IDEAS home Printed from https://ideas.repec.org/a/vrs/poicbe/v16y2022i1p527-544n10.html
   My bibliography  Save this article

Exploring the COVID-19 pandemic impact on innovation and entrepreneurship – Review and evidence from Global Innovation Index

Author

Listed:
  • Onea Ioana Alexandra

    (Bucharest University of Economic Studies, Bucharest, Romania)

Abstract

The COVID-19 pandemic was an unparalleled crisis that has affected businesses, individuals, institutions, and governments in multiple ways. This paper comes to critically analyze the impact of the pandemic on entrepreneurship and innovation. Studies show that crises can also be perceived as opportunities for continuing creating new solutions and adopting innovative ways of doing business. In this sense, the present paper analyzes the current state of the art in terms of the pandemic impact on small and medium enterprises and the innovation status and proposes a systematic literature review and comparative analysis to depict the situation in Romania. For the purposes of this research, the data from the Global Innovation Index Reports is being used. The results show significant positive and negative changes in three main categories, namely business sophistication, infrastructure, knowledge & technology output. The paper contributes to the existing body of knowledge by summarizing the main findings from multiple publications and proposes recommendations for policymakers and institutions to provide the corresponding framework so that entrepreneurs could benefit from innovation.

Suggested Citation

  • Onea Ioana Alexandra, 2022. "Exploring the COVID-19 pandemic impact on innovation and entrepreneurship – Review and evidence from Global Innovation Index," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 16(1), pages 527-544, August.
    • Handle: RePEc:vrs:poicbe:v:16:y:2022:i:1:p:527-544:n:10
    DOI: 10.2478/picbe-2022-0051
    as

    Download full text from publisher

    File URL: https://doi.org/10.2478/picbe-2022-0051
    Download Restriction: no
    File URL: https://libkey.io/10.2478/picbe-2022-0051?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Didier, Tatiana & Huneeus, Federico & Larrain, Mauricio & Schmukler, Sergio L., 2021. "Financing firms in hibernation during the COVID-19 pandemic," Journal of Financial Stability, Elsevier, vol. 53(C).
    2. Brem, Alexander & Viardot, Eric & Nylund, Petra A., 2021. "Implications of the coronavirus (COVID-19) outbreak for innovation: Which technologies will improve our lives?," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    3. Markovic, Stefan & Koporcic, Nikolina & Arslanagic-Kalajdzic, Maja & Kadic-Maglajlic, Selma & Bagherzadeh, Mehdi & Islam, Nazrul, 2021. "Business-to-business open innovation: COVID-19 lessons for small and medium-sized enterprises from emerging markets," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
    4. Khlystova, Olena & Kalyuzhnova, Yelena & Belitski, Maksim, 2022. "The impact of the COVID-19 pandemic on the creative industries: A literature review and future research agenda," Journal of Business Research, Elsevier, vol. 139(C), pages 1192-1210.
    5. Dabić, Marina & Obradović, Tena & Vlačić, Božidar & Sahasranamam, Sreevas & Paul, Justin, 2022. "Frugal innovations: A multidisciplinary review & agenda for future research," Journal of Business Research, Elsevier, vol. 142(C), pages 914-929.
    6. Zahra, Shaker A., 2021. "International entrepreneurship in the post Covid world," Journal of World Business, Elsevier, vol. 56(1).
    7. Lee, Sang M. & Trimi, Silvana, 2021. "Convergence innovation in the digital age and in the COVID-19 pandemic crisis," Journal of Business Research, Elsevier, vol. 123(C), pages 14-22.
    8. Vanessa Ratten, 2020. "Coronavirus (Covid-19) and the entrepreneurship education community," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing Limited, vol. 14(5), pages 753-764, August.
    9. Dahlke, Johannes & Bogner, Kristina & Becker, Maike & Schlaile, Michael P. & Pyka, Andreas & Ebersberger, Bernd, 2021. "Crisis-driven innovation and fundamental human needs: A typological framework of rapid-response COVID-19 innovations," Technological Forecasting and Social Change, Elsevier, vol. 169(C).
    10. Modgil, Sachin & Dwivedi, Yogesh K. & Rana, Nripendra P. & Gupta, Shivam & Kamble, Sachin, 2022. "Has Covid-19 accelerated opportunities for digital entrepreneurship? An Indian perspective," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    11. Delios, Andrew & Perchthold, Gordon & Capri, Alex, 2021. "Cohesion, COVID-19 and contemporary challenges to globalization," Journal of World Business, Elsevier, vol. 56(3).
    12. Scheidgen, Katharina & Gümüsay, Ali Aslan & Günzel-Jensen, Franziska & Krlev, Gorgi & Wolf, Miriam, 2021. "Crises and entrepreneurial opportunities: Digital social innovation in response to physical distancing," Journal of Business Venturing Insights, Elsevier, vol. 15(C).
    13. Matthias Breier & Andreas Kallmuenzer & Thomas Clauss & Johanna Gast & Sascha Kraus & Victor Tiberius, 2021. "The role of business model innovation in the hospitality industry during the COVID-19 crisis," Post-Print hal-03514806, HAL.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ali Zackery & Joseph Amankwah-Amoah & Zahra Heidari Darani & Shiva Ghasemi, 2022. "COVID-19 Research in Business and Management: A Review and Future Research Agenda," Sustainability, MDPI, vol. 14(16), pages 1-32, August.
    2. Crespo, Nuno Fernandes & Crespo, Cátia Fernandes & Silva, Graça Miranda & Nicola, Maura Bedin, 2023. "Innovation in times of crisis: The relevance of digitalization and early internationalization strategies," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    3. Cugno, Monica & Castagnoli, Rebecca & Büchi, Giacomo & Pini, Marco, 2022. "Industry 4.0 and production recovery in the covid era," Technovation, Elsevier, vol. 114(C).
    4. Hashemi, Hossein & Rajabi, Reza & Brashear-Alejandro, Thomas G., 2022. "COVID-19 research in management: An updated bibliometric analysis," Journal of Business Research, Elsevier, vol. 149(C), pages 795-810.
    5. Nylund, Petra A. & Amores-Bravo, Xavier & Ferràs-Hernández, Xavier & Brem, Alexander, 2023. "Crisis as a catalyst of idle innovation ecosystems: Evidence from ecosystem exaptation of a water partnership," Technological Forecasting and Social Change, Elsevier, vol. 197(C).
    6. Puhr, Harald & Müllner, Jakob, 2022. "Foreign to all but fluent in many: The effect of multinationality on shock resilience," Journal of World Business, Elsevier, vol. 57(6).
    7. Arben Asllani & Silvana Trimi, 2022. "COVID-19 vaccine distribution: exploring strategic alternatives for the greater good," Service Business, Springer;Pan-Pacific Business Association, vol. 16(3), pages 601-619, September.
    8. Forliano, Canio & Bullini Orlandi, Ludovico & Zardini, Alessandro & Rossignoli, Cecilia, 2023. "Technological orientation and organizational resilience to Covid-19: The mediating role of strategy's digital maturity," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    9. Meijun Liu & Yi Bu & Chongyan Chen & Jian Xu & Daifeng Li & Yan Leng & Richard B. Freeman & Eric T. Meyer & Wonjin Yoon & Mujeen Sung & Minbyul Jeong & Jinhyuk Lee & Jaewoo Kang & Chao Min & Min Song , 2022. "Pandemics are catalysts of scientific novelty: Evidence from COVID‐19," Journal of the Association for Information Science & Technology, Association for Information Science & Technology, vol. 73(8), pages 1065-1078, August.
    10. Pratibha Wasan & Ashwani Kumar & Sunil Luthra, 2023. "How can banks and finance companies incorporate value chain factors in their risk management strategy? The case of agro‐food firms," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 858-877, January.
    11. Sakellariou, Evy & Karantinou, Kalipso & Goffin, Keith, 2021. "Video-ethnography during Covid-19 and beyond: Generating user foresights in a virtual world," Technological Forecasting and Social Change, Elsevier, vol. 169(C).
    12. Muhammad Ikram & Youssef Sayagh, 2023. "The Consequences of COVID-19 Disruption on Sustainable Economy in the Top 30 High-Tech Innovative Countries," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 24(2), pages 247-269, June.
    13. Corina Georgiana ?ERBAN (PATRINTAS) & Andreea-Nicoleta BICHEL & Denisa ?ARANU & Drago? BUJOR, 2023. "Covid-19 Crisis Impact on Leadership: Innovation, Digitalization and CSR Dimensions," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 24(1), pages 78-91, March.
    14. Tudorache Adrian Tudor & Nicolescu Luminița, 2021. "Opinions on the economic impact of the COVID-19 crisis and the world after – an international perspective," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 15(1), pages 873-887, December.
    15. Iva Gregurec & Martina Tomičić Furjan & Katarina Tomičić-Pupek, 2021. "The Impact of COVID-19 on Sustainable Business Models in SMEs," Sustainability, MDPI, vol. 13(3), pages 1-24, January.
    16. Li, Xishu & Voorneveld, Maarten & de Koster, René, 2022. "Business transformation in an age of turbulence – Lessons learned from COVID-19," Technological Forecasting and Social Change, Elsevier, vol. 176(C).
    17. Tomas Santa‐Maria & Walter J. V. Vermeulen & Rupert J. Baumgartner, 2022. "How do incumbent firms innovate their business models for the circular economy? Identifying micro‐foundations of dynamic capabilities," Business Strategy and the Environment, Wiley Blackwell, vol. 31(4), pages 1308-1333, May.
    18. Del Giudice, Manlio & Scuotto, Veronica & Papa, Armando & Singh, Sanjay Kumar, 2023. "The ‘bright’ side of innovation management for international new ventures," Technovation, Elsevier, vol. 125(C).
    19. Sarkar, Soumodip & Mateus, Sara, 2022. "Value creation using minimal resources – A meta-synthesis of frugal innovation," Technological Forecasting and Social Change, Elsevier, vol. 179(C).
    20. Lee, Hyoungjin & Chung, Chris Changwha, 2022. "Go small or go home: Operational exposure to violent conflicts and foreign subsidiary exit," Journal of World Business, Elsevier, vol. 57(6).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:vrs:poicbe:v:16:y:2022:i:1:p:527-544:n:10. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.sciendo.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.