In an era where technology evolves unprecedentedly, staying relevant can challenge many businesses. However, some companies manage to survive and thrive by reinventing themselves. Today, we delve into the stories of two Japanese giants, Fujifilm and Canon, and how they navigated crises to emerge stronger.
Fujifilm: From film to healthcare titan
Once a dominant player in the film and camera industry alongside Kodak, Fujifilm found itself at a crossroads with the advent of digital cameras. The company was faced with a dire choice: evolve or become obsolete. The answer came from within, leveraging its core technology in film to break into entirely new markets.
A bold pivot
In an unexpected move, Fujifilm ventured into the cosmetics industry, utilizing its film technology to develop skincare products. This pivot was successful and marked the beginning of Fujifilm’s transformation. The company didn’t stop there; it expanded into the healthcare industry, combining its imaging technology with AI to create “REiLI,” a medical imaging and diagnostics brand. This technology has revolutionized medical imaging by improving the accuracy and efficiency of diagnostics.
Diversification and growth
Fujifilm didn’t rest on its laurels. The company continued to diversify, acquiring technology for iPS cell cultivation and becoming a patent supplier for this groundbreaking medical technology via its Fujifilm Toyama Chemical division.
In 2019, the company established Fuji Xerox, a joint venture between Fujifilm and Xerox Corporation of North America, and acquired Hitachi’s diagnostic imaging business that same year.
In 2020, Fujifilm announced an almost billion-dollar investment in a Denmark-based biologics production facility, which it acquired from Biogen a year earlier, doubling its manufacturing capacity.
Today, the Fujifilm Group has two operating companies, encompassing more than 300 subsidiaries, and three “shared services companies” under its umbrella.
Canon: From cameras to global tech innovator
Canon, known worldwide for its cameras, faced a similar predicament as smartphones overshadowed digital cameras. The company’s leadership knew Canon’s days were numbered without drastic change.
Strategic acquisitions
Determined to survive, Canon embarked on a series of strategic acquisitions, expanding into medical devices, video management software, and surveillance cameras. These moves were not random but carefully chosen to leverage Canon’s existing expertise in imaging technology.
Beyond Earth: The final frontier
Canon’s ambitions didn’t stop at medical technology. The company ventured into space, manufacturing and launching small, low-orbit satellites with high-precision imaging capabilities. This bold move into space technology underscores Canon’s transformation from a camera manufacturer to a diversified global tech powerhouse.
Canon’s significant financial resources were key to its successful transformation, allowing the company to acquire world-class technology enterprises and secure a place in new, lucrative markets.
Lessons learned by Japanese companies
The stories of Fujifilm and Canon are not just corporate success tales, but powerful lessons on adaptability, innovation, and the courage to venture into the unknown. For millennials navigating their careers or entrepreneurial ventures, these narratives underscore the importance of:
- Embracing change and seeing it as an opportunity for growth
- Leveraging existing strengths to break into new markets
- The power of diversification in ensuring long-term success
Conclusion
In a world that’s constantly changing, the stories of Fujifilm and Canon serve as a beacon of inspiration. These companies remind us that traditional businesses can reinvent themselves and achieve greatness with the right strategy. Whether you’re a budding entrepreneur or a professional looking to pivot your career, remember transformation is possible, no matter where you start.
