The sense that a recession is coming is growing. If it does, will it cause innovation to slow? Not necessarily. History shows that recessions create three specific opportunities for innovators.
3 Ways to Innovate in a Downturn
Recessions present different kinds of opportunities.
July 28, 2022
Summary.
Recessions offer major opportunities for innovators. They can be a good time to introduce game-changing offerings or simple, affordable solutions or make bold, strategic moves. The resource scarcity that typically accompanies recessions forces innovators to do things they should have been doing already: prune prudently, re-feature to cut costs, master smart strategic experiments, and manage the risks of innovating by sharing them with others.
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New!
HBR Learning
Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.