Kodak was once the most successful company in the US but when the digital era came, their business flank and many employees lost their jobs. I agree with that innovation is not enough, adaptability is also important. Another vital thing in a company is that they should know their focus because it will serve as their guiding star along the way.
When a company has focus, they know where they are going and when changes come, they know how to innovate and to adapt.
I hope Kodak will have another chance.