These Tech Brands Once Ruled The IT Industry. Now They Are No More

Money

November 1, 2022

In life, nothing is certain. A moment of joy can quickly turn into grief, a successful person could go bankrupt over a small misjudgment, and a flourishing business can come crashing down–all in the blink of an eye..

Melinda Gimpel/Unsplash | In the past years, many renowned tech companies have shut down their operations either due to fewer profits, less demand, or large competition

In the past years, many renowned tech companies have shut their operations down either due to lower profit margins, less demand, or greater competition. Now, let’s take look at some of the tech giants that once ruled the industry but today, they are nowhere to be found.

#1 - Compaq

Founded in 1982, Compaq's primary focus was to build personal computers and other IT-related products. It was the first company to reverse engineer IBM's personal computer which led to it’s an exponential rise in its popularity and business. But despite achieving such milestones, the company struggled to compete with brands like HP and Dell, especially when it came to pricing the competition out. As a result, the company was acquired by HP later on in 2002. After being used as a brand for the lower-end HP systems for over a decade, Compaq was discontinued in 2013.

FilmRise | Founded in 1982, Compaq's primary focus was to build personal computers and related products. It was quite successful until it was acquired by HP in 2002

#2 - Pets.com

As an online pets supplies store, Pets.com was way ahead of its time. The company was so good that it attracted an endless number of consumers during the first few years of business. But just like every wave ultimately must crash at the shore, the company's weak fundamentals led to its destruction and by 2001, the once fast-growing organization had ceased to exist.

#3 - Polaroid

Established as early as the 1930s, Polaroid initially created clever products for the allied forces during World War II. However, the company rose to new heights in the 1950s when it launched its instant cameras. Despite its initial success, Polaroid was unable to adapt to changing market trends, and thus struggled to compete with companies launching camcorders, digital cameras, etc. The company filed for bankruptcy in 2001.

#4 - Kodak

Ask any 80s or 90s kid about Kodak and they'll tell you all about how the company was one of the most prominent names of its time. Founded in 1888, the company was the biggest leader in the photography industry. But as they say, change is the only constant. The company failed to understand this adage and struggled to keep up with times, gradually falling back behind its competitors who continued to innovate. It filed for bankruptcy in 2012 and hasn't been able to make a comeback since.

Jakob Owens/Unsplash | Founded in 1888, Kodak was the biggest leader in the photographic industry. However, it failed to adapt to the changing market and filed for bankruptcy in 2012

#5 - StumbleUpon

One of the first social platforms of the 2000s, StumbleUpon allowed its users to discover new parts of the web by clicking a button rather than conducting a traditional search. It gave users feedback based on their searches and interests, which was quite a novel concept at the time. But gradually, with the emergence of new niche platforms, StumbleUpon wasn't able to last for long. In 2007 it was taken over by eBay, before being re-acquired by its founders two years later. A decade later, it was merged with the company's new service, Mix.com.