The name ‘Nokia’ was scrapped off and moulded from ‘Nokianvirta’ a river in Finland. Nokia the quality icon was founded back in 1865 by Fredrik Idestam as a paper pulp manufacturing company in Finland. In the year 1967 Finnish Cable Works & Finnish Rubber Works joined hands with Nokia and gave birth to the mighty Nokia Corporation. They manufactured products like footwear, tires, various electronic components and telecommunication devices. Nokia started focusing more on telecommunication devices during the late 80s. The snake game, indestructible built quality and battery that lasts for an eternity shifted up Nokia’s game to a different level. In the 3rd quarter of 2007 Nokia had 49.4 percent market share in the handset market.
Then in the same year 2007, out of the blue a guy named Steve Jobs walked on to a stage and pulled something from his pocket that no one has ever seen before ‘the iPhone’ and changed the world.
Do you really think iPhone and Android slayed Nokia?? Actually, there is something more to the mystery.
Nokia was a technological tortoise, Nokia at its core was always a hardware company and failed to realize the importance and growing demand for smooth and stable software. Nokia had the state-of-the art technology and best engineers who made the best piece of hardware in the planet. Surprisingly, they were not even near to average in building software that were necessary to drive the hardware. They couldn’t forecast the importance software will have on handsets in the future. The emerging rival Apple had a different perspective from that of Nokia, all that Apple needed was a rectangle with a display, and the rest was taken care of software. Nokia couldn’t convert R&D to what people wanted. As a result, Nokia failed to evolve and couldn’t meet the demand of the smartphone era and the giant started falling.