{"id":2055,"date":"2012-01-16T13:21:53","date_gmt":"2012-01-16T13:21:53","guid":{"rendered":"http:\/\/faisalhoque.com\/?p=2055"},"modified":"2012-01-16T13:21:53","modified_gmt":"2012-01-16T13:21:53","slug":"an-innovation-clause-in-chapter-11","status":"publish","type":"post","link":"https:\/\/staging.frameroinfotech.com\/fh\/an-innovation-clause-in-chapter-11\/","title":{"rendered":"An Innovation Clause in Chapter 11"},"content":{"rendered":"

N<\/em><\/strong>o Company Can Sustain Itself on Brand Alone<\/em><\/strong><\/p>\n

\"\"“Me not working hard? Yeah, right,\u00a0<\/em>picture that with a Kodak. Or better yet, go to TimesSquare take a picture of me with a Kodak.”<\/em> \u2013 Lyrics from “Give Me Everything” by Pitbull<\/p>\n

We still ask interchangeably for a tissue or a Kleenex when we sneeze, and a photocopy or a Xerox when we need a printout. Not so long ago, Kodak was equally synonymous with a picture or a camera. Why? Brand and reputation. Why else would a \u201coff the charts\u201d hip-hop sensation validate the iconic 20th century brand that was once as ubiquitous as the phrase “Kodak moment” through a sponsorship deal?<\/p>\n

Unfortunately, even the best brands and reputations can expire if they fail to consistently set trends and remain ahead of the times.<\/p>\n

Although the cash-strapped company remains mum about selling off patents, people close to the company have indicated that Eastman Kodak Co. is preparing to seek bankruptcy protection in the coming weeks. This final act would be an anticlimactic end for a company that was once known for innovation, making it both a corporate titan and a common household name. In 1976, Kodak had a 90% market share of photographic film sales in the United States. By the late 1990s, a decline in sales of photographic film triggered a downward spiral, and the company hasn’t posted a profit since 2007.<\/p>\n

Whether a fan or foe of Kodak, the idea that a 120-year-old company is now a penny stock scrambling to sell off some of its patent portfolio in an effort to avoid Chapter 11 is a staggering image for those of us who remember Bill Cosby’s Colorwatch commercials. The company has already begun making preparations for a filing in case those efforts fail, including talking to banks about some $1 billion in financing to keep it afloat during bankruptcy proceedings.<\/p>\n

If only the simplicity of Kodak\u2019s original slogan remained true today: “You press the button, we do the rest.” In a 21st century digital business world, nothing is that simple. George Eastman built the company from a set of core values centered on entrepreneurship, philanthropy and concern for his employees, pioneering “dividends on wages” and other profit sharing programs. Those are all critical fundamentals for driving a business, but there is one key factor missing from the list: sustainable innovation.<\/p>\n

Contrary to that point, Kodak has always considered itself an extremely innovative company. And by all evidence, it has tried to stay true to that perception, with new products and services. Kodak Easyshare digital cameras have a \u201cshare\u201d button that can tag pictures for email messages, Facebook, Flickr, the Kodak Gallery or YouTube. The feature echoes the aforementioned slogan Kodak used to sell its cameras in the late 19th century. But that may have been too little, too late. If a new logo and tagline were enough to turn a company around, the playing field wouldn\u2019t be littered with well-known companies resorting to Chapter 11, from GM, Chrysler, Delta and American Airlines to Blockbuster, Borders and Harry & David.<\/p>\n

In most cases, a key disconnect was somewhere along the path between idea creation and actual execution as opposed to companies innovations to reach their respective customers.<\/p>\n

Sustained innovation is achieved when an organization is capable of innovating in all aspects of its business: management, divisions, operations, customers and suppliers. It requires a seamless, structured management approach that begins with board- and CEO-level leadership and connects all the way through technology investment and implementation. Above all the enterprise sustains innovation as a journey through it\u2019s in a continual process of reinvention, invention and discovery.<\/p>\n

Enterprises with a strong focus on innovation share three common principles that act as the glue, binding people together in productive collaboration. They are:<\/p>\n