False . Polaroid was forced to declare bankruptcy after 30 years of strong financial performance.
Why did polaroid have to declare bankruptcy ?
Patent infringements and bad corporate governance were to blame for Polaroid's inability to adjust quickly. Around the year 2000, the business concepts that had sustained their success since its foundation in 1937 began to crumble. The failure of Polaroid was mostly caused by two factors: a flawed business strategy and aversion to becoming a leader in their industry. Given all of their early work on digital photography, Polaroid may have controlled the industry today.
But very early on, failure anxiety set up within the firm. If you want to continue being successful, you can't let business failure scare you too much. The ability to diversify, innovate, and understand the market are crucial competencies.
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