It's both. Kodak was slow on the draw because making the big investments early on to move to digital photography would have pissed off shareholders who would pe

It's both. Kodak was slow on the draw because making the big investments early on to move to digital photography would have pissed off shareholders who would percieve the move as a drain on the coffers and hurting 'Kodak's bottom line'. You can see this with other companies today (IBM, Intel, Microsoft, etc) that are struggling to stay relevant in areas where they have not traditionally been, they don't have the stomach to make the long term investments early enough, and if they do, they don't stick with them long enough.