5 Big Companies That Bankrupt Because They Don't Innovate

Hello everyone, welcome back to porkaone. Technological changes are so rapid that companies must compete to survive in a truly innovative era like today. Everything changes, from the way people communicate to finding information. Technology continues to be developed so that human life becomes easier and technology companies want to be involved in enlivening these developments.

Companies that are successful thanks to their innovations today may not necessarily survive in the future. Being too comfortable in the safe zone and unwilling to innovate for the future makes competing companies move faster to prepare for comfort.

If we reflect on 5 companies that were successful in their time. Thanks to this company, we can also know about various technological developments, for example sending messages via the internet, capturing memories through photo sheets, doing long-distance communication with someone and others.

perfect, just being a pioneer or pioneer alone is not enough to survive in business life in this constantly changing world. And this is the fate that the following 5 bona fide companies must accept because of their reluctance to innovate. The following is a list of 5 major companies that went bankrupt because they were not related.

NOKIA

You must understand very well how this cellular phone company experienced success in its day, right? It's also possible that Nokia is the first mobile phone brand you have. But currently almost none of the market that can be controlled by Nokia. Nokia began to slowly dim when the world of smart phones was filled with the android and ios operating systems.

Nokia Lumia

Nokia persisted by adopting the operating system made by Microsoft which turned out to make it sink. Reluctance to adopt the Android operating system is also one of the reasons why Nokia could go bankrupt, on the other hand Nokia also has an irregular work culture so that employees cannot bring out their best innovations.

Nokia went bankrupt around 2014 and their hardware division was acquired by Microsoft for 7.2 billion US dollars. And in 2016, Nokia's license was bought by HMD Global, a Finnish company. Even though it has gone bankrupt, Nokia still exists today because of the acquisition of HMD Global. Although still on the market, Nokia has not been able to shift other Android smartphone competitors.

SIEMENS

Just like what happened to NOKIA, SIEMENS is also very slow in following the rapid changes in currents. That's why Siemens finally suffered a loss and was forced to sell its shares in BenQ and changed its name to BenQ Siemens. In 2006, Siemens officially declared the company's bankruptcy.

Siemens Mobile

KODAK

In the past, for the sake of being able to see your photos, you would be willing to queue at a film printer, right? But tragically, now almost no customers come to a photo printer. The ease of storing photos in digital form makes them very loved by most people because they are able to save on printing costs. Kodak is late to see the rapid changes in this market, now must be willing to be shifted from competitors such as Sony, Canon and Nikon.

Kodak Camera

YAHOO

Naturally, we should thank Yahoo, a leading company that provides electronic messaging services and introduced us to the world of messaging via the internet. Long before Gmail and Google Mail. Then what is the fate of Yahoo now? In the end, this company had to be willing to drastically reduce and sell its share price to Verizon.

Verizon bought Yahoo for $4.8 billion in the third quarter of 2016. This figure is even considered by some to be too cheap for the big technology companies that once prospered. Even before Verizon, Microsoft had offered Yahoo 10 times the price. But Yahoo at that time refused.

Yahoo Search

Even though Yahoo was once the king of search engines and the most popular instant electronic messaging service, they even had Yahoo messenger as the main social media that was easy to use and very modern in its day. But after the passage of time, new competitors such as Google and his friends emerged, making Yahoo slowly began to be abandoned by the world community.

The fact that is also very interesting is that Yahoo actually wanted to buy Google in 2002. At that time Google was still 4 years old. But in the end the transaction between Yahoo and Google never happened.

FRIENDSTER

Friendster, which is an online social media, appeared not long after Yahoo presented Yahoo Messenger, which is useful for sending short messages via internet services. But unfortunately, in the end Friendster also had to leave this business area gracefully because it was eroded by social media that have the ability to innovate better like Facebook.

The reluctance to innovate and introspect are factors that are shared by the five great companies above . All things will experience changes in various aspects of life. If they do not dare to innovate and keep up with the times, then they must be ready to withdraw from the business world and experience bankruptcy. As happened to the companies above. In the end they are no longer used and just a memory.