Seven years before the iPhone launched, a phone manufacturer demo-ed a phone with a colour touchscreen above a single control button.
The phone could locate a restaurant, play games and order goods.
When it was pitched as a future product to management, management decided it was too costly to produce.
In 2007, in a last flash of hubris before nemesis came calling, the company sold 436 million phones.
But 2007 was also the year of the iPhone – which destroyed the company’s business.
Moral: Complacency breeds failure