Its Management Stupid....
Any company can reinvent itself, diversify, invent, it's just a case of vision, but how many times have we heard managements state that they need to concentrate on the core business/markets Fine if the process makes you more agile in the market you are in, but how often does that happen, against now being small enough to be swallowed by a bigger player, or not generate sufficient revenue to invest.
To me this means they are not capable of doing more than one thing at a time, and don't want to step outside what they know, thus, are incapable of innovating into new markets.
The other failing we have is the odd idea that a company manager does not need to understand the business, only how to manage, get enough of those on your board and it doesn't matter how much you innovate, you are doomed, as managers won't undersatnd the innovation or its potential.
Oh, then there are the managements whose main aim is to sell the company, who don't invest because they want high profits to attract a buyer, works for a while, but if you don't get bought, where do you go?
Of Rochester's two horses, Kodak was always going to be the first to go. The other had a $100 full colour ink jet printer in in the late 80's, see where that got them.