Out of a Near-Death Experience into a Chaotic Global Economy: How Corning Rediscovered its Innovation Roots

OVERVIEW:

In 2001, Corning faced a near-death experience. Growth had halted and revenues had plummeted. But Corning survived, and today it is thriving. The strength Corning built in facing that challenge helped it weather the global economic crisis of 2009 and 2010 and emerge stronger than before. How did Corning survive the 2001 disaster, with virtually no money to invest in rebuilding? How has it sustained its performance in an era of continual uncertainty and volatility? This article explains how Corning responded to both crises, describes the innovation-based strategy it pursued and articulates some of the lessons Corning learned from these crises and more than a century as an innovator.

KEY CONCEPTS::

• Corning
• Core competencies
• New-business development
• Centralized R&D
• Organic growth