How a 150 years old company with 1 billion customers failed?

This is one of the most interesting covers in #Forbes history. In 2007, the same year iPhone launched, they put #Nokia on their cover because they were celebrating reaching one billion customers! Back then, it was like they could go 100 more years without any challenger. This begs the question, how did Apple destroy Nokia so fast? The short answer is: Apple didn't compete with Nokia at all. Instead, they created an entirely new market. Apple didn't want to create yet another cellphone in a market with a lot of big players. They wanted to create a new market instead, a new category. It's the dream of every big company to define a new market instead of participating in one. A dream that very few have achieved so far. However, Apple was not the reason for Nokia's downfall. The only reason that Nokia failed, was that they forgot a very important rule in tech business: It doesn't matter how big you are, if you stop innovating, you have lost the game. Nokia was a 150 years old company. They changed the telecom landscape, they were king of cellphones for decades, but the moment they stopped innovating, they were finished. Challenging the "status quo" is a necessary step toward innovation. Corporations that forget this become eager to preserve their position, and that’s the beginning of their downfall. Sooner or later, someone will challenge everything that your business deemed to be “too big to change” and they will change it and take your place in the market. I spoke more about this here: https://www.youtube.com/watch?t=...