Innovation in a post-Coronavirus COVID-19 World

The role of innovation in a COVID-19 World?

The World is changing rapidly due to COVID-19 whilst economies are collapsing to all time lows, not seen for 300+ years. Innovation is a key economic enabler of sustained economic growth and will be called upon to pull countries out of deep recessions.

Some would argue that innovation projects focussed away from the core business should be cut-off immediately in order to protect the core business from this kind of exogenous shock or black swan event. I would argue that in the short term this is necessary, but in the longer-term, methodologies like Design Thinking, Lean Startup and Business Model innovation must be applied in drastically restructured form using macro-environmental analysis tools and frameworks, that dominated business management throughout the 80’s.

Organisations need to rapidly-develop dynamic capabilities (routines to learn new routines) coupled with strong absorptive capacity (ability to bring in new knowledge from outside organisational boundaries).  These two approaches combine deep macro-environmental understanding whilst applying customer-centric rapid and iterative innovation cycles. Large firms can then understand, adapt and deploy new business value, quickly with agility to the right problems as they quickly emerge and evolve.

This is the new world ahead. Is your organisation ready?

Read more on how to adapt your innovation process to find new value peaks post-COVID-19

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