Why did Kodak fail? Because it couldn't keep up with the changing business environment. One that was advancing to digital far quicker than Kodak could keep pace with. And by the time they caught up, Kodak's competition had stolen its customers.
Kodak's CEO has even been quoted as saying, "You don't want to stick your hand into an engine that's running to change a fan belt."
But sometimes, you have to.
And according to Luke Williams, a professor at NYU's Stern School of Business, every company is a Kodak. At the peak of success, Williams says, is when every company is most vulnerable to disruption. It's what you do with that disruption that makes the difference.
"Disrupt: Sparking Business Transformation with Innovation" was the topic of this morning's general session at the 2014 LIMRA Life Insurance Conference. And who knows more about the topic than the author of a book on disruption and how it helps business transformation.
As Williams told those in attendance: If you're interested in growth, you have to know that innovation is a part of that growth. Creativity is also a part of growth.
But how do companies increase the pace of innovation? Increase the exchange of ideas between people.
"Ideas are the recipes you use to rearrange things to create value and wealth," said Williams."
He then asked the crowd how many bold new recipes they had come up with to promote life insurance. With the current state of the insurance industry as it is, it was no surprise that there were more than a few blank stares in response.
