{"id":48164,"date":"2022-05-04T08:00:37","date_gmt":"2022-05-04T08:00:37","guid":{"rendered":"http:\/\/ideascale.com\/?p=48164"},"modified":"2023-03-03T11:13:18","modified_gmt":"2023-03-03T11:13:18","slug":"seven-companies-that-failed-to-innovate-and-what-happened-to-them","status":"publish","type":"post","link":"https:\/\/ideascale.com\/blog\/seven-companies-that-failed-to-innovate-and-what-happened-to-them\/","title":{"rendered":"Seven Companies That Failed to Innovate and What Happened to Them"},"content":{"rendered":"<p><strong>Highlights<\/strong><\/p>\n<ul>\n<li aria-level=\"1\">Companies as diverse as Xerox, National Geographic, and Circuit City failed to innovate, and suffered painful costs as a result.<\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\">While a company can survive failing to innovate, it can cost the firm billions and damage its long-term outlook, trapping it in legacy markets or costing it vital personnel that moves on to more creative companies.<\/li>\n<\/ul>\n<hr \/>\n<p>Change is fundamental to any market, but not every company keeps up. Here are seven companies that failed to innovate, missed out on innovation, or simply took it for granted and lost out.<\/p>\n<h2>Xerox<\/h2>\n<p>Xerox was one of the pioneers of Silicon Valley with its Palo Alto Research Center. Much of what we use today, from the \u201cdesktop\u201d metaphor to the mouse, <a href=\"https:\/\/www.computerhistory.org\/revolution\/input-output\/14\/347\" target=\"_blank\" rel=\"noopener\">was pioneered at Xerox PARC<\/a>.<\/p>\n<p>Yet, these innovations didn\u2019t align with how Xerox viewed itself. Xerox was, and remains, one of the biggest firms in printing and copying, and didn\u2019t see personal computing as a money maker. What did Xerox lose for failing to act on its innovations? As of this writing, Apple\u2019s market value is $2.8 trillion per <a href=\"https:\/\/fortune.com\/fortune500\/2021\/\" target=\"_blank\" rel=\"noopener\">the Fortune 500<\/a>, while Xerox\u2019s is $3 billion.<\/p>\n<h2>National Geographic<\/h2>\n<p><strong><img decoding=\"async\" class=\"lazyload fr-fil fr-dib aligncenter\" style=\"width: 600px;\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27600%27%20height%3D%27400%27%20viewBox%3D%270%200%20600%20400%27%3E%3Crect%20width%3D%27600%27%20height%3D%27400%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-orig-src=\"https:\/\/www.mediashower.com\/img\/ACCF581C-DD49-11EB-9D0F-4F9F5EAF105B\/AdobeStock_389218754_Editorial_Use_Only_600x.jpg\" alt=\"National Geographic sign.\" width=\"600\" height=\"400\" \/><\/strong><\/p>\n<p>Originally published by the National Geographic Society, National Geographic is one of the most widely read magazines of all time. Its photography and writing exposed many people around the world to a variety of different cultures.<\/p>\n<p>The company was pitched on launching a documentary channel in the 1980s that it turned down, worried it would lose its scientific bent to sensationalism and unsure how its print and photography could translate to film. The team behind the pitch launched the Discovery family of networks. Nat Geo came to television in the 90s, but this was too little, too late. In the space of five years, <a href=\"https:\/\/www.theguardian.com\/media\/2015\/nov\/14\/how-fox-ate-national-geographic\" target=\"_blank\" rel=\"noopener\">NatGeo was sold<\/a> twice and is now owned by Disney.<\/p>\n<h2>Circuit City<\/h2>\n<p><strong><img decoding=\"async\" class=\"lazyload fr-fil fr-dib aligncenter\" style=\"width: 600px;\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27600%27%20height%3D%27450%27%20viewBox%3D%270%200%20600%20450%27%3E%3Crect%20width%3D%27600%27%20height%3D%27450%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-orig-src=\"https:\/\/www.mediashower.com\/img\/ACCF581C-DD49-11EB-9D0F-4F9F5EAF105B\/AdobeStock_395150588_Editorial_Use_Only_600x.jpg\" alt=\"Circuit City store.\" width=\"600\" height=\"450\" \/><\/strong><\/p>\n<p>In the early 90s, Circuit City had the innovative idea of applying its experience in retail, logistics, commercial real estate, and point of sale to the auto industry to create a national network of used car lots. Jokingly called \u201cHonest Rick\u2019s Used Cars\u201d after CEO Richard Sharp, the company finally settled on the name CarMax, <a href=\"https:\/\/web.archive.org\/web\/20070515212738\/https:\/\/money.cnn.com\/magazines\/business2\/business2_archive\/2006\/09\/01\/8384327\/\" target=\"_blank\" rel=\"noopener\">opening its first lot in 1993<\/a> in Richmond, VA.<\/p>\n<p>In 2002, CarMax was spun off, giving the shares it owned to Circuit City investors as a dividend on the belief that a strong retail market and demand for consumer electronics would keep Circuit City thriving. Seven years later, \u00a0<a href=\"https:\/\/www.richmondfed.org\/~\/media\/richmondfedorg\/publications\/research\/econ_focus\/2013\/q3\/pdf\/economic_history.pdf\" target=\"_blank\" rel=\"noopener\">Circuit City went bust<\/a> as e-commerce companies like Amazon snapped up their customer base. CarMax, meanwhile, posted nearly $19 billion in revenue for its latest fiscal year.<\/p>\n<h2>The Concorde<\/h2>\n<p><strong><img decoding=\"async\" class=\"lazyload fr-fil fr-dib aligncenter\" style=\"width: 600px;\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27600%27%20height%3D%27400%27%20viewBox%3D%270%200%20600%20400%27%3E%3Crect%20width%3D%27600%27%20height%3D%27400%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-orig-src=\"https:\/\/www.mediashower.com\/img\/ACCF581C-DD49-11EB-9D0F-4F9F5EAF105B\/AdobeStock_204281013_600x.jpg\" alt=\"Concord.\" width=\"600\" height=\"400\" \/><\/strong><\/p>\n<p>The Concorde promised to get us where we wanted to go as fast and as luxuriously as possible. As the only supersonic jet available for public use, it was seemingly just a matter of time before its technical achievements made it the standard in air travel.<\/p>\n<p>Despite being in operation for thirty years flying between London, Paris, and New York, this didn\u2019t happen. The problem was that its supersonic design created a sonic boom that meant <a href=\"https:\/\/www.faa.gov\/news\/fact_sheets\/news_story.cfm?newsId=22754\" target=\"_blank\" rel=\"noopener\">it could only be used over open ocean<\/a>. Limited routes meant limited utility.<\/p>\n<h2>The XFL<\/h2>\n<p><strong><img decoding=\"async\" class=\"lazyload fr-fil fr-dib aligncenter\" style=\"width: 600px;\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27600%27%20height%3D%27400%27%20viewBox%3D%270%200%20600%20400%27%3E%3Crect%20width%3D%27600%27%20height%3D%27400%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-orig-src=\"https:\/\/www.mediashower.com\/img\/ACCF581C-DD49-11EB-9D0F-4F9F5EAF105B\/AdobeStock_410956513_Editorial_Use_Only_600x.jpg\" alt=\"XFL\" width=\"600\" height=\"400\" \/><\/strong><\/p>\n<p>Football has been among the top-rated TV programs for decades. In 2001, the XFL was launched to offer people more football with different rules, scantier cheerleaders, and edgy names and logos. While the XFL did pioneer some sports broadcasting techniques like sky cams, the idea that football fans wanted more football any time of the year turned out to be wrong, leading to mistakes like airing a game against March Madness. XFL leadership also failed to consider that football has <a href=\"https:\/\/thefootballgirl.com\/women-now-make-up-47-of-all-nfl-fans\/\" target=\"_blank\" rel=\"noopener\">a substantial female fanbase<\/a>, which was put off by the XFL\u2019s raunchier and more macho tone.<\/p>\n<p>Since then, there\u2019s been an attempted revival, which ended early <a href=\"https:\/\/www.espn.com\/xfl\/story\/_\/id\/29021347\/xfl-suspends-all-operations-lays-employees-amid-coronavirus-pandemic\" target=\"_blank\" rel=\"noopener\">due to the COVID-19 pandemic<\/a>. It was bought out by Dwayne \u201cThe Rock\u201d Johnson for just $15 million. Time will tell if Johnson has figured out what the XFL\u2019s previous owners haven\u2019t.<\/p>\n<h2>Compaq<\/h2>\n<p><strong><img decoding=\"async\" class=\"lazyload fr-fil fr-dib aligncenter\" style=\"width: 600px;\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27600%27%20height%3D%27398%27%20viewBox%3D%270%200%20600%20398%27%3E%3Crect%20width%3D%27600%27%20height%3D%27398%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-orig-src=\"https:\/\/www.mediashower.com\/img\/ACCF581C-DD49-11EB-9D0F-4F9F5EAF105B\/AdobeStock_262198_600x.jpg\" alt=\"Older generation laptop.\" width=\"600\" height=\"398\" \/><\/strong><\/p>\n<p>Compaq was built on innovation. <a href=\"https:\/\/www.pcguide.com\/news\/what-happended-to-compaq\/\" target=\"_blank\" rel=\"noopener\">Founded by three executives from Texas Instruments<\/a> who worried the company was becoming too stodgy. It was among the first to legally reverse-engineer IBM\u2019s personal computer in the early \u201980s. Instead of competing on price, Compaq focused on quality, ease of use, and adding the newest and latest features.<\/p>\n<p>The problem was they focused entirely on desktop computers, leaving the market in industrial computing and servers to others. The company\u2019s sales structure also didn\u2019t let them sell their products directly, unlike their competitors. They were getting beaten on price right as the personal PC started to become eclipsed by other products in the market. Seeing the writing on the wall, Compaq was sold to Hewlett Packard in 2002.<\/p>\n<h2>Borders<\/h2>\n<p><strong><img decoding=\"async\" class=\"lazyload fr-fil fr-dib aligncenter\" style=\"width: 600px;\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%20width%3D%27600%27%20height%3D%27381%27%20viewBox%3D%270%200%20600%20381%27%3E%3Crect%20width%3D%27600%27%20height%3D%27381%27%20fill-opacity%3D%220%22%2F%3E%3C%2Fsvg%3E\" data-orig-src=\"https:\/\/www.mediashower.com\/img\/ACCF581C-DD49-11EB-9D0F-4F9F5EAF105B\/AdobeStock_315518876_Editorial_Use_Only_600x.jpg\" alt=\"Borders book store.\" width=\"600\" height=\"381\" \/><\/strong><\/p>\n<p>The history of Borders is the history of being constantly beaten to innovation. From the very beginning, when Borders was spun off by Kmart (combining their struggling Waldenbooks and Borders operations), the company was stuck in a catch-up mentality.<\/p>\n<p>Take coffee, for example. In 1993, Barnes &amp; Noble teamed with Starbucks to sell prepared coffee in its outlets, which immediately drew attention and drove sales. Borders didn\u2019t make a similar arrangement (this one involved Seattle\u2019s Best Coffee) until 2004. Barnes &amp; Noble stopped charging for WiFi access years before Borders followed suit. It was even the last to launch an ebook platform (Kobo) in 2009.<\/p>\n<p>Confusingly, Borders and Amazon worked together for a while, with Amazon essentially serving as Borders\u2019 online operation. Right when Amazon was beginning to ascend, in 2008, <a href=\"http:\/\/www.internetnews.com\/ec-news\/article.php\/3749336\/Borders+Breaks+Off+7Year+Amazon+Partnership.htm\" target=\"_blank\" rel=\"noopener\">Borders ended the partnership<\/a> and announced it was going to launch its own competing site,\u00a0 making a better-funded partner into a rival.<\/p>\n<p>Borders closed in 2011, outlived, ironically enough, by its own ebook platform, which is still available.<\/p>\n<p>Innovation is the lifeblood of any business, and having the right innovation strategy can ensure long-term success. A failure to innovate or to see the value in innovation can be dangerous. To learn how to drive innovation in your organization, get a free consultation for your team. <a href=\"https:\/\/ideascale.com\/schedule-a-demo\/\">Schedule now<\/a>!<\/p>\n<p><!-- Media Shower Impressions --><\/p>\n<div class=\"ms_article_id\" style=\"display: none;\" data-ms-article-id=\"88560\"><\/div>\n<p><!-- \/Media Shower Impressions --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highlights Companies as diverse as Xerox, National Geographic, and Circuit City failed to innovate, and suffered painful costs as a result. While a company can survive failing to innovate, it <a href=\"https:\/\/ideascale.com\/blog\/seven-companies-that-failed-to-innovate-and-what-happened-to-them\/\"> <\/a><\/p>\n","protected":false},"author":7,"featured_media":48165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2544],"tags":[],"contributor":[2292],"class_list":["post-48164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-innovation-best-practices","contributor-jessica-day"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>7 Companies That Failed to Innovate and What Happened to Them<\/title>\n<meta name=\"description\" content=\"Seven Companies That Failed to Innovate, and that lack of creativity and nimbleness brought them to a number of humiliating ends.\" \/>\n<meta name=\"robots\" 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