Seven years ago, Kodak, a world-renowned corporate famous for producing imaging products, went bankrupt in January 2011, Kodak was founded by Henry A. Strong and George Eastman in September 1988. Kodak started losing its market share in the early 1990s because of its stubbornness to not come out of its comfort zone and adopt the digital imaging. Apart, the company had a culture complacency and took much pride in its old-fashioned products. As regarded, arrogance and the ignorance are the worst combinations one can have, Kodak had both, and the blend of these traits bankrupted the firm. Although Kodak was the first one to develop the digital technology in 1975; however, it decided not to launch the product as its primary product, and this decision made the firm to regret.

As a rational individual and a rational national, one should learn from others. We should ponder whether an obsolete set of rules can regulate the nation that is moving towards a technology-based future when the nation already has a legislative body to amend the laws and introduced new ones.

“Capitalists quite often invent the technology that destroys their own business. Eastman Kodak is a picture-perfect example.” –The Economist