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Haloid spent years refining Carlson’s invention. The key challenge was finding a better light-sensitive material; the solution was , which could hold an electrostatic charge and dissipate it when exposed to light. To brand this new process, Haloid coined the term "xerography" – from the Greek words xeros (dry) and graphein (writing). In 1949, they launched the first crude xerographic copier, Model A , but it was manual and messy.

I. The Birth of an Icon (1906–1959) The story of Xerox begins not with copying, but with photographic paper. In 1906, The Haloid Photographic Company was founded in Rochester, New York, manufacturing photographic paper and equipment. For decades, it was a small, regional player in the shadow of Eastman Kodak. xerox wikipédia

The most significant transformation was the for $6.4 billion. Overnight, Xerox became a giant in business process outsourcing (BPO) – managing payroll, healthcare claims, HR, and IT systems for corporations and governments. This was a radical departure from copiers. By 2016, services accounted for over 50% of Xerox’s revenue. Haloid spent years refining Carlson’s invention

Xerox had invented the digital future and then failed to own it. It is the ultimate case study in – a market leader so wedded to its existing customers and profit model that it cannot see (or act on) the disruptive technology it has created. III. Decline, Restructuring, and the Japanese Onslaught (1980s–1990s) While Xerox played in the high-end, slow-to-market workstation space, its core copier business was attacked from below. Japanese companies, led by Canon , exploited a loophole. Xerox’s patents expired in the late 1970s. Canon introduced a radically different business model: the personal or desktop copier (e.g., Canon NP-200). Instead of leasing large, complex machines that required service technicians, Canon sold small, cheap, reliable copiers using a replaceable cartridge system (the "all-in-one" toner, drum, and developer unit). This shifted maintenance from a trained technician to the user. In 1949, they launched the first crude xerographic

Yet the strategic damage was permanent. Xerox had been forced to retreat from the low-end market. It remained a strong player in high-volume "production" printing and services, but it was no longer the invincible giant. The 1990s saw a series of CEOs try to redefine Xerox for the digital age. Paul Allaire (CEO 1990-1999) pushed the company into document management software and services, renaming the company The Document Company (tagline: "The Document Company – Xerox"). But the transition was painful. The core copier business was mature, and new digital initiatives were slow to profit.