Here are some key lessons we can learn from Nokia's downfall:
- Technological innovation moves fast. Companies must continuously invest in R&D to stay ahead of the curve and anticipate emerging trends. Nokia focused too much on its existing Symbian platform.
- Open platforms can gain mass adoption faster. While Nokia's Symbian was proprietary, Android was open source so it was adopted more widely by other manufacturers.
- User experience matters greatly. Early Android and iOS devices offered touchscreen interfaces that were more intuitive than Symbian. Nokia was slow to transition to touch.
- It's risky to rely on any single partner. Nokia bet big on Windows Phone but Microsoft's platform never gained critical mass.