We all had them: times you reached for a camera to stop life for a second, to grab a memory. For decades, Kodak was the rock solid standard in photography and as the 131-year old company files for Chapter 11 bankruptcy, “Kodak moments” may be all that’s left of what was once one of the most powerful companies in the world. Kodak can’t compete let alone survive in this new world. The only thing keeping them alive is a trove of 11,000 patents, and even those don’t seem to be piquing anyone’s interest.
From household name to also-ran in a few years. This isn’t a story of a stubborn buggy-whip manufacturer going out of business for refusing to change. This is a carriage maker making a seemingly successful transition to the automobile and then, just as quickly, failing catastrophically.
So what happened?