Polaroid

Polaroid, founded in 1937 by Edwin Land, became a high-tech success story with its invention of instant photography in 1948. The company thrived through the 1950s and 60s, dominating the instant photography market and becoming a popular choice for both consumers and businesses. However, in 1974, technical issues with the SX-70 camera led to financial troubles, exacerbated by a recession. Leadership changes in 1975 saw attempts to diversify, but competition from conventional cameras and Kodak’s instant camera, along with the rise of electronic imaging, posed significant challenges. Despite winning a major patent infringement suit against Kodak in 1991, Polaroid struggled to monetize its innovations. Gary DiCamillo’s appointment as CEO in 1995 brought cost-cutting measures, but these efforts were insufficient. Polaroid filed for bankruptcy in 2001 and was sold in 2002, leading to asset liquidation and a significant reduction in operations.

Analysts attribute Polaroid’s downfall to its inability to transition effectively from conventional to digital photography. Key questions remain about whether earlier diversification, different manufacturing strategies, alternative business models, better customer engagement, or different leadership decisions could have prevented its decline. Could some combination of strategic, financial, and market-oriented changes have altered Polaroid’s trajectory?