13/10/2020
Why did Nokia fail and what can we learn from it? Some Keypoints:
#1 1998, Nokia became the best-selling mobile phone brand in the world
#2 1999 - Nokia’s operating profit went from $1 billion in 1995 to almost $4 billion
#3 2008 - Google introduced Android
#4 2013 - Global smartphone platform market share - Android 51.5% , Apple 41.8%, Blackberry 3.4%, Microsoft 3.1%, Symbian 0.2%
#5 2013 - Nokia Partnered with Microsoft
#6 2013 - Nokia’s demise from being the world’s best mobile phone company to losing it all by 2013
When explaining Nokia’s fall many observers found three reasons:
1. Nokia’s technology was inferior to Android and iOS
2. Fail to adopt new technology
3. Lack of Vision
Takeaways:
Change is the law of Nature. Taking no risk is the biggest risk. Take Risks and adopt new technologies!
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