From crisis to opportunity through innovation
Abstract
Purpose
This study aims to explore the strategic decisions at innovation level implemented by firms to thrive and transform themselves during crises. This study also aims to provide insights to answer the question: Why do some firms decide to implement certain types of innovation during a crisis?
Design/methodology/approach
This research was carried out through a multiple case study involving 22 firms. The methods were implemented in three steps to increase rigor and the replication of the study: identification and selection of cases, data collection through interviews triangulated with online information and analysis based on aggregating themes and finding patterns.
Findings
In the face of the COVID-19 pandemic, the companies analyzed focused their activities mainly on developing new features or functionalities for their products or services. Most of the firms implemented innovations across nearly all ten categories outlined by Keeley et al. (2013). Many of the implemented innovations involved personalized and superior service enhancements, process efficiency optimizations, channel diversification initiatives and new ways to collaborate to generate value. In general, the main drivers that led firms to decide to implement these innovations include reducing costs, enhancing operational efficiency, generating new revenue streams, augmenting sales and enhancing client relationships.
Practical implications
This research significantly advances the convergence of innovation, strategy and crisis in three impactful ways. First, it constructs a pragmatic and evidence-based framework, consolidating the primary catalysts, innovation categories and strategies adopted by firms in response to the challenges posed by the COVID-19 crisis. Second, it offers insights for guiding decision-making processes related to innovation, presenting actionable recommendations derived from the study’s findings. Thirdly, this study highlights critical perspectives that can guide governmental intervention, facilitating the formulation of more tailored and effective policies to assist companies during crisis periods.
Originality/value
This study centers on developing countries, specifically examining Colombian firms, considering their unique characteristics and priorities. Surprisingly, there is a scarcity of studies delving into the innovation and transformation of firms during the COVID-19 crisis in nations sharing cultural, economic and political similarities with Colombia.
Keywords
Acknowledgements
The authors would like to thank the Universidad del Rosario, School of Management and Business for the generous financial support. The authors also would like to thank Sergio Sánchez and Daniel Castro for their support in conducting and transcribing some of the interviews and Francesca Cauchi for proofreading the final version of the manuscript.
Declaration of competing interest: The authors declare that they do not have any conflict of interest.
Funding: The current study is part of the umbrella research project “Strategic innovation: Turning crisis into opportunity”, which explores innovation-related decision-making in times of crisis and received funding from the Universidad del Rosario – Small Grant 2021 (IV-FPF003). The current study examines the innovations implemented by firms during the COVID-19 crisis.
Citation
Montes, J., Gómez-Cruz, N.A., Batz, A., Serrano Cárdenas, L.F. and Mora Holguín, H. (2024), "From crisis to opportunity through innovation", Management Research Review, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/MRR-05-2023-0324
Publisher
:Emerald Publishing Limited
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