When Steve jobs came back to Apple he reduced the areas that Apple was involved in. He eliminated 15 of the 19 products that Apple made and broke it into 4 divisions, Desktop computers for home use (iMacs), desktop computers for professional use ( mac towers like the MacPro), laptops for home use (MacBooks), laptops for professional use(macbook pros). This was pretty much all Apple made until he introduced the iPod.
If Kodak could focus their business and push what they do really well instead of chasing a market in which they are a small and over classed player, they have a chance. Kodak was always good at innovation, they should invest money into R&D and then sell or partner those technologies with the major players in those areas.