In 1975, an engineer at Kodak invented the world's first digital camera.

It could have completely changed the future of photography.

But Kodak pressed it down:

"This thing is quite interesting, but don't tell others."

What happened next became one of the most painful lessons in business history: Kodak was founded by George Eastman in 1888 with the aim of bringing photography into the lives of ordinary people.

Their promise at that time was:

"Just press the shutter, and leave the rest to us."

By the 1980s, Kodak held 80% of the market in the United States. It was nearly unstoppable. Kodak was the first to adopt the "razor + blades" business model:

- The camera price is very low
- Film and developing services are the main source of profit.

The gross profit on film reaches 70%.

Kodak earns billions of dollars every year.

But behind the scenes, a disruptive transformation is brewing. In 1975, Kodak engineer Steve Sasson invented a groundbreaking device: the first digital camera.

It is large in size, has low picture quality, and is far ahead of its time.

Sassen presented it to the company's senior management.

Their reaction is:

"It's quite interesting, but this will ruin our film business." Kodak kept this invention under wraps.

They are reluctant to give up film, which is the core of the company's profits.

At the same time, competitors like Sony and Canon are beginning to explore the future that Kodak buried itself.

The seeds of Kodak's decline were thus sown. By the 1990s, the world was changing rapidly.

Digital cameras are constantly improving.

People are increasingly fond of ways to store and share photos without relying on film.

Kodak hesitated, fearing that this would consume its traditional business.

Canon, Sony, and Nikon did not hesitate. Kodak attempted to respond with a compromise solution: Photo CD.

This is an expensive system that allows users to convert film photographs into digital format.

The question is:

It's too complicated, launched too late, and doesn't meet the actual needs of users. Then, the real fatal blow came: smartphones.

In 2007, the iPhone redefined photography.

Suddenly, everyone has a camera in their pocket.

Kodak tried to catch up but failed. By the time they truly embraced the digital age, the world had changed completely. In 2012, Kodak filed for bankruptcy.

This company, once a symbol of innovation, has collapsed.

They have invested 25 billion dollars in research and development over the past 30 years without launching a truly successful product.

What exactly is the problem?

Let's break it down: Kodak failed because they were too attached to the past:

- Afraid that new business will impact old business, resulting in stagnation;

- The corporate culture resists change, suppressing true innovation;

- Misjudged the market, thinking that film would dominate forever. Meanwhile, their competitors were constantly adapting:

- Canon and Sony are fully shifting to digital cameras;
- Fujifilm is diversifying its development into medical imaging and cosmetics.

And what about Kodak?

They instead doubled down on film, betting on a market that was clearly about to disappear. The story of Kodak is not just a business case, but also a warning in terms of mentality.

Success makes people complacent, and comfort causes stagnation.

Kodak forgot the principles established by its founder George Eastman:

"Dare to take risks, or you will be eliminated."

Do you remember the words left by Satoshi Nakamoto before he disappeared: "I think I messed things up."