I usually write about brands that have done exceptionally well in their respective fields.

This brand is one of the world's most famous cases when it comes to innovation and disruption. But it also happens to be just as famous for mismanagement and complacency.

How was it that a company that dominated an industry for over a century, and was the pioneer of innovation, ended up filing for bankruptcy protection?

You're about to find out, as this is the (cautionary) tale of Kodak.

The fact that I even need to state that is 1. Terrifying and 2. Indicative of how far (and fast) technology has moved since I was a tween.

Access to photography used to be exclusively for the elite. Only a professional could take and develop photos in a dark room. And it certainly wasn't cheap.

That was until George Eastman, a visionary entrepreneur who believed heavily in the democratisation of photography, revolutionised the industry. How? He introduced the first commercially successful roll film camera - The Kodak Brownie. And it was this camera that propelled Kodak to the forefront of the photography industry.

The company's success was thanks (mostly) to their ability to innovate the technology of cameras and provide photographic film for both amateur and professional photographers. Because this made cameras accessible to everyone.

The brand became known for pushing the boundaries of photographic technology. It introduced the first commercially available colour film, then instant film.

Kodak consistently altered the way people captured and shared their memories. This made the brand an undeniable part of family life and special occasions during this time, captivating consumers worldwide.

And it was this notion that sparked Kodak's ingenious marketing campaigns.

This came from a campaign that emphasised the emotional connection people have with photography. And this, of course, resonated deeply with consumers.

We all know how it feels to look at a fond photo of you and a loved one. Adding their iconic tagline to turn that feeling into a branded moment. And that's what turned Kodak into a household name, helping the brand rise to prominence.

In the late 1990s, digital photography transformed the camera industry.

Was Kodak so blinded by its success that it refused to prioritise this new technology? Even though the first digital camera prototype was created by Steve Sasson, a Kodak engineer?

Kodak mismanaged its investment in digital in multiple ways. And this eventually led to their downfall.

In fact, Kodak did invent and invest billions in digital cameras.

It also carved out a strong market position with tech that made it easy to move pictures from cameras to computers.

When cameras merged with phones and people shifted from printing to posting, Kodak acquired a photo sharing site called Ofoto in 2001.

But unfortunately, Kodak wanted to use this site to get more people to print photos.

It sold the site to Shutterfly as part of its bankruptcy plan for less than $25 million. That same month, Facebook shelled out $1 billion to acquire Instagram; the 13-employee company Systrom had co-founded 18 months earlier.

Companies like Kodak almost always see the disruptive forces affecting their industry. And they frequently divert sufficient resources to participate in emerging markets.

Their failure is usually an inability to truly embrace the new business models the disruptive change opens up.

Kodak created a digital camera. They invested in technology. They even understood that people would start sharing photos online. Where they failed was in realising that online photo sharing was the new business, not just a way to expand the printing business.

If your company is talking about how to merge these, Harvard Business Review suggests you ask yourself three questions: