Innovation/Entrepreneurial Mishaps

INDUSTRY GIANTS DEMISE DUE TO INNOVATION MISHAPS
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Companies need to have a resilient and robust innovative culture in order to thrive in an ever changing business world. Those that have failed or resisted innovation have missed the opportunity to lead and shape their industry. Macy’s, the largest American departmental store, was presented with an idea of starting their own cable television channel where they would market their wares in 1980. They opted to keep their concept of a physical store CITATION Eli18 \l 1033 (Elisabet Lagerstedt, 2018). QVC started with the idea and is now their largest competitor.
Blockbuster, a video rental company, failed to innovate to the new market trend of shipping DVD’s to their customer’s homes that was being offered by a new company, Netflix. In 2000, there was a partnership proposal from Netflix founder Reed Hastings for Blockbuster to market the brand in their chain stores whereas Netflix would run Blockbuster online CITATION Aus10 \l 1033 (Austin Carr, 2010). The idea was turned do...