The Problem of Sustaining a Successful Enterprise: Kodak’s Multiple Takes at Strategic Renewal that Culminated in Failure

Natalya Vinokurova and Rahul Kapoor

Business History Review, 2025, vol. 99, issue 1, 3-38

Abstract: In 1888, George Eastman introduced Kodak, one of the first affordable, user-friendly photographic film cameras. The camera’s success planted seeds for a global market for amateur photography that the Eastman Kodak Company would dominate for over a century. Leveraging substantial profits from photographic film, Kodak invested heavily in research and development, continuously innovating in amateur photography and pioneering new technological domains. From the 1970s onward, as growth in its core business began to slow and new imaging technologies emerged, Kodak embarked on significant strategic renewal initiatives. These efforts included diversifying into industries such as plain paper copiers and pharmaceuticals and developing digital products for photography applications. Despite considerable investments in innovation and growing new businesses over several decades, Kodak ultimately failed to find a viable path to sustaining its success; it filed for bankruptcy in 2012. The company’s decline illustrates the inherent challenges of sustaining a successful enterprise in evolving markets and technologies. Furthermore, it raises critical questions about the effectiveness of strategic renewal efforts, particularly when high-performance expectations are set within an environment of significant uncertainty.

Date: 2025
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