The Permanence of Change

For more than a century, the undisputed world leader in the Time piece industry was the Swiss swatch company. In fact, the word watch became synonymous with Switzerland. Their  success as the most  efficient watchmakers in the world went unchallenged.Everyone wanted a Swiss watch.
At  the height of its reign as the king of the time piece world,the Swiss watch company controlled more than 80 per cent of the market. During this time,one of its young researchers along with a number of  his colleagues invented a new, more accurate and entirely electronic watch.
As the inventor introduced the new product, the members of the board listen with interest and carefully  the assessed idea of changing from a motorized-to an electronic-based product.
After close review,the members decided the invention was interesting and held a promise, but they refused to make the product a priority.
A year later, the Swiss company displayed the new invention along with its other products,at the annual watch congress, and representatives of two companies noticed it. These two companies soon developed a similar prototype based on the principle of electronic operations,and marketed it. it revolutionized the watch industry world wide.
Ten years after the introduction of electronic watches to the market place, the Swiss watch company had less than 10 percent of world sales. This devastating loss forced the company to terminate the employment of fifty thousand of its sixty five thousand employees.

(adapted-The principles and benefits of change-Dr Myles Munroe )