Eastman Kodak (Bankruptcy)

Kodak's 2012 bankruptcy—from a company that invented digital photography—represents perhaps the most analyzed case of incumbent failure to disrupt itself. The company that had 90% of US film sales and invented the digital camera in 1975 couldn't transition when digital destroyed its core business. Like a species that evolves the perfect adaptation then fails to use it, Kodak had the technology but not the will to cannibalize profitable film.