Back in 2000 a meeting took place a between a fledgling tech business called Netflix and video rental giant Blockbuster.
Blockbuster were apparently given the opportunity to聽buy the young upstart for $50m but Netflix鈥檚 bosses were reportedly laughed out the room.
Blockbuster isn鈥檛 laughing anymore. Their failure to recognise the potential of聽streaming meant they鈥檙e no more and Netflix is now a multi-billion dollar business.
Blockbuster is a perfect example of what can happen to a company if you don鈥檛 future-proof your business but it鈥檚 not an isolated case.
It鈥檚 the reason why I鈥檓 hosting an聽event on how companies can future-proof their businesses through technology on October 10th.
I鈥檓 old enough to have grown up when the name Kodak was omnipresent. It was a heavyweight in the era of analog film but a lightweight in the world of digital photography.
Kodak consistently failed to see both the threat and opportunity digital photography presented and paid the price. High street camera retailer Jessops became a victim of advances in smart phone technology.
However for every casualty there鈥檚 a success story. One of my favourites is Shop Direct. It鈥檚 pivoted itself from being a catalogue business to being an internet retailer and is reaping the rewards.
Manchester-based Auto Trader is another brilliant example. I remember seeing Auto Trader magazines in newsagents as a youngster but the company binned print completely in 2013 and is now the UK鈥檚 largest digital automotive marketplace.
I interviewed Lawrence Jones this week, co-founder and CEO of UKFast, at the Resilience Direct conference, and he outlined his approach. 鈥淩esilience is about an attitude in your approach to life and business,鈥� he said. 鈥淭here can be no limit to your resilience when it comes to business technology.鈥�
Resilient companies future-proof their business and the best example is Lego, which I used to play with as a kid.
I鈥檓 indebted to the research done by the Guardian but the turnaround in Lego鈥檚 fortunes has been remarkable.
Between its founding in 1932 and 1998聽Lego聽had never posted a loss. But by 2003 the skids were on as sales plummeted 30 per cent.聽 The company decided to diversify, risking its future by opening up theme parks; getting into video games; and manufacturing聽themed toys around tie-ins films like Star Wars听补苍诲听Harry Potter. It even produced a film. Today it鈥檚 the world鈥檚 most powerful brand.
Had Lego not have taken the steps they did they would be in the same boat as Blockbuster and Kodak. That鈥檚 why I鈥檓 really looking forward to hosting the future-proofing event next month. It鈥檚 an event you can鈥檛 afford to miss.