Understanding the Link Between Crisis and Innovation

This article explores how companies can make themselves more competitive by understanding how crises open the door to innovation, then offers advice on how to foster innovation in good times and bad. Thanks to the coronavirus outbreak, organizations around the world are experimenting like never before, and this forced increase in experimentation represents a unique opportunity to take innovation to a higher level because it is taking place while everyone’s standard operating environment has been disrupted. One lesson for organizations experimenting during the pandemic is that there can be value in mistakes. Making sure that you don’t miss the serendipitous opportunity of a lifetime requires the willingness to venture down a rabbit hole without being held back by your original objective. Working without a clear objective can be wasteful, but it also opens the door to finding something unique and valuable. At the same time, the tension that typically exists between an organization’s fiscal stewards and its creative folks exists for a reason—failure is costly. As a result, building an innovative culture that is also a sustainable and profitable culture is a balancing act.

• Driving innovation, crisis management, accidental innovation, managing innovation