COVID-19 and the evolving business environment: from the lens of three innovation theories

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Abstract

The COVID-19 pandemic has changed the business environment both positively and negatively. In this closing chapter, we explore how the pandemic is driving innovation to enable businesses to thrive post-pandemic.Over the past decade, conceptual, applied, and empirical work has advanced the literature on innovation. In exploring the link between innovation and the business environment, research needs to be interdisciplinary to allow a holistic understanding of the topic. The integration of economics, management, and technology is a catalyst for new contributions from different fields, which is the core of innovation. As businesses prepare to operate in the new post-COVID-19 norm, we discuss three theories, namely, Schumpeter’s (1942) theory of creative destruction, Barney’s (1991) resource-based view theory, and Rogers’ (2003) diffusion of innovation theory to help readers better understand the relationship between innovation and evolving business environments.

Original languageEnglish
Title of host publicationCOVID-19 and the Evolving Business Environment in Asia
Subtitle of host publicationThe Hidden Impact on the Economy, Business and Society
EditorsAndrei O. J. Kwok, Motoki Watabe, Sharon G. M. Koh
Place of PublicationSingapore Singapore
PublisherSpringer
Pages281-289
Number of pages9
Edition1st
ISBN (Electronic)9789811927492
ISBN (Print)9789811927485
DOIs
Publication statusPublished - 2022

Keywords

  • Creative destruction
  • Diffusion of innovation
  • Digital transformation
  • Innovation
  • Resource-based view
  • Technological change

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