Once upon a time, Nokia was a household name, synonymous with mobile phones and innovation. However, the company’s journey in the modern business world took an unexpected turn, leading to its downfall. This article explores the rise and fall of Nokia, a cautionary tale in the ever-evolving landscape of technology and business, and the lessons we can learn from Nokia’s arrogance.
The Ascendance of Nokia
Nokia, a Finnish company founded in 1865, started as a pulp mill and later ventured into various industries, including telecommunications. By the late 20th century, Nokia had become a giant in the mobile phone industry. It was known for its durable, user-friendly phones, and the iconic Nokia tune rang in the pockets of millions around the world. Nokia’s dominance was unchallenged, with a market share that peaked at around 40% in 2008.
The Turning Point
The downfall of Nokia can be traced back to its … Read more