Intel and VW have hardly "failed" - both the chip and car businesses will be around for the foreseeable future, and these companies will have some value going f

Intel and VW have hardly "failed" - both the chip and car businesses will be around for the foreseeable future, and these companies will have some value going forward. Kodak is a different and sad case. There are so many think-pieces on why they failed, but this one captures it well, by comparing them to their peer Fujifilm (which didn't fail): https://petapixel.com/why-kodak-died-and-fujifilm-thrived-a-tale-of-two-film-companies/ https://petapixel.com/why-kodak-died-and-fujifilm-thrived-a-... TLDR - Fujifilm quickly (over 10 years) diversified out of the photography business, while Kodak lingered. Digital photography was never going to replace the empire they had in film - the core photography business was fundamentally doomed, and the senior execs didn't make enough changes quickly enough. As a counter-example to Kodak, look at IBM, which has reinvented itself several times and is now basically a software service company. IBM successfully pivoted away from failing core businesses and has kept on going (although talking to former IBMers, it was hardly a smooth ride...) You could say IBM failed several times too - but like Fujifilm, it managed to morph into new businesses so the ticker at least stayed the same.