Nokia: A salutatory lesson in the perils of ignoring digital disruption
by Nikki Tyson
My first three phones were Nokias and I loved them. That was in the days when battery life was the phone "feature" we cared most about.
However, the switch to an iPhone was a no-brainer.
Can you imagine what the Nokia R&D team felt like when they first saw the iPhone? Their market had just witnessed one of the biggest disruptions of the digital era.
The cell/mobile phone market changed overnight - perhaps "evolved" would be more appropriate.
It is sad to see a former European tech powerhouse pay the price for failing to respond effectively to such market disruption. The sale of Nokia's Devices & Services Division to Microsoft for a "shockingly low", according to Forbes Tech,
sale price of €5.4bn/$7.2bn. When you consider this is reduced from a market cap high of €110bn/$145bn it is a wake up call to us all.
At times, we are all guilty of believing our own company, market, industry hype, so how do we avoid the same fate?
Ryan MacInnis outlines 5 steps in his Digital Disruption blog:
- Know your industry
- Have peripheral vision
- Learn from the best
- Constantly innovate
- Beware other disruptors