|Running Head: Innovation/Entrepreneurial Mishaps||2|
Blockbuster is one organization that dropped the ball. Blockbuster failed at being innovative and this caused their organization to fail. While other organizations were growing, Blockbuster was dying. For example, some of the other companies that are taking over, are Netflix and Redbox. These companies know how to be innovative. Netflix sent videos through the mail and now you can get Netflix anywhere on your phone, I-pad, tablet, TV, or even computer. Redbox lets you rent movies for one dollar, out of a vending machine right outside of the store. Blockbuster failed to see that they had to keep trending with the times. They only sold VHS videos. However, they did advance, they graduated to DVD’s. This left them in debt and they now have almost all their stores closed. They should have kept trying to find new and innovated ways to be competitive. Blockbuster failed to be innovative and they died because of not being innovative.
Blockbuster had many opportunities to survive, but any business can take that one step that ether makes them or fails them, and so did Blockbuster. They took a step that ended the business shortly after. The biggest opportunity they had is their name. They were so popular across the nation and having an image is the first step to any business. They fell from a high top straight down, when a small innovation or even an invested project could save them. If they had at least made their stores into Redbox like business maybe they would have survived a little longer, but technology moved faster than the minds that controlled Blockbuster marketing.
Much like Blockbuster Kodak has recently struggled. Before the digital age Kodak was a monster in their industry. Once the digital age began to take shape Kodak began to stumble. The lack of preparation for this new age in the industry caused Kodak to lose its grip on the market. Kodak did not have a response for digital printers, cell phones, and other forms of technology that made picture taking and developing pictures easy to do from your home. Kodak has not fully gone out of business. They now have transformed into a specialized business mostly within the healthcare industry. They now are trying their hand at x-rays, memory chips, and document management. Doing this has helped the company survive but they are not the same kind of company as they were in the past.
Kodak had a huge opportunity in their hands when the technology world started to pick up, the digital age is all about cameras and how everyone needs one at their disposal, where other companies such as Canon and Nikon thrived in this new digital generation, Kodak simply let the time slide right by and did not handle the technology wave like they needed too. Ten years ago it would be hard to find one person that didn’t have a Kodak within five feet of them and now they are almost out of business. The main struggle with Kodak was that they did not change with the technology and instead of creating digital cameras or phones they stuck with disposal print photos, which unfortunately was not the right move on their part. Kodak is a great example of a business that would not grow with the times.
Newman, R. (2010, August 19). 10 Great Companies That Lost Their Edge. Retrieved from money.usnews.com.