Innovation in a crisis: Why it is more critical than ever.
Synopsis of an article from McKinsey, by Jordan Bar Am, Laura Furstenthal, Felicitas Jorge, and Erik Roth, Published 17th June 2020 “Prioritising innovation today is the key to unlocking post crisis growth” In a recent survey of over 200 organisations more than 90% of executives surveyed, said they expect that the COVID19 crisis will fundamentally change the way they do business over the next 5 years. 75% believe that the crisis will also create significant new opportunities for growth. Executives are weighing up the current choices on driving productivity and cutting costs against investing in innovation led growth. Many are focused on core business and are planning to recommence innovation programs when the ‘path forward is clearer’. The McKinsey team went on to interview more business leaders on current priorities; the insight is that companies are de-prioritising innovation in order to bring greater focus to core business, grow the known opportunities, conserveContinue Reading