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George M

Dec 9, 2024 • 13 tweets • 4 min read • Read on X

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In 1975, Kodak was the world's most powerful photo company, worth $31 Billion.

By 2012, they were completely bankrupt...

Not because of competition or technology - but because of ONE fatal decision…

Here's the biggest business mistake in history (and how to avoid it): 🧵

It's 1975, and Kodak owns photography:

• 90% of film sales worldwide
• 85% of camera sales
• $10B in annual revenue
• Millions in pure profit everyday

One engineer was about to change everything...

A young engineer named Steve Sasson walks into Kodak's lab:

"I've invented a camera that doesn't need film"

The room goes silent.

The prototype works perfectly.

Kodak's response? Would shock everyone...

The executives were clear:

"Bury it" "Patent it" "Tell no one"

Their reasoning?

Film made them $15 per roll.

Why kill a cash cow?

The digital camera could destroy their empire:

• 2.5B rolls of film sold yearly
• 60% profit margins
• Billions in processing equipment

They had too much to lose. Or so they thought...

1995 changed everything:

Digital cameras flood the market

Their competitors race to adapt

Kodak's response?

Double down on film and disposable cameras

Its 1996 and the disposable camera strategy seemed to work:

Still 4th most valuable company

Disposable cameras were booming

Billions in film sales

Reality was about to hit hard...

By 2005, the numbers were brutal:

Digital camera sales: Exploding

Film sales: Plummeting

Kodak's stock: Down 75%

Yet they clung to film until the very end...

January 2012:

Bankruptcy declared

28,000 employees let go

142 years of history ended

All because greed made them bury tomorrow

The greatest irony?

Kodak invented the digital future

Then killed it to protect the past

Today, their patents from 1975

Worth more than their entire company

The lesson?

Sometimes your biggest threat

Isn't your competition

It's your own success

Blinding you from innovating

If you liked this, I think you'll enjoy my growth marketing newsletter.

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https://twitter.com/1693696748038836224/status/1866078942001758522

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Follow me @GeorgeM_Growth for more.

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