Success stories of some of the largest and most influential companies but what about the other side what about the blunders missed opportunities and after disasters that in turn brought some companies to ruin well today you’re in luck because here a 6 of such stories let’s get straight into it number six codec had the first digital camera back in 1977 whenever technology changes the landscape of industry there are some businesses that adapt and thrive and others that continue doing the same old thing until it’s too late for kodak who fell behind due to the advent of the digital camera the situation was a little different kodak actually painted the first digital camera back in 1977 it was one that used a magnetic Astaire to store images of about a hundred kilobytes.
However over the coming years kodak made so much money off of film that they let the new technology gather dust not realizing it’s potential the company continued to focus on traditional film cameras even when it was clear that the market was moving towards digital when kodak finally got into the digital market they were selling cameras at a loss and still couldn’t make up enough sales to catch up to those competitors which had seen the potential of digital cameras early on currently codec is losing over 200 million dollars a year the lesson learned in the world of business always keep an eye on the market and be responsive to future trends if not it could cost you everything number 5 X i could have bought google for less than 1 million dollars the air is 1999 and X I was the number two search engine behind yahoo, google back then was a nobody the new kid on the block it was in the setting back in 99 that Larry Page offered to sell google to excellent for 750 thousand dollars according to excise CEO at the time George Bell the 750,000 dollar deal was one percent of X is worth so financing wasn’t an issue the hiccup came when Larry insisted that if the cell went ahead excite was to replace all of its search technology with Google’s George of X i thought that this was too much and refuse the offer XII it was eventually brought by now called ask.com.
In 2004 at the time ask had less than 2% search market share google carry now known as alphabet processes a billion search results every day they currently have around a hundred forty seven billion dollars in assets which is more than 196,000 times what X i would have paid for them ouch number for blockbuster video turns down the opportunity to buy netflix the mid-nineteen eighties too late nineties when VHS was king the problem back then with that VHS tapes would cost upwards of ninety seven dollars per movie for this reason video rental stores like blockbuster came in to fill in that gap there were the perfect solution and became a regular part of $MONTH weekend plans for hundreds of millions around the globe.
Imagine the perfect video it would have a great too right over 10,000 videos three being around so no rush no hassle 24-hour quick drop return open late every night will the perfect video store department is popping up all over the there’s one near you yeah Wow the man eventually online video streaming services like Netflix Hulu and even part locker destroyed the old video rental business model ironically in the year 2000 netflix proposed that it would handle blockbusters online component and blockbuster good host netflix has an in-store component thus eliminating the need for my old DVDs which was Netflix this business model at the time according to an interview with former netflix see Mary McCarthy blockbuster just laughed netflix out of their office but that’s not the end of the story by 2007 blockbusters.
Well on the right track they had an Internet Movie component that was steamrolling over netflix netflix was struggling and their upper management wanted to sell the company to blockbuster to save face blockbusters grossest very strong at the time so they turned down the offer in a strange twist later that year those are boardroom dispute over a blockbuster that sort of change of CEO the new CEO was Jim keys formerly of 7-eleven he came in with the wrong mindset and thought that blockbuster should be a retail business instead of an entertainment one because of this he didn’t see the value of an online component huge mistake within 18 months the new CEO had lost blockbuster eighty-five percent of the company’s value and within three years blockbusters filing for bankruptcy blockbuster went belly-up and netflix went on to thrive since then Netflix’s behind such original shows such as house of cards by Jack horsemen and daredevil with 83 million subscriptions worldwide netflix has altered the way many of you the entertainment number three a grade-school math error cost NASA 125 million dollars before the advent of google.
Did you ever get frustrated with the conversion of $OPERAND feet to meters inches to centimeters did you find it difficult well you’re in good company as it turns out a similar math problem indeed some of the greatest minds in the Western world in 1999 a Mars orbiter that Lockheed Martin design for NASA was lost in space due to a simple math error where the engineers at lockheed east imperial measurements while the NASA employees use metric ones the mismatch led to the thrust is not receiving vital navigation information which caused the 125 million dollar spacecraft to malfunction the probe was forever lost while trying to get into orbit around Mars after 286 day journey there are numerous occasions where the error should have been caught but it wasn’t number two nakia outright refusing to use android naki out one of the most iconic brands the 20th century and even up to the first decade of the 21st century the company had about 50 one percent market share of the mobile phone industry at their peak in 2007.
But now there’s a shell of their former selves our fund but distant memory for many the start of the company’s fall from grace can be attributed to one moment in 2010 when nokia CEO and Steve and jackie snider his nose up at the idea of using google’s android software you see at the time nakia had their own operating system called symbian after the release of the I fine in 2007 the software development team at nokia realized that there was a threat so they split into two one team tried to revamp symbian and the other team created an entirely new operating system named me go the problem was that the two teams are battling for resources from Nokia’s top executives so in essence there was an internal struggle within the company.
It was so bad that whenever nokia was dealing with outside stakeholders like chip manufacturers for example there was so much squabbling within the company that took the better part of a year to make a decision on anything in the tech world that’s way too long competitor innovation waits for no one the logical solution in hindsight of course was android not you could have used the open software platform combined it with their in-house hardware to quickly make up for lost time at minimal cost instead nokia CEO at the time decided to skip on Android calling it a short-term solution likening the moon to quote pissing in your pants in the winter to keep warm and quote nakia kept on working on their own software effort throwing five billion dollars a year of RND at the problem but to no avail as time went on the iphone and android handset dominated the market until noxious mobile division was left in the dust not long after this in 2013 nokia mobile division brand was salvaged by Microsoft the scraps microsoft couldn’t make the ones legendary company stay afloat either wasting eight billion dollars before killing the nokia mobile brand moral of the story move with innovation and don’t let pride cloud your judgment but wait a second there is a twisty on nokia the company from Finland is said to be returning in 2016 after signing an exclusive agreement with hmd global.
HMD global is a new company also based in Finland the deal will see the creation of nakia bread and mobile phones and tablets for the next 10 years so I guess we’ll see how this one plays out number one xerox yes the printer company and one of the greatest inventions in computing history to apple imagine having one of the greatest inventions of the 20th century in your hand and giving it away because you don’t understand where you are holding 0x did just that with zero Delta Xerox Alto was an experimental computer from 1973 created at xerox Research Center the alto was way ahead of its time it was the first modern desktop pc as we recognize them today it had a mouse windows file managers and copy and paste delete and move files it had icons and menus graphics and even a local area network that connected all the computers together the idea was to mimic the office desk but on a screen a paperless office of the future absolutely revolutionary from 1973 good morning you can meet you around this grab a cup of coffee or tea bread and a Xerox machine.
Present your morning mail on the screen what’s the mail this morning looks interesting let’s take a look at this I’m gonna need a couple of copies of this push the button and the words and images you see on the screen appear on paper oh thank you thank you ben and i think everybody other radical should see this push another button and the information is sent electronically to similar units around the corner or around the world this is an experimental office system it’s in use now the 02 research center in palo alto california soon xerox systems like this will help you manage your most precious resource information else powered or what flowers my anniversary I forgot what the Xerox Alto is demonstrating was the first graphical user interface or GUI in a desktop computer for those of you not familiar with this time in computing technology.
This is how typical computer from the late nineteen seventies looked and functioned so rough play not yet first you have to tell the computer to copy the program that on the cassette into its own storage area or memory cards are just type load LOL jean oh you have now finished your message so you need to say over to you to the computer by pressing the return key on other computers will see a team are enter and that also mean over to you later returned over you before guis to do absolutely anything on a computer you need to type commands in lines of text if you mistyped anything that was too bad the computer just spit out an error saying it didn’t understand pointing and clicking on a graphical object was a foreign idea thousands of Xerox Alto still built at the research center but never sold only used heavily in Xerox officers and a few universities 20 upper management did not understand what they had the managers just couldn’t see the vision of what the computer of the future could be but a man named Steve Jobs didn’t know what the future of the computer could be and Xerox handed it straight to him he’s out went down xerox at the time needed a way to make their experimental technologies like the Altai cheaper they so Apple pumping at the apple tues for a cheap price so in 1979 they invited steve jobs over to their research institute to see if you could help them reduce the cost of production.
The deal so explain a million shares of apple stock in exchange for steve jobs getting the inside information if everything cool and revolutionary that was going on at the park center nobody actually checked with the guise of the research center but the upper business development team signed off on the deal anyway the following is from Larry Lester is Europe’s Research Center scientist and an R witnessed when Steve Jobs was handed everything so during that demo Steve again got very excited he was pacing around the room and occasionally looking at the screen he was mostly just looking and then reacting and taking it all in and trying to process it process it and at one point he said you’re still not showing us everything and the meaning is paused and there were some phone calls and ok we’re going to show you more but jobs was there going what is going on here you’re sitting on a gold mine why aren’t you doing something with this technology you can change the world and you read his buddies who were trying a range of negotiation of some kind of trend quiet him down don’t be so excited but he was it was really clear to him that we were never really going to do anything with this.
The irony was when they left we still showing them only like one percent of what part was doing but it was enough that they’ve got really excited and decided they were going to retarget the Lisa to be something like what they had seen in terms of graphical user interface they fell in love with the mouse and that changed everything and seven months after that I was working at apple and within you know 10 minutes it was obvious to me that all computers would work like this somebody basically their copier and it just had no clue about a computer what it could do and so they just grab the grab the feet from the greatest victory in the computer industry xerox could own the entire computer industry today the graphical approach the computer appeal to the human mind because commands were now replaced with movement and objects so it felt natural typing lines of text was now a thing of the past the ideas from the out i would heavily influenced the apple lisa is technology trickle down to the Macintosh which influenced microsoft windows both of which were the eventual ancestors to the manner in which i’ll find operate today and a sad thing is xerox never gets mentioned for any of this.