6 Companies That Failed To Adapt
Via the horns, innovators catch the bull and guide the market towards the next iPhone or Google. But others don't know that you need to welcome change to be successful. Posted On March 4th, 2021
Yahoo
Their development was mismanaged. They still occupied the number one spot, but they outsourced their search engine to Microsoft Bing in their hopes of becoming an internet platform rather than trying to dominate search. In 2002, Yahoo made a deal to buy Google for $5billion, refusing to spill the cash. In 2006, before reducing the purchase price, Yahoo had a contract to buy Facebook for $1 billion, prompting Mark Zuckerberg to back out. Facebook today, as of 22 March 2018, has a stock price of $163 billion. In the list of top online marketers, Yahoo is now fourth, a spot they are fighting to hold.
MySpace
With an improved user interface and the opportunity to help users communicate with more than just music, Facebook climbed into the ring, which MySpace essentially converted into bands and musicians sharing their songs and mixtapes non-stop. With Facebook, users have been able to interact via shared activities and passions with peers, both present and past. With over 2 billion monthly active users, something that has led to them becoming a social networking powerhouse.
Xerox
The issue with Xerox was that their own technologies were shunned by their own directors. Several aspects of personal computing were invented by researchers and developers at Xerox, but the board of directors ordered the engineers to share them with Apple technicians. Apple and Microsoft later embraced these ideas, which became the two dominant computing companies, while Xerox was left behind in contrast.
Pan-AM
In their current business model, Pan Am over-invested and did not invest in future plans, or even alternatives. Owing to the invasion of Kuwait that started the first Gulf War, their prime transatlantic routes began to cause losses, leading fuel prices to increase, leading to the impact of the Lockerbie tragedy in 1988. In 1991, Pan Am filed for bankruptcy proceedings, with Delta Air Lines buying $416 million in residual profitable properties.
Toys R Us
In their current business model, Pan Am over-invested and did not invest in future plans, or even alternatives. Owing to the invasion of Kuwait that started the first Gulf War, their prime transatlantic routes began to cause losses, leading fuel prices to increase, leading to the impact of the Lockerbie tragedy in 1988. In 1991, Pan Am filed for bankruptcy proceedings, with Delta Air Lines buying $416 million in residual profitable properties.
Kodak
Kodak was terrified of innovation. They created the first digital camera in 1975 but abandoned the device due to fear of their photographic film juggernaut being cannibalised. Digital then took over and the rivals of Kodak, including Fuji, succeeded in outliving the old photo kings. In 2012, Kodak filed for bankruptcy and re-emerged in 2013, much smaller and focused on servicing company customers.
