The accelerating flow of global information might give the impression of a world in constant flux. And yet, the economy mostlty remains dominated by companies founded decades ago. From industrial giants to technology leaders, how have these organizations managed to withstand the test of time and remain competitive?
The answer can be summed up in one word: innovation.
Anticipating and even creating new trends and customer needs, these companies commit colossal sums to research and development. Through bold strategies and groundbreaking technologies, they continuously reinvent themselves, achieving longevity in business through transformation.
Regardless of the market they occupy, companies face a fundamental choice: evolve or risk irrelevance. Innovation allows businesses to stay ahead of the curve, whether by improving existing processes, entering new markets, or redefining their industries. From incremental advances to radical breakthroughs, innovation enables companies to not only survive, but thrive, even in the face of fierce competition or disruption.
A company’s ability to innovate is often reflected in its willingness to take calculated risks, invest in new ideas, and explore uncharted territory.
A Cautionary Tale
The story of Kodak serves as a powerful reminder of what happens when innovation is neglected. Once a giant in the photography industry, Kodak revolutionized how people captured memories with its affordable film and cameras. However, despite inventing the first digital camera in the 1970s, the company failed to capitalize on this groundbreaking technology.
Kodak’s reluctance to disrupt its profitable film business allowed competitors to seize the opportunity instead, and the company soon found itself overtaken by the digital revolution. In 2012, Kodak filed for bankruptcy — a dramatic fall from grace for a business that had once dominated the market.
Unlike Kodak, many companies have successfully navigated shifts in technology and market demands through reinvention.
Corning — From Edison’s light bulbs to specialty glass
Corning Incorporated is an American multinational technology company specialized in manufacturing specialty glass, ceramics, and related materials and technologies, such as advanced optics used for industrial and scientific applications.
Corning’s innovative journey began in the late 1800s when Thomas Edison enlisted the company to produce glass for his first light bulbs. In 1908, Corning established one of the first R&D labs in the United States, setting the stage for over a century of groundbreaking advancements.
Today, Corning is a leader in specialty glass and ceramics, holding a vast portfolio of patents and regularly investing hundreds of millions of dollars annually in R&D. Its innovations span five key markets: display technologies, environmental solutions, telecommunications (optical fiber), life sciences, and specialty materials like Gorilla Glass, widely used in smartphones and electronics.
Corning’s commitment to mastering a niche is a common trait among industry leaders. Similar to Corning’s approach, security printer Oberthur Fiduciaire dedicated itself to specialization in its own field: high-security products. In this domain, innovation is not just a driver of growth, but a necessity. Security printers must continuously develop new technologies to stay ahead of counterfeiters.
Oberthur Fiduciaire — Trust and Innovation
Founded in 1842 as a paper printer – producing almanacs, telephone directories, and posters – France’s Oberthur Fiduciaire reinvented itself to become an established leader in high-security products, specializing in banknotes and secure documents.
Innovation is not only a competitive advantage for Oberthur Fiduciaire: as counterfeiters become increasingly sophisticated, the company must continually evolve its practices to protect its clients and their assets. This evolution can be seen in the company’s extensive line of premium banknote security features, thread and foil solutions, and 3D background effects. By integrating cutting-edge technologies, Oberthur ensures that its products remain secure and virtually impossible to replicate.
In 2023, Oberthur Fiduciaire strengthened its position in the market by acquiring a 71% stake in Rolling Optics, a pioneer in microlenses from Sweden. The acquisition enhances Oberthur’s ability to integrate advanced optical security features into its products, improving future protection against counterfeiting. Rolling Optics’ groundbreaking micro-optics solutions produce visually striking and unique effects, making them ideal for banknotes and other high-value secure items.
By combining its legacy of trust with modern technological advancements, Oberthur Fiduciaire continues to lead the way in secure printing. And the integration of Rolling Optics demonstrates the company’s commitment to innovation, ensuring that it remains at the forefront of its industry while addressing evolving security challenges.
Turning to another industry, innovation and reinvention have also defined the journey of Nokia, a company that made the unlikely shift from paper mill to telecommunication infrastructure giant.
Nokia — From Paper Mill to Global Telecommunications Leader
Founded in 1865 as a paper mill in Finland, Nokia spent decades in traditional industries like rubber and cables, before pivoting to electronics and telecommunications in the 1960s.
By the 1990s, Nokia had become a global leader in mobile phone technology. Its iconic devices, such as the Nokia 3310, cemented its reputation and propelled the company to the forefront of the mobile revolution through relentless innovation and R&D.
By the late 2000s, Nokia lost its dominance as smartphones from Apple and Android reshaped the market. Struggling to adapt, it eventually sold its phone business to Microsoft in 2014, marking the end of its consumer device leadership.
Nokia, however, proved resilient by shifting its focus to business-to-business technologies. It became a leader in telecommunications infrastructure, 5G networks, and cloud solutions. Leveraging its expertise and partnerships, Nokia now drives innovations in IoT, AI-driven networks, and edge computing with a partnership with innovator Kyndryl taking shape last year.
Despite ups and downs, Nokia has recently undertaken a number of strategic initiatives, including a multi-year expansion deal with AT&T, enhancing voice and 5G network automation in the U.S.
Nokia reported a 38% increase in adjusted operating profit for the fourth quarter 2024 – with net sales up 10% to €5.98 billion – driven by strong telecom equipment sales in North America and India.
The company’s CEO Pekka Lundmark told media that he expects the ongoing purchase of Infinera to close soon, too, enabling Nokia to tap into a boom in data centres driven by activity and investment pouring into artificial intelligence, underscored by the recently announced Stargate project.
Today, Nokia remains a key player in next-generation telecommunication infrastructure, proving that adaptability and reinvention are the cornerstones of long-term success. Just as Nokia concentrated its research on a single vertical in order to thrive, industrial manufacturing equipment producer Trumpf embraced cutting-edge research and development, in this case redefining industrial tools.
Trumpf — Advancing Industrial Tools with Cutting-Edge Technology
Founded in 1923, Trumpf began as a mechanical workshop in Stuttgart, Germany, producing flexible shafts for machinery. Over the decades, the company evolved into a global leader in industrial manufacturing tools, specializing in laser cutters, punching machines, and power tools.
Today, Trumpf reportedly spends 11% of revenue on research and development. The company’s laser technology exemplifies its pioneering spirit. The company developed high-performance laser systems that revolutionized precision cutting and welding, enabling manufacturers to achieve unparalleled accuracy and efficiency. These innovations have positioned Trumpf as an indispensable partner for modern industries requiring advanced fabrication techniques.
Investment in digital solutions further underscores Trumpf’s forward-thinking approach. By integrating smart factory technologies and automation, Trumpf has transformed traditional manufacturing processes, making them more efficient and sustainable. This adaptability ensures that Trumpf remains competitive in a rapidly changing industrial landscape.
Innovation is key
Companies that embrace change, invest in research, and continually reimagine their products and strategies demonstrate the ability to not only navigate challenges but also seize new opportunities. From reinventing legacy industries to pioneering cutting-edge technologies, the stories of these companies show that transformation is not a one-time effort. By prioritizing innovation, businesses can secure their relevance, inspire markets, and write new chapters of success.
