Kodak invented the digital camera but suppressed it to protect its film business, demonstrating that companies that refuse to embrace creative destruction—new innovations that replace existing products—often face market destruction despite having the technological capability to lead.
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Kodak's Digital Camera Mistake: Creative Destruction Explained #shortsAdded:
Look at Kodak. Did you know that Kodak invented the digital camera? Most people don't know that, but they suppressed it.
Why? Because they thought this will ruin our business. We're in the film business. We're Kodak film. Let's not tell anyone about this digital camera.
They didn't want to destroy all of their film sales. So, what happened? Well, in a sense, they tried to save the old wineskin, and because they refused to engage in creative destruction, the market actually destroyed them.
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