Lack of Innovation Will Kill Your Business (2 Examples to Prove It)

In a time of surplus, making incremental changes to existing products is no longer enough. Nokia and Kodak are examples of how lack of innovation can lead to the downfall of massive corporations. Nokia rested on its past success and underestimated the importance of smartphones and software, leading to its decline. Kodak failed to adapt to the rise of digital technologies and clung to traditional photography, leading to its bankruptcy. The lesson learned is that innovation needs to be a core component of your organization's culture.