Courage in Business: The Story of Crimson Education and Kodak’s Downfall
In the fast-paced world of business, the ability to confront fear and uncertainty head-on can make all the difference between success and failure. This is a lesson clearly demonstrated by the contrasting stories of Crimson Education and Eastman Kodak.
Crimson Education, founded in 2013 in Auckland by Jamie Beaton, Fangzhou Jiang, and Sharndre Kushor, embodies the essence of courageous leadership. The company disrupted traditional education models and transformed the way students access admission to elite universities. With services ranging from tailored preparation for tertiary education to university selection and application assistance, Crimson has expanded to operate in 13 key markets globally, boasting a remarkable company valuation of $1 billion.
Despite facing significant legal challenges and setbacks along the way, the founders of Crimson remained undeterred. They continuously improved their approach, treating challenges as opportunities for growth and learning. Their vision, agility, drive, and courage have positioned Crimson as a leader in the competitive EdTech sector.
On the other hand, the story of Eastman Kodak serves as a cautionary tale of what can happen when courage is lacking in management. Despite inventing the first digital camera in 1975, Kodak hesitated to fully embrace digital photography, clinging to its comfortable legacy business. As a result, the company’s once-thriving business model fell into decline, leading to a dramatic restructuring and a much smaller scale of operation focused on niche markets.
The stark comparison between Crimson Education and Kodak highlights the importance of courage in business. While Crimson’s founders embraced fear, took risks, and challenged the status quo to thrive in a changing world, Kodak’s reluctance to adapt sealed its fate in the digital photography era.
The lesson is clear: in a world where external technological and environmental shifts can make or break a business, courage is not optional—it is essential for survival and success. Are you ready to confront your fears and take bold steps to ensure your business’s future? The choice is yours.