Kodak's Downfall: How Arrogance and One Wrong Decision Destroyed a Multi-Billion Dollar Empire

• Kodak, once a global photography giant, dominated the US film market with 90% share by the 1990s, known for its 'razor and blade' business model.
• In 1975, Kodak engineer Steve Sasson invented the world's first digital camera, but company executives shelved it, fearing it would hurt film sales.
• For 20 years, Kodak remained in denial about digital photography's potential, while competitors like Sony, Canon, and Nikon invested heavily in the technology.
• The rise of the internet around 2000, enabling easy digital photo viewing and sharing, delivered a 'death warrant' to Kodak's film-centric business.
• Despite having the technology and resources, Kodak's lack of vision and refusal to adapt to changing times led to its decline, becoming a shadow of its former self.

Why It Matters: Kodak's failure to embrace digital photography, despite inventing it, led to the collapse of its empire.