The pace of change will just accelerate in the future. Back in the days the Fortune 500 used to be carved in stones, but that has changed dramatically. A study John M. Olin School of Business at Washington University estimated that 40% of today's Fortune 500 companies will no longer exist in 10 years.
We have seen the mighty fall. One of the perfect examples for failure at the business schools case studies few years back was Nokia. However, it looks like that the the rumours of Nokia's death were greatly exaggerated. The company has been able to change their faith and transform the business once again.
I have had a privilege to follow both the decline and the rebirth from close by and it has been amazing on how the attitude and behaviour have changed towards openness and partnerships. The article below also lists 'sisu' as a secret ingredient to enable the change. I am also looking forward on the upcoming book from Risto Siilasmaa to learn even more
Nokia’s ongoing resilience can’t be all down to sisu. Spending time around Nokia one finds the organisation creates an environment of meritocracy where you are allowed to make a mistake, there isn’t much of a hierarchy and leaders are extremely approachable and open-minded. Crucially, the leadership nurtures a start-up mentality in which it welcomes and is open to new ideas. Nokia is focused on providing diversity and equality which plays an important role in its horizontal management style.