Not that long ago, Nokia was the most dominant mobile phone maker. It ruled the mobile industry for over 10 years. Nokia was so dominant that they felt they could do nothing wrong.
Then all of a sudden , in 2007, Steve jobs launched the iPhone and started touch smart phone revolution. Nokia also joined the race of touchscreen phones but they didn't realize that people were interested in apps and good interface rather than hardware alone.
Were 60% of the phones in the world were sold by Nokia, the sales dropped down to 10% with in years.
Nokia was slow to respond to the new trends and soon got out of the race. And in 2013, they fire over 25,000 of their employees and shutdown most of their production sites.
Until finally, they got acquired by Microsoft later that year. The company whose evaluation was more than $50 Billion got sold out for just $7 Billion.
In such a tragic time for the company, even their CEO cried during speech.
"We didn't do anything wrong but somehow we lost" .
The biggest tech company went bankrupt just because they didn't adopt change.
"change might be hard, but it's always for the best.