010 Kodak was on the seventh place .

All of these happened because Kodak’s management didn’t know how to adapt to the new techonology . The majority of the management was just too nostalgic . After the aparition of the Digital Division there was a very big competition between this and the Division wich dealt with cameras with photographic film

RELATED:   50 Bitcoin Facts You Need To Know