Nokia was not the first business to create a commercially viable mobile phone. Still, it was the first to do so successfully and with widespread appeal and was one of the largest mobile phone companies in terms of volume, revenue, market share, and profit in the 1990s and early 2000s. Still, it failed to transition to the smartphone industry in the early 2010s.
Although Nokia had an 80% market share in the smartphone market until 2007, the leading cause for Nokia’s loss of ground during the “second coming of the smartphone age” was due to Nokia’s weak position in the “technical system.”
Mr Wood claims, “Nokia used to manufacture fantastic phones, they still do and they had this amazing decade of hardware innovation.”
