The Kodak Moment
by Kenneth Lyen
Founded in 1888 by George Eastman, Kodak became the largest and most popular film company in the world. In 1976 it dominated 90% of the film market and 85% of camera sales in the USA. Its advertising campaign “The Kodak Moment” became its trademark.
Unfortunately Kodak failed to adapt to the future. It underestimated Fujifilm that sold a cheaper product and eroded Kodak’s market share and profits. Then it failed to shift to digital technology. This is ironic because Kodak developed the original digital camera in 1975. It missed a golden opportunity to lead in this arena.
Taken by surprise by the rapid advance of digital cameras and image sensors, Kodak could not sell its cameras and films. The new technology disrupted the old. With mounting debts, Kodak filed for bankruptcy protection in 2012.
Today, a presenter of a TV program on innovation said: “if we do not embrace innovation, we will find ourselves in a Kodak Moment”, suggesting that this would be the consequence of stagnation and lack of creativity.
The meaning of “The Kodak Moment” had radically transformed from one of joyful rapture into one of misfortune and catastrophe.
Will Singapore encounter that Kodak Moment? Hopefully we can learn from Kodak’s failure. We must learn to anticipate future changes, remain flexible, and learn to take chances.
[Postscript: Like the phoenix, Kodak is trying to rise again from the ashes. It now concentrates on commercial printing, packaging, functional printing and professional services. Let’s see what happens!]
Kenneth Lyen 28 May 2017
