For a long time, the Swiss had a lock on watchmaking. They built the best watches money could buy, and by the 1940s, they produced 80 percent of all the watches worldwide. In the late 1960s, when an inventor presented an idea for a new type of watch to the leaders of a Swiss watch company, they rejected it. In fact, every Swiss company he approached had the same negative reaction. Believing his design had merit, the man took it to a company in Japan. The name of the organisation was Seiko, the design of the watch was digital, and today, 80 percent of all watches use a digital design.
Source: John Maxwell, 1999, The 21 Indispensable Qualities of a Leader, Nashville: Thomas Nelson, p.50