Kodak

Kodak's failure is the textbook case of innovator's dilemma. The Rochester, New York company dominated global photography for a century, controlling 90% of US film sales and inventing the digital camera in 1975 — then refusing to commercialize it out of fear of cannibalizing film. Digital cameras and smartphones made film obsolete. Kodak filed for bankruptcy in 2012 after 131 years, shedding 140,000 jobs from its 1988 peak employment.