Kodak, who invented the first digital camera, went bankrupt because they didn't convert to digital.

Kodak is an American multinational imaging and photography equipment company. You probably best identify them with their disposable cameras and photo developing locations, which have today greatly fallen out of use. With the rise of photographic technology in nearly every device, companies like Kodak have suffered. 

It’s a far cry from the days when Kodak held 90% of the market share. You probably remember Kodak’s signature “Kodak moment” commercials. When the digital cameras started coming in, Kodak’s glory days were over. Because Kodak was so slow to transition to digital photography, they ultimately went bankrupt- even though they had invented the core technology used in digital cameras. For the last 5 years, Kodak hasn’t seen a profit, and has gone bankrupt as of last January.

(Source)