Purpose

The aim of this paper is to present systematically a variety of benefits from innovating in response to an economic crisis.

Design/methodology/approach

This is a conceptual paper that draws on prior conceptual and empirical studies, especially the innovation-based view of firm performance.

Findings

Many firms have cut their innovation expenditures in response to the COVID-19 crisis. However, the financial crisis in 2008/2009 has shown that these short-term cost savings may have severely negative consequences on competitiveness. Several innovation examples from the crisis due to the COVID-19 pandemic further indicate that companies may benefit from a variety of first-order innovations, which go considerably beyond product development. Consequently, researchers and executives need to consider the variety of innovation types beyond product development, and they further need to emphasize second-order innovations, which describe the dynamic transformation of innovation management.

Originality/value

Academics and practitioners need to put specific attention to the transformation of innovation processes at the beginning of a crisis because firms may have to redesign their innovation processes. This dynamic reconfiguration and realignment of innovation processes further is essential again if a crisis continues for a longer period, such as the crisis due to the coronavirus pandemic. For example, if a company currently does not respond to relevant trends, its competitive position will deteriorate because other companies will enter the market. If firms can afford to continue or strengthen the innovation activities, they may profit substantially after the crisis.

中文翻译：

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在经济危机之后从创新中获利

目的

本文的目的是系统地介绍应对经济危机的创新所带来的各种好处。

设计/方法/方法

这是一篇概念性论文，借鉴了先前的概念和实证研究，尤其是基于创新的公司绩效观。

发现

为了应对 COVID-19 危机，许多公司削减了创新支出。然而，2008/2009 年的金融危机表明，这些短期成本节约可能会对竞争力产生严重的负面影响。由于 COVID-19 大流行而引发的危机中的几个创新示例进一步表明，公司可能会从各种一级创新中受益，这些创新远远超出了产品开发的范围。因此，研究人员和高管需要考虑产品开发之外的创新类型的多样性，他们还需要进一步强调描述创新管理动态转变的二阶创新。

原创性/价值

学术界和从业者需要在危机开始时特别关注创新过程的转变，因为公司可能不得不重新设计他们的创新过程。如果危机持续更长的时间，例如冠状病毒大流行引起的危机，这种动态重新配置和重新调整创新过程将再次变得至关重要。例如，如果一家公司目前没有对相关趋势做出反应，其竞争地位就会因为其他公司进入市场而恶化。如果企业有能力继续或加强创新活动，他们可能会在危机后获得可观的利润。