Yesterday Kodak’s stock soared. Multiple news outlets reported the tremendous increase in its stock price.
Everyone seems to trace it back to Kodak’s announcement it will release a cryptocurrency for film, photographers and photo rights.
What’s most interesting is that I often reference Kodak as an example of what not to do in business. They held onto the traditional film model too long and their business suffered from it.
Now they’ve gone the other direction. Now they have positioned themselves as innovators – bringing new technology to the market.
A few lessons:
1) The market – and world – these days values the future more than the past. They are buying Kodak stock on the bet on the future it seems.
2) Brand is important. If Joe’s Camera Hut (no offense, Joe) had announced they were getting into cryptocurrency no one would have listened.
I am looking forward to seeing what Kodak does.
What business lessons did you take from this?