Dr. Melissa Vasi FRSA


Senior Lecturer in Open Innovation and Strategic Management

Exogenous crisis and the resilience of SMEs: exploring Open Innovation in the COVID-19 pandemic


Journal article


Melissa Vasi, Vincent English
Louis Savenien Dupuis Journal of Multidisciplinary Research, vol. 1, 2022, pp. 85-101

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APA
Vasi, M., & English, V. (2022). Exogenous crisis and the resilience of SMEs: exploring Open Innovation in the COVID-19 pandemic. Louis Savenien Dupuis Journal of Multidisciplinary Research, 1, 85–101.

Chicago/Turabian
Vasi, Melissa, and Vincent English. “Exogenous Crisis and the Resilience of SMEs: Exploring Open Innovation in the COVID-19 Pandemic.” Louis Savenien Dupuis Journal of Multidisciplinary Research 1 (2022): 85–101.

MLA
Vasi, Melissa, and Vincent English. “Exogenous Crisis and the Resilience of SMEs: Exploring Open Innovation in the COVID-19 Pandemic.” Louis Savenien Dupuis Journal of Multidisciplinary Research, vol. 1, 2022, pp. 85–101.


Abstract

Open  innovation  is  one  of  the  most  discussed themes  in  managerial  literature.  However,  there  are  still  many  questions  that scholars have  not  yet  answered.  A research  question  of  particular relevance  today  is:  How  can  open  Innovation help  SMEs overcome  and  manage  the  economic  crises  caused  by  a  pandemic?    

In  2020,  a  global  coronavirus  pandemic  (COVID-19) emerged  that  has  damaged  several  sectors,  particularly  by  weakening  the  economy  of  small  and  medium-sized  businesses. This paper addresses this issue by examining the literature available to date and provides a theoretical answer by investigating the  influence  of  open  innovation  on  the  resilience  of  SMEs  during  the  COVID-19  outbreak.  The  paper  shows  that  several companies  have  leveraged  open  innovation  to  address  the  economic  crisis  caused  by  the  pandemic.  Moreover,  open innovation  can  represent  a  winning  strategy  for  SMEs  in  surviving  extremely  uncontrollable  turbulences.  A  collaborative approach  and  an  open  mindset  can  be  the  right  innovative  strategy  for  SMEs  to  overcome  a  crisis  caused  by  unpredictable exogenous factors.

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