Conversations in Management
Ed
Land would probably be surprised to see what’s happened to his
old company—Polaroid. Since its founding in 1937,
Polaroid had enjoyed a reputation as a company on the cutting
edge of new technology. It was a company led by a scientist and
avidly committed to the advancement of science. Land got his
start when he developed a film that was capable of polarizing
light. The film revolutionized the sunglasses business and
helped carry Polaroid through WW II. Following the war, he
developed what would become his most famous invention—the
Land Instant Camera. After a three year effort, the first
instant camera hit the market just in time for Christmas in 1948
and was an immediate sensation. Though relatively expensive, the
instant camera attracted a loyal following that included
everyday shutterbugs and avant-garde artists like Andy Warhol.
Over the next two decades, Land refined both the camera and the
film. With the introduction of the leather-clad SX-70 in 1970
the instant camera finally came of age. Now, with the click of a
button, a matted square of film popped out of the camera and
slowly developed before the very eyes of an eager photographer.
It was a good time for Polaroid. But the good times wouldn’t
last.
Land
retired in 1980 and seemed to take Polaroid’s inventive spark
with him. For over two decades, the company coasted on the
success of the SX-70. Though new models were introduced, the
underlying technology remained pretty much the same. Without
quite realizing it, Polaroid had shifted from being a
science-oriented business to a commodities–oriented business.
They went from selling instant pictures to selling
cameras and film. The shift would have profound effects because
it blinded Polaroid’s leadership to the potential of digital
photography. They clung to the old idea that an instant
picture was something you had to hold in your hand. They missed
the critical point that instant cameras appealed to consumers
because they could immediately see the picture.
Ironically, the company best positioned to introduce the age of
digital imagery was instead buried by it. Today Polaroid exists
only as a brand. The cameras are no longer made and film
production will end in 2009. The owners of the brand license the
name Polaroid for use on a bevy of generic electronic products.
It’s a sad end for a once great company. There are lots of
reasons for Polaroid’s demise. That the company lacked vision is
indisputable. They failed because, as Land warned, they kept
having old ideas. They were also complacent. With no
competitors, they saw no need to innovate. Most importantly,
they didn’t realize that they were in the business of instant
pictures rather than instant cameras. As a result,
they experienced one of the most colossal missed
opportunities in the history of business.
Lack of
vision, complacency and confusion about what’s really important
are problems that confront organizations and individuals alike.
Tackling new problems with old ideas is a sure sign of
complacency and, in turn, complacency is the first harbinger of
a lack of vision. If you find yourself just going through the
paces or applying the same old bromides to every challenge,
you might want to rethink your strategy. You could be missing
colossal opportunities and instead be cruising to world-class
mediocrity. Start by confronting your successes. When you feel
satisfied with an outcome, ask if their might not be a better
way. Consider, too, if the result you’ve achieved really
satisfies the requirement. It’s very easy to work hard yet
completely miss the point. When you stop relying on old ideas,
you’ll see a brighter future developing right before your eyes—just
like a Polaroid picture!
—Ebert
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