How are you working to innovate?

In 2000, Blockbuster Video was approached by a much smaller company offering to sell their business for $50 million. The CEO dismissed the offer, saying the company was too tiny, too niche and losing too much money at the time — and so the company passed up the chance to purchase Netflix.

Kodak dominated the market for films and photographs for most of the twentieth century. An engineer working for the company designed the first digital camera in 1975 — but Kodak executives brushed it off, prioritizing its then-successful film business instead.

In 2005, MySpace CEO Chris DeWolfe met with Mark Zuckerberg. Zuckerberg reportedly offered to sell DeWolfe his year-old company. DeWolfe declined.

The world of business can be a ruthless one, and the tides of change are not forgiving. Brands and systems that once dominated the market can collapse in the blink of an eye as the world changes and new ideas take over.


continue reading »