Averting or avoiding a crisis: innovate or decline

Sorin Cohn-Sfetcu, Hamed Motaghi and Julie Ricard

Chapter 16 in Small and Medium Sized Enterprises and the COVID-19 Response, 2022, pp 368-393 from Edward Elgar Publishing

Abstract: Survival is a priority for all organizations. This is especially true in periods of major change and crisis. Globalization heightens stress experienced during crises. Small businesses are most particularly vulnerable. Research demonstrates that organizations who understand and pursue innovation effectively can cope and exit crisis in a better competitive position than they were before. This chapter describes how organizations can mobilize innovation readiness to overcome crisis successfully by providing practitioners insights on the role of innovation and entrepreneurship to foster readiness to thrive through turbulent times. Accordingly, it addresses (1) the establishment and efficient usage of innovation management practices to attain higher levels of competitive performance, (2) the promotion of a culture of innovation to foster resilience and continuity, and (3) the development of innovation competencies to achieve competitive success and survival. Despite their vulnerability, SMEs are at an advantage because they can adapt and respond quickly to market, technology, society and environmental context changes. Achieving higher level of innovation readiness is therefore the best way to be prepared and thrive in spite (and thanks to) unexpected turbulence.

Keywords: Business and Management; Economics and Finance; Innovations and Technology (search for similar items in EconPapers)
Date: 2022
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