How Polaroid Went From Celebrity Favorite To Bankruptcy

"Polaroid was a photographic giant, at one point controlling two-thirds of the instant camera market in the US. As the digital revolution took over, Polaroid was left exposed, and forced to shut down production in 2008. But the company has found new life thanks to the Impossible Project, by bringing Polaroid’s technology into the digital world..."
WmGnsays...

Given the title, I wanted to see the "how" addressed: why did they ride one horse into the ground rather than innovating? Why did Land make such a complete departure?

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