Latest revision as of 13:15, 24 May 2024

Abstract

During the first decades of 21st century, the world economy has been suffering a sequence of global crisis also including the Twin Towers attack, the Lehman Brothers collapse, the Covid-19 pandemic, the wars in Ukraine and in Israel, and the climate change. In this context, the European Strategy and Policy Analysis System (2024 ESPAS) identified the 10 most challenging global trends for the next decade, highlighting a general lack of stability, together with the expectation of further fast-paced and disruptive changes. It is acknowledged that fast-paced changes and international crisis increase inequality gaps in the economy (2023 United Nations) as well as the feelings of uncertainty and discomfort, with a strong and negative impact on Trust. At the same time, it is implicit in the concept of crisis that the status quo is challenged; what was working to date, suddenly does not work anymore, or works in a different way. Therefore, Innovation should represent a logical reaction to crisis and disruptive changes, and over time it should restore the discomfort and lack of confidence generated by fast-paced changes. Within existing Literature, Bar Am, et al. (2020 Bar Am et al.) affirm that, particularly in times of crisis, it is urgent to adapt, innovate or transform the business model. However, observing the different decisions taken by companies, they also note that “during or after crisis […] many companies are deprioritizing innovation to concentrate on: shoring up their core business, pursuing known opportunity spaces, conserving cash or minimizing risk and waiting until there is more clarity.” In other words, in the very moment when there is a lack of trust representing a barrier to Innovation it is also vital for enterprises to innovate more.

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