[Lee Stewart]

Few people realize that digital photography was originally a Kodak innovation, and in fact the company held the patent for the technology as early as 1975. But Kodak, famed for introducing the Brownie camera in 1900, refused to invest in digital research and development. Their rivals, meanwhile, were busily inventing something called the smartphone. By the time Kodak tried to catch up in the early 2000s, it was too late. Kodak filed for Chapter 11 bankruptcy in January 2012.