In an interconnected world where technology is developing at a dizzying rate, competition is relentless and consumers calling out for innovation, the question remains: Is it possible for a consolidated trademark to reinvent itself? History has proven that not only they can, they must. Kodak, Remington, Blockbuster and Sony Ericsson are just a few examples of big trademarks that revolutionized industries, preferred and valued by millions of people around the world, but that fell to the same mistake; falling asleep, watching life pass by and not taking part. Failing to innovate
On the other hand, there are companies such as Nokia, who are not willing to disappear and have put up a tireless fight to regain their former glory, reliving their best moments and developing an interesting mix between classic and technological.
However, one of the most emblematic cases is that of Hewlett-Packard, who after 77 years of success, prestige and acknowledgement could well have settled down. Instead, they decided to reinvent themselves, innovating their business model by separating their company in two. One part has maintaining the focus on computers, printers and devices, and the other is now oriented towards business services.
Enrique Lores, President of HP Imaging, Printing & Solutions, described the company’s process while at a session for the MBAs of Barcelona’s IESE Business School, as “looking to recover part of the Startup spirit, and make a new company to last through the ages. At the same time, creating value for our shareholders”. “We are now a lot smaller and more agile, and therefore capable of changing our destiny”.
What for many seemed a risky endeavor has now begun to reap important benefits. Not only has HP managed to reposition themselves in the market of PC computers, where Lenovo used to have total leadership, they have also evolved into a reference for 3D printing, a seemingly limitless technology which besides its important economic impact, has also revolutionized areas such as medicine.
The reinvention of HP is much more than just a business success story; it is the best reflection and confirmation that regardless of the risks, when you decide to bet on innovation and adding value to your clients, the results are always better than when resting on past achievements. Whether the path is difficult or complex ceases to matter. What truly matters is to create value.