As technology advances, it is incumbent on all businesses to innovate. If they don’t, they will quickly fall behind and — eventually — fail.
In all industries, competition can be cutthroat. As entrepreneur Corey Shader explains, not staying on top of advancing technology can be the ultimate end of the business.
Polaroid is perhaps one of the most prominent examples of business failures. The company invented cameras that produced instant film yet couldn’t keep up with technological advances that furthered that aim.
When digital cameras hit the market, Polaroid didn’t embrace them, and they quickly fell behind.
Blockbuster Video pioneered video games and movie rentals. Venturing to Blockbuster to pick up weekend flicks became something many families in America did every week.
This example isn’t just one of failing to keep up with technology; it’s one of missed opportunity. Netflix offered to buy Blockbuster for $50 million in 2000, but they turned it down.
Borders were to books what Blockbuster once was to movies. The company had locations all over the world, selling books and music to consumers.
Blackberry was at one point the leading smartphone company in the world. It seemed as if everyone had a Blackberry, as the company had 80 million users worldwide at one time.
It’s hard to imagine that only five years ago, Yahoo was the most-read media and news website in the world, garnering more than 7 billion views per month. At that point, it was the sixth most frequently visited site on the web.
As Corey Shader points out, Yahoo had the opportunity to dominate the search and digital advertising market, but they failed to innovate in the space. They made a poor decision to outsource their search engine to Bing, Microsoft’s product.
About Corey Shader
Corey Shader is a self-made entrepreneur, consultant, investor, real estate developer, and founder of several companies, notably Insurance Pipeline.
Operating primarily out of Ft. Lauderdale, Corey’s endeavors span the nation, consulting for start-ups and sitting on the board of digital media and senior healthcare agencies. As a consultant, Corey helps young businesses develop sales funnels and maximize profitability. Shader takes pride in challenging others to push themselves to be their very best — he believes in constant self-improvement, inspiring others through sharing his own life experiences.