An ageing industry in need of new ideas

The local financial services industry, while incredibly advanced, needs to start catering to a new generation and the broader population of the country.

Kevin Lings

what many people don’t realise about the failure of Kodak as a company is that it was not so much that it missed the move to digital cameras, but rather that it was so close yet missed the move to online photo sharing. When Kodak bought web-based photo-sharing site Ofoto in 2001, online sharing was emerging as a new trend. But instead of embracing its potential, Kodak tried to use the site to boost its traditional photo-printing business. The result was a disaster. It sold Ofoto to Shutterfly in 2012 for less than $25m, while Facebook paid $1bn the same month to acquire Instagram, a photo-sharing site that a young ex-engineer from Google had created 18 months earlier. The lesson is that any business or industry that fails to react to an emerging…

You're reading a preview of

Finweek - English (Digital) - 1 Issue, 19-oct-17

DiscountMags is a licensed distributor (not a publisher) of the above content and Publication through Zinio LLC. Accordingly, we have no editorial control over the Publications. Any opinions, advice, statements, services, offers or other information or content expressed or made available by third parties, including those made in Publications offered on our website, are those of the respective author(s) or publisher(s) and not of DiscountMags. DiscountMags does not guarantee the accuracy, completeness, truthfulness, or usefulness of all or any portion of any publication or any services or offers made by third parties, nor will we be liable for any loss or damage caused by your reliance on information contained in any Publication, or your use of services offered, or your acceptance of any offers made through the Service or the Publications. For content removal requests, please contact Zinio.