The shock of the coronavirus has triggered survival mode in many companies. Being too busy putting out fires and making financial cuts, countless businesses have put a halt to their innovation projects. For example, in Germany we have seen companies reducing cooperation and research projects, which could have a negative impact on competitiveness.
According to a recent study, the number of companies planning not to invest in innovation has gone up from 8% to 25% since the beginning of the crisis! When we consider that 96% of innovation projects fail to make a return on investment, this would appear to be a logical move. Should innovation still be high on businesses’ priority list in the current climate?