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E-Business - Polaroid, founded in 1937, produced the fi rst instant camera in the late 1940s. The Polaroid camera was one of the most exciting technological advances the photography industry had ever seen. By using a Polaroid camera, customers no longer had to depend on others to develop their pictures. The technology was innovative and the product was high-end. The company eventually went public, becoming one of Wall Street’s most prominent enterprises, with its stock trading above $60 in 1997. In 2002, the stock was down to 8 cents and the company declared bankruptcy. 3 How could a company like Polaroid, which had innovative technology and a captive customer base, go bankrupt? Perhaps company executives failed to use Porter’s Five Forces to analyze the threat of substitute products or services. If they had, would they have noticed the two threats, one-hour fi lm processing and digital cameras, that eventually stole Polaroid’s market share? Would they have understood that their customers, people who want instant access to their pictures without having a third party involved, would be the fi rst to use one-hour fi lm processing and the fi rst to purchase digital cameras? Could the company have found a way to compete with one-hour fi lm processing and the digital camera to save Polaroid? Most organizations face the same dilemma as Polaroid - the criteria an organization uses to make business decisions for its present business could possibly create

issues for its future business. Essentially, what is best for the current business could ruin it in the long term. Some observers of our business environment have an ominous vision of the future - digital Darwinism. Digital Darwinism implies that organizations which cannot adapt to the new demands placed on them for surviving in the information age are doomed to extinction.

4 Disruptive versus Sustaining Technology A d isruptive technology is a new way of doing things that initially does not meet the needs of existing customers. Disruptive technologies tend to open new markets and destroy old ones. A sustaining technology , on the other hand, produces an improved product customers are eager to buy, such as a faster car or larger hard drive. Sustaining technologies tend to provide us with better, faster, and cheaper products in established markets. Incumbent companies most often lead sustaining technology to market, but virtually never lead in markets opened by disruptive technologies. Figure 3.1 displays companies that are expecting future growth to occur from new investments (disruptive technology) and companies that are expecting future growth to occur from existing investments (sustaining technology).

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