You Can Innovate in Hard Times

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Abstract:

Achieving sustained organizational innovation has proved an almost insurmountable challenge for most firms, and is even more challenging in difficult economic times. Most firms are unprepared for hard times, and typically respond with draconian measures such as budget cuts and layoffs, short-term, finite actions that lead eventually to diminished returns. A review of the literature reveals little advice beyond exhorting firms to develop an enduring innovation culture a priori, before times get difficult. Once beyond finite actions, however, firms have an opportunity to examine other, more systemic and tactical practices for pursuing growth opportunities under austere financial conditions. These can address both the specific causes of the firm's economic distress, and achieve longer-term innovation that will help rebuild the firm and to some degree inoculate it against future turbulence.

Keywords: INNOVATION; MANAGEMENT STRATEGIES; SUSTAINED INNOVATION; TECHNOLOGY MANAGEMENT

Document Type: Research Article

Publication date: July 1, 2005

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