3 Ways Crises accelerate Innovation

Need some motivation to boost corporate innovation in your organization? In this blog, we will discuss how challenging times help push the needle on innovation!

During times of crisis, we have no choice but to think on our feet as the situations demand immediate action. And, in the process, unknowingly, our actions during crises accelerate innovation. Hence, justifying the old saying — diamonds are made under pressure. While talking of crises, we cannot leave out the ongoing pandemic. It has led to several breakthrough innovations — which we will discuss elaborately in a separate blog. For now, keeping our horizon broad, let’s explore 3 ways in which crisis accelerates innovation.

How do Crises Accelerate Innovation?

1. Urgency of the Situation

Under pressing circumstances, innovation teams cannot afford any distraction. Their genius and efforts lead to game-changing solutions that make the difference between life and death, especially, during any crisis. They need to stay extremely focused and complete the steps of the innovation process faster than usual. If necessary, they also eliminate various steps which contribute very little to the outcome. This, again, saves time and labor, thus, accelerating innovation. And there lies the silver lining!

However, everything does not work out smoothly. The innovators need to get things done amidst the chaos, which is very challenging. But the results are totally worth it! Management consultant and author Margaret Wheatley rightly summed this up, “The things we fear most in organizations — fluctuations, disturbances, imbalances — are the primary sources of creativity.”

2. Flexibility toward Open Innovation

A global crisis spares no industry. Some of them might even cease to exist as a result. The urgency of the situation calls for widespread adoption of open innovation. All the industries and segments unite and help each other survive by contributing their share of expertise and experience. Collective efforts not only contribute to the acceleration of the entire innovation process but also encourage shared ideas. The diversity of minds adds creativity and productivity, leading to more innovative solutions.

We should encourage open innovation even during decent times. Wondering why? Check out our blog to explore how industry leaders such as Samsung and LEGO take advantage of corporate open innovation to upscale their businesses to the next level.

3. Greater Risk Tolerance

The risk of innovation failure is inevitable while experimenting with new things. But when the world is racing against time, we are bound to try out things that seem to solve a problem at the moment without bothering much about its failure. The situation is already bad, we must give a chance to anything that shows the potential to make things a little better. In the process, we are becoming more tolerant of the risk of failure. And it goes without saying that this attitude encourages innovation.

Bonus: Talking of risks, here are 4 common innovation risks and the suitable measures that can help you to mitigate them effectively.

Let’s hear from you now — can you think of any other ways in which a crisis accelerates innovation. Moreover, have your innovation team ever made a game-changing invention while being under a challenging situation? Get in touch & let us know!

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