FOCUS TOPIC
INNOVATION AS A RECIPE FOR OVERCOMING CRISES AND THE KEY TO POST-CRISIS GROWTH
Aleksandar Vekić Assistant Master Faculty of Technical Sciences Novi Sad Department for Industrial Engineering and Management
Fostering innovation and change is one of the
A historic match between the world’s leading
basic tasks of modern societies, as they can be
powers is currently being played, as they race
the most effective response to crisis periods both
against time to find an appropriate innovative
in individual communities and societies, and on
solution, a cure that will quickly change everything,
a global scale. Their special importance lies in
reverse negative trends towards positive ones and
creating conditions for post-crisis growth and
enable a gradual return of life to normal flows.
development through the creation of opportunities to improve the business of companies and human
Even with all the almost superhuman efforts
lives. As innovation is emerging as a leading driver
invested by scientists and researchers, and the vast
of competitiveness, economic dynamism and
financial resources allocated for these purposes,
economic growth are at the center of economic
the process itself is not advancing nearly as fast
changes caused by the “creative destruction” of
as the world expects it to. Scientists and inventors
the existing, which leads to the creation of new
are not only working to create a cure, but they
products and methods, as well as completely new
are also creating favourable conditions for new
markets [1].
business opportunities, investment, growth and employment. Based on this example, it can be seen
Crises differ in many areas, amongst which are
that continuous investment in science, technology
the factors causing them and the scope of their
and innovation is always a pledge for the future
effects. The most prominent current global crisis,
of humanity, and its progress in all areas. In the
for instance, is at first a health crisis caused by
example of the current crisis, the speed of change
the outbreak of COVID-19, but it is increasingly
in societies and economies is incredible: it is often
spilling over into the economy, leading to
necessary to make decisions based on very little
most projected growth plans and goals being
information, and they are the result of previous
called into question. Within the first weeks of
experience and intuitive activities. Conditions are
the pandemic declaration by the World Health
very difficult even for companies that are amongst
Organization (WHO), major changes already
the main carriers of innovation activities, and
came to pass in the way of life in most countries,
the consequences that the economic recession
along with a slowdown of economic activity. This
caused by COVID-19 leaves on their investment
conditioned the creation of special policies aimed
in R&D activities [3], and their ability to launch
at mitigating the impact of this unprecedented
new products and services is difficult to predict.
crisis, causing an impact on the global economy
The
in a short period of time and led to the creation of
global companies have already announced their
unforeseeable consequences. Some of the issues
withdrawal from certain markets and have reduced
caused by the introduced changes are so big and
their business activities, such as Zara, while a large
harmful that they have surpassed in scope many
number of them are facing bankruptcy, such as
of the problems that had previously occurred
Pizza Hut or Hertz. It should be noted here that
throughout history, especially since the existence
among the aggravating circumstances is the
of a market economy. Economists explain this
intensity of the crisis, which simultaneously affects
crisis in terms of the “Black swan theory” which
all functions in companies. So far, the biggest
describes unexpected, disruptive events in history
negative effects have been observed in tourism,
- like global pandemics, financial crises, and wars
the aviation industry, the automotive industry, the
- that unsettle, uproot, and change governments
hotel and restaurant industry, etc.
and economies [2].
18 ESTIEM Magazine | 59th issue - Innovation in a Crisis: Adapting and Advancing
negative
repercussions
are
that
many
