Don't Let Past Success Hold Back Your Future: Lessons from Kodak and Formula E

In the business world, complacency can be a significant risk. It's easy to cling to what worked in the past, but that very formula can become a trap that hinders future growth. Two very different stories, that of Kodak and Formula E, offer us clear perspectives on this challenge: one shows what happens when you don't let go, and the other, how innovation from the outset can pave new paths.

The Kodak Paradox: Inventing the Future, Failing to Embrace It

Think of Kodak. Most people believe the company failed because it didn't foresee the digital era. But the truth is far more surprising: Kodak actually invented the first digital camera in 1975. A young engineer named Steven Sasson created a prototype that weighed nearly four kilograms and captured black-and-white images at 0.01 megapixels, recording a single photo in 20 seconds. It was clunky by today's standards, but it was the future of photography, as Entrepreneur explains.

So, what happened? Kodak had built an empire around photographic film. Every roll sold and every print developed reinforced an extraordinary business model. Digital photography wasn't a technological threat; it was a threat to the entire business's identity. Profits came from film, and letting go felt like losing everything, not evolving. This difficulty in releasing what brought us success is a common pattern in the business world.

The Trap of Habits and Identity

The habits that helped you build a business are often the same ones that later prevent you from growing. When you start out, it's natural for the founder to be involved in everything: speaking to every customer, approving every decision. These actions, though they might seem excessive later, are often the reason the business survived and thrived. But success changes the environment faster than founders change their habits, according to Entrepreneur.

Delegating more and approving less isn't a matter of lacking knowledge, but of identity. If you were praised for years for always being reachable, for personally handling clients, that availability becomes part of your reputation. When you're asked to step back, it doesn't sound like a strategic suggestion, but like a request to become an entirely different person. This resistance is understandable, but it can be fatal for adaptation. The uncomfortable question is: "If I'm no longer doing the things that made me valuable, what exactly is my role now?"

Formula E: Innovation and Purpose from the Start

In contrast to Kodak, Formula E shows us how to build a business with innovation and sustainability in its DNA. Just 12 years ago, the idea of an all-electric racing championship seemed like science fiction. In its first season, cars needed a mid-race battery swap to finish, recalls Jeff Dodds, CEO of Formula E, in Entrepreneur.

Today, Formula E is a global championship with millions of fans and cars topping 200 miles per hour. It's not just a racing league; it's a real-time test lab for electric vehicle innovation. This mission, focused on accelerating the transition to electric vehicles, wasn't a late adaptation, but the cornerstone of its creation.

A New Formula for Entertainment and Sustainability

Formula E differentiates itself from Formula One in key aspects. While F1 uses internal combustion engines, Formula E is all-electric, which not only reduces its carbon footprint but also changes the racing dynamic. Drivers must manage energy, adding a layer of strategy that Dodds describes as "a game of chess on the racetrack." This appeals to a different audience: younger, split almost 50/50 between men and women, and with a keen interest in technology and sustainability, according to Dodds in Entrepreneur.

Sustainability isn't an add-on for Formula E; it's its essence. It's the only sport in the world certified as a B Corp, meaning it meets high standards for social and environmental performance. Its events use hydrogenated vegetable oil, eliminate single-use plastics on-site, and charge cars with renewable energy. They even plan for their Gen4 cars to be 100% recyclable or reusable. This demonstrates that sustainability doesn't have to be a compromise in quality or performance, but rather an advantage.

Why it matters

The stories of Kodak and Formula E remind us that success is not static. Businesses and leaders must be willing to question their own "magic formulas" and let go of habits that, while useful in the past, now limit their evolution. The ability to innovate and redefine corporate identity is what makes the difference between a success story that stagnates and one that continues to drive the future.