One of my favourite stories of how embracing innovation can prove the make or break of your business. Whilst Kodak still made money from the patent, they missed out on much more by fearing the new innovation would damage its current business and not releasing it to market earlier.
“This was more than just a camera,” said Mr. Sasson who was born and raised in Brooklyn. “It was a photographic system to demonstrate the idea of an all-electronic camera that didn’t use film and didn’t use paper, and no consumables at all in the capturing and display of still photographic images.” The camera and the playback system were the beginning of the digital photography era. But the digital revolution did not come easily at Kodak. “They were convinced that no one would ever want to look at their pictures on a television set.”