Don’t ignore innovation during the COVID-19 pandemic. Prioritise innovation now to unlock post-crisis growth.
The COVID-19 pandemic has upended every aspect of life. Yet ‘playing it safe’ by neglecting investment in innovation would be shortsighted. Writing in McKinsey & Company, Jordan Bar Am, Laura Furstenthal, Felicitas Jorge and Erik Roth argue that innovation is more critical than ever right now – and revisit and re-prioritise their ‘Eight Essentials of Innovation’ for times of crisis.
THE CASE FOR INNOVATION
In past crises, companies that invested in innovation had better growth and performance post-crisis. Those that maintained their innovation focus through the 2009 financial crisis emerged stronger, outperforming the market average by more than 30%.