Nokia pioneered the world’s first cellular network, standing as a testament to its revolutionary spirit. In the late 1990s and early 2000s, it was the undisputed champion of mobile phones worldwide.

However, there came a point where they faltered in their innovation journey. Overconfidence in the brand strength led Nokia to make a strategic misstep – they thought they could enter the smartphone race late and still come out on top. It wasn’t until 2008, a whole year after the iPhone had revolutionized the mobile world, that Nokia decided to take on the Android platform. By that time, it was too late. Their offerings couldn’t stand up to the competition.

And that’s where they tripped. Innovation isn’t just about leading the race, it’s also about pacing yourself and staying ahead. Nokia fell behind, and despite its illustrious past, couldn’t make up the lost ground.

The lesson here is a powerful one – resting on past laurels can be a direct route to irrelevance. One must always strive to be a step ahead, to innovate and disrupt continuously. That’s what every company must do to remain relevant.

Related articles
  • JCPenney, standing tall as one of the final bastions of department stores from the dawn [...]

  • Palm — They once held the future in the palm of their hands. Before the [...]

  • Nike FuelBand — When it debuted in 2012, it wasn't just a bracelet, but a [...]

Get the latest tips, stories and FREE tools delivered to your inbox.